Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
18
Funds from Operations
19
Market Capitalization, Debt Ratios and Liquidity
20
Additional Disclosures
21
Leasing Data
Tenant Concentration - Top Twenty-Five Tenants
22
Leasing Activity
23
Leases Executed but Not Yet Rent Commenced
24
Retail Portfolio Lease Expiration Schedules
25
Property Data
Property Status Report
27
Property Acquisitions and Dispositions
30
Development, Redevelopment and Anchor Repositioning Projects
31
Debt Schedules
Debt Summary
33
Mortgage Debt Summary
34
Debt Maturity Schedule
35
Urban Edge Properties
For additional information:
12 East 49th Street
Mark Langer, EVP and
New York, NY 10017
Chief Financial Officer
212-956-0082
FOR IMMEDIATE RELEASE:
Urban Edge Properties Reports Second Quarter 2026 Results
-- Raises Outlook for Full-Year 2026 FFO as Adjusted --
-- Declares Quarterly Common Dividend of $0.21 per Share --
NEW YORK, NY, August 6, 2026 - Urban Edge Properties (NYSE: UE) (the "Company") today announced its results for the quarter ended June 30, 2026 and updated its outlook for full-year 2026.
"Urban Edge delivered another excellent quarter, highlighted by record FFO as Adjusted of $0.40 per share and continued momentum across our portfolio,” said Jeff Olson, Chairman and CEO. “Capital recycling remains a top priority. We recently acquired The Shops at West Falls Church in Falls Church, VA, and a leasehold interest at Shoppers World in Framingham, MA, together totaling $51.1 million. We're also under contract to sell a Kohl's-anchored center in Morris Plains, NJ for $60.5 million."
"Given our better-than-expected results, we raised full-year FFO as Adjusted guidance by $0.02 per share. With $22 million of signed leases that have not yet rent commenced, double-digit redevelopment yields, and sustained tenant demand across our centers, we're well positioned to continue delivering durable, visible growth."
Financial Results(1)(2)
(in thousands, except per share amounts)
2Q26
2Q25
YTD 2026
YTD 2025
Net income attributable to common shareholders
$
17,922
$
57,978
$
40,567
$
66,176
Net income per diluted share
0.14
0.46
0.32
0.53
Funds from Operations ("FFO")
53,395
43,779
109,052
89,237
FFO per diluted share
0.41
0.34
0.83
0.68
FFO as Adjusted
52,267
47,252
99,836
93,173
FFO as Adjusted per diluted share
0.40
0.36
0.76
0.71
The decreases in net income for the three and six months ended June 30, 2026 were primarily driven by a $49.5 million, or $0.39 per diluted share, gain on sale of real estate related to three properties divested in the second quarter of 2025. The increases in FFO and FFO as Adjusted for the three and six months ended June 30, 2026 were driven by rent commencements on new leases, higher net recovery revenue, lease termination income, and growth from accretive capital recycling. FFO for the six months ended June 30, 2026 also benefited from $8.4 million, or $0.06 per diluted share, of non-recurring reimbursements received during the first quarter of 2026 pertaining to previously incurred environmental remediation costs.
Same-Property Operating Results Compared to the Prior Year Period(1)(3)
2Q26
YTD 2026
Same-property Net Operating Income ("NOI") growth
3.2
%
2.8
%
Same-property NOI growth, including properties in redevelopment
3.2
%
3.0
%
Increases in same-property NOI metrics for the three and six months ended June 30, 2026 were driven by rent commencements on new leases from our signed but not open pipeline. The increase for the three months ended June 30, 2026 also benefited from out-of-period collections on past due rents.
1
Leasing and Occupancy Results(1)
•Consolidated portfolio leased occupancy was 96.6%, an increase of 10 basis points compared to June 30, 2025 and 20 basis points compared to March 31, 2026.
•The Company reported same-property portfolio leased occupancy of 96.3%, a decrease of 40 basis points compared to June 30, 2025 and 10 basis points compared to March 31, 2026.
•The Company executed 26 new leases, renewals and options totaling 199,000 sf during the quarter. New leases totaled 120,000 sf, of which 90,000 sf was on a same-space basis and generated an average cash spread of 12.8%. New leases, renewals and options totaled 169,000 sf on a same-space basis and generated an average cash spread of 10.7%.
•As of June 30, 2026, signed leases that have not yet rent commenced are expected to generate an additional $22.0 million of future annual gross rent, representing approximately 7% of current annualized NOI. Approximately $1.7 million of this amount is expected to be recognized in the remainder of 2026.
Acquisition and Disposition Activity
On July 17, 2026, the Company acquired The Shops at West Falls Church for a gross purchase price of $40.4 million. The 85,000 sf shopping center is located in Falls Church, VA and sits within a densely populated and affluent submarket of Washington, D.C. with average annual household income of approximately $200,000 within a three-mile radius. The center is anchored by a grocer and provides visible growth potential through lease-up, contractual annual rent increases, and mark-to-market opportunities on expiring leases.
On May 21, 2026, the Company entered into a purchase and sale agreement with the ground lessor of certain ground leased premises at Shoppers World in Framingham, MA, to acquire the ground lease for $10.7 million, allowing the Company to take over as lessor for the underlying tenant. The transaction closed on June 25, 2026.
The Company is currently under contract to sell Briarcliff Commons, located in Morris Plains, NJ, for a gross sales price of $60.5 million which is expected to close later this month.
Development and Redevelopment
During the quarter, the Company commenced two redevelopment projects with estimated aggregate costs of $6.7 million and stabilized one project totaling $12.7 million with the rent commencement of Burlington at Hudson Mall. The completed projects over the last 12 months total $32.6 million of investment with a blended yield of 25%.
As of June 30, 2026, the Company has $155.0 million of active development and redevelopment projects underway, with estimated remaining costs to complete of $66.7 million. The active development and redevelopment projects are expected to generate an approximate 12% yield.
Balance Sheet and Liquidity(1)(4)(5)(6)
Balance sheet highlights as of June 30, 2026 include:
•Total liquidity of approximately $957 million, consisting of $82 million of cash on hand and $875 million available under the Company's $950 million of unsecured credit facilities, including undrawn letters of credit.
•Mortgages payable of $1.64 billion, with a weighted average term to maturity of 3.3 years, all of which are fixed rate or hedged.
•$55 million drawn on our $700 million unsecured line of credit that matures on June 28, 2030, with two six-month extension options.
•No borrowings on our $250 million of delayed-draw term loans.
•Total market capitalization of approximately $4.75 billion, comprised of 133.5 million fully-diluted common shares valued at $3.05 billion and $1.70 billion of debt.
•Net debt to total market capitalization of 34%.
2026 Outlook
Based on results for the first half of the year, the Company has raised its 2026 full-year guidance ranges for net income, FFO, and FFO as Adjusted, estimating net income of $0.57 to $0.61 per diluted share, net income attributable to common shareholders of $0.55 to $0.58 per diluted share, FFO of $1.57 to $1.60 per diluted share, and FFO as Adjusted of $1.50 to $1.54 per diluted share. The updated range for FFO as Adjusted now implies a midpoint of $1.52 per diluted share, an increase of $0.02 from the previous midpoint of $1.50 per diluted share. A reconciliation of the range of estimated earnings, FFO and FFO as Adjusted, the assumptions used in our guidance, and a reconciliation bridging 2025 FFO per diluted share to the 2026 estimates can be found on pages 4 and 5 of this release.
2
Dividend
On August 6, 2026, the Board of Trustees declared a regular quarterly dividend of $0.21 per common share. The dividend will be payable on September 30, 2026 to common shareholders of record on September 15, 2026.
Corporate Responsibility
On June 23, 2026, the Company published its 2025 Corporate Responsibility Report. The report can be found on the Corporate Responsibility page of the Company's website. Notable achievements highlighted in the report include:
•Achieved a 41% reduction in scope 1 and scope 2 greenhouse gas emissions as compared to a 2015 base year and remain on track towards our goal of a 50% reduction by 2030.
•Reduced water consumption at landlord-controlled properties by 35% as compared to 2021.
•Recycled over 7,400 metric tons of materials in 2025, representing a 37% waste diversion rate.
Earnings Conference Call Information
The Company will host an earnings conference call and audio webcast on August 6, 2026 at 5:00 PM ET. All interested parties can access the earnings call by dialing 1-833-309-3473 (Toll Free) or 1-785-838-9251 (Toll/International) using conference ID "URBAN" (87226). 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 6, 2026 at 8:00 PM ET through August 20, 2026 at 11:59 PM ET by dialing 1-844-512-2921 (Toll Free) or 1-412-317-6671 (Toll/International) using conference ID 11162144.
(1) Refer to "Non-GAAP Financial Measures" on page 6 and "Operating Metrics" on page 7 for definitions and additional details. Reported consolidated occupancy excludes the impact of Sunrise Mall. Including Sunrise Mall, consolidated portfolio leased occupancy was 96.5% at June 30, 2026.
(2) Refer to page 8 for a reconciliation of net income to FFO and FFO as Adjusted for the three and six months ended June 30, 2026.
(3) Refer to page 9 for a reconciliation of net income to NOI and Same-Property NOI for the three and six months ended June 30, 2026.
(4) Net debt as of June 30, 2026 is calculated as total consolidated debt of $1.7 billion less total cash and cash equivalents, including restricted cash, of $82 million. Total consolidated debt and mortgages payable excludes unamortized debt issuance costs of $11.9 million and our $30.0 million mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026. Including the $30.0 million mortgage secured by our property in Morris Plains, NJ, weighted average term to maturity of mortgages payable is 3.4 years.
(5) Refer to page 20 for the calculation of market capitalization as of June 30, 2026.
(6) Availability under our unsecured credit facilities is net of letters of credit issued under the unsecured line of credit. The Company obtained seven letters of credit aggregating $20.5 million which have reduced the available balance commensurate with their face values but remain undrawn and no separate liability has been recorded.
3
2026 Earnings Guidance
The Company has raised its 2026 full-year guidance ranges for net income, FFO, and FFO as Adjusted, estimating net income of $0.57 to $0.61 per diluted share, net income attributable to common shareholders of $0.55 to $0.58 per diluted share, FFO of $1.57 to $1.60 per diluted share, and FFO as Adjusted of $1.50 to $1.54 per diluted share. Below is a summary of the Company's 2026 outlook, assumptions used in its forecasting, and a reconciliation of the range of estimated earnings, FFO, and FFO as Adjusted per diluted share.
Previous Guidance
Revised Guidance
Net income per diluted share
$0.56 - $0.60
$0.57 - $0.61
Net income attributable to common shareholders per diluted share
$0.54 - $0.58
$0.55 - $0.58
FFO per diluted share
$1.54 - $1.58
$1.57 - $1.60
FFO as Adjusted per diluted share
$1.48 - $1.52
$1.50 - $1.54
The Company's revised 2026 full-year outlook is based on the following assumptions:
•Same-property NOI growth, including properties in redevelopment, of 3.25% to 3.75%, reflecting an increase from our previous assumption of 3.00% to 3.75%.
•Recurring G&A expenses ranging from $34.5 million to $36.5 million, unchanged from our previous assumption.
•Interest and debt expense ranging from $78.0 million to $79.0 million, unchanged from our previous assumption.
•Acquisitions of $95 million, reflecting activity completed year-to-date, and dispositions of $60.5 million reflecting properties currently under contract.
•Excludes items that impact FFO comparability, including gains and/or losses on extinguishment of debt, transaction, severance, litigation, and other one-time items outside of the ordinary course of business.
Guidance 2026E
Per Diluted Share(1)
(in thousands, except per share amounts)
Low
High
Low
High
Net income
$
75,600
$
80,000
$
0.57
$
0.61
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership
(3,900)
(4,100)
(0.03)
(0.03)
Consolidated subsidiaries
900
900
0.01
0.01
Net income attributable to common shareholders
72,600
76,800
0.55
0.58
Adjustments:
Rental property depreciation and amortization
130,000
130,000
0.99
0.99
Limited partnership interests in operating partnership
3,900
4,100
0.03
0.03
FFO Applicable to diluted common shareholders
206,500
210,900
1.57
1.60
Adjustments to FFO:
Transaction, severance, litigation expenses and other, net
(7,700)
(7,700)
(0.06)
(0.06)
Loss on extinguishment of debt
200
200
—
—
Non-cash adjustments(2)
(1,400)
(1,400)
(0.01)
(0.01)
FFO as Adjusted applicable to diluted common shareholders
$
197,600
$
202,000
$
1.50
$
1.54
(1) Amounts may not foot due to rounding.
(2) Includes the acceleration and write-off of lease intangibles related to tenant terminations and bankruptcies for the six months ended June 30, 2026.
4
The following table is a reconciliation bridging 2025 FFO per diluted share to the Company's estimated 2026 FFO per diluted share:
Per Diluted Share(1)
Low
High
2025 FFO applicable to diluted common shareholders
$
1.43
$
1.43
2025 Items impacting FFO comparability(2)
0.01
0.01
2026 Items impacting FFO comparability(2)
0.07
0.07
Same-property NOI growth, including redevelopment
0.07
0.08
Acquisitions net of dispositions NOI growth
0.02
0.02
Interest and debt expense
(0.01)
—
Recurring general and administrative
(0.01)
—
Straight-line rent and non-cash items
(0.01)
—
Lease termination and other income
0.01
0.01
2026 FFO applicable to diluted common shareholders
$
1.57
$
1.60
(1) Amounts may not foot due to rounding.
(2) Includes adjustments to FFO for fiscal year 2025 and expected adjustments for fiscal year 2026 which impact comparability. See "Reconciliation of net income to FFO and FFO as Adjusted" on page 8 for actual adjustments year-to-date and our fourth quarter 2025 Supplemental Disclosure Package for 2025 adjustments.
The Company is providing a projection of anticipated net income solely to satisfy the disclosure requirements of the Securities and Exchange Commission ("SEC"). The Company's projections are based on management's current beliefs and assumptions about the Company's business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2026 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Forward-Looking Statements” disclosures on page 11 of this document and “Risk Factors” disclosed in the Company's annual and quarterly reports filed with the SEC for more information.
5
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 real estate investment trusts ("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 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, earnings from consolidated partially owned entities 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 and through the Company's captive insurance program, adjusted for non-cash rental income and expense, impairments on depreciable real estate or land, 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 property 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 65 properties for the three and six months ended June 30, 2026 and 2025. 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, sold, held for sale, or that are in the foreclosure process during the periods being compared, and results of our captive insurance program. As such, same-property NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition, disposition, or foreclosure of properties and results of our captive insurance program 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
6
other adjustments as detailed in the Reconciliation of Net Income to NOI and Same-Property NOI included in the tables accompanying this press release.
•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, 2026, 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 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 used by the Company are useful to investors in facilitating an understanding of the operational performance for our properties.
Recovery ratios represent the percentage of operating expenses recuperated through tenant reimbursements. This metric is presented on a same-property and same-property including redevelopment basis and is calculated by dividing tenant expense reimbursements (adjusted to exclude any ancillary income) by the sum of real estate taxes and property operating expenses.
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 65 properties for the three and six months ended June 30, 2026 and 2025. Occupancy metrics presented for the Company's same-property portfolio exclude 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, properties sold or held for sale, and properties that are in the foreclosure process 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 occasionally provides disclosures by tenant categories which include anchors, shops and industrial/self-storage. Anchors and shops are further broken down by local, regional and 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 that operate in two or more regions.
7
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, 2026 and 2025. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 6 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)
2026
2025
2026
2025
Net income
$
18,647
$
60,793
$
42,194
$
69,175
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries
205
243
480
491
Operating partnership
(930)
(3,058)
(2,107)
(3,490)
Net income attributable to common shareholders
17,922
57,978
40,567
66,176
Adjustments:
Rental property depreciation and amortization
34,543
32,205
66,378
69,033
Limited partnership interests in operating partnership
930
3,058
2,107
3,490
Gain on sale of real estate
—
(49,462)
—
(49,462)
FFO Applicable to diluted common shareholders
53,395
43,779
109,052
89,237
FFO per diluted common share(1)
0.41
0.34
0.83
0.68
Adjustments to FFO:
Transaction, severance, litigation expenses and other, net(2)
385
3,151
(7,915)
4,175
Non-cash adjustments(3)
(1,448)
155
(1,448)
92
Loss (gain) on extinguishment of debt
—
175
212
(323)
Tenant bankruptcy settlement income
(65)
(8)
(65)
(8)
FFO as Adjusted applicable to diluted common shareholders
$
52,267
$
47,252
$
99,836
$
93,173
FFO as Adjusted per diluted common share(1)
$
0.40
$
0.36
$
0.76
$
0.71
Weighted Average diluted common shares(1)
131,668
130,623
131,304
130,476
(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, 2025 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) Includes $0.3 million of transaction costs and $0.1 million severance expenses for the three months ended June 30, 2026. Includes $8.4 million of non-recurring reimbursements related to environmental remediation costs, partially offset by $0.4 million of transaction costs and $0.1 million of severance expenses for the six months ended June 30, 2026.
(3) Includes the acceleration and write-off of lease intangibles related to high-risk tenants, terminations and bankruptcies, net of reinstatements for tenants moved back to accrual basis accounting.
8
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, 2026 and 2025. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 6 for a description of NOI and same-property NOI.
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2026
2025
2026
2025
Net income
$
18,647
$
60,793
$
42,194
$
69,175
Depreciation and amortization
35,036
32,602
67,348
69,797
Interest and debt expense
19,801
19,537
38,520
39,292
General and administrative expense
9,680
11,717
18,816
21,248
Loss (gain) on extinguishment of debt
—
175
212
(323)
Other expense (income)
435
455
(7,631)
922
Income tax expense
749
643
1,127
1,262
Gain on sale of real estate
—
(49,462)
—
(49,462)
Interest income
(599)
(667)
(992)
(1,274)
Non-cash revenue and expenses
(4,776)
(2,762)
(7,595)
(6,034)
NOI
78,973
73,031
151,999
144,603
Adjustments:
Sunrise Mall net operating loss
45
340
524
635
Tenant bankruptcy settlement income and lease termination income
(2,315)
(8)
(2,315)
(69)
Non-same property NOI and other(1)
(10,699)
(9,386)
(20,069)
(18,554)
Same-property NOI
$
66,004
$
63,977
$
130,139
$
126,615
NOI related to properties being redeveloped
6,820
6,578
13,403
12,727
Same-property NOI including properties in redevelopment
$
72,824
$
70,555
$
143,542
$
139,342
(1) Non-same property NOI includes NOI related to properties being redeveloped and properties acquired, disposed, held for sale, or that are in the foreclosure process during the periods being compared, and results of the Company's captive insurance program.
9
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, 2026 and 2025. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 6 for a description of EBITDAre and Adjusted EBITDAre.
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2026
2025
2026
2025
Net income
$
18,647
$
60,793
$
42,194
$
69,175
Depreciation and amortization
35,036
32,602
67,348
69,797
Interest and debt expense
19,801
19,537
38,520
39,292
Income tax expense
749
643
1,127
1,262
Gain on sale of real estate
—
(49,462)
—
(49,462)
EBITDAre
74,233
64,113
149,189
130,064
Adjustments for Adjusted EBITDAre:
Transaction, severance, litigation expenses and other, net(1)
385
3,151
(7,915)
4,175
Loss (gain) on extinguishment of debt
—
175
212
(323)
Non-cash adjustments(2)
(1,448)
155
(1,448)
92
Tenant bankruptcy settlement income
(65)
(8)
(65)
(8)
Adjusted EBITDAre
$
73,105
$
67,586
$
139,973
$
134,000
(1) Includes $0.3 million of transaction costs and $0.1 million severance expenses for the three months ended June 30, 2026. Includes $8.4 million of non-recurring reimbursements related to environmental remediation costs, partially offset by $0.4 million of transaction costs and $0.1 million of severance expenses for the six months ended June 30, 2026.
(2) Includes the acceleration and write-off of lease intangibles related to high-risk tenants, terminations and bankruptcies, net of reinstatements for tenants moved back to accrual basis accounting.
10
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 owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge owns 75 properties totaling 16.2 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 (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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, business and targeted occupancy 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) macroeconomic conditions, including geopolitical conditions and instability, and international trade disputes, including any related tariffs, which may lead to rising inflation, adverse impacts to supply chains, and disruption of, or lack of access to, the capital markets, as well as potential volatility in the Company’s share price; (ii) the economic, political and social impact of, and uncertainty relating to, epidemics and pandemics; (iii) the loss or bankruptcy of major tenants; (iv) 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; (v) the impact of e-commerce on our tenants’ business; (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; (ix) the Company’s ability to pay down, refinance, hedge, 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 (collectively, our Corporate Responsibility or “CR”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting CR metrics and meeting CR goals and targets, and the impact of governmental regulation on our CR 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, 2025 and the other documents filed by the Company with the Securities and Exchange Commission (the "SEC").
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.
11
URBAN EDGE PROPERTIES
ADDITIONAL INFORMATION
As of June 30, 2026
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, 2025 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. 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 6 and 11 of this Supplemental Disclosure Package.
12
URBAN EDGE PROPERTIES
SUMMARY FINANCIAL RESULTS AND RATIOS
For the three and six months ended June 30, 2026 (unaudited)
(in thousands, except per share, sf, rent psf and financial ratio data)
Three Months Ended
Six Months Ended
Summary Financial Results
June 30, 2026
June 30, 2026
Total revenue
$
122,781
$
255,405
General & administrative expenses (G&A)
$
9,680
$
18,816
Recurring G&A(1)
$
9,295
$
18,341
Net income attributable to common shareholders
$
17,922
$
40,567
Earnings per diluted share
$
0.14
$
0.32
Adjusted EBITDAre(2)
$
73,105
$
139,973
Funds from operations (FFO)
$
53,395
$
109,052
FFO per diluted common share
$
0.41
$
0.83
FFO as Adjusted
$
52,267
$
99,836
FFO as Adjusted per diluted common share
$
0.40
$
0.76
Total dividends paid per share
$
0.21
$
0.42
Stock closing price low-high range (NYSE)
$19.89 to $23.92
$18.60 to $23.92
Weighted average diluted shares used in EPS computations
131,668
131,304
Weighted average diluted common shares used in FFO computations
131,668
131,304
Summary Property, Operating and Financial Data
# of Total properties / # of Retail properties
74 / 73
Gross leasable area (GLA) sf - retail portfolio(3)(4)
15,992,000
Weighted average annual rent psf - retail portfolio(3)(4)
$
21.85
Consolidated portfolio leased occupancy at end of period(5)
96.6
%
Consolidated retail portfolio leased occupancy at end of period(4)
96.6
%
Same-property portfolio leased occupancy at end of period(6)
96.3
%
96.3
%
Same-property physical occupancy at end of period(6)(7)
94.7
%
94.7
%
Same-property NOI growth(6)
3.2
%
2.8
%
Same-property NOI growth, including redevelopment properties(6)
3.2
%
3.0
%
NOI margin(8)
67.2
%
63.9
%
Same-property expense recovery ratio(9)
86.8
%
88.0
%
Same-property, including redevelopment, expense recovery ratio(9)
85.9
%
87.4
%
New, renewal and option rent spread - cash basis(10)
10.7
%
13.4
%
New, renewal and option rent spread - GAAP basis(10)
19.2
%
19.6
%
Net debt to total market capitalization(11)
34.0
%
34.0
%
Net debt to Adjusted EBITDAre(11)
5.5
x
5.8
x
Adjusted EBITDAre to interest expense(2)
4.0
x
3.9
x
Adjusted EBITDAre to fixed charges(2)
3.2
x
3.2
x
(1) Recurring G&A excludes $0.3 million of transaction costs and $0.1 million severance expenses for the three months ended June 30, 2026 and $0.4 million of transaction costs and $0.1 million of severance expenses for the six months ended June 30, 2026.
(2) See computation on page 18.
(3) GLA - retail portfolio excludes 17,000 square feet for Sunrise Mall and 58,000 square feet of self-storage.
(4) Our retail portfolio includes shopping centers and malls (excluding Sunrise Mall) and excludes self-storage.
(5) Excludes the impact of Sunrise Mall. Including Sunrise Mall, consolidated portfolio leased occupancy was 96.5%.
(6) See "Non-GAAP Financial Measures" on page 6 for the definition of same-property and same-property including redevelopment.
(7) Physical occupancy includes tenants that have access to their leased space and includes dark and paying tenants.
(8) Excludes the impact of Sunrise Mall. Including Sunrise Mall, NOI margin for the three and six months ended June 30, 2026 was 67.0% and 63.5%, respectively.
(9) Excluding the impact of outlet centers and malls, same-property recovery ratio for the three and six months ended June 30, 2026 was 91.4% and 93.0%, respectively (90.8% and 92.9% including properties in redevelopment).
(10) See computation on page 23.
(11) See computation for the quarter ended June 30, 2026 on page 20. Net debt to annualized Adjusted EBITDAre is 5.8x and 6.0x for the three and six months ended June 30, 2026, respectively, excluding lease termination income of $2.2 million and including the $30.0 million mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026.
13
URBAN EDGE PROPERTIES
CONSOLIDATED BALANCE SHEETS
As of June 30, 2026 (unaudited) and December 31, 2025
(in thousands, except share and per share amounts)
June 30,
December 31,
2026
2025
ASSETS
Real estate, at cost:
Land
$
669,498
$
669,078
Buildings and improvements
2,861,588
2,835,540
Construction in progress
382,031
327,413
Furniture, fixtures and equipment
14,035
13,059
Total
3,927,152
3,845,090
Accumulated depreciation and amortization
(964,931)
(935,548)
Real estate, net
2,962,221
2,909,542
Operating lease right-of-use assets
55,618
58,917
Cash and cash equivalents
58,264
48,881
Restricted cash
23,884
29,984
Tenant and other receivables
26,300
26,658
Receivables arising from the straight-lining of rents
62,755
63,842
Identified intangible assets, net of accumulated amortization of $71,193 and $70,514, respectively
85,189
87,591
Deferred leasing costs, net of accumulated amortization of $22,018 and $21,982, respectively
29,430
31,220
Prepaid expenses and other assets
80,727
55,236
Total assets
$
3,384,388
$
3,311,871
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net
$
1,632,980
$
1,606,774
Unsecured line of credit
55,000
—
Operating lease liabilities
53,172
56,329
Accounts payable, accrued expenses and other liabilities
108,764
97,397
Identified intangible liabilities, net of accumulated amortization of $58,036 and $59,668, respectively
157,096
174,899
Total liabilities
2,007,012
1,935,399
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 126,224,466 and 125,912,647 shares issued and outstanding, respectively
1,261
1,257
Additional paid-in capital
1,168,529
1,163,939
Accumulated other comprehensive income (loss)
2,136
(703)
Accumulated earnings
112,159
124,566
Noncontrolling interests:
Operating partnership
73,982
69,140
Consolidated subsidiaries
19,309
18,273
Total equity
1,377,376
1,376,472
Total liabilities and equity
$
3,384,388
$
3,311,871
14
URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF INCOME
For the three and six months ended June 30, 2026 and 2025 (unaudited)
(in thousands, except per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
REVENUE
Rental revenue
$
122,645
$
113,912
$
246,830
$
232,004
Other income
136
172
8,575
245
Total revenue
122,781
114,084
255,405
232,249
EXPENSES
Depreciation and amortization
35,036
32,602
67,348
69,797
Real estate taxes
16,875
16,582
33,477
32,940
Property operating
19,317
18,874
48,255
42,933
General and administrative
9,680
11,717
18,816
21,248
Lease expense
3,275
3,290
6,448
6,661
Total expenses
84,183
83,065
174,344
173,579
Gain on sale of real estate
—
49,462
—
49,462
Interest income
599
667
992
1,274
Interest and debt expense
(19,801)
(19,537)
(38,520)
(39,292)
(Loss) gain on extinguishment of debt
—
(175)
(212)
323
Income before income taxes
19,396
61,436
43,321
70,437
Income tax expense
(749)
(643)
(1,127)
(1,262)
Net income
18,647
60,793
42,194
69,175
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership
(930)
(3,058)
(2,107)
(3,490)
Consolidated subsidiaries
205
243
480
491
Net income attributable to common shareholders
$
17,922
$
57,978
$
40,567
$
66,176
Earnings per common share - Basic:
$
0.14
$
0.46
$
0.32
$
0.53
Earnings per common share - Diluted:
$
0.14
$
0.46
$
0.32
$
0.53
Weighted average shares outstanding - Basic
126,069
125,688
125,975
125,601
Weighted average shares outstanding - Diluted
131,668
125,766
131,304
125,780
15
URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2026 and 2025 (unaudited)
(in thousands, except per share amounts)
Six Months Ended June 30,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$
42,194
$
69,175
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
67,435
70,083
Gain on sale of real estate
—
(49,462)
Loss (gain) on extinguishment of debt
212
(323)
Amortization of deferred financing costs and premiums/discounts on debt obligations
3,069
2,727
Amortization of above and below market leases, net
(7,339)
(5,238)
Amortization of lease incentives
208
198
Noncash lease expense
3,299
3,375
Straight-lining of rent
(608)
(1,164)
Share-based compensation expense
6,564
6,273
Rental revenue deemed uncollectible
2,674
1,513
Change in operating assets and liabilities:
Tenant and other receivables
(2,316)
(6,113)
Deferred leasing costs
(2,547)
(5,055)
Prepaid expenses and other assets
3,068
(567)
Lease liabilities
(3,157)
(3,212)
Accounts payable, accrued expenses and other liabilities
(6,923)
(6,171)
Net cash provided by operating activities
105,833
76,039
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements
(83,245)
(44,543)
Proceeds from sale of real estate
—
64,353
Acquisitions of real estate
(54,296)
—
Acquisitions of leasehold interest
(10,675)
—
Net cash (used in) provided by investing activities
(148,216)
19,810
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments
(8,213)
(92,566)
Dividends to common shareholders
(52,922)
(47,755)
Distributions to redeemable noncontrolling interests
(3,650)
(2,893)
Taxes withheld for vested restricted shares
(281)
(273)
Contributions from noncontrolling interests
1,516
204
Borrowings from unsecured line of credit
55,000
75,000
Proceeds from mortgage loan borrowings
62,500
—
Debt issuance costs
(8,208)
(20)
(Costs) proceeds related to the issuance of common shares
(76)
15
Net cash provided by (used in) financing activities
45,666
(68,288)
Net increase in cash and cash equivalents and restricted cash
3,283
27,561
Cash and cash equivalents and restricted cash at beginning of period
78,865
90,640
Cash and cash equivalents and restricted cash at end of period
$
82,148
$
118,201
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $7,472 and $5,772, respectively
$
35,139
$
36,767
Cash payments for income taxes
492
597
16
URBAN EDGE PROPERTIES
SUPPLEMENTAL SCHEDULE OF NET OPERATING INCOME
For the three and six months ended June 30, 2026 and 2025
(in thousands)
Three Months Ended June 30,
Percent Change
Six Months Ended June 30,
Percent Change
2026
2025
2026
2025
Composition of NOI(1)
Property rentals
$
86,541
$
80,621
$
169,619
$
161,510
Tenant expense reimbursements
31,839
31,341
72,283
65,992
Rental revenue deemed uncollectible
(473)
(748)
(2,674)
(1,512)
Total property revenue
117,907
111,214
6.0%
239,228
225,990
5.9%
Real estate taxes
(16,875)
(16,582)
(33,477)
(32,940)
Property operating
(20,156)
(19,731)
(49,938)
(44,676)
Lease expense
(1,903)
(1,870)
(3,814)
(3,771)
Total property operating expenses
(38,934)
(38,183)
2.0%
(87,229)
(81,387)
7.2%
NOI(1)
$
78,973
$
73,031
8.1%
$
151,999
$
144,603
5.1%
NOI margin (NOI / Total property revenue)(2)
67.0
%
65.7
%
63.5
%
64.0
%
Same-property NOI(1)(3)
Property rentals
$
72,512
$
70,078
$
144,970
$
140,224
Tenant expense reimbursements
27,738
28,108
63,848
58,928
Rental revenue deemed uncollectible
(313)
(958)
(2,142)
(1,609)
Total property revenue
99,937
97,228
206,676
197,543
Real estate taxes
(15,320)
(15,054)
(30,532)
(29,800)
Property operating
(16,588)
(16,183)
(41,946)
(37,128)
Lease expense
(2,025)
(2,014)
(4,059)
(4,000)
Total property operating expenses
(33,933)
(33,251)
(76,537)
(70,928)
Same-property NOI(1)(3)
$
66,004
$
63,977
3.2%
$
130,139
$
126,615
2.8%
NOI related to properties being redeveloped(1)(3)
6,820
6,578
13,403
12,727
Same-property NOI including properties in redevelopment(1)(3)
$
72,824
$
70,555
3.2%
$
143,542
$
139,342
3.0%
Same-property physical occupancy
94.7
%
94.7
%
94.7
%
94.7
%
Same-property leased occupancy
96.3
%
96.7
%
96.3
%
96.7
%
Number of properties included in same-property analysis
65
65
(1) NOI excludes non-cash revenue and expenses and includes lease termination income which is adjusted out for the purposes of calculating same-property NOI. Refer to page 9 for a reconciliation of net income to NOI and same-property NOI.
(2) Includes the impact of Sunrise Mall. Excluding Sunrise Mall, NOI margin for the three and six months ended June 30, 2026 was 67.2% and 63.9%, respectively.
(3) Excludes NOI related to properties acquired, disposed, held for sale, or that are in the foreclosure process in the comparative periods, Sunrise Mall, and results of the Company's captive insurance program.
17
URBAN EDGE PROPERTIES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION for REAL ESTATE (EBITDAre)
For the three and six months ended June 30, 2026 and 2025
(in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net income
$
18,647
$
60,793
$
42,194
$
69,175
Depreciation and amortization
35,036
32,602
67,348
69,797
Interest expense
18,442
18,324
35,838
36,952
Amortization of deferred financing costs
1,359
1,213
2,682
2,340
Income tax expense
749
643
1,127
1,262
Gain on sale of real estate
—
(49,462)
—
(49,462)
EBITDAre
74,233
64,113
149,189
130,064
Adjustments for Adjusted EBITDAre:
Transaction, severance, litigation expenses and other, net(1)
385
3,151
(7,915)
4,175
Loss (gain) on extinguishment of debt
—
175
212
(323)
Non-cash adjustments(2)
(1,448)
155
(1,448)
92
Tenant bankruptcy settlement income
(65)
(8)
(65)
(8)
Adjusted EBITDAre
$
73,105
$
67,586
$
139,973
$
134,000
Interest expense
$
18,442
$
18,324
$
35,838
$
36,952
Adjusted EBITDAre to interest expense
4.0
x
3.7
x
3.9
x
3.6
x
Fixed charges
Interest expense
$
18,442
$
18,324
$
35,838
$
36,952
Scheduled principal amortization
4,115
3,961
8,213
7,372
Total fixed charges
$
22,557
$
22,285
$
44,051
$
44,324
Adjusted EBITDAre to fixed charges
3.2
x
3.0
x
3.2
x
3.0
x
(1) Includes $0.3 million of transaction costs and $0.1 million severance expenses for the three months ended June 30, 2026. Includes $8.4 million of non-recurring reimbursements related to environmental remediation costs, partially offset by $0.4 million of transaction costs and $0.1 million of severance expenses for the six months ended June 30, 2026.
(2) Includes the acceleration and write-off of lease intangibles related to high-risk tenants, terminations and bankruptcies, net of reinstatements for tenants moved back to accrual basis accounting.
18
URBAN EDGE PROPERTIES
FUNDS FROM OPERATIONS
For the three and six months ended June 30, 2026
(in thousands, except per share amounts)
Three Months Ended June 30, 2026
Six Months Ended June 30, 2026
(in thousands)
(per share)(1)
(in thousands)
(per share)(1)
Net income
$
18,647
$
0.14
$
42,194
$
0.32
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries
205
—
480
—
Operating partnership
(930)
(0.01)
(2,107)
(0.02)
Net income attributable to common shareholders
17,922
0.14
40,567
0.31
Adjustments:
Rental property depreciation and amortization
34,543
0.26
66,378
0.51
Limited partnership interests in operating partnership(2)
930
0.01
2,107
0.02
FFO applicable to diluted common shareholders
53,395
0.41
109,052
0.83
Adjustments to FFO:
Transaction, severance, litigation expenses and other, net(3)
385
—
(7,915)
(0.06)
Non-cash adjustments(4)
(1,448)
(0.01)
(1,448)
(0.01)
Loss on extinguishment of debt
—
—
212
—
Tenant bankruptcy settlement income
(65)
—
(65)
—
FFO as Adjusted applicable to diluted common shareholders
$
52,267
$
0.40
$
99,836
$
0.76
Weighted average diluted shares used to calculate EPS
131,668
131,304
Assumed conversion of OP and LTIP Units to common shares
—
—
Weighted average diluted common shares - FFO
131,668
131,304
(1) Individual items may not foot due to total rounding.
(2) Represents earnings allocated to LTIP and OP unitholders for unissued common shares. LTIP and OP units are excluded for purposes of calculating earnings per diluted share when their effect is anti-dilutive.
(3) Includes $0.3 million of transaction costs and $0.1 million severance expenses for the three months ended June 30, 2026. Includes $8.4 million of non-recurring reimbursements related to environmental remediation costs, partially offset by $0.4 million of transaction costs and $0.1 million of severance expenses for the six months ended June 30, 2026.
(4) Includes the acceleration and write-off of lease intangibles related to tenant terminations and bankruptcies.
19
URBAN EDGE PROPERTIES
MARKET CAPITALIZATION, DEBT RATIOS AND LIQUIDITY
As of June 30, 2026
(in thousands, except share amounts and market price)
June 30, 2026
Closing market price of common shares
$
22.88
Basic common shares
126,224,466
OP and LTIP units
7,272,372
Diluted common shares
133,496,838
Equity market capitalization
$
3,054,408
Total consolidated debt(1)
$
1,699,062
Cash and cash equivalents including restricted cash
(82,148)
Net debt
$
1,616,914
Net Debt to annualized Adjusted EBITDAre(2)
5.5
x
Total consolidated debt(1)
$
1,699,062
Equity market capitalization
3,054,408
Total market capitalization
$
4,753,470
Net debt to total market capitalization at applicable market price
34.0
%
Cash and cash equivalents including restricted cash
$
82,148
Available under unsecured credit facilities(3)
874,486
Total liquidity
$
956,634
(1) Total consolidated debt excludes unamortized debt issuance costs of $11.9 million and the $30.0 million mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026.
(2) Net debt to Adjusted EBITDAre is calculated based on second quarter 2026 annualized Adjusted EBITDAre. Net debt to annualized Adjusted EBITDAre is 5.8x excluding lease termination income of $2.2 million and including the $30.0 million mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026.
(3) Includes the Company's unsecured line of credit and delayed-draw term loans. Availability is net of letters of credit issued under the unsecured line of credit. The Company obtained seven letters of credit aggregating $20.5 million which were provided to mortgage lenders and other entities to secure its obligations for certain capital requirements. As of June 30, 2026, the Company had $55 million of outstanding borrowings under the unsecured line of credit and no amounts drawn on either of the 5-year or 7-year delayed-draw term loans.
20
URBAN EDGE PROPERTIES
ADDITIONAL DISCLOSURES
For the three and six months ended June 30, 2026
(in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
Rental Revenue:
2026
2025
2026
2025
Property rentals
$
91,322
$
83,454
$
177,292
$
167,706
Tenant expense reimbursements
31,796
31,206
72,212
65,810
Rental revenue deemed uncollectible
(473)
(748)
(2,674)
(1,512)
Total rental revenue
$
122,645
$
113,912
$
246,830
$
232,004
Three Months Ended June 30,
Six Months Ended June 30,
Composition of Property Rentals:
2026
2025
2026
2025
Minimum rent
$
83,689
$
80,388
$
165,944
$
160,313
Non-cash revenues(1)
4,847
2,841
7,739
6,204
Percentage rent
536
225
1,359
1,128
Lease termination income(1)
2,250
—
2,250
61
Total property rentals
$
91,322
$
83,454
$
177,292
$
167,706
Three Months Ended June 30,
Six Months Ended June 30,
Certain Non-Cash Items:
2026
2025
2026
2025
Straight-line rents(2)
$
246
$
386
$
608
$
1,164
Amortization of below-market lease intangibles, net(2)
4,601
2,455
7,131
5,040
Lease expense GAAP adjustments(3)
(71)
(79)
(144)
(170)
Amortization of deferred financing costs(4)
(1,359)
(1,213)
(2,682)
(2,340)
Capitalized interest(4)
3,762
2,970
7,472
5,772
Share-based compensation expense(5)
(2,908)
(3,566)
(6,564)
(6,273)
Three Months Ended June 30,
Six Months Ended June 30,
Capital Expenditures:(6)
2026
2025
2026
2025
Redevelopment and repositioning
$
17,317
$
9,812
$
33,373
$
19,530
New development and outparcels
18,604
3,845
35,908
7,195
Maintenance capital expenditures
2,503
7,053
3,752
10,845
Leasing commissions
523
1,712
2,101
2,805
Tenant improvements and leasing landlord work
4,279
3,103
10,212
6,973
Total capital expenditures
$
43,226
$
25,525
$
85,346
$
47,348
(1) Amounts are excluded from the calculation of NOI and same-property NOI with the exception of lease termination income which is included in portfolio NOI and excluded from the calculation of same-property NOI. See page 9 for a reconciliation of net income to NOI and same-property NOI.
(2) Amounts included in the financial statement line item "Rental revenue" on the consolidated statements of income.
(3) 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.
(4) Amounts included in the financial statement line item "Interest and debt expense" on the consolidated statements of income.
(5) Amounts included in the financial statement line item "General and administrative" on the consolidated statements of income.
(6) Amounts presented on a cash basis.
21
URBAN EDGE PROPERTIES
TENANT CONCENTRATION - TOP TWENTY-FIVE TENANTS
As of June 30, 2026
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 TJX Companies(2)
28
873,159
5.5%
$
18,893,725
5.6%
$
21.64
3.8
Burlington
12
568,926
3.6%
10,715,283
3.2%
18.83
4.7
Kohl's
9
855,561
5.3%
9,980,148
3.0%
11.67
4.6
Best Buy
9
412,305
2.6%
9,914,625
2.9%
24.05
4.5
Lowe's Companies
6
976,415
6.1%
9,421,256
2.8%
9.65
4.2
The Home Depot
5
538,742
3.4%
9,189,305
2.7%
17.06
11.6
Walmart
5
780,788
4.9%
9,098,422
2.7%
11.65
6.4
ShopRite
5
361,053
2.3%
6,826,508
2.0%
18.91
9.0
Petsmart
11
237,034
1.5%
6,636,961
2.0%
28.00
3.7
BJ's Wholesale Club
4
454,297
2.8%
6,340,989
1.9%
13.96
3.8
Amazon(3)
4
183,923
1.1%
6,059,412
1.8%
32.95
5.4
The Gap(4)
14
208,937
1.3%
5,681,061
1.7%
27.19
4.3
Dick's Sporting Goods(5)
9
246,596
1.5%
5,663,709
1.7%
22.97
6.3
Target Corporation
4
476,146
3.0%
5,565,190
1.6%
11.69
6.3
LA Fitness
6
271,496
1.7%
5,488,641
1.6%
20.22
4.5
Bob's Discount Furniture
6
226,221
1.4%
4,716,422
1.4%
20.85
6.3
Nordstrom
4
132,460
0.8%
4,327,307
1.3%
32.67
6.0
Ahold Delhaize (Stop & Shop)
3
212,216
1.3%
3,952,820
1.2%
18.63
4.4
AMC
1
85,000
0.5%
3,267,502
1.0%
38.44
3.5
Ulta
8
83,679
0.5%
3,070,549
0.9%
36.69
2.7
Petco
7
93,951
0.6%
2,753,168
0.8%
29.30
2.5
Five Below
10
93,578
0.6%
2,739,255
0.8%
29.27
3.7
24 Hour Fitness
1
53,750
0.3%
2,700,000
0.8%
50.23
5.5
DSW
6
117,766
0.7%
2,630,519
0.8%
22.34
3.6
Anthropologie
1
31,450
0.2%
2,531,725
0.7%
80.50
2.3
Total/Weighted Average
178
8,575,449
53.5%
$
158,164,502
46.9%
$
18.44
5.2
(1) In years excluding tenant renewal options. The weighted average is based on ABR.
(2) Includes Marshalls (16), T.J. Maxx (5), HomeGoods (3), HomeSense (3), and Sierra Trading Post (1).
(3) Includes Whole Foods (2) and Amazon Fresh (2).
(4) Includes Old Navy (10), Gap (3), and Banana Republic (1).
(5) Includes Dick's Sporting Goods (3), Golf Galaxy (2), Foot Locker (2), Public Lands (1), and Champs (1).
Note: Amounts shown in the table above include all retail properties, including those in redevelopment. Amounts are presented 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.
22
URBAN EDGE PROPERTIES
LEASING ACTIVITY
For the three and six months ended June 30, 2026
Three Months Ended June 30, 2026
Six Months Ended June 30, 2026
Year Ended December 31, 2025
GAAP(2)
Cash(1)
GAAP(2)
Cash(1)
GAAP(2)
Cash(1)
New Leases
Number of new leases executed
13
13
26
26
58
58
Total square feet
120,211
120,211
204,391
204,391
360,691
360,691
Number of same space leases
9
9
18
18
40
40
Same space square feet
89,911
89,911
148,730
148,730
205,748
205,748
Prior rent per square foot
$
15.94
$
16.67
$
15.94
$
16.92
$
23.39
$
24.69
New rent per square foot
$
21.21
$
18.81
$
24.64
$
21.74
$
35.88
$
32.59
Same space weighted average lease term (years)
12.9
12.9
11.7
11.7
9.7
9.7
Same space TIs per square foot
N/A
$
15.76
N/A
$
25.88
N/A
$
38.99
Rent spread
33.0
%
12.8
%
54.6
%
28.5
%
53.4
%
32.0
%
Renewals & Options
Number of leases executed
13
13
45
45
104
104
Total square feet
78,782
78,782
413,560
413,560
1,139,359
1,139,359
Number of same space leases
13
13
45
45
104
104
Same space square feet
78,782
78,782
413,560
413,560
1,139,359
1,139,359
Prior rent per square foot
$
31.74
$
31.74
$
24.92
$
24.92
$
21.91
$
21.91
New rent per square foot
$
35.30
$
34.74
$
27.81
$
27.35
$
24.64
$
24.27
Same space weighted average lease term (years)
5.1
5.1
4.8
4.8
5.4
5.4
Same space TIs per square foot
N/A
$
—
N/A
$
—
N/A
$
0.26
Rent spread
11.2
%
9.5
%
11.6
%
9.8
%
12.5
%
10.8
%
Total New Leases and Renewals & Options
Number of leases executed
26
26
71
71
162
162
Total square feet
198,993
198,993
617,951
617,951
1,500,050
1,500,050
Number of same space leases
22
22
63
63
144
144
Same space square feet
168,693
168,693
562,290
562,290
1,345,107
1,345,107
Prior rent per square foot
$
23.32
$
23.71
$
22.55
$
22.81
$
22.13
$
22.34
New rent per square foot
$
27.79
$
26.25
$
26.97
$
25.87
$
26.36
$
25.55
Same space weighted average lease term (years)
9.3
9.3
6.7
6.7
6.0
6.0
Same space TIs per square foot
N/A
$
8.40
N/A
$
6.85
N/A
$
6.19
Rent spread
19.2
%
10.7
%
19.6
%
13.4
%
19.1
%
14.4
%
(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.
23
URBAN EDGE PROPERTIES
LEASES EXECUTED BUT NOT YET RENT COMMENCED
As of June 30, 2026
The Company has signed leases that have not yet rent commenced that are expected to generate an incremental $22.0 million of future annual gross rent, representing approximately 7% of annualized NOI as of June 30, 2026. Approximately $16.0 million of this amount pertains to leases included in Active Development, Redevelopment and Anchor Repositioning Projects on page 31. National and regional tenants represent approximately 90% of the leased but not yet rent commenced pipeline. The below table illustrates the incremental gross rent expected to be recognized in the remainder of 2026 and the following three years, in the respective periods, from commencement of these leases.
Gross rents illustrated in the table above and their impact on same-property metrics in the respective years, based on the current full-year 2026 same-property pool, are as follows:
(in thousands)
2026(1)
2027
2028
2029
Same-property
$
1,500
$
9,300
$
11,600
$
12,500
(1) Remainder of 2026.
The below table summarizes the changes in annualized gross rent from leases executed but not yet rent commenced since March 31, 2026:
(in thousands)
Annualized Gross Rent
Leases executed but not yet rent commenced as of March 31, 2026
$
21,700
Less: Leases commenced during the second quarter
(2,600)
Plus: Leases executed during the second quarter
2,900
Leases executed but not yet rent commenced as of June 30, 2026
$
22,000
24
URBAN EDGE PROPERTIES
RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE
As of June 30, 2026
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
23,000
0.2%
$
5.25
16
29,000
1.0%
$
35.06
17
52,000
0.3%
$
21.88
2026
2
44,000
0.3%
17.92
22
50,000
1.8%
47.54
24
94,000
0.6%
33.67
2027
24
939,000
7.1%
12.17
115
357,000
12.5%
37.05
139
1,296,000
8.1%
19.02
2028
28
943,000
7.2%
20.96
99
309,000
10.9%
44.10
127
1,252,000
7.8%
26.67
2029
59
2,404,000
18.3%
21.86
109
361,000
12.7%
44.45
168
2,765,000
17.3%
24.81
2030
44
2,304,000
17.5%
13.20
67
232,000
8.1%
46.58
111
2,536,000
15.9%
16.25
2031
32
1,586,000
12.1%
18.08
83
284,000
10.0%
39.69
115
1,870,000
11.7%
21.36
2032
17
564,000
4.3%
17.88
58
204,000
7.2%
37.14
75
768,000
4.8%
23.00
2033
22
722,000
5.5%
18.86
41
138,000
4.8%
41.41
63
860,000
5.4%
22.48
2034
21
830,000
6.3%
20.05
48
168,000
5.9%
39.46
69
998,000
6.2%
23.32
2035
20
758,000
5.8%
20.13
51
187,000
6.6%
38.88
71
945,000
5.9%
23.84
2036
12
379,000
2.9%
15.12
37
145,000
5.1%
38.65
49
524,000
3.3%
21.63
Thereafter
26
1,337,000
10.1%
19.06
37
148,000
5.1%
38.60
63
1,485,000
9.3%
21.01
Subtotal/Average
308
12,833,000
97.6%
$
17.97
783
2,612,000
91.7%
$
40.96
1,091
15,445,000
96.6%
$
21.85
Vacant
12
312,000
2.4%
N/A
101
235,000
8.3%
N/A
113
547,000
3.4%
N/A
Total/Average
320
13,145,000
100.0%
N/A
884
2,847,000
100.0%
N/A
1,204
15,992,000
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) and excludes 58,000 sf of self-storage space.
25
URBAN EDGE PROPERTIES
RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE ASSUMING EXERCISE OF ALL OPTIONS
As of June 30, 2026
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
23,000
0.2%
$
5.25
16
29,000
1.0%
$
35.06
17
52,000
0.3%
$
21.88
2026
2
44,000
0.3%
17.92
18
43,000
1.5%
49.41
20
87,000
0.5%
33.49
2027
5
64,000
0.5%
23.29
73
189,000
6.6%
41.46
78
253,000
1.6%
36.87
2028
5
229,000
1.7%
19.34
57
155,000
5.4%
46.05
62
384,000
2.4%
30.12
2029
14
364,000
2.8%
23.07
59
171,000
6.0%
46.94
73
535,000
3.3%
30.70
2030
12
381,000
2.9%
18.60
40
128,000
4.5%
44.64
52
509,000
3.2%
25.15
2031
8
263,000
2.0%
20.66
40
103,000
3.6%
44.74
48
366,000
2.3%
27.43
2032
6
219,000
1.7%
23.33
43
136,000
4.8%
40.69
49
355,000
2.2%
29.98
2033
14
317,000
2.4%
31.23
27
71,000
2.5%
57.77
41
388,000
2.4%
36.08
2034
20
622,000
4.7%
24.87
47
162,000
5.7%
43.35
67
784,000
4.9%
28.69
2035
12
196,000
1.5%
23.55
25
91,000
3.2%
47.53
37
287,000
1.8%
31.16
2036
7
127,000
1.0%
22.50
38
151,000
5.3%
41.80
45
278,000
1.7%
32.98
Thereafter
202
9,984,000
75.9%
23.73
300
1,183,000
41.6%
52.37
502
11,167,000
70.0%
26.76
Subtotal/Average
308
12,833,000
97.6%
$
23.58
783
2,612,000
91.7%
$
48.18
1,091
15,445,000
96.6%
$
27.74
Vacant
12
312,000
2.4%
N/A
101
235,000
8.3%
N/A
113
547,000
3.4%
N/A
Total/Average
320
13,145,000
100.0%
N/A
884
2,847,000
100.0%
N/A
1,204
15,992,000
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) and excludes 58,000 sf of self-storage space.
26
URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of June 30, 2026
(dollars in thousands, except per sf amounts)
Property
Total Square Feet (1)
Percent Leased(1)
Weighted Average ABR PSF(2)
Mortgage Debt(6)
Major Tenants
RETAIL PORTFOLIO:
California:
Walnut Creek (Mt. Diablo)(4)
7,000
100.0%
$71.67
—
Sweetgreen
Walnut Creek (Olympic)
31,000
100.0%
80.50
—
Anthropologie
Connecticut:
Newington Commons
189,000
90.0%
10.57
$15,393
Walmart, Bob's Discount Furniture
Maryland:
Goucher Commons
155,000
100.0%
26.74
—
Sprouts, HomeGoods, Five Below, Ulta, Kirkland's, DSW, Golf Galaxy, La-Z-Boy
Rockville Town Center
98,000
100.0%
13.47
—
Regal Entertainment Group
The Village at Waugh Chapel
382,000
97.9%
25.25
$56,141
Safeway, Marshalls, HomeGoods, T.J. Maxx, LA Fitness
Wheaton (leased through 2060)(3)
66,000
100.0%
20.07
—
Best Buy
Woodmore Towne Centre
714,000
98.7%
18.50
$117,200
Costco, Wegmans, At Home, Best Buy, LA Fitness, Nordstrom Rack
Massachusetts:
Brighton Mills(5)
91,000
100.0%
26.85
—
Star Market, Petco
Cambridge (leased through 2033)(3)
48,000
100.0%
30.53
—
PetSmart, Central Rock Gym
Gateway Center
640,000
100.0%
9.89
—
Costco, Target, Home Depot, Total Wine, Boot Barn
Shoppers World
756,000
100.0%
23.66
$123,600
T.J. Maxx, Marshalls, HomeSense, Sierra Trading Post, Public Lands, Golf Galaxy, Nordstrom Rack, Hobby Lobby, AMC, Kohl's, Best Buy
The Shops at Riverwood
79,000
100.0%
27.45
$20,379
Price Rite, Planet Fitness, Goodwill
Wonderland Marketplace
140,000
100.0%
14.51
—
Planet Fitness, Marshalls, Burlington, Get Air
Missouri:
Manchester Plaza
131,000
100.0%
12.28
$12,500
Pan-Asia Market, Academy Sports, Bob's Discount Furniture
New Hampshire:
Salem (leased through 2102)(3)
39,000
100.0%
10.82
—
Fun City
New Jersey:
Bergen Town Center - East(5)
209,000
100.0%
20.40
—
Lowe's, Best Buy
Bergen Town Center - West
1,011,000
98.1%
34.74
$286,052
Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's, World Market
Briarcliff Commons(5)(8)
180,000
100.0%
25.91
$30,000
Uncle Giuseppe's, Kohl's
Brick Commons
281,000
100.0%
22.77
$50,000
ShopRite, Kohl's, Marshalls, Old Navy
Brunswick Commons
427,000
100.0%
16.52
$63,000
Lowe's, Kohl's, Dick's Sporting Goods, P.C. Richard & Son, T.J. Maxx, LA Fitness
Carlstadt Commons (leased through 2050)(3)
78,000
98.3%
21.80
—
Food Bazaar
Garfield Commons
298,000
98.1%
16.19
$37,746
Walmart, Burlington, Marshalls, PetSmart, Ulta
Greenbrook Commons
170,000
100.0%
20.36
$31,000
BJ's Wholesale Club, Aldi
Hackensack Commons
275,000
100.0%
27.36
$66,400
The Home Depot, 99 Ranch, Staples, Petco
Hanover Commons
343,000
90.3%
24.19
$58,304
The Home Depot, Dick's Sporting Goods, Marshalls
Heritage Square
87,000
100.0%
31.77
—
HomeSense, Sierra Trading Post, Ulta
Hudson Commons
236,000
96.1%
14.91
—
Lowe's, P.C. Richard & Son, Boot Barn
Hudson Mall
359,000
80.8%
21.28
—
Marshalls, Retro Fitness, Staples, Old Navy, Burlington, HomeGoods (lease not commenced)
27
URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of June 30, 2026
(dollars in thousands, except per sf amounts)
Property
Total Square Feet (1)
Percent Leased(1)
Weighted Average ABR PSF(2)
Mortgage Debt(6)
Major Tenants
Kearny Commons
123,000
100.0%
26.62
—
LA Fitness, Marshalls, Ulta
Ledgewood Commons
447,000
93.4%
16.47
$50,000
Walmart, Ashley Furniture, Barnes & Noble, Burlington, DSW, Marshalls, Old Navy, Ulta, Restaurant Depot (lease not commenced)
Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco
Wyomissing (leased through 2065)(3)
76,000
100.0%
16.61
—
LA Fitness, PetSmart
South Carolina:
Charleston (leased through 2063)(3)
45,000
100.0%
16.43
—
Best Buy
Virginia:
Norfolk (leased through 2069)(3)
114,000
100.0%
8.56
—
BJ's Wholesale Club
Puerto Rico:
Shops at Caguas
356,000
96.5%
34.05
$79,190
Sector Sixty6, Old Navy, Foot Locker
The Outlets at Montehiedra(5)
538,000
96.9%
25.23
$70,316
Ralph's Food Warehouse, The Home Depot, Marshalls, Caribbean Cinemas, Old Navy, T.J. Maxx, Burlington
Total Retail Portfolio
15,992,000
96.6%
$21.85
$1,674,062
Sunrise Mall(4)(5)(7)
17,000
53.5%
39.57
—
Held for future redevelopment
Total Urban Edge Properties
16,009,000
96.5%
$21.86
$1,674,062
(1) Percent leased is expressed as the percentage of gross leasable area subject to a lease, excluding temporary tenants. The Company excludes 58,000 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 $24.45 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) Not included in the same-property pool for the purposes of calculating same-property metrics for the quarters ended June 30, 2026 and 2025.
(7) A portion of the property is under a ground lease through 2069. Leasable area excludes 1.2 million sf as the asset is being held for future redevelopment.
(8) This property is classified as held for sale and the mortgage secured by the property has been reclassified and is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets as of June 30, 2026.
29
URBAN EDGE PROPERTIES
PROPERTY ACQUISITIONS AND DISPOSITIONS
For the six months ended June 30, 2026
(dollars in thousands)
2026 Property Acquisitions:
Date Acquired
Property Name
City
State
GLA
Price
3/30/2026
The Village at Bridgewater Commons
Bridgewater
NJ
92,000
$
54,325
6/25/2026
Shoppers World (Leasehold Interest)(1)
Framingham
MA
—
$
10,675
2026 Property Dispositions:
Date Disposed
Property Name
City
State
GLA
Price
None.
(1) Pertains to the acquisition of a leasehold interest in a ground lease at the property to take over as lessor for the underlying tenant.
30
URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of June 30, 2026
(in thousands, except square footage data)
Active Projects
Estimated Gross Cost(1)
Incurred as of 6/30/26
Target Stabilization(2)
Description and Status
Bruckner Commons (Phase A)(5)
$
57,900
$
44,500
2Q27
Retenanting a portion of the former Kmart box with BJ's Wholesale Club
Bruckner Commons (Phase C)(5)
17,200
9,700
3Q27
Retenanting remainder of the former Kmart box with national off-price retailers
Bruckner Commons (Phase B)(5)
11,500
7,000
1Q27
Redeveloping Toys "R" Us box with two new pads for Chick-fil-A and Chipotle
Yonkers Gateway Center (Phase C)(3)
8,400
5,100
1Q27
Redemising multiple suites for Trader Joe's and Hallmark relocation
Bergen Town Center (Phase F)(3)
8,100
1,700
4Q27
Developing new 10,000± sf pad for Tommy's Tavern + Tap
Millburn Gateway Center(3)
7,600
500
3Q27
Retenanting portion of vacant Motion Fitness with Barry's Bootcamp and small shops
Manalapan Commons (Phase B)(3)
7,500
6,300
3Q26
Backfilling vacant Bed Bath & Beyond with Nordstrom Rack (open) and Fidelity
Plaza at Woodbridge (Phase C)(3)
5,900
300
4Q28
Developing new 8,000± sf multi-tenant pad for Cava and small shops
Kingswood Crossing (Phase A)(3)
5,300
5,000
4Q26
Adding 17,000± sf Emblem Health (open)
Bergen Town Center (Phase G)(3)
4,100
4,000
4Q26
Adding Capon's Burgers and Tatte Bakery & Cafe (open)
Woodmore Towne Centre (Phase B)(3)
3,800
100
2Q28
Developing new 4,600± sf pad for Patriot Urgent Care and national quick-service restaurant
The Outlets at Montehiedra (Phase F)(5)
3,500
800
4Q26
Terminated below-market 10,000± sf lease and backfilling with Coach and Bath & Body Works (open)
Hudson Mall (Phase B)(3)
3,100
600
2Q27
Retenanting former Big Lots with HomeGoods
Ledgewood Commons (Phase B)(3)
2,900
—
3Q28
Retenanting rear portion of the former At Home box with Restaurant Depot
Woodmore Towne Centre (Phase A)(3)
1,900
700
1Q27
Developing new pad for free standing Bank of America
Ledgewood Commons (Phase A)(3)
1,700
200
4Q26
Developing new restaurant pad for Tommy's Tavern + Tap
Bergen Town Center (Phase H)(3)
1,600
1,200
3Q26
Retenanting vacancy with Adidas
The Outlets at Montehiedra (Phase G)(5)
1,500
100
2Q27
Developing new pad for First Bank
Plaza at Woodbridge (Phase B)(3)
1,500
500
4Q27
Expanding existing ExtraSpace self-storage by 13,000± sf in vacant space
Total
$
155,000
(4)
$
88,300
(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 32. 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 for the quarter ended June 30, 2026.
(4) The estimated, unleveraged yield for total Active 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 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 for the quarter ended June 30, 2026.
31
URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of June 30, 2026
(in thousands, except square footage data)
Completed Projects
Estimated Gross Cost(1)
Incurred as of 6/30/26
Stabilization(2)
Description
Hudson Mall (Phase A)(3)
$
12,700
$
12,300
2Q26
Retenanted former Toys "R" Us box with Burlington
Plaza at Woodbridge (Phase A)(3)
2,100
1,900
1Q26
Retenanted 40,000 sf of former Bed Bath & Beyond with Trader Joe's and Ross Dress for Less
Totowa Commons (Phase B)(3)
1,900
1,800
1Q26
Retenanted vacant space with 27,000 sf Lidl and 18,000 sf Boot Barn
The Outlets at Montehiedra (Phase B)(6)
1,700
1,400
1Q26
Delivered new 6,000± sf pad for Texas Roadhouse
Plaza at Cherry Hill (Phase C)(3)
1,100
1,100
1Q26
Backfilled vacant space with 10,000 sf Big Blue Swim School
Totowa Commons (Phase A)(3)
5,700
5,600
4Q25
Backfilled former Bed Bath & Beyond box with Tesla
Bergen Town Center (Phase E)(3)
3,400
3,400
4Q25
Backfilled vacant Midas space with First Watch
Yonkers Gateway Center (Phase B)(3)
2,600
2,600
4Q25
Relocated Red Wing Shoes, added Dave's Hot Chicken into vacant shop space and expanded Best Buy in former Red Wing Shoes
Newington Commons(3)
1,400
1,400
3Q25
Backfilled former Staples with Bob's Discount Furniture
Total
$
32,600
(4)
$
31,500
Future Redevelopment(5)
Location
Opportunity
Brunswick Commons(3)
East Brunswick, NJ
Develop new pad
Hudson Mall(3)
Jersey City, NJ
Reposition mall with retail and amenity upgrades and consideration of alternate uses
The Plaza at Cherry Hill(3)
Cherry Hill, NJ
Renovate exterior of center and common areas and upgrade tenancy
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 for the quarter ended June 30, 2026.
(4) The estimated unleveraged yield for Completed projects is 25% 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 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 for the quarter ended June 30, 2026.
32
URBAN EDGE PROPERTIES
DEBT SUMMARY
As of June 30, 2026 and December 31, 2025
(in thousands)
June 30, 2026
December 31, 2025
Secured fixed rate debt
$
1,644,062
$
1,619,388
Unsecured variable rate debt
55,000
—
Total debt(1)
$
1,699,062
$
1,619,388
% Secured fixed rate debt
96.8
%
100.0
%
% Unsecured variable rate debt
3.2
%
—
%
Total
100.0
%
100.0
%
Secured mortgage debt
$
1,644,062
$
1,619,388
Unsecured debt(2)
55,000
—
Total debt(1)
$
1,699,062
$
1,619,388
% Secured mortgage debt
96.8
%
100.0
%
% Unsecured debt
3.2
%
—
%
Total
100.0
%
100.0
%
Weighted average remaining maturity on secured mortgage debt(3)
3.3 years
3.7 years
Weighted average remaining maturity on unsecured debt
5 years
N/A
Total market capitalization (see page 20)
$
4,753,470
% Secured mortgage debt
34.6
%
% Unsecured debt
1.2
%
Total debt: Total market capitalization
35.8
%
Weighted average interest rate on secured mortgage debt(4)
5.02
%
5.03
%
Weighted average interest rate on unsecured debt(4)
4.63
%
—
%
Total debt
5.01
%
5.03
%
Note: All amounts and calculations exclude unamortized debt issuance costs on mortgages payable.
(1) Total debt excludes unamortized debt issuance costs of $11.9 million and the $30.0 million mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026.
(2) As of June 30, 2026, there was $55 million outstanding under our unsecured line of credit, which has a maturity date of June 28, 2030 with two six-month extension options. Borrowings under the unsecured line of credit bear interest at SOFR plus 1.00% with an annual facility fee of 0.15% based on the Company's current leverage ratio. As of June 30, 2026, the Company had obtained seven letters of credit issued under the unsecured line of credit aggregating $20.5 million which were provided to mortgage lenders and other entities to secure its obligations for certain capital requirements. The letters of credit remain undrawn but have reduced the amount available under the unsecured line of credit commensurate with their face values.
(3) Weighted average remaining maturity on secured mortgage debt excludes the $30.0 million mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026. Including the $30.0 million held for sale mortgage, the weighted average remaining maturity on secured debt is 3.4 years.
(4) Weighted average interest rate is calculated based on balances outstanding at the respective dates and excludes the $30.0 million, 5.47% fixed rate mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026. Including the mortgage secured by our property in Morris Plains, NJ, the weighted average interest rate on secured mortgage debt and total debt is 5.03% and 5.01%, respectively.
33
URBAN EDGE PROPERTIES
MORTGAGE DEBT SUMMARY
As of June 30, 2026 and December 31, 2025
(dollars in thousands)
Property
Maturity Date
Rate
June 30,
2026
December 31, 2025
Percent of Mortgage Debt at
June 30, 2026
Town Brook Commons
12/1/2026
3.78
%
$
28,634
$
28,965
1.7
%
Rockaway River Commons
12/1/2026
3.78
%
25,352
25,645
1.5
%
Hanover Commons
12/10/2026
4.03
%
58,304
58,935
3.5
%
Tonnelle Commons
4/1/2027
4.18
%
92,394
93,377
5.5
%
Manchester Plaza
6/1/2027
4.32
%
12,500
12,500
0.7
%
Millburn Gateway Center
6/1/2027
3.97
%
20,748
21,013
1.2
%
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
3.8
%
Rutherford Commons
1/6/2028
4.49
%
23,000
23,000
1.4
%
Hackensack Commons
3/1/2028
4.36
%
66,400
66,400
4.0
%
Marlton Commons
12/1/2028
3.86
%
34,919
35,295
2.1
%
Yonkers Gateway Center
4/10/2029
6.30
%
50,000
50,000
3.0
%
Ledgewood Commons
5/5/2029
6.03
%
50,000
50,000
3.0
%
The Shops at Riverwood
6/24/2029
4.25
%
20,379
20,577
1.2
%
Shops at Bruckner
7/1/2029
6.00
%
36,582
36,848
2.2
%
Shoppers World(1)
8/15/2029
5.12
%
123,600
123,600
7.4
%
Greenbrook Commons
9/1/2029
6.03
%
31,000
31,000
1.9
%
Huntington Commons
12/5/2029
6.29
%
43,454
43,704
2.6
%
Bergen Town Center
4/10/2030
6.30
%
286,052
287,779
17.0
%
The Outlets at Montehiedra
6/1/2030
5.00
%
70,316
71,412
4.2
%
Montclair(2)
8/15/2030
3.15
%
7,127
7,201
0.4
%
Garfield Commons
12/1/2030
4.14
%
37,746
38,134
2.3
%
Shops at Caguas
1/31/2031
6.15
%
79,190
79,983
4.7
%
The Village at Waugh Chapel(3)
12/1/2031
3.76
%
56,141
55,784
3.4
%
Brick Commons
12/10/2031
5.20
%
50,000
50,000
3.0
%
Woodmore Towne Centre
1/6/2032
3.39
%
117,200
117,200
7.0
%
Plaza at Woodbridge(4)
3/18/2033
5.03
%
62,500
—
3.7
%
Newington Commons
7/1/2033
6.00
%
15,393
15,505
0.9
%
Briarcliff Commons(5)
10/1/2034
5.47
%
30,000
30,000
1.8
%
Mount Kisco Commons(6)
11/15/2034
6.40
%
9,231
9,631
0.6
%
Total mortgage debt
5.03
%
$
1,674,062
$
1,619,388
100.0
%
Less: Briarcliff Commons (held for sale)(5)
10/1/2034
(5.47)
%
(30,000)
—
Total mortgage debt, excluding held for sale
5.02
%
1,644,062
1,619,388
Total unamortized debt issuance costs
(11,866)
(12,614)
Less: Briarcliff Commons (held for sale) unamortized debt issuance costs(5)
784
—
Total mortgage debt, net excluding held for sale
$
1,632,980
$
1,606,774
(1)Bears interest at SOFR plus 170 bps. The variable component of the debt is hedged with an interest rate swap agreement, fixing the rate at 5.12%, which expires at the maturity of the loan.
(2)Bears interest at SOFR plus 257 bps. The fixed and variable components of the debt are hedged with an interest rate swap agreement, fixing the rate at 3.15%, which expires at the maturity of the loan.
(3)The mortgage payable balance includes unamortized debt mark-to-market discount of $3.9 million.
(4)Bears interest at SOFR plus 155 bps. The variable component of the debt is hedged with an interest rate swap agreement, fixing the rate at 5.03%, which expires on March 18, 2031.
(5)The mortgage is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets as of June 30, 2026 as the property securing it is classified as held for sale.
(6)The mortgage payable balance includes unamortized debt mark-to-market discount of $0.5 million.
34
URBAN EDGE PROPERTIES
DEBT MATURITY SCHEDULE
As of June 30, 2026
(dollars in thousands)
Year
Amortization
Balloon Payments
Unsecured Line of Credit(1)
Premium/(Discount) Amortization
Total
Weighted Average Interest rate at maturity
Percent of Debt Maturing
2026(2)
$
8,329
$
111,228
$
—
$
(385)
$
119,172
4.0%
7.0
%
2027
13,608
259,526
—
(774)
272,360
4.3%
16.0
%
2028
13,536
122,402
—
(773)
135,165
4.4%
8.0
%
2029
12,452
348,590
—
(773)
360,269
5.7%
21.2
%
2030
6,668
372,252
—
(773)
378,147
5.8%
22.2
%
2031
1,691
180,552
55,000
(713)
236,530
5.0%
13.9
%
2032
1,607
117,200
—
(60)
118,747
3.4%
7.0
%
2033
1,538
75,919
—
(60)
77,397
5.2%
4.6
%
2034
1,333
—
—
(58)
1,275
6.4%
0.1
%
Total
$
60,762
$
1,587,669
$
55,000
$
(4,369)
$
1,699,062
5.0%
100
%
Unamortized debt issuance costs
(11,082)
Total outstanding debt, net(3)
$
1,687,980
(1) Our $700 million unsecured line of credit matures on June 28, 2030, plus two six-month extensions at our option, to June 28, 2031.
(2) Remainder of 2026.
(3) Total debt excludes the $30.0 million outstanding mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026. The table also excludes the related unamortized debt issuance costs of $0.8 million.
