EX-99.2 3 exhibit992-supplementaldis.htm EX-99.2

Exhibit 99.2

URBAN EDGE PROPERTIES
SUPPLEMENTAL DISCLOSURE
PACKAGE
June 30, 2022

Urban Edge Properties
888 7th Avenue, New York, NY 10019
NY Office: 212-956-2556
www.uedge.com

---

URBAN EDGE PROPERTIES
SUPPLEMENTAL DISCLOSURE
June 30, 2022
(unaudited)
TABLE OF CONTENTS
			Page
Press Release
Second Quarter 2022 Earnings Press Release			1
Overview
Summary Financial Results and Ratios			10
Consolidated Financial Statements
Consolidated Balance Sheets			11
Consolidated Statements of Income			12
Non-GAAP Financial Measures and Supplemental Data
Supplemental Schedule of Net Operating Income			13
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)			14
Funds from Operations			15
Market Capitalization, Debt Ratios and Liquidity			16
Additional Disclosures			17
Leasing Data
Tenant Concentration - Top Twenty-Five Tenants			19
Portfolio Composition by Tenant Category			20
Leasing Activity			21
Leases Executed but Not Yet Rent Commenced			22
Retail Portfolio Lease Expiration Schedules			23
Property Data
Property Status Report			25
Property Acquisitions and Dispositions			28
Development, Redevelopment and Anchor Repositioning Projects			29
Debt Schedules
Debt Summary			31
Mortgage Debt Summary			32
Debt Maturity Schedule			33

---

Urban Edge Properties						For additional information:
888 Seventh Avenue						Mark Langer, EVP and
New York, NY 10019						Chief Financial Officer
212-956-2556
			FOR IMMEDIATE RELEASE:
Urban Edge Properties Reports Second Quarter 2022 Results

        

NEW YORK, NY, August 3, 2022 - Urban Edge Properties (NYSE: UE) (the "Company") today announced its results for the quarter ended June 30, 2022.

“We achieved record levels of leasing activity in the quarter with the highest volume in over six years,” said Jeff Olson, Chairman and CEO. “We are building on our leasing momentum by attracting high-quality tenants that best meet the needs of the surrounding communities.”

Financial Results(1)(2)

•Generated net income attributable to common shareholders of $11.6 million, or $0.10 per diluted share, for the second quarter of 2022 compared to $12.5 million, or $0.11 per diluted share, for the second quarter of 2021 and $21.1 million, or $0.18 per diluted share, for the six months ended June 30, 2022 compared to $32.5 million, or $0.28 per diluted share, for the six months ended June 30, 2021.

•Generated Funds from Operations ("FFO") applicable to diluted common shareholders of $36.2 million, or $0.30 per share, for the quarter compared to $35.4 million, or $0.29 per share, for the second quarter of 2021 and $70.4 million, or $0.58 per share, for the six months ended June 30, 2022 compared to $67.2 million, or $0.55 per share, for the six months ended June 30, 2021.

•Generated FFO as Adjusted of $36.8 million, or $0.30 per share, for the quarter compared to $34.5 million, or $0.28 per share, for the second quarter of 2021 and $71.4 million, or $0.58 per share, for the six months ended June 30, 2022 compared to $66.8 million, or $0.55 per share for the six months ended June 30, 2021.

Operating Results(1)(3)

•Increased same-property Net Operating Income ("NOI") by 1.2% compared to the second quarter of 2021. The second quarter of 2021 benefited from elevated receipts related to amounts previously deemed uncollectible. Excluding these amounts in both periods, same-property NOI growth would have been 6.0%.

•Same-property NOI, including properties in redevelopment, was flat compared to the second quarter of 2021. The second quarter of 2021 benefited from elevated receipts related to amounts previously deemed uncollectible. Excluding these amounts in both periods, same-property NOI growth, including properties in redevelopment, would have been 4.2%.

•Reported same-property portfolio leased occupancy of 94.9%, an increase of 100 basis points compared to March 31, 2022 and an increase of 270 basis points compared to June 30, 2021.

•Executed record leasing, including 37 new leases, renewals and options totaling 716,000 square feet ("sf") during the quarter, which generated average rent spreads of 9.6% on a cash basis and 19.0% on a straight-line basis.

•Issued our 2021 Environmental, Social and Governance report, highlighting significant progress advancing LED lighting, waste recycling, diversity, equity and inclusion, and charitable programs among other goals.

1

---

Balance Sheet and Liquidity(1)(4)(5)

Balance sheet highlights as of June 30, 2022 include:

•Total liquidity of approximately $771 million, comprised of $171 million of cash on hand and $600 million available under our revolving credit agreement.

•Mortgages payable of $1.7 billion with a weighted average term to maturity of 4.6 years.

•Total market capitalization of approximately $3.6 billion, comprised of 122.6 million fully-diluted common shares valued at $1.9 billion and $1.7 billion of debt.

•Net debt to total market capitalization of 43%.

Leasing, Development and Redevelopment

The Company executed 290,000 sf of new leases during the second quarter. New anchor leases include a 63,000 sf Ralph’s Food Warehouse and Urology Hub, an 18,000 sf medical office, to open in a portion of the prior Kmart space at The Outlets at Montehiedra, Nemours Children's Health at Broomall, and a 62,000 sf kosher grocer, Bingo Wholesale, at Burnside Commons.

The Company commenced $20.7 million of redevelopment projects during the quarter, including the previously mentioned anchor leases, resulting in a total of $205.8 million of active redevelopment projects under way, with estimated remaining costs to complete of $134.9 million. The active redevelopment projects are expected to generate an approximate 10% unleveraged yield.

During the quarter, the Company completed three redevelopment projects aggregating $22.9 million upon rent commencement of AAA Wholesale Group, the industrial conversion of our property in Lodi, NJ, Amazon Fresh in Broomall, PA, and Five Below and Skechers at Tonnelle Commons in North Bergen, NJ.

The Company has signed leases that have not yet rent commenced that are expected to generate $22.9 million of future annual gross rent, representing approximately 10% of current annualized NOI. Approximately $1.4 million of this amount is expected to be recognized during the remainder of 2022.

Acquisition Activity

On June 8, 2022, the Company closed on the acquisition of The Shops at Riverwood, a 78,000 sf grocery-anchored shopping center for a purchase price of $32.9 million. The center, which is located in the greater Boston area, is fully occupied and has an attractive and diverse mix of tenants. The initial in-place unleveraged yield on this transaction is approximately 6% and was partially funded with a 7-year, $21.5 million non-recourse mortgage with a fixed interest rate of 4.25%. This acquisition supports our overall strategy of acquiring high-quality, infill real estate with future growth potential.

Financing Activity

During June 2022, the Company refinanced the mortgage secured by its property Plaza at Woodbridge, located in Woodbridge, NJ, with a new $52.9 million, 5-year mortgage at a rate of 2.26% plus one-month Secured Overnight Financing Rate (“SOFR”). The Company also refinanced the mortgage secured by its property Plaza at Cherry Hill, located in Cherry Hill, NJ, with a new $29 million, 3-year mortgage that bears interest at the Prime Rate plus 50 basis points.

Earnings Conference Call Information

The Company will host an earnings conference call and audio webcast on August 3, 2022 at 8:30am ET. All interested parties can access the earnings call by dialing 1-877-407-9716 (Toll Free) or 1-201-493-6779 (Toll/International) using conference ID 13730150. The call will also be webcast and available in listen-only mode on the investors page of our website: www.uedge.com. A replay will be available at the webcast link on the investors page for one year following the conclusion of the call. A telephonic replay of the call will also be available starting August 3, 2022 at 11:30am ET through August 17, 2022 at 11:59pm ET by dialing 1-844-512-2921 (Toll Free) or 1-412-317-6671 (Toll/International) using conference ID 13730150.

(1) Refer to "Non-GAAP Financial Measures" and "Operating Metrics" for definitions and additional detail.

(2) Refer to page 5 for a reconciliation of net income to FFO and FFO as Adjusted for the quarter ended June 30, 2022.

(3) Refer to page 6 for a reconciliation of net income to NOI and Same-Property NOI for the quarter ended June 30, 2022.

(4) Net debt as of June 30, 2022 is calculated as total consolidated debt of $1.7 billion less total cash and cash equivalents, including restricted cash, of $171 million.

(5) Refer to page 16 for the calculation of market capitalization as of June 30, 2022.

2

---

Non-GAAP Financial Measures

The Company uses certain non-GAAP performance measures, in addition to the primary GAAP presentations, as we believe these measures improve the understanding of the Company's operational results. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the investing public, and thus such reported measures are subject to change. The Company's non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results. Additionally, the Company's computation of non-GAAP metrics may not be comparable to similarly titled non-GAAP metrics reported by other REITs or real estate companies that define these metrics differently and, as a result, it is important to understand the manner in which the Company defines and calculates each of its non-GAAP metrics. The following non-GAAP measures are commonly used by the Company and investing public to understand and evaluate our operating results and performance:

•FFO: The Company believes FFO is a useful, supplemental measure of its operating performance that is a recognized metric used extensively by the real estate industry and, in particular real estate investment trusts ("REITs"). FFO, as defined by the National Association of Real Estate Investment Trusts ("Nareit") and the Company, is net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable real estate and land when connected to the main business of a REIT, impairments on depreciable real estate or land related to a REIT's main business and rental property depreciation and amortization expense. The Company believes that financial analysts, investors and shareholders are better served by the presentation of comparable period operating results generated from FFO primarily because it excludes the assumption that the value of real estate assets diminishes predictably. FFO does not represent cash flows from operating activities in accordance with GAAP, should not be considered an alternative to net income as an indication of our performance, and is not indicative of cash flow as a measure of liquidity or our ability to make cash distributions.

•FFO as Adjusted: The Company provides disclosure of FFO as Adjusted because it believes it is a useful supplemental measure of its core operating performance that facilitates comparability of historical financial periods. FFO as Adjusted is calculated by making certain adjustments to FFO to account for items the Company does not believe are representative of ongoing core operating results, including non-comparable revenues and expenses. The Company's method of calculating FFO as Adjusted may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

•NOI: The Company uses NOI internally to make investment and capital allocation decisions and to compare the unlevered performance of our properties to our peers. The Company believes NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis, providing perspective not immediately apparent from net income. The Company calculates NOI using net income as defined by GAAP reflecting only those income and expense items that are incurred at the property level, adjusted for non-cash rental income and expense, and income or expenses that we do not believe are representative of ongoing operating results, if any. In addition, the Company uses NOI margin, calculated as NOI divided by total revenue, which the Company believes is useful to investors for similar reasons.

•Same-property NOI: The Company provides disclosure of NOI on a same-property basis, which includes the results of properties that were owned and operated for the entirety of the reporting periods being compared, which total 69 and 68 properties for the three and six months ended June 30, 2022 and 2021, respectively. Information provided on a same-property basis excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area ("GLA") is taken out of service and also excludes properties acquired or sold during the periods being compared. As such, same-property NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition or disposition of properties during the periods presented, and thus provides a more consistent performance measure for the comparison of the operating performance of the Company's properties. While there is judgment surrounding changes in designations, a property is removed from the same-property pool when it is designated as a redevelopment property because it is undergoing significant renovation or retenanting pursuant to a formal plan that is expected to have a significant impact on its operating income. A development or redevelopment property is moved back to the same-property pool once a substantial portion of the NOI growth expected from the development or redevelopment is reflected in both the current and comparable prior year period, generally one year after at least 80% of the expected NOI from the project is realized on a cash basis. Acquisitions are moved into the same-property pool once we have owned the property for the entirety of the comparable periods and the property is not under significant development or redevelopment. The Company has also provided disclosure of NOI on a same-property basis adjusted to include redevelopment properties. Same-property NOI may include other adjustments as detailed in the Reconciliation of Net Income to NOI and same-property NOI included in the tables accompanying this press release.

3

---

•EBITDAre and Adjusted EBITDAre: EBITDAre and Adjusted EBITDAre are supplemental, non-GAAP measures utilized by us in various financial ratios. The White Paper on EBITDAre, approved by Nareit's Board of Governors in September 2017, defines EBITDAre as net income (computed in accordance with GAAP), adjusted for interest expense, income tax (benefit) expense, depreciation and amortization, losses and gains on the disposition of depreciated property, impairment write-downs of depreciated property and investments in unconsolidated joint ventures, and adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. EBITDAre and Adjusted EBITDAre are presented to assist investors in the evaluation of REITs, as a measure of the Company's operational performance as they exclude various items that do not relate to or are not indicative of our operating performance and because they approximate key performance measures in our debt covenants. Accordingly, the Company believes that the use of EBITDAre and Adjusted EBITDAre, as opposed to income before income taxes, in various ratios provides meaningful performance measures related to the Company's ability to meet various coverage tests for the stated periods. Adjusted EBITDAre may include other adjustments not indicative of operating results as detailed in the Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre included in the tables accompanying this press release. The Company also presents the ratio of net debt (net of cash) to annualized Adjusted EBITDAre as of June 30, 2022, and net debt (net of cash) to total market capitalization, which it believes is useful to investors as a supplemental measure in evaluating the Company's balance sheet leverage. The presentation of EBITDAre and Adjusted EBITDAre is consistent with EBITDA and Adjusted EBITDA as presented in prior periods.

The Company believes net income is the most directly comparable GAAP financial measure to the non-GAAP performance measures outlined above. Reconciliations of these measures to net income have been provided in the tables accompanying this press release.

Operating Metrics

The Company presents certain operating metrics related to our properties, including occupancy, leasing activity and rental rates. Operating metrics are used by the Company and are useful to investors in facilitating an understanding of the operational performance for our properties.

Occupancy metrics represent the percentage of occupied gross leasable area based on executed leases (including properties in development and redevelopment) and include leases signed, but for which rent has not yet commenced. Same-property portfolio leased occupancy includes properties that have been owned and operated for the entirety of the reporting periods being compared, which total 69 and 68 properties for the three and six months ended June 30, 2022 and 2021, respectively. Occupancy metrics presented for the Company's same-property portfolio excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service and also excludes properties acquired within the past 12 months or properties sold during the periods being compared.

Executed new leases, renewals and exercised options are presented on a same-space basis. Same-space leases represent those leases signed on spaces for which there was a previous lease.

The Company provides disclosure on the portfolio composition by tenant categories which include anchors, shops and industrial/self-storage. Anchors and shops are further broken down by local vs. regional/national tenants. We define anchor tenants as those who have a leased area of >10,000 sf. Local tenants are defined as those with less than five locations. Regional tenants are those with five or more locations in a single region. National tenants are defined as those with five or more locations and operate in two or more regions.

4

---

Reconciliation of Net Income to FFO and FFO as Adjusted

The following table reflects the reconciliation of net income to FFO and FFO as Adjusted for the three and six months ended June 30, 2022 and 2021. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a description of FFO and FFO as Adjusted.

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands, except per share amounts)			2022						2021						2022						2021
Net income			$	12,009					$	12,981					$	21,543					$	33,697
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership			(506)						(584)						(893)						(1,459)
Consolidated subsidiaries			123						150						462						229
Net income attributable to common shareholders			11,626						12,547						21,112						32,467
Adjustments:
Rental property depreciation and amortization			24,457						22,272						48,755						44,958
Gain on sale of real estate			(353)						—						(353)						(11,722)
Limited partnership interests in operating partnership			506						584						893						1,459
FFO Applicable to diluted common shareholders			36,236						35,403						70,407						67,162
FFO per diluted common share(1)			0.30						0.29						0.58						0.55
Adjustments to FFO:
Transaction, severance and other expenses (income)			635						120						1,132						(257)
(Reinstatement)/write-off of receivables arising from the straight-lining of rents, net			(46)						(239)						(133)						634
Tenant bankruptcy settlement income			—						(286)						(36)						(286)
Tax impact of Puerto Rico transactions			—						(490)						—						(490)
FFO as Adjusted applicable to diluted common shareholders			$	36,825					$	34,508					$	71,370					$	66,763
FFO as Adjusted per diluted common share(1)			$	0.30					$	0.28					$	0.58					$	0.55
Weighted Average diluted common shares(1)			122,512						122,485						122,351						122,327

(1) Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the three months ended June 30, 2022 and 2021 and the six months ended June 30, 2022 are higher than the GAAP weighted average diluted shares as a result of the dilutive impact of LTIP and OP units which may be redeemed for our common shares.

5

---

Reconciliation of Net Income to NOI and Same-Property NOI

The following table reflects the reconciliation of net income to NOI, same-property NOI and same-property NOI including properties in redevelopment for the three and six months ended June 30, 2022 and 2021. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a description of NOI and same-property NOI.

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2022						2021						2022						2021
Net income			$	12,009					$	12,981					$	21,543					$	33,697
Other (income) expense			(91)						161						(530)						(450)
Depreciation and amortization			24,691						22,488						49,218						45,363
General and administrative expense			10,634						9,484						21,755						18,152
Gain on sale of real estate			(353)						—						(353)						(11,722)
Interest income			(214)						(90)						(419)						(226)
Interest and debt expense			14,241						14,728						28,245						29,555
Income tax expense (benefit)			711						(34)						1,616						201
Non-cash revenue and expenses			(1,980)						(2,482)						(4,365)						(3,755)
NOI			59,648						57,236						116,710						110,815
Adjustments:
Non-same property NOI and other(1)			(7,362)						(5,987)						(14,989)						(11,646)
Sunrise Mall net operating loss			347						1,028						1,701						1,638
Tenant bankruptcy settlement income and lease termination income			—						(286)						(110)						(762)
Same-property NOI			$	52,633					$	51,991					$	103,312					$	100,045
NOI related to properties being redeveloped			4,627						5,262						8,966						10,254
Same-property NOI including properties in redevelopment			$	57,260					$	57,253					$	112,278					$	110,299

(1) Non-same property NOI includes NOI related to properties being redeveloped and properties acquired or disposed in the period.

6

---

Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre

The following table reflects the reconciliation of net income to EBITDAre and Adjusted EBITDAre for the three and six months ended June 30, 2022 and 2021. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a description of EBITDAre and Adjusted EBITDAre.

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2022						2021						2022						2021
Net income			$	12,009					$	12,981					$	21,543					$	33,697
Depreciation and amortization			24,691						22,488						49,218						45,363
Interest and debt expense			14,241						14,728						28,245						29,555
Income tax expense (benefit)			711						(34)						1,616						201
Gain on sale of real estate			(353)						—						(353)						(11,722)
EBITDAre			51,299						50,163						100,269						97,094
Adjustments for Adjusted EBITDAre:
Transaction, severance and other expenses (income)			635						120						1,132						(257)
(Reinstatement)/write-off of receivables arising from the straight-lining of rents, net			(46)						(239)						(133)						634
Tenant bankruptcy settlement income			—						(286)						(36)						(286)
Adjusted EBITDAre			$	51,888					$	49,758					$	101,232					$	97,185

7

---

ADDITIONAL INFORMATION

For a copy of the Company’s supplemental disclosure package, please access the "Investors" section of our website at www.uedge.com. Our website also includes other financial information, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports.

The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.uedge.com as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following the Company's press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

ABOUT URBAN EDGE

Urban Edge Properties is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge owns 76 properties totaling 17.2 million square feet of gross leasable area.

FORWARD-LOOKING STATEMENTS

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can identify many of these statements by words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Press Release. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to control or predict and include, among others: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic and related COVID-19 variants, including its impact on our retail tenants and their ability to make rent and other payments or honor their commitments under existing leases; (ii) the loss or bankruptcy of major tenants; (iii) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration and the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (iv) the impact of e-commerce on our tenants’ business; (v) macroeconomic conditions, such as a disruption of, or lack of access to the capital markets, as well as potential volatility in the Company’s share price; (vi) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (vii) changes in general economic conditions or economic conditions in the markets in which the Company competes, and their effect on the Company’s revenues, earnings and funding sources, and on those of its tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates, rising inflation, and other factors, including the discontinuation of USD LIBOR, which is currently anticipated to occur in 2023; (ix) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under its existing credit facility as a result of covenants relating to the Company’s financial results; (x) potentially higher costs associated with the Company’s development, redevelopment and anchor repositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches; (xv) the loss of key executives; and (xvi) the accuracy of methodologies and estimates regarding our environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for any forward-looking statements included in this Press Release. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this Press Release. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this Press Release.

8

---

URBAN EDGE PROPERTIES
ADDITIONAL INFORMATION
As of June 30, 2022

Basis of Presentation

The information contained in the Supplemental Disclosure Package does not purport to disclose all items required by GAAP and is unaudited. This Supplemental Disclosure Package should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. The results of operations of any property acquired are included in the Company's financial statements since the date of acquisition, although such properties may be excluded from certain metrics disclosed in this Supplemental Disclosure Package.

Non-GAAP Financial Measures and Forward-Looking Statements

For additional information regarding non-GAAP financial measures and forward-looking statements, please see pages 3 and 8 of this Supplemental Disclosure Package.

9

---

URBAN EDGE PROPERTIES
SUMMARY FINANCIAL RESULTS AND RATIOS
For the three and six months ended June 30, 2022 (unaudited)
(in thousands, except per share, sf, rent psf and financial ratio data)

						Three Months Ended						Six Months Ended
Summary Financial Results						June 30, 2022						June 30, 2022
Total revenue						$	97,854					$	198,055
General & administrative expenses (G&A)						$	10,634					$	21,755
Net income attributable to common shareholders						$	11,626					$	21,112
Earnings per diluted share						$	0.10					$	0.18
Adjusted EBITDAre(7)						$	51,888					$	101,232
Funds from operations (FFO)						$	36,236					$	70,407
FFO per diluted common share						$	0.30					$	0.58
FFO as Adjusted						$	36,825					$	71,370
FFO as Adjusted per diluted common share						$	0.30					$	0.58
Total dividends declared per share						$	0.16					$	0.32
Stock closing price low-high range (NYSE)						$14.53 to $19.60						$14.53 to $19.76
Weighted average diluted shares used in EPS computations(1)						117,427						117,410
Weighted average diluted common shares used in FFO computations(1)						122,512						122,351
Summary Property, Operating and Financial Data
# of Total properties / # of Retail properties						76 / 73
Gross leasable area (GLA) sf - retail portfolio(3)(5)						14,534,000
Weighted average annual rent psf - retail portfolio(3)(5)						$	19.82
Consolidated portfolio leased occupancy at end of period(9)						88.1		%
Consolidated retail portfolio leased occupancy at end of period(5)						92.5		%
Same-property portfolio leased occupancy at end of period(2)						94.9		%
Same-property physical occupancy at end of period(4)(2)						90.0		%
Same-property NOI growth(2)						1.2		%				3.3		%
Same-property NOI growth, including redevelopment properties						—		%				1.8		%
NOI margin - total portfolio						62.5		%				60.6		%
Expense recovery ratio - total portfolio						82.2		%				82.0		%
New, renewal and option rent spread - cash basis(8)						9.6		%				8.2		%
New, renewal and option rent spread - GAAP basis(8)						19.0		%				17.8		%
Net debt to total market capitalization(6)						43.0		%				43.0		%
Net debt to Adjusted EBITDAre(6)						7.4		x				7.6		x
Adjusted EBITDAre to interest expense(7)						3.9		x				3.8		x
Adjusted EBITDAre to fixed charges(7)						2.9		x				2.8		x

(1) Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the three and six months ended June 30, 2022 are higher than the GAAP weighted average diluted shares as a result of the dilutive impact of LTIP and OP units which may be redeemed for our common shares.

(2) The same-property pool for both NOI and occupancy includes properties the Company consolidated, owned and operated for the entirety of both periods being compared and excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the GLA is taken out of service and also excludes properties acquired or sold during the periods being compared.

(3) GLA - retail portfolio excludes 1.3 million square feet of industrial properties, 1.2 million square feet for Sunrise Mall and 132,000 square feet of self-storage. The weighted average annual rent per square foot for our industrial portfolio was $7.18.

(4) Physical occupancy includes tenants that have access to their leased space and includes dark and paying tenants.

(5) Our retail portfolio includes shopping centers and malls (excluding Sunrise Mall) and excludes industrial and self-storage.

(6) See computation for the quarter ended June 30, 2022 on page 16. Adjusted EBITDAre is annualized for purposes of calculating net debt to Adjusted EBITDAre.

(7) See computation on page 14.

(8) See computation on page 21.

(9) Excluding Sunrise Mall, consolidated portfolio leased occupancy is 91.9%.

10

---

URBAN EDGE PROPERTIES
CONSOLIDATED BALANCE SHEETS
As of June 30, 2022 (unaudited) and December 31, 2021
(in thousands, except share and per share amounts)

			June 30,						December 31,
			2022						2021
ASSETS
Real estate, at cost:
Land			$	546,913					$	543,827
Buildings and improvements			2,455,859						2,441,797
Construction in progress			258,330						212,296
Furniture, fixtures and equipment			7,922						7,530
Total			3,269,024						3,205,450
Accumulated depreciation and amortization			(775,931)						(753,947)
Real estate, net			2,493,093						2,451,503
Operating lease right-of-use assets			65,858						69,361
Cash and cash equivalents			125,483						164,478
Restricted cash			45,838						55,358
Tenant and other receivables			14,366						15,812
Receivable arising from the straight-lining of rents			63,749						62,692
Identified intangible assets, net of accumulated amortization of $39,845 and $37,361, respectively			68,886						71,107
Deferred leasing costs, net of accumulated amortization of $19,006 and $17,641, respectively			21,049						20,694
Prepaid expenses and other assets			71,977						74,111
Total assets			$	2,970,299					$	2,985,116
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net			$	1,699,844					$	1,687,190
Operating lease liabilities			61,265						64,578
Accounts payable, accrued expenses and other liabilities			74,913						84,829
Identified intangible liabilities, net of accumulated amortization of $38,026 and $35,029, respectively			97,327						100,625
Total liabilities			1,933,349						1,937,222
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,442,769 and 117,147,986 shares issued and outstanding, respectively			1,173						1,170
Additional paid-in capital			1,002,679						1,001,253
Accumulated other comprehensive loss			(52)						—
Accumulated deficit			(23,568)						(7,091)
Noncontrolling interests:
Operating partnership			42,771						39,616
Consolidated subsidiaries			13,947						12,946
Total equity			1,036,950						1,047,894
Total liabilities and equity			$	2,970,299					$	2,985,116

11

---

URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF INCOME
For the three and six months ended June 30, 2022 and 2021 (unaudited)
(in thousands, except per share amounts)

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
REVENUE
Rental revenue			$	97,454					$	93,653					$	196,870					$	188,272
Other income			400						353						1,185						1,395
Total revenue			97,854						94,006						198,055						189,667
EXPENSES
Depreciation and amortization			24,691						22,488						49,218						45,363
Real estate taxes			15,456						15,363						31,431						31,964
Property operating			17,596						15,891						38,801						36,182
General and administrative			10,634						9,484						21,755						18,152
Lease expense			3,083						3,195						6,218						6,501
Total expenses			71,460						66,421						147,423						138,162
Gain on sale of real estate			353						—						353						11,722
Interest income			214						90						419						226
Interest and debt expense			(14,241)						(14,728)						(28,245)						(29,555)
Income before income taxes			12,720						12,947						23,159						33,898
Income tax (expense) benefit			(711)						34						(1,616)						(201)
Net income			12,009						12,981						21,543						33,697
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership			(506)						(584)						(893)						(1,459)
Consolidated subsidiaries			123						150						462						229
Net income attributable to common shareholders			$	11,626					$	12,547					$	21,112					$	32,467
Earnings per common share - Basic:			$	0.10					$	0.11					$	0.18					$	0.28
Earnings per common share - Diluted:			$	0.10					$	0.11					$	0.18					$	0.28
Weighted average shares outstanding - Basic			117,364						116,981						117,347						116,969
Weighted average shares outstanding - Diluted			117,427						117,034						117,410						122,327

12

---

URBAN EDGE PROPERTIES
SUPPLEMENTAL SCHEDULE OF NET OPERATING INCOME
For the three and six months ended June 30, 2022 and 2021
(in thousands)

			Three Months Ended June 30,												Percent Change						Six Months Ended June 30,												Percent Change
			2022						2021												2022						2021
Total NOI(1)
Total revenue			$95,460						$91,327						4.5%						$192,485						$184,673						4.2%
Total property operating expenses			(35,812)						(34,091)						5.0%						(75,775)						(73,858)						2.6%
NOI - total portfolio			$59,648						$57,236						4.2%						$116,710						$110,815						5.3%
NOI margin (NOI / Total revenue)			62.5		%				62.7		%										60.6		%				60.0		%
Same-property NOI(1)(2)
Property rentals			$	59,661					$	58,001											$	119,126					$	115,910
Tenant expense reimbursements			21,760						20,847												46,100						45,592
Rental revenue deemed uncollectible			851						2,322												141						1,058
Total revenue			82,272						81,170												165,367						162,560
Real estate taxes			(13,144)						(13,710)												(26,201)						(27,696)
Property operating			(13,648)						(12,633)												(30,158)						(29,163)
Lease expense			(2,847)						(2,836)												(5,696)						(5,656)
Total property operating expenses			(29,639)						(29,179)												(62,055)						(62,515)
Same-property NOI(1)(2)			$	52,633					$	51,991					1.2%						$	103,312					$	100,045					3.3%
NOI related to properties being redeveloped			$	4,627					$	5,262											$	8,966					$	10,254
Same-property NOI including properties in redevelopment(1)			$	57,260					$	57,253					—%						$	112,278					$	110,299					1.8%
Same-property physical occupancy			90.0		%				89.2		%										90.0		%				89.1		%
Same-property leased occupancy			94.9		%				92.2		%										94.8		%				92.1		%
Number of properties included in same-property analysis			69																		68

(1) NOI excludes non-cash revenue and expenses. Refer to page 6 for a reconciliation of net income to NOI and same-property NOI.

(2) Excludes NOI related to properties acquired or disposed in the comparative periods and Sunrise Mall.

13

---

URBAN EDGE PROPERTIES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION for REAL ESTATE (EBITDAre)
For the three and six months ended June 30, 2022 and 2021
(in thousands)

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Net income			$	12,009					$	12,981					$	21,543					$	33,697
Depreciation and amortization			24,691						22,488						49,218						45,363
Interest expense			13,453						13,983						26,712						28,053
Amortization of deferred financing costs			788						745						1,533						1,502
Income tax expense (benefit)			711						(34)						1,616						201
Gain on sale of real estate			(353)						—						(353)						(11,722)
EBITDAre			51,299						50,163						100,269						97,094
Adjustments for Adjusted EBITDAre:
Transaction, severance and other expenses (income)			635						120						1,132						(257)
(Reinstatement)/write-off of receivables arising from the straight-lining of rents, net			(46)						(239)						(133)						634
Tenant bankruptcy settlement income			—						(286)						(36)						(286)
Adjusted EBITDAre			$	51,888					$	49,758					$	101,232					$	97,185
Interest expense			$	13,453					$	13,983					$	26,712					$	28,053
Adjusted EBITDAre to interest expense			3.9		x				3.6		x				3.8		x				3.5		x
Fixed charges
Interest expense			$	13,453					$	13,983					$	26,712					$	28,053
Scheduled principal amortization			4,502						2,958						8,872						5,631
Total fixed charges			$	17,955					$	16,941					$	35,584					$	33,684
Adjusted EBITDAre to fixed charges			2.9		x				2.9		x				2.8		x				2.9		x

14

---

URBAN EDGE PROPERTIES
FUNDS FROM OPERATIONS
For the three and six months ended June 30, 2022
(in thousands, except per share amounts)

			Three Months Ended June 30, 2022												Six Months Ended June 30, 2022
			(in thousands)						(per share)(2)						(in thousands)						(per share)(2)
Net income			$	12,009					$	0.10					$	21,543					$	0.18
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership			(506)						—						(893)						(0.01)
Consolidated subsidiaries			123						—						462						—
Net income attributable to common shareholders			11,626						0.10						21,112						0.17
Adjustments:
Rental property depreciation and amortization			24,457						0.20						48,755						0.40
Gain on sale of real estate			(353)						—						(353)						—
Limited partnership interests in operating partnership(1)			506						—						893						0.01
FFO applicable to diluted common shareholders			36,236						0.30						70,407						0.58
Adjustments to FFO:
Transaction, severance and other expenses			635						0.01						1,132						0.01
Reinstatement of receivables arising from the straight-lining of rents, net			(46)						—						(133)						—
Tenant bankruptcy settlement income			—						—						(36)						—
FFO as Adjusted applicable to diluted common shareholders			$	36,825					$	0.30					$	71,370					$	0.58
Weighted average diluted shares used to calculate EPS			117,427												117,410
Assumed conversion of OP and LTIP Units to common shares			5,085												4,941
Weighted average diluted common shares - FFO			122,512												122,351

(1) Represents earnings allocated to LTIP and OP unitholders for unissued common shares, which have been excluded for purposes of calculating earnings per diluted share for the periods presented because they are anti-dilutive.

(2) Individual items may not add up due to total rounding.

15

---

URBAN EDGE PROPERTIES
MARKET CAPITALIZATION, DEBT RATIOS AND LIQUIDITY
As of June 30, 2022
(in thousands, except share amounts)

			June 30, 2022
Closing market price of common shares			$	15.21
Basic common shares			117,442,769
OP and LTIP units			5,124,493
Diluted common shares			122,567,262
Equity market capitalization			$	1,864,248
Total consolidated debt(1)			$	1,708,637
Cash and cash equivalents including restricted cash			(171,321)
Net debt			$	1,537,316
Net Debt to annualized Adjusted EBITDAre			7.4		x
Total consolidated debt(1)			$	1,708,637
Equity market capitalization			1,864,248
Total market capitalization			$	3,572,885
Net debt to total market capitalization at applicable market price			43.0		%
Cash and cash equivalents including restricted cash			$	171,321
Available under unsecured credit facility			600,000
Total liquidity			$	771,321

(1) Total consolidated debt excludes unamortized debt issuance costs of $8.8 million.

16

---

URBAN EDGE PROPERTIES
ADDITIONAL DISCLOSURES
(in thousands)

						Three Months Ended June 30,												Six Months Ended June 30,
						2022						2021						2022						2021
Rental Revenue:
Property rentals(1)						$	71,970					$	68,323					$	144,336					$	136,356
Tenant expense reimbursements						24,786						23,871						52,521						53,092
Rental revenue deemed uncollectible						698						1,459						13						(1,176)
Total rental revenue						$	97,454					$	93,653					$	196,870					$	188,272

Composition of Rental Revenue for the Quarter Ended June 30, 2022

(in thousands)			Three Months Ended June 30, 2022
Collected property rentals and tenant expense reimbursements from second quarter billings(2)			$	89,479
Uncollected property rentals and tenant expense reimbursements from second quarter billings(2)
Reserved			1,338
Accrued - unreserved			4,650
Total property rentals and tenant expense reimbursements before non-cash adjustments from second quarter billings(3)			95,467
Non-cash adjustments(4)			1,289
Rental revenue deemed uncollectible			698
Total rental revenue recognized			$	97,454

Composition of Rental Revenue Deemed Uncollectible

(in thousands)									Three Months Ended June 30, 2022
Rental revenue deemed uncollectible
Amounts billed in second quarter deemed uncollectible									$	1,338
Amounts billed prior to second quarter now deemed uncollectible									260
Recovery of amounts deemed uncollectible in prior periods									(2,296)
Total rental revenue deemed uncollectible(5)									$	(698)

Tenant and Other Receivables

						As of June 30, 2022
(in thousands)
Tenant and other receivables billed						$	30,073
Revenue deemed uncollectible						(15,707)
Tenant and other receivables deemed collectible						$	14,366

(1) Percentage rents for the three and six months ended June 30, 2022 were $0.3 million and $1.5 million, respectively, and $0.3 million and $0.7 million for the same periods in 2021.

(2) The Company has collected 99% of second quarter base rents as of July 28, 2022. During the quarter ended June 30, 2022, the Company completed year-end recovery true-up billings for common area charges incurred in 2021. Further collection of these amounts is anticipated in the subsequent quarter.

(3) Total second quarter billings include $5.7 million of gross amounts billed for leases with rental revenue being recognized on a cash-basis. The Company had 133 leases with rental revenue being recognized on a cash-basis, which represented approximately 5.9% of total portfolio ABR as of June 30, 2022.

(4) Amount comprises straight-line rents, amortization of lease intangibles, credits for tenant abatements and accrued unbilled amounts during the second quarter.

(5) Rental revenue deemed uncollectible pertaining to cash basis tenants was an expense of $0.5 million consisting of $1.1 million of charges, offset by $0.6 million of amounts recovered in the quarter.

17

---

URBAN EDGE PROPERTIES
ADDITIONAL DISCLOSURES
(in thousands)

Status of Rent Deferrals

As of June 30, 2022, the Company has executed or approved deferral agreements amounting to $11.7 million with a weighted average remaining payback period of 24 months and has collected 99.5% of the deferral payments due:

			As of June 30, 2022
(in thousands)			Unbilled			Rebilled and Collected			Rebilled and Uncollected			Total
Accrual basis			$	1,340		$	6,484		$	—		$	7,824
Cash basis			2,471			1,371			37			3,879
Total			$	3,811		$	7,855		$	37		$	11,703

						Three Months Ended June 30,												Six Months Ended June 30,
						2022						2021						2022						2021
Certain Non-Cash Items:
Straight-line rents(1)						$	546					$	274					$	1,057					$	(690)
Amortization of below-market lease intangibles, net(1)						1,533						2,342						3,507						4,754
Lease expense GAAP adjustments(2)						(99)						(134)						(198)						(308)
Amortization of deferred financing costs(3)						(788)						(745)						(1,533)						(1,502)
Capitalized interest(3)						1,957						266						3,690						347
Share-based compensation expense(4)						(2,500)						(2,726)						(5,097)						(5,409)
Capital Expenditures:(5)
Development and redevelopment costs						$	23,347					$	8,406					$	38,909					$	13,729
Maintenance capital expenditures						4,920						1,626						8,238						3,831
Leasing commissions						507						459						662						778
Tenant improvements and allowances						753						1,519						951						1,791
Total capital expenditures						$	29,527					$	12,010					$	48,760					$	20,129

						June 30, 2022						December 31, 2021
Accounts Payable, Accrued Expenses and Other Liabilities:
Deferred tenant revenue						$	22,838					$	28,898
Accrued capital expenditures and leasing costs						18,523						19,164
Accrued interest payable						10,225						9,879
Other liabilities and accrued expenses						8,162						8,057
Security deposits						7,145						6,693
Accrued payroll expenses						5,010						9,134
Finance lease liability						3,010						3,004
Total accounts payable, accrued expenses and other liabilities						$	74,913					$	84,829

(1) Amounts included in the financial statement line item "Rental revenue" on the consolidated statements of income. There was no material impact for straight-line write-offs or reinstatements for the three months ended June 30, 2022. During the three months ended June 30, 2021 the Company reinstated $0.2 million of receivables arising from the straight-lining of rents, net of write-offs for tenants moved back to accrual basis accounting. During the six months ended June 30, 2022, the Company reinstated $0.1 million of receivables arising from the straight-lining of rents, net of write-offs, compared to a write-off of $0.6 million, net of reinstatements, for tenants moved to cash basis accounting for the six months ended June 30, 2021.

(2) Amounts consist of amortization of below-market ground lease intangibles and straight-line lease expense, and are included in the financial statement line item "Lease expense" on the consolidated statements of income.

(3) Amounts included in the financial statement line item "Interest and debt expense" on the consolidated statements of income.

(4) Amounts included in the financial statement line item "General and administrative" on the consolidated statements of income.

(5) Amounts presented on a cash basis.

18

---

URBAN EDGE PROPERTIES
TENANT CONCENTRATION - TOP TWENTY-FIVE TENANTS
As of June 30, 2022

Tenant			Number of stores			Square feet			% of total square feet			Annualized base rent ("ABR")			% of total ABR			Weighted average ABR per square foot			Average remaining term of ABR(1)
The Home Depot			6			808,926			4.7%			$	15,731,153		5.6%			$	19.45		13.8
The TJX Companies(2)			22			714,731			4.2%			14,437,720			5.2%			20.20			4.7
Lowe's Companies			6			976,415			5.7%			8,946,256			3.2%			9.16			5.5
Best Buy			8			359,551			2.1%			8,568,106			3.1%			23.83			3.9
Walmart			5			708,435			4.1%			7,479,449			2.7%			10.56			5.9
Burlington			7			415,828			2.4%			7,200,733			2.6%			17.32			6.6
Kohl's			7			633,345			3.7%			6,650,369			2.4%			10.50			4.6
PetSmart			10			228,869			1.3%			5,843,768			2.1%			25.53			3.7
BJ's Wholesale Club			4			454,297			2.7%			5,771,563			2.1%			12.70			7.8
Ahold Delhaize (Stop & Shop)			5			362,696			2.1%			5,429,430			1.9%			14.97			6.2
Target Corporation			3			335,937			2.0%			5,290,952			1.9%			15.75			10.3
ShopRite			4			296,018			1.7%			5,241,942			1.9%			17.71			10.0
LA Fitness			6			287,420			1.7%			5,053,088			1.8%			17.58			7.2
Amazon(3)			3			145,279			0.8%			4,717,885			1.7%			32.47			8.7
The Gap(4)			11			166,032			1.0%			4,693,166			1.7%			28.27			3.3
Staples			8			167,832			1.0%			3,541,704			1.3%			21.10			2.8
Bob's Discount Furniture			4			170,931			1.0%			3,251,494			1.2%			19.02			4.8
Bed Bath & Beyond(5)			7			205,673			1.2%			3,017,257			1.1%			14.67			5.6
24 Hour Fitness			1			53,750			0.3%			2,700,000			1.0%			50.23			9.5
Anthropologie			1			31,450			0.2%			2,531,725			0.9%			80.50			6.3
Planet Fitness			5			101,046			0.6%			2,415,325			0.9%			23.90			8.6
Raymour & Flanigan			4			215,254			1.3%			2,370,497			0.8%			11.01			6.4
Dick's Sporting Goods			3			153,910			0.9%			2,313,322			0.8%			15.03			2.2
Nordstrom			2			66,561			0.4%			2,284,902			0.8%			34.33			2.6
Visiting Nurse Services of NY(6)			1			58,387			0.3%			2,060,539			0.7%			35.29			—
Total/Weighted Average			143			8,118,573			47.4%			$	137,542,345		49.4%			$	16.94		6.7

(1) In years excluding tenant renewal options. The weighted average is based on ABR.

(2) Includes Marshalls (14), T.J. Maxx (4), HomeGoods (3) and Homesense (1).

(3) Includes Whole Foods (2) and Amazon Fresh (1)

(4) Includes Old Navy (8), Gap (2) and Banana Republic (1).

(5) Includes Bed Bath & Beyond (3), Harmon Face Values (3) and buybuy Baby (1).

(6) The lease with Visiting Nurse Services of NY expired June 30, 2022. The tenant is currently paying rent on a month-to-month basis while lease extension negotiations are underway.

Note: Amounts shown in the table above include all retail properties including those in redevelopment on a cash basis other than tenants in free rent periods which are shown at their initial cash rent. The table excludes executed leases that have not yet rent commenced.

19

---

URBAN EDGE PROPERTIES
PORTFOLIO COMPOSITION BY TENANT CATEGORY
As of June 30, 2022

The Company's portfolio is primarily made up of national and regional anchor tenants (>10,000 sf), which account for approximately 66% of our annualized base rent and 73% of our total gross leasable area. The charts below illustrate the portfolio composition by annualized base rent and by gross leasable area by tenant category, highlighting our limited exposure to local tenants of approximately 13% of annualized base rent.

Note: Percentages shown in the charts above include both current leases and signed leases that have not commenced on vacant spaces and exclude Sunrise Mall. See "Operating Metrics" on page 4 for definitions of anchors, shops, national, regional and local.

20

---

URBAN EDGE PROPERTIES
LEASING ACTIVITY
For the three and six months ended June 30, 2022

			Three Months Ended June 30, 2022												Six Months Ended June 30, 2022
			GAAP(2)						Cash(1)						GAAP(2)						Cash(1)
New Leases
Number of new leases executed			20						20						31						31
Total square feet			290,448						290,448						389,293						389,293
Number of same space leases			20						20						28						28
Same space square feet			290,448						290,448						347,206						347,206
Prior rent per square foot			$	19.08					$	20.48					$	18.92					$	20.06
New rent per square foot			$	23.80					$	21.95					$	23.75					$	21.87
Same space weighted average lease term (years)			13.5						13.5						12.6						12.6
Same space TIs per square foot			N/A						$	16.98					N/A						$	17.91
Rent spread			24.7		%				7.2		%				25.5		%				9.0		%
Renewals & Options
Number of leases executed			17						17						39						39
Total square feet			425,197						425,197						634,100						634,100
Number of same space leases			17						17						39						39
Same space square feet			425,197						425,197						634,100						634,100
Prior rent per square foot			$	14.48					$	14.49					$	15.89					$	16.43
New rent per square foot			$	16.48					$	16.23					$	17.91					$	17.71
Same space weighted average lease term (years)			5.6						5.6						5.3						5.3
Same space TIs per square foot			N/A						$	—					N/A						$	—
Rent spread			13.8		%				12.0		%				12.7		%				7.8		%
Total New Leases and Renewals & Options
Number of leases executed			37						37						70						70
Total square feet			715,645						715,645						1,023,393						1,023,393
Number of same space leases			37						37						67						67
Same space square feet			715,645						715,645						981,306						981,306
Prior rent per square foot			$	16.35					$	16.92					$	16.96					$	17.72
New rent per square foot			$	19.45					$	18.55					$	19.98					$	19.18
Same space weighted average lease term (years)			8.8						8.8						7.9						7.9
Same space TIs per square foot			N/A						$	6.89					N/A						$	6.34
Rent spread			19.0		%				9.6		%				17.8		%				8.2		%

(1) Rents are not calculated on a straight-line (GAAP) basis. Previous/expiring rent is the rent at expiry. New rent is the rent paid at commencement.

(2) Rents are calculated on a straight-line (GAAP) basis.

21

---

URBAN EDGE PROPERTIES
LEASES EXECUTED BUT NOT YET RENT COMMENCED
As of June 30, 2022

The Company has signed leases that have not yet rent commenced that are expected to generate an additional $22.9 million of future annual gross rent, representing approximately 10% of current annualized NOI. Approximately $17.7 million of this amount pertains to leases included in Active Redevelopment Projects on page 29. National and regional tenants represent 71% of the leased but not yet rent commenced pipeline. The below table illustrates the gross revenue expected to be recognized, in the respective periods, from commencement of these leases.

The below table summarizes the changes in annualized gross rent from leases executed but not yet rent commenced since March 31, 2022:

(in thousands)			Annualized Gross Rent
Leases executed but not yet rent commenced as of March 31, 2022			$	21,500
Less: Leases commenced during the second quarter			(5,100)
Plus: Leases executed during the second quarter			6,500
Leases executed but not yet rent commenced as of June 30, 2022			$	22,900

22

---

URBAN EDGE PROPERTIES
RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE
As of June 30, 2022

			ANCHOR TENANTS (SF>=10,000)												SHOP TENANTS (SF<10,000)												TOTAL TENANTS
Year(1)			# of leases			Square Feet			% of Total SF			Weighted Avg ABR PSF(2)			# of leases			Square Feet			% of Total SF			Weighted Avg ABR PSF(2)			# of leases			Square Feet			% of Total SF			Weighted Avg ABR PSF(2)
M-T-M			1			18,000			0.1		%	$	20.18		30			79,000			3.2%			$	25.87		31			97,000			0.7%			$	24.81
2022			4			163,000			1.4		%	29.74			36			80,000			3.2%			34.56			40			243,000			1.7%			31.33
2023			19			600,000			5.0		%	18.95			81			243,000			9.8%			38.85			100			843,000			5.8%			24.69
2024			37			1,269,000			10.5		%	18.14			67			215,000			8.7%			33.99			104			1,484,000			10.2%			20.43
2025			28			1,075,000			8.9		%	15.72			52			179,000			7.2%			36.25			80			1,254,000			8.6%			18.65
2026			21			688,000			5.7		%	18.53			77			251,000			10.1%			36.67			98			939,000			6.5%			23.38
2027			21			828,000			6.9		%	12.06			73			267,000			10.8%			32.90			94			1,095,000			7.5%			17.14
2028			17			749,000			6.2		%	21.21			40			148,000			6.0%			39.15			57			897,000			6.2%			24.17
2029			31			1,384,000			11.5		%	19.84			42			152,000			6.1%			42.55			73			1,536,000			10.6%			22.08
2030			15			1,091,000			9.0		%	12.72			31			110,000			4.4%			47.01			46			1,201,000			8.3%			15.86
2031			15			955,000			7.9		%	15.36			18			70,000			2.8%			33.23			33			1,025,000			7.1%			16.58
2032			9			280,000			2.3		%	16.02			39			137,000			5.5%			33.26			48			417,000			2.9%			21.69
Thereafter			36			2,275,000			19.0		%	15.20			29			133,000			5.5%			36.88			65			2,408,000			16.4%			16.40
Subtotal/Average			254			11,375,000			94.4		%	$	16.75		615			2,064,000			83.3%			$	36.71		869			13,439,000			92.5		%	$	19.82
Vacant			23			681,000			5.6		%	N/A			161			414,000			16.7%			N/A			184			1,095,000			7.5		%	N/A
Total/Average			277			12,056,000			100.0		%	N/A			776			2,478,000			100.0%			N/A			1,053			14,534,000			100.0		%	N/A

(1) Year of expiration excludes tenant renewal options.

(2) Weighted average annual base rent per square foot is calculated by annualizing tenants' base cash rent, including ground rent, and excludes tenant reimbursements and concessions and storage rent.

Note: Amounts shown in the table above include both current leases and signed leases that have not commenced on vacant spaces for all retail properties (excludes Sunrise Mall and includes properties in redevelopment). The average base rent for our 1,345,000 square-foot warehouse properties (excluded from the table above) is $7.18 per square foot as of June 30, 2022.

23

---

URBAN EDGE PROPERTIES
RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE ASSUMING EXERCISE OF ALL OPTIONS
As of June 30, 2022

			ANCHOR TENANTS (SF>=10,000)												SHOP TENANTS (SF<10,000)												TOTAL TENANTS
Year(1)			# of leases			Square Feet			% of Total SF			Weighted Avg ABR PSF(2)			# of leases			Square Feet			% of Total SF			Weighted Avg ABR PSF(2)			# of leases			Square Feet			% of Total SF			Weighted Avg ABR PSF(2)
M-T-M			1			18,000			0.1		%	$	20.18		30			79,000			3.2%			$	25.87		31			97,000			0.7%			$	24.81
2022			2			87,000			0.7		%	27.76			29			63,000			2.5%			38.24			31			150,000			1.0%			32.16
2023			3			48,000			0.4		%	30.97			58			159,000			6.4%			43.34			61			207,000			1.4%			40.47
2024			6			134,000			1.1		%	13.18			41			113,000			4.6%			37.24			47			247,000			1.7%			24.19
2025			10			290,000			2.4		%	19.64			27			81,000			3.3%			40.43			37			371,000			2.6%			24.17
2026			6			103,000			0.9		%	24.25			38			105,000			4.2%			42.89			44			208,000			1.4%			33.66
2027			3			57,000			0.5		%	21.22			36			109,000			4.4%			29.22			39			166,000			1.1%			26.47
2028			6			333,000			2.8		%	15.82			35			99,000			4.0%			39.74			41			432,000			3.0%			21.30
2029			14			410,000			3.4		%	23.29			28			94,000			3.8%			45.79			42			504,000			3.5%			27.49
2030			10			281,000			2.3		%	20.92			27			94,000			3.8%			41.83			37			375,000			2.6%			26.16
2031			12			316,000			2.6		%	22.00			28			83,000			3.4%			39.35			40			399,000			2.7%			25.61
2032			7			257,000			2.1		%	17.72			27			85,000			3.4%			38.61			34			342,000			2.4%			22.91
Thereafter			174			9,041,000			75.1		%	23.05			211			900,000			36.3%			46.30			385			9,941,000			68.4%			25.16
Subtotal/Average			254			11,375,000			94.4		%	$	22.54		615			2,064,000			83.3		%	$	42.49		869			13,439,000			92.5		%	$	25.61
Vacant			23			681,000			5.6		%	N/A			161			414,000			16.7%			N/A			184			1,095,000			7.5		%	N/A
Total/Average			277			12,056,000			100.0		%	N/A			776			2,478,000			100.0%			N/A			1,053			14,534,000			100.0		%	N/A

(1) Year of expiration includes tenant renewal options.

(2) Weighted average annual base rent per square foot is calculated by annualizing tenants' base cash rent, including ground rent, and excludes tenant reimbursements and concessions and storage rent and is adjusted for assumed exercised options using option rents specified in the underlying leases. Weighted average annual base rent for leases whose future option rent is based on fair market value or CPI is reported at the last stated option rent in the respective lease.

Note: Amounts shown in table above include both current leases and signed leases that have not commenced on vacant spaces for all retail properties (excludes Sunrise Mall and includes properties in redevelopment). The average base rent for our 1,345,000 square-foot warehouse properties assuming exercise of all options at future tenant rent (excluded from the table above) is $8.47 per square foot as of June 30, 2022.

24

---

        

                                        

URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of June 30, 2022
(dollars in thousands, except per sf amounts)

Property			Total Square Feet (1)			Percent Leased(1)			Weighted Average ABR PSF(2)			Mortgage Debt(7)			Major Tenants
RETAIL PORTFOLIO:
California:
Walnut Creek (Olympic)			31,000			100.0%			$80.50			—			Anthropologie
Walnut Creek (Mt. Diablo)(4)			7,000			43.8%			72.00			—			Sweetgreen
Connecticut:
Newington			189,000			90.0%			9.55			—			Walmart, Staples
Maryland:
Towson (Goucher Commons)			155,000			92.5%			23.97			—			Sprouts, Staples, HomeGoods, Five Below, Ulta, Kirkland's, DSW
Rockville			94,000			98.0%			25.18			—			Regal Entertainment Group
Wheaton (leased through 2060)(3)			66,000			100.0%			18.27			—			Best Buy
Woodmore Towne Centre(6)			712,000			96.7%			17.37			$117,200			Costco, Wegmans, At Home, Best Buy, LA Fitness, Nordstrom Rack
Massachusetts:
Cambridge (leased through 2033)(3)			48,000			62.1%			31.46			—			PetSmart
Hyde Park (Shops at Riverwood)(6)			76,000			100.0%			25.69			$21,466			Price Rite, Planet Fitness, Goodwill
Revere (Wonderland Marketplace)			140,000			100.0%			13.43			—			Big Lots, Planet Fitness, Marshalls, Get Air
Missouri:
Manchester			131,000			100.0%			11.77			$12,500			Pan-Asia Market, Academy Sports, Bob's Discount Furniture
New Hampshire:
Salem (leased through 2102)(3)			39,000			100.0%			10.00			—			Fun City
New Jersey:
Bergen Town Center - East, Paramus			253,000			93.8%			22.39			—			Lowe's, REI, Best Buy
Bergen Town Center - West, Paramus			1,058,000			91.0%			30.90			$300,000			Whole Foods Market, Target, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's (lease not commenced)
Brick			276,000			97.7%			20.60			$49,099			ShopRite, Kohl's, Marshalls, Old Navy
Carlstadt (leased through 2050)(3)			78,000			98.3%			23.75			—			Stop & Shop
Cherry Hill (Plaza at Cherry Hill)			422,000			76.2%			14.88			$29,000			Aldi, LA Fitness, Raymour & Flanigan, Total Wine, Guitar Center, Sam Ash Music
East Brunswick			427,000			100.0%			14.89			$63,000			Lowe's, Kohl's, Dick's Sporting Goods, P.C. Richard & Son, T.J. Maxx, LA Fitness
East Hanover (200 - 240 Route 10 West)			343,000			98.5%			21.67			$63,000			The Home Depot, Dick's Sporting Goods, Saks Off Fifth, Marshalls
East Rutherford			197,000			100.0%			12.93			$23,000			Lowe's
Garfield			298,000			100.0%			15.91			$40,300			Walmart, Burlington, Marshalls, PetSmart, Ulta
Hackensack			275,000			99.4%			24.27			$66,400			The Home Depot, Staples, Petco, 99 Ranch
Hazlet			95,000			100.0%			3.70			—			Stop & Shop(5)
Jersey City (Hudson Mall)			382,000			85.1%			18.14			$21,769			Marshalls, Big Lots, Retro Fitness, Staples, Old Navy, National retailer (lease not commenced)
Jersey City (Hudson Commons)			236,000			100.0%			13.99			$27,758			Lowe's, P.C. Richard & Son
Kearny			118,000			100.0%			23.80			—			LA Fitness, Marshalls, Ulta
Lodi (Washington Street)			43,000			100.0%			20.13			—			Dollar Tree
Manalapan			208,000			87.7%			20.44			—			Best Buy, Bed Bath & Beyond, Raymour & Flanigan, PetSmart, Avalon Flooring
Marlton			218,000			100.0%			16.50			$37,400			ShopRite, Kohl's, PetSmart
Middletown (Town Brook Commons)			231,000			97.4%			13.56			$31,116			Stop & Shop, Kohl's
Millburn			104,000			89.5%			28.93			$22,717			Trader Joe's, CVS, PetSmart
Montclair			18,000			100.0%			32.00			$7,250			Whole Foods Market

25

---

        

                                        

URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of June 30, 2022
(dollars in thousands, except per sf amounts)

Property			Total Square Feet (1)			Percent Leased(1)			Weighted Average ABR PSF(2)			Mortgage Debt(7)			Major Tenants
Morris Plains (Briarcliff Commons)(6)			176,000			94.7%			23.52			—			Uncle Giuseppe's, Kohl's
North Bergen (Kennedy Commons)			62,000			100.0%			14.65			—			Food Bazaar
North Bergen (Tonnelle Commons)			410,000			100.0%			21.92			$99,720			BJ's Wholesale Club, Walmart, PetSmart
North Plainfield (West End Commons)			241,000			99.1%			11.73			$24,881			Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis
Paramus (leased through 2033)(3)			63,000			100.0%			49.35			—			24 Hour Fitness
Rockaway			189,000			93.1%			14.52			$27,548			ShopRite, T.J. Maxx
South Plainfield (Stelton Commons) (leased through 2039)(3)			56,000			100.0%			21.97			—			Staples, Party City
Totowa			271,000			100.0%			18.30			$50,800			The Home Depot, Bed Bath & Beyond, buybuy Baby, Staples
Union (2445 Springfield Ave)			232,000			100.0%			17.85			$45,600			The Home Depot
Union (West Branch Commons)			278,000			90.3%			16.83			—			Lowe's, Burlington
Watchung (Greenbrook Commons)			170,000			100.0%			18.83			$25,839			BJ's Wholesale Club, Aldi (lease not commenced)
Woodbridge (Woodbridge Commons)			225,000			98.2%			13.54			$22,100			Walmart, Charisma Furniture
Woodbridge (Plaza at Woodbridge)			332,000			91.9%			19.08			$52,947			Best Buy, Raymour & Flanigan, Lincoln Tech, Retro Fitness, Bed Bath & Beyond and buybuy Baby
New York:
Bronx (Gun Hill Commons)			81,000			100.0%			36.88			$24,434			Aldi, Planet Fitness
Bronx (Bruckner Commons)(6)			396,000			39.5%			45.38			—			ShopRite, Burlington
Bronx (Shops at Bruckner)			115,000			100.0%			38.32			$9,362			Marshalls, Old Navy, Aldi (lease not commenced), Lot Less (lease not commenced), Five Below (lease not commenced)
Brooklyn (Kingswood Center)			129,000			84.3%			35.98			$70,374			T.J. Maxx, Visiting Nurse Service of NY
Brooklyn (Kingswood Crossing)			107,000			69.5%			41.86			—			Target, Marshalls, Maimonides Medical
Buffalo (Amherst Commons)			311,000			98.1%			10.94			—			BJ's Wholesale Club, T.J. Maxx, Burlington, HomeGoods, LA Fitness
Dewitt (Marshall Plaza) (leased through 2041)(3)			46,000			100.0%			24.62			—			Best Buy
Freeport (Meadowbrook Commons) (leased through 2040)(3)			44,000			100.0%			22.31			—			Bob's Discount Furniture
Freeport (Freeport Commons)			173,000			100.0%			26.32			$43,100			The Home Depot, Staples
Huntington			207,000			74.4%			20.06			—			ShopRite (lease not commenced), Marshalls, Old Navy, Petco
Inwood (Burnside Commons)			100,000			90.7%			17.35			—			Bingo Wholesale (lease not commenced)
Mt. Kisco			189,000			98.5%			17.19			$12,075			Stop & Shop, Target
New Hyde Park (leased through 2029)(3)			101,000			100.0%			21.93			—			Stop & Shop
Queens (Cross Bay Commons)			45,000			83.8%			42.47			—			Northwell Health
Rochester (Henrietta) (leased through 2056)(3)			165,000			97.9%			4.46			—			Kohl's
Staten Island (Forest Commons)			165,000			96.6%			24.83			—			Western Beef, Planet Fitness, Mavis Discount Tire, NYC Public School
Yonkers Gateway Center			448,000			94.1%			15.92			$25,892			Burlington, Marshalls, Homesense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema

26

---

        

                                        

URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of June 30, 2022
(dollars in thousands, except per sf amounts)

Property			Total Square Feet (1)			Percent Leased(1)			Weighted Average ABR PSF(2)			Mortgage Debt(7)			Major Tenants
Pennsylvania:
Bensalem (Marten Commons)			185,000			96.6%			14.79			—			Kohl's, Ross Dress for Less, Staples, Petco
Broomall(6)			169,000			75.8%			16.40			—			Amazon Fresh, Planet Fitness, PetSmart, Nemours Children's Hospital (lease not commenced)
Glenolden (MacDade Commons)			102,000			100.0%			12.92			—			Walmart
Lancaster (Lincoln Plaza)			228,000			100.0%			5.27			—			Lowe's, Community Aid, Mattress Firm
Springfield (leased through 2025)(3)			41,000			100.0%			25.29			—			PetSmart
Wilkes-Barre			184,000			92.5%			13.14			—			Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Wren Kitchens
Wyomissing (leased through 2065)(3)			76,000			100.0%			14.70			—			LA Fitness, PetSmart
South Carolina:
Charleston (leased through 2063)(3)			45,000			100.0%			15.10			—			Best Buy
Virginia:
Norfolk (leased through 2069)(3)			114,000			100.0%			7.79			—			BJ's Wholesale Club
Puerto Rico:
Las Catalinas			355,000			84.1%			29.35			$121,811			Sector Sixty6 (lease not commenced), Forever 21, Old Navy
Montehiedra(6)			540,000			84.2%			20.27			$78,479			The Home Depot, Marshalls, Caribbean Cinemas, Tiendas Capri, Old Navy, Ralph's Food Warehouse (lease not commenced)
Total Retail Portfolio			14,534,000			92.5%			$19.82			$1,667,937
INDUSTRIAL:
East Hanover Warehouses(9)			1,218,000			84.6%			6.84			$40,700			J & J Tri-State Delivery, Foremost Groups, PCS Wireless, Fidelity Paper & Supply, Meyer Distributing, Givaudan Flavors, Reliable Tire, Nutra-Med
Lodi (Route 17 North)			127,000			100.0%			9.95			—			AAA Wholesale Group
Total Industrial			1,345,000			86.1%			$7.18			$40,700
Massapequa, NY (Sunrise Mall) (portion leased through 2069)(4)(6)(8)			1,228,000			39.0%			8.96			—			Macy's, Dick's Sporting Goods, Dave & Buster's, Raymour & Flanigan, HomeGoods
Total Urban Edge Properties			17,107,000			88.1%			$18.46			$1,708,637

(1) Percent leased is expressed as the percentage of gross leasable area subject to a lease, excluding temporary tenants. The Company excludes 132,000 sf of self-storage from the report above.

(2) Weighted average annual base rent per square foot including ground leases and executed leases for which rent has not commenced is calculated by annualizing tenants' current base rent (excluding any free rent periods), and excluding tenant reimbursements, concessions and storage rent. Excluding the ground leases where the Company is the lessor, the weighted average annual base rent per square foot for our retail portfolio is $21.86 per square foot.

(3) The Company is a lessee under a ground or building lease. The total square feet disclosed for the building will revert to the lessor upon lease expiration.

(4) We own 95% of Walnut Creek (Mt. Diablo) and 82.5% of Sunrise Mall with the remaining portions in each case owned by joint venture partners.

(5) The tenant never commenced operations at this location but continues to pay rent.

(6) Not included in the same-property pool for the purposes of calculating same-property NOI for the quarter ended June 30, 2022 and 2021.

(7) Mortgage debt balances exclude unamortized debt issuance costs.

(8) Includes the acquisition of 40 Carmans Road.

(9) Includes 151 Ridgedale Avenue and 601 Murray Road which were acquired in August 2021. These properties are included in our non-same property pool for the quarter ended June 30, 2022.

27

---

URBAN EDGE PROPERTIES
PROPERTY ACQUISITIONS AND DISPOSITIONS
For the six months ended June 30, 2022
(dollars in thousands)

2022 Property Acquisitions:

Date Acquired

Property Name

City

State

GLA

Price

2/24/2022

40 Carmans Road

Massapequa

NY

12,000

$

4,120

6/8/2022

The Shops at Riverwood

Hyde Park

MA

78,000

$

32,905

2022 Property Dispositions:

None.

28

---

URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of June 30, 2022
(in thousands, except square footage data)

ACTIVE PROJECTS			Estimated Gross Cost(1)						Incurred as of 6/30/22			Target Stabilization(2)			Description and status
Bergen Town Center (Phase B)(3)			$	44,300					$	2,500		2Q25			Ground-up development of an 80,000 sf medical office building for Hackensack Meridian Health on a vacant outparcel facing Route 4
Bergen Town Center (Phase A)(3)			23,800						11,200			2Q23			Retenanting former Century 21 box with Kohl's
Huntington Commons (Phase A)(3)			22,600						19,400			4Q22			Retenanting former Kmart box with ShopRite and Marshalls
Las Catalinas(3)			12,900						4,500			2Q23			Retenanting former Kmart box with Sector Sixty6
The Outlets at Montehiedra (Phase C)(5)			12,100						200			3Q24			Demising and retenanting former Kmart box with Ralph's Food Warehouse and Urology Hub
Kearny Commons(3)			11,900						11,400			4Q22			Expanding by 22,000 sf to accommodate a 10,000 sf Ulta (open) and small shops as well as adding a freestanding Starbucks (open)
Broomall Commons (Phase B)(5)			10,300						2,100			4Q23			Retenanting 19,000 sf former A.C. Moore with Nemours Children's Hospital and backfilling remaining 41,000 sf of former Giant box
Hudson Mall(3)			9,700						1,500			3Q23			Retenanting former Toys "R" Us box with national retailer
The Outlets at Montehiedra (Phase A)(5)			9,200						6,300			1Q23			Constructing new 14,000± sf building for Walgreens and Global Mattress and a new 3,000± sf pad for Arby's
Shops at Bruckner (Phase B)(3)			9,100						500			2Q23			Retenanting with Aldi and Lot Less
Huntington Commons (Phase B)(3)			8,500						3,100			4Q23			Center repositioning and renovations
Burnside Commons(3)			6,900						200			4Q23			Retenanting anchor vacancy with Bingo Wholesale
Shops at Bruckner (Phase A)(3)			6,200						1,800			4Q22			Relocating Jimmy Jazz to former Carter's space and retenanting former Jimmy Jazz and Danice spaces with Five Below; renovating façade and upgrading common areas
Walnut Creek(3)			3,500						1,900			4Q23			Retenanting former Z Gallerie with Sweetgreen (open) and remaining 4,000 sf
Mt. Kisco Commons(3)			3,000						2,800			4Q22			Converting former sit-down restaurant into a Chipotle (open) and another quick service restaurant
The Plaza at Cherry Hill(3)			2,800						400			1Q23			Relocating and expanding Total Wine
Briarcliff Commons (Phase B)(5)			2,700						400			2Q23			Developing new 4,000± sf pad for CityMD
Wilkes-Barre (Phase B)(3)			2,400						500			3Q22			Retenanting former Babies "R" Us box with Wren Kitchens (open)
The Outlets at Montehiedra (Phase B)(5)			2,200						100			2Q24			Developing new 6,000± sf pad for Texas Roadhouse
Yonkers Gateway Center(3)			1,700						100			3Q23			Retenanting end cap space with Wren Kitchens
Total			$	205,800		(4)			$	70,900

(1) Estimated gross cost includes the allocation of internal costs such as labor, interest and taxes.

(2) Target Stabilization reflects the first quarter in which at least 80% of the expected NOI from the project has commenced. A project achieving Target Stabilization is classified as Completed whether or not all costs have been expended and remains listed as a Completed project for one year in the table on page 30. The Target Stabilization date is an estimate and is subject to change resulting from uncertainties inherent in the development process and not wholly under the Company's control.

(3) Results from these properties are included in our same-property metrics.

(4) The estimated, unleveraged yield for total Active projects is 10% based on total estimated project costs and the incremental, unleveraged NOI directly attributable to the projects unless otherwise noted. The incremental, unleveraged NOI for Active projects excludes NOI generated outside the project scope such as the impact on future lease rollovers or on the long-term value of the property. The unleveraged yield for projects related to vacant spaces is based on the total NOI directly attributable to the project and the estimated project costs.

(5) Results from these properties are included in our same-property including redevelopment metrics.

29

---

URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of June 30, 2022
(in thousands, except square footage data)

COMPLETED PROJECTS			Estimated Gross Cost(1)						Incurred as of 6/30/22			Stabilization(2)			Description
Tonnelle Commons (Phase B)(3)			$	3,000					$	2,400		2Q22			Retenanted former Staples with Five Below and Skechers
Lodi (Route 17 North)(3)			12,600						11,500			2Q22			Converted former National Wholesale Liquidator space into 127,000± sf industrial space for AAA Wholesale Group
Broomall Commons (Phase A)(6)			7,300						6,200			2Q22			Retenanted 44,000± sf of the former Giant Food space with Amazon Fresh
Briarcliff Commons (Phase A)(6)			10,600						10,500			1Q22			Retenanted former ShopRite with Uncle Giuseppe's
Plaza at Woodbridge(3)			4,100						4,100			1Q22			Repurposed 82,000± sf of unused basement space into Extra Space self-storage facility
Tonnelle Commons (Phase A)(3)			11,000						11,000			4Q21			Added 102,000± sf CubeSmart self-storage facility on excess land
Salem(3)			1,500						1,500			4Q21			Retenanted former Babies "R" Us box with Fun City
Total			$	50,100		(4)			$	47,200

FUTURE REDEVELOPMENT(5)			Location			Opportunity
Bergen Town Center(3)			Paramus, NJ			Develop a mix of uses including residential, hotel, and/or office; common area improvements and enhancements to improve merchandising
Brick Commons(3)			Brick Township, NJ			Develop new pad
Bruckner Commons(6)			Bronx, NY			Redevelop center including consideration of alternate uses
Brunswick Commons(3)			East Brunswick, NJ			Develop new pad
Hudson Mall(3)			Jersey City, NJ			Reposition mall with redevelopment and renovation opportunities including retail and amenity upgrades and consideration of alternate uses
Marlton Commons(3)			Marlton, NJ			Develop new small shop space and renovate facade
The Plaza at Cherry Hill(3)			Cherry Hill, NJ			Renovate exterior of center and common areas
Sunrise Mall			Massapequa, NY			Redevelop mall including consideration of alternate uses

(1) Estimated gross cost includes the allocation of internal costs such as labor, interest and taxes.

(2) Stabilization reflects the first quarter in which at least 80% of the expected NOI from the project has commenced. A project achieving Stabilization is classified as Completed whether or not all costs have been expended and remains listed as a Completed project for one year in the table above.

(3) Results from these properties are included in our same-property metrics.

(4) The estimated unleveraged yield for Completed projects is 12% based on total estimated project costs and the incremental, unleveraged NOI directly attributable to the projects unless otherwise noted. The incremental, unleveraged NOI for Completed projects excludes NOI generated outside the project scope such as the impact on future lease rollovers or on the long-term value of the property. The unleveraged yield for projects related to vacant spaces as a result of bankruptcy is based on the total NOI directly attributable to the project and the estimated project costs.

(5) The Company has identified future redevelopment opportunities which are, or will soon be, in preliminary planning phases and as such, may not ultimately become active projects. Proceeding with these investments is subject to many factors outside of the Company's control, and it is possible that municipal or other approvals may delay or suspend our ability to proceed with such plans. The execution of these projects is discretionary and we are under no current obligation to fund these projects.

(6) Results from these properties are included in our same-property including redevelopment metrics.

30

---

URBAN EDGE PROPERTIES
DEBT SUMMARY
As of June 30, 2022 and December 31, 2021
(in thousands)

			June 30, 2022						December 31, 2021
Secured fixed rate debt			$	1,548,659					$	1,534,324
Secured variable rate debt			159,978						161,084
Total debt			$	1,708,637					$	1,695,408
% Secured fixed rate debt			90.6		%				90.5		%
% Secured variable rate debt			9.4		%				9.5		%
Total			100		%				100		%
Secured mortgage debt			$	1,708,637					$	1,695,408
Unsecured debt(1)			—						—
Total debt			$	1,708,637					$	1,695,408
% Secured mortgage debt			100		%				100		%
% Unsecured mortgage debt			—						—
Total			100		%				100		%
Weighted average remaining maturity on secured mortgage debt			4.6 years						4.9 years
Weighted average remaining maturity on unsecured debt			N/A						N/A
Total market capitalization (see page 16)			$	3,572,885
% Secured mortgage debt			47.8		%
% Unsecured debt			—		%
Total debt: Total market capitalization			47.8		%
Weighted average interest rate on secured mortgage debt(2)			4.02		%				3.88		%

Note: All amounts and calculations exclude unamortized debt issuance costs on mortgages payable.

(1) No amounts are currently outstanding on our unsecured $600 million line of credit. The agreement has a maturity date of January 29, 2024 with two six-month extension options. Borrowings under the agreement bear interest at LIBOR plus an applicable margin of 1.05% to 1.50% and an annual facility fee of 15 to 30 basis points based on our current leverage ratio.

(2) Weighted average interest rate is calculated based on balances outstanding at the respective dates.

31

---

URBAN EDGE PROPERTIES
MORTGAGE DEBT SUMMARY
As of June 30, 2022 and December 31, 2021
(dollars in thousands)

Property			Maturity Date			Rate			June 30, 2022			December 31, 2021			Percent of Mortgage Debt at June 30, 2022
Bergen Town Center			4/8/2023			3.56		%	$	300,000		$	300,000		17.6		%
Shops at Bruckner			5/1/2023			3.90		%	9,362			9,698			0.5		%
Hudson Mall			12/1/2023			5.07		%	21,769			22,154			1.3		%
Yonkers Gateway Center			4/6/2024			4.16		%	25,892			26,774			1.5		%
Hudson Commons(1)			11/15/2024			2.96		%	27,758			28,034			1.6		%
Greenbrook Commons(1)			11/15/2024			2.96		%	25,839			26,097			1.5		%
Gun Hill Commons(1)			12/1/2024			2.96		%	24,434			24,680			1.4		%
Brick Commons			12/10/2024			3.87		%	49,099			49,554			2.9		%
Plaza at Cherry Hill(2)			6/3/2025			4.50		%	29,000			28,244			1.7		%
West End Commons			12/10/2025			3.99		%	24,881			25,100			1.5		%
Las Catalinas Mall			2/1/2026			4.43		%	121,811			123,977			7.1		%
Town Brook Commons			12/1/2026			3.78		%	31,116			31,400			1.8		%
Rockaway River Commons			12/1/2026			3.78		%	27,548			27,800			1.6		%
Hanover Commons			12/10/2026			4.03		%	63,000			63,000			3.7		%
Tonnelle Commons			4/1/2027			4.18		%	99,720			100,000			5.8		%
Manchester Plaza			6/1/2027			4.32		%	12,500			12,500			0.7		%
Millburn Gateway Center			6/1/2027			3.97		%	22,717			22,944			1.3		%
Plaza at Woodbridge(3)			6/8/2027			3.31		%	52,947			54,029			3.1		%
Totowa Commons			12/1/2027			4.33		%	50,800			50,800			3.0		%
Woodbridge Commons			12/1/2027			4.36		%	22,100			22,100			1.3		%
Brunswick Commons			12/6/2027			4.38		%	63,000			63,000			3.7		%
Rutherford Commons			1/6/2028			4.49		%	23,000			23,000			1.3		%
Kingswood Center			2/6/2028			5.07		%	70,374			70,815			4.1		%
Hackensack Commons			3/1/2028			4.36		%	66,400			66,400			3.9		%
East Hanover Warehouses			12/1/2028			4.09		%	40,700			40,700			2.4		%
Marlton Commons			12/1/2028			3.86		%	37,400			37,400			2.2		%
Union (Vauxhall)			12/10/2028			4.01		%	45,600			45,600			2.7		%
The Shops at Riverwood			6/24/2029			4.25		%	21,466			—			1.3		%
Freeport Commons			12/10/2029			4.07		%	43,100			43,100			2.5		%
The Outlets at Montehiedra			6/1/2030			5.00		%	78,479			79,381			4.6		%
Montclair			8/15/2030			3.15		%	7,250			7,250			0.4		%
Garfield Commons			12/1/2030			4.14		%	40,300			40,300			2.4		%
Woodmore Towne Centre			1/6/2032			3.39		%	117,200			117,200			6.9		%
Mount Kisco Commons			11/15/2034			6.40		%	12,075			12,377			0.7		%
Total mortgage debt						4.02		%	$	1,708,637		$	1,695,408		100.0		%
Unamortized debt issuance costs									(8,793)			(8,218)
Total mortgage debt, net									$	1,699,844		$	1,687,190

(1)Bears interest at one month London Interbank Offered Rate ("LIBOR") plus 190 bps.

(2)Bears interest at one month Prime Rate plus 50 bps.

(3)Bears interest at one month Secured Overnight Financing Rate (“SOFR”) plus 226 bps. The variable component of the debt is hedged with an interest rate cap agreement to limit SOFR to a maximum of 3%.

32

---

URBAN EDGE PROPERTIES
DEBT MATURITY SCHEDULE
As of June 30, 2022
(dollars in thousands)

Year			Amortization			Balloon Payments			Premium/(Discount) Amortization						Total			Weighted Average Interest rate at maturity			Percent of Debt Maturing
2022(1)			$	8,131		$	—		$	600					$	8,731		4.3%			0.5		%
2023			20,049			329,436			1,182						350,667			3.7%			20.5		%
2024			20,958			143,706			850						165,514			3.6%			9.7		%
2025			18,707			52,260			814						71,781			4.3%			4.2		%
2026			13,635			218,122			814						232,571			4.2%			13.6		%
2027			9,505			306,455			814						316,774			4.1%			18.5		%
2028			8,097			264,822			6						272,925			4.4%			16.0		%
2029			5,711			57,724			(60)						63,375			4.2%			3.7		%
2030			3,170			101,042			(60)						104,152			4.6%			6.1		%
Thereafter			5,185			117,200			(238)						122,147			3.5%			7.2		%
Total			$	113,148		$	1,590,767		$	4,722					$	1,708,637		4.0%			100		%
			Unamortized debt issuance costs												(8,793)
			Total outstanding debt, net												$	1,699,844

(1) Remainder of 2022.

33