Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 8-K


CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

October 31, 2023

URBAN EDGE PROPERTIES

URBAN EDGE PROPERTIES LP

(Exact name of Registrant as specified in its charter)

Maryland

(Urban Edge Properties)

001-36523

(Urban Edge Properties)

47-6311266

Delaware

(Urban Edge Properties LP)

333-212951-01

(Urban Edge Properties LP)

36-4791544

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification Number)

888 Seventh Avenue

New York

10019

(Address of Principal Executive offices) (Zip Code)


Registrant’s telephone number including area code:	(212)	956-2556

Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Urban Edge Properties


Title of class of registered securities	Trading symbol	Name of exchange on which registered
Common shares of beneficial interest, par value $0.01 per share	UE	The New York Stock Exchange

Urban Edge Properties LP


Title of class of registered securities	Trading symbol	Name of exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Urban Edge Properties - Emerging growth company ☐ Urban Edge Properties LP - Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Urban Edge Properties o Urban Edge Properties LP o

This Current Report on Form 8-K is filed by Urban Edge Properties, a Maryland real estate investment trust (the “Company”), and Urban Edge Properties LP, a Delaware limited partnership through which the Company conducts substantially all of its operations (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership.

Item 2.02 Results of Operations and Financial Condition.

On October 31, 2023, the Company announced its financial results for the three and nine months ended September 30, 2023. Copies of the Company's Earnings Press Release and Supplemental Disclosure Package are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K. The information contained in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any filing of the Company or the Operating Partnership under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

On October 31, 2023, the Company announced its financial results for the three and nine months ended September 30, 2023 and made available on its website the Earnings Press Release and Supplemental Disclosure Package described in Item 2.02 above. The information contained in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any filing of the Company or the Operating Partnership under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:


99.1						Earnings Press Release of Urban Edge Properties dated October 31 , 2023
99.2						Supplemental Disclosure Package of Urban Edge Properties as of September 30, 2023
104						Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Exchange Act, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.


		URBAN EDGE PROPERTIES



Date: October 31, 2023	By:	/s/ Mark Langer
		Mark Langer, Executive Vice President and Chief Financial Officer


		URBAN EDGE PROPERTIES LP
		By: Urban Edge Properties, General Partner


Date: October 31, 2023	By:	/s/ Mark Langer
		Mark Langer, Executive Vice President and Chief Financial Officer


		Exhibit 99.1

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 Third Quarter 2023 Results
-- Raises Outlook for Full-Year FFO as Adjusted --
-- Announces Acquisition of Two Shopping Centers and Sale of Industrial Portfolio --

NEW YORK, NY, October 31, 2023 - Urban Edge Properties (NYSE: UE) (the "Company") today announced its results for the quarter ended September 30, 2023 and updated its outlook for full-year 2023.

"Urban Edge had one of its best quarters in Company history, continuing the positive momentum we have generated year-to-date,” said Jeff Olson, Chairman and CEO. “Earnings growth for the quarter was strong at 7% compared to last year, driven by higher rent, lower operating costs, and lower G&A, and we have continued to advance our strategic priorities. After quarter end, we acquired two of the most prominent shopping centers in Boston for $309 million, sold our East Hanover Warehouse portfolio for $218 million, and are negotiating the sale of over $100 million of non-core assets. These capital recycling transactions should increase 2024 FFO as Adjusted by $5 million annually, or $0.04 per share. Based on the strong third quarter results and the successful capital recycling progress we have achieved, we are increasing our 2023 guidance for FFO as Adjusted by $0.06 per share at the midpoint."

Financial Results(1)(2)


(in thousands, except per share amounts)	3Q23		3Q22		YTD 2023		YTD 2022
Net income attributable to common shareholders	$	36,118	$	11,383	$	27,262	$	32,495
Net income per diluted share	0.31		0.10		0.23		0.28
Funds from Operations ("FFO")	64,242		35,938		138,762		106,345
FFO per diluted share	0.53		0.29		1.13		0.87
FFO as Adjusted	38,981		36,510		115,134		107,880
FFO as Adjusted per diluted share	0.32		0.30		0.94		0.88

Net income for the nine months ended September 30, 2023 included a $26.7 million, or $0.22 per diluted share, gain on debt extinguishment, net of tax, as a result of the Las Catalinas refinancing transaction completed in the third quarter of 2023. FFO for the nine months ended September 30, 2023 benefited from rent commencements on new leases, lease termination income, higher net recovery income, and lower operating and general and administrative expenses.

Same-Property Operating Results Compared to the Prior Year Period(3)


	3Q23		YTD 2023
Same-property Net Operating Income ("NOI") growth	1.5	%	3.0	%
Same-property NOI growth, including properties in redevelopment	3.3	%	4.5	%
Same-property NOI growth, adjusted for the collection of amounts previously deemed uncollectible	4.6	%	4.7	%
Same-property NOI growth, including properties in redevelopment, adjusted for the collection of amounts previously deemed uncollectible	6.4	%	6.2	%

Increases in same-property NOI metrics for the three and nine months ended September 30, 2023 were primarily driven by rent commencements on new leases, higher net recovery income and lower operating expenses.

Operating Results(1)

•Reported same-property portfolio leased occupancy of 95.0%, an increase of 130 basis points compared to September 30, 2022 and a decrease of 50 basis points compared to June 30, 2023.

•Reported consolidated portfolio leased occupancy, excluding Sunrise Mall, of 94.2%, an increase of 240 basis points compared to September 30, 2022 and a decrease of 50 basis points compared to June 30, 2023.

•The decrease in occupancy compared to June 30, 2023 is primarily attributable to recapturing 128,000 sf previously occupied by Bed Bath & Beyond, for which the Company is in active discussions with replacement tenants.

•Executed 46 new leases, renewals and options totaling 568,000 sf during the quarter. Same-space leases totaled 538,000 sf and generated an average rent spread of 12.5% on a cash basis.

Financing Activity

On August 30, 2023, the Company refinanced the mortgage secured by its property, Las Catalinas Mall, with a new 10-year, $82 million loan bearing interest at a fixed rate of 6.6%. The prior loan was modified in 2020 to provide the Company with a discounted payoff option of $72.5 million, effective in August 2023. The proceeds from the new loan were used to pay off the Company's previous mortgage on the property which had a carrying value of $117 million. As a result of exercising the discounted payoff option, the Company recognized a $43 million gain on debt extinguishment for the three months ended September 30, 2023 and a related $16.3 million income tax expense.

The Company has limited debt maturities aggregating $312 million, which represent approximately 19% of outstanding debt, coming due through December 31, 2026 at a weighted average interest rate of 4.8%.

Acquisition and Disposition Activity

On October 23, 2023, the Company closed on the $309 million acquisition of Shoppers World and Gateway Center, two high-quality shopping centers in the greater Boston area. Shoppers World is the premier open air shopping center in the Boston suburbs and totals 758,000 sf, anchored by Best Buy, Nordstrom Rack and several TJX Companies concepts including T.J. Maxx, Marshalls, HomeSense, and Sierra Trading. Gateway Center, a 639,000 sf shopping center, is anchored by Target, Costco and Home Depot. These properties support the Company's strategy of acquiring high-quality retail real estate with future growth potential while providing us with critical mass in the Boston market.

On October 20, 2023, the Company closed on the sale of its 1.2 million sf East Hanover, NJ industrial portfolio for a price of $217.5 million, representing a 4.9% cap rate on forward NOI. The portfolio was secured by a $40 million mortgage loan that was repaid at closing. The sale was structured as part of a 1031 exchange transaction used to partially fund the Boston acquisitions with the remaining balance funded using the Company's line of credit. The Company is actively negotiating the sale of more than $100 million of non-core assets.

Leasing, Development and Redevelopment

During the quarter, the Company executed 113,000 sf of new leases at cash rent spreads of 26%, including leases with Burlington at The Outlets at Montehiedra and Atlantic Health at Manalapan Commons.

The Company commenced four redevelopment projects with estimated aggregate costs of $21.7 million during the quarter and now has $168.5 million of active redevelopment projects underway, with estimated remaining costs to complete of $93.8 million. The active redevelopment projects are expected to generate an approximate 12% unleveraged yield. During the quarter, two redevelopment projects were stabilized with aggregate costs of $6.1 million.

As of September 30, 2023, the Company has signed leases that have not yet rent commenced that are expected to generate an additional $27.2 million of future annual gross rent, representing approximately 11% of current annualized NOI. Approximately $1.0 million of this amount is expected to be recognized in the fourth quarter of 2023 and an additional $14 million is expected to be recognized during 2024.

Balance Sheet and Liquidity(1)(4)

Balance sheet highlights as of September 30, 2023 include:

•$77.9 million of cash and cash equivalents, including restricted cash, and no amounts drawn under our $800 million revolving credit agreement.

•Mortgages payable of $1.7 billion, with a weighted average term to maturity of 5.2 years. Approximately 95% of our outstanding debt is fixed rate or hedged.

•Total market capitalization of approximately $3.5 billion, comprised of 122.9 million fully-diluted common shares valued at $1.9 billion and $1.7 billion of debt.

•Net debt to total market capitalization of 45%.

2023 Earnings Guidance

Based on the strong third quarter results and recent capital recycling activity, the Company has increased its 2023 full-year guidance ranges for FFO and FFO as Adjusted, raising both the low and high end of the range by $0.06 per share. The new guidance ranges reflect FFO of $1.39 to $1.43 per diluted share, and FFO as Adjusted of $1.22 to $1.25 per diluted share. A reconciliation of the range of estimated earnings, FFO and FFO as Adjusted, as well as the assumptions used in our guidance can be found on page 4 of this release.

Earnings Conference Call Information

The Company will host an earnings conference call and audio webcast on October 31, 2023 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 13740635. 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 October 31, 2023 at 11:30am ET through November 14, 2023 at 11:59pm ET by dialing 1-844-512-2921 (Toll Free) or 1-412-317-6671 (Toll/International) using conference ID 13740635.

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

(2) Refer to page 10 for a reconciliation of net income to FFO and FFO as Adjusted for the quarter ended September 30, 2023.

(3) Refer to page 11 for a reconciliation of net income to NOI and Same-Property NOI for the quarter ended September 30, 2023.

(4) Net debt as of September 30, 2023 is calculated as total consolidated debt of $1.7 billion less total cash and cash equivalents, including restricted cash, of $78 million.

2023 Earnings Guidance

The Company has increased its 2023 full-year guidance ranges, estimating FFO of $1.39 to $1.43 per diluted share, and FFO as Adjusted of $1.22 to $1.25 per diluted share. Below is a summary of the Company's 2023 outlook, assumptions used in our 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	$0.02 - $0.05	$0.27 - $0.31
Net income attributable to common shareholders per diluted share	$0.02 - $0.05	$0.26 - $0.30
FFO per diluted share	$1.13 - $1.16	$1.39 - $1.43
FFO as adjusted per diluted share	$1.16 - $1.19	$1.22 - $1.25

The Company's full year FFO outlook is based on the following assumptions:

•Same-property NOI growth, including properties in redevelopment, of 2.25% to 3.25%.

•Same-property NOI growth, including properties in redevelopment, adjusted for the collection of amounts previously deemed uncollectible of 3.5% to 4.5%.

•Acquisitions of $309 million and dispositions ranging from $217.5 million to $240 million.

•Recurring G&A expenses ranging from $34.0 million to $36.0 million.

•Interest and debt expense ranging from $74.5 million to $75.5 million.

•Excludes items that impact FFO comparability, including gains and/or losses on extinguishment of debt, transaction, severance, litigation, or any one-time items outside of the ordinary course of business.


	Guidance 2023E				Per Diluted Share(1)
(in thousands, except per share amounts)	Low		High		Low		High
Net income	$	33,400	$	37,800	$	0.27	$	0.31
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership	(1,800)		(1,800)		(0.01)		(0.01)
Consolidated subsidiaries	700		700		0.01		0.01
Net income attributable to common shareholders	32,300		36,700		0.26		0.30
Adjustments:
Rental property depreciation and amortization	102,800		102,800		0.84		0.84
Gain on sale of real estate	(400)		(400)		—		—
Real estate impairment loss	34,100		34,100		0.28		0.28
Limited partnership interests in operating partnership	1,800		1,800		0.01		0.01
FFO Applicable to diluted common shareholders	170,600		175,000		1.39		1.43
Adjustments to FFO:
Transaction, severance, litigation and other expenses	2,200		1,600		0.02		0.01
Gain on extinguishment of debt, net	(42,300)		(42,300)		(0.34)		(0.34)
Impact of property in foreclosure	3,200		3,100		0.03		0.03
Tax impact of Puerto Rico financing and prior year refund	15,600		15,600		0.13		0.13
FFO as Adjusted applicable to diluted common shareholders	$	149,300	$	153,000	$	1.22	$	1.25

(1) Amounts may not foot due to rounding.

The Company is providing a projection of anticipated net income solely to satisfy the disclosure requirements of the Securities and Exchange Commission. 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 our 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 2023 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Forward-Looking Statements” disclosures on page 7 of this document and “Risk Factors” disclosed in the Company's annual and quarterly reports filed with the Securities and Exchange Commission for more information.

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, 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, 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 70 and 68 properties for the three and nine months ended September 30, 2023 and 2022, 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, sold, or that are in the foreclosure process during the periods being compared. As such, same-property NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition, disposition, or foreclosure 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. We also present this metric excluding the collection of amounts previously deemed uncollectible.

•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 to annualized Adjusted EBITDAre as of September 30, 2023, and net debt 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 70 and 68 properties for the three and nine months ended September 30, 2023 and 2022, respectively. 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 or properties sold, 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 operate in two or more regions.

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 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, 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) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic and related COVID-19 variants; (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 rising inflation and 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; (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 (“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, 2022.

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.

URBAN EDGE PROPERTIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)


	September 30,		December 31,
	2023		2022
ASSETS
Real estate, at cost:
Land	$	541,961	$	535,770
Buildings and improvements	2,517,038		2,468,385
Construction in progress	280,341		314,190
Furniture, fixtures and equipment	9,472		8,539
Total	3,348,812		3,326,884
Accumulated depreciation and amortization	(842,328)		(791,485)
Real estate, net	2,506,484		2,535,399
Operating lease right-of-use assets	57,377		64,161
Cash and cash equivalents	50,793		85,518
Restricted cash	27,131		43,256
Tenant and other receivables	15,823		17,523
Receivable arising from the straight-lining of rents	67,499		64,713
Identified intangible assets, net of accumulated amortization of $46,448 and $40,983, respectively	54,823		62,856
Deferred leasing costs, net of accumulated amortization of $21,928 and $20,107, respectively	27,945		26,799
Prepaid expenses and other assets	73,969		77,207
Total assets	$	2,881,844	$	2,977,432

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net	$	1,643,333	$	1,691,690
Operating lease liabilities	54,197		59,789
Accounts payable, accrued expenses and other liabilities	90,017		102,519
Identified intangible liabilities, net of accumulated amortization of $45,929 and $40,816, respectively	87,000		93,328
Total liabilities	1,874,547		1,947,326
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,639,177 and 117,450,951 shares issued and outstanding, respectively	1,175		1,173
Additional paid-in capital	1,013,306		1,011,293
Accumulated other comprehensive income	1,334		629
Accumulated deficit	(65,295)		(36,104)
Noncontrolling interests:
Operating partnership	42,166		39,209
Consolidated subsidiaries	14,611		13,906
Total equity	1,007,297		1,030,106
Total liabilities and equity	$	2,881,844	$	2,977,432

URBAN EDGE PROPERTIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
REVENUE
Rental revenue	$	101,732	$	98,175	$	299,859	$	295,045
Other income	102		115		481		1,300
Total revenue	101,834		98,290		300,340		296,345
EXPENSES
Depreciation and amortization	26,922		24,343		77,519		73,561
Real estate taxes	16,182		16,231		47,980		47,662
Property operating	16,618		17,672		49,752		56,473
General and administrative	8,938		9,852		27,903		31,607
Real estate impairment loss	—		—		34,055		—
Lease expense	3,159		3,109		9,470		9,327
Total expenses	71,819		71,207		246,679		218,630
Gain on sale of real estate	—		—		356		353
Interest income	565		294		1,640		713
Interest and debt expense	(19,006)		(15,266)		(52,430)		(43,511)
Gain on extinguishment of debt, net	43,029		—		42,540		—
Income before income taxes	54,603		12,111		45,767		35,270
Income tax expense	(17,063)		(646)		(17,810)		(2,262)
Net income	37,540		11,465		27,957		33,008
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership	(1,555)		(455)		(1,211)		(1,348)
Consolidated subsidiaries	133		373		516		835
Net income attributable to common shareholders	$	36,118	$	11,383	$	27,262	$	32,495

Earnings per common share - Basic:	$	0.31	$	0.10	$	0.23	$	0.28
Earnings per common share - Diluted:	$	0.31	$	0.10	$	0.23	$	0.28
Weighted average shares outstanding - Basic	117,543		117,382		117,492		117,359
Weighted average shares outstanding - Diluted	122,205		121,683		117,627		121,472

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 nine months ended September 30, 2023 and 2022, respectively. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 5 for a description of FFO and FFO as Adjusted.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Net income	$	37,540	$	11,465	$	27,957	$	33,008
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	133		373		516		835
Operating partnership	(1,555)		(455)		(1,211)		(1,348)
Net income attributable to common shareholders	36,118		11,383		27,262		32,495
Adjustments:
Rental property depreciation and amortization	26,569		24,100		76,590		72,855
Limited partnership interests in operating partnership	1,555		455		1,211		1,348
Gain on sale of real estate(2)	—		—		(356)		(353)
Real estate impairment loss(3)	—		—		34,055		—
FFO Applicable to diluted common shareholders	64,242		35,938		138,762		106,345
FFO per diluted common share(1)	0.53		0.29		1.13		0.87
Adjustments to FFO:

Tax impact of Las Catalinas financing(6)	16,302		—		16,302		—
Impact of property in foreclosure(4)	1,148		—		1,921		—
Transaction, severance and litigation expenses	325		674		1,724		1,806
Impact of tenant bankruptcies and write-off/reinstatement of intangibles(5)	(7)		(102)		(351)		(271)



Income tax refund related to prior periods	—		—		(684)		—
Gain on extinguishment of debt, net(7)	(43,029)		—		(42,540)		—
FFO as Adjusted applicable to diluted common shareholders	$	38,981	$	36,510	$	115,134	$	107,880
FFO as Adjusted per diluted common share(1)	$	0.32	$	0.30	$	0.94	$	0.88

Weighted Average diluted common shares(1)	122,273		122,413		122,322		122,372

(1) Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the three and nine months ended September 30, 2023 and 2022, respectively, 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 gain on sale of real estate for the nine months ended September 30, 2023 relates to the release of escrow funds from a property disposed of in a prior period.

(3) During the nine months ended September 30, 2023, the Company recognized an impairment charge reducing the carrying value of Kingswood Center, an office and retail property located in Brooklyn, NY.

(4) In April 2023, the Company notified the lender of its mortgage secured by Kingswood Center that the cash flows generated by the property are insufficient to cover the debt service and that the Company is unwilling to fund future shortfalls. As such, the Company defaulted on the loan and adjusted for the default interest incurred for the second quarter of 2023. In August 2023, the property was transferred to receivership and the Company's management agreement was terminated. As a result, the Company has no operational responsibility at the property and has no right to the underlying cash flows or obligations to fund operational or capital expenditures. The Company determined it is appropriate to exclude the operating results of Kingswood Center from FFO as Adjusted as we have no rights or obligations related to the property.

(5) Includes the acceleration and write-off of lease intangibles related to tenant bankruptcies, and the write-offs and reinstatements of receivables arising from the straight-lining of rents for tenants moved to and from the cash basis of accounting.

(6) Amount reflects the tax-related impact of the $43 million gain on extinguishment of debt related to the Las Catalinas loan refinancing that occurred in August 2023.

(7) The gain for the nine months ended September 30, 2023 is net of the $0.5 million loss recognized in the second quarter of 2023 for the early payoff of the Plaza at Cherry Hill loan.

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 nine months ended September 30, 2023 and 2022, respectively. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 5 for a description of NOI and same-property NOI.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Net income	$	37,540	$	11,465	$	27,957	$	33,008

Depreciation and amortization	26,922		24,343		77,519		73,561
Interest and debt expense	19,006		15,266		52,430		43,511
General and administrative expense	8,938		9,852		27,903		31,607
Gain on extinguishment of debt, net	(43,029)		—		(42,540)		—
Other expense (income)	208		230		678		(300)
Income tax expense	17,063		646		17,810		2,262
Gain on sale of real estate	—		—		(356)		(353)
Real estate impairment loss	—		—		34,055		—
Interest income	(565)		(294)		(1,640)		(713)
Non-cash revenue and expenses	(2,723)		(1,922)		(7,773)		(6,287)
NOI	63,360		59,586		186,043		176,296
Adjustments:
Sunrise Mall net operating loss	458		1,637		1,926		3,338
Tenant bankruptcy settlement income and lease termination income	(987)		(7)		(1,244)		(117)
Non-same property NOI and other(1)	(5,583)		(4,827)		(19,999)		(17,717)
Same-property NOI(2)	$	57,248	$	56,389	$	166,726	$	161,800
NOI related to properties being redeveloped	5,497		4,347		17,841		14,852
Same-property NOI including properties in redevelopment(3)	$	62,745	$	60,736	$	184,567	$	176,652

(1) Non-same property NOI includes NOI related to properties being redeveloped and properties acquired, disposed, or that are in the foreclosure process during the periods being compared.

(2) Excluding the collection of amounts previously deemed uncollectible, the increase would have been 4.6% compared to the third quarter of

2022 and 4.7% compared to the nine months ended September 30, 2022.

(3) Excluding the collection of amounts previously deemed uncollectible, the increase would have been 6.4% compared to the third quarter of

2022 and 6.2% compared to the nine months ended September 30, 2022.

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 nine months ended September 30, 2023 and 2022, respectively. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 5 for a description of EBITDAre and Adjusted EBITDAre.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Net income	$	37,540	$	11,465	$	27,957	$	33,008
Depreciation and amortization	26,922		24,343		77,519		73,561
Interest and debt expense	19,006		15,266		52,430		43,511
Income tax expense	17,063		646		17,810		2,262
Gain on sale of real estate	—		—		(356)		(353)
Real estate impairment loss	—		—		34,055		—
EBITDAre	100,531		51,720		209,415		151,989
Adjustments for Adjusted EBITDAre:

Transaction, severance and litigation expenses	325		674		1,724		1,806
Impact of property in foreclosure(1)	(316)		—		(316)		—
Gain on extinguishment of debt, net	(43,029)		—		(42,540)		—
Impact of tenant bankruptcies and write-off/reinstatement of intangibles	(7)		(102)		(351)		(271)


Adjusted EBITDAre	$	57,504	$	52,292	$	167,932	$	153,524

(1) Adjustment reflects the operating income for Kingswood Center, excluding $1.5 million of interest and debt expense that is already adjusted for the purposes of calculating EBITDAre. See footnote 4 on page 10 for additional information.

Exhibit 99.2




URBAN EDGE PROPERTIES

SUPPLEMENTAL DISCLOSURE
PACKAGE

September 30, 2023






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


URBAN EDGE PROPERTIES
SUPPLEMENTAL DISCLOSURE
September 30, 2023
(unaudited)

TABLE OF CONTENTS
			Page
Press Release
Third Quarter 2023 Earnings Press Release			1

Overview
Summary Financial Results and Ratios			12

Consolidated Financial Statements
Consolidated Balance Sheets			13
Consolidated Statements of Income			14

Non-GAAP Financial Measures and Supplemental Data
Supplemental Schedule of Net Operating Income			15
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)			16
Funds from Operations			17
Market Capitalization, Debt Ratios and Liquidity			18
Additional Disclosures			19

Leasing Data
Tenant Concentration - Top Twenty-Five Tenants			21
Leasing Activity			22
Leases Executed but Not Yet Rent Commenced			23
Retail Portfolio Lease Expiration Schedules			24

Property Data
Property Status Report			26
Property Acquisitions and Dispositions			29
Development, Redevelopment and Anchor Repositioning Projects			30

Debt Schedules
Debt Summary			32
Mortgage Debt Summary			33
Debt Maturity Schedule			34




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 Third Quarter 2023 Results
-- Raises Outlook for Full-Year FFO as Adjusted --
-- Announces Acquisition of Two Shopping Centers and Sale of Industrial Portfolio --

NEW YORK, NY, October 31, 2023 - Urban Edge Properties (NYSE: UE) (the "Company") today announced its results for the quarter ended September 30, 2023 and updated its outlook for full-year 2023.

Financial Results(1)(2)


(in thousands, except per share amounts)	3Q23		3Q22		YTD 2023		YTD 2022
Net income attributable to common shareholders	$	36,118	$	11,383	$	27,262	$	32,495
Net income per diluted share	0.31		0.10		0.23		0.28
Funds from Operations ("FFO")	64,242		35,938		138,762		106,345
FFO per diluted share	0.53		0.29		1.13		0.87
FFO as Adjusted	38,981		36,510		115,134		107,880
FFO as Adjusted per diluted share	0.32		0.30		0.94		0.88

Same-Property Operating Results Compared to the Prior Year Period(3)


	3Q23		YTD 2023
Same-property Net Operating Income ("NOI") growth	1.5	%	3.0	%
Same-property NOI growth, including properties in redevelopment	3.3	%	4.5	%
Same-property NOI growth, adjusted for the collection of amounts previously deemed uncollectible	4.6	%	4.7	%
Same-property NOI growth, including properties in redevelopment, adjusted for the collection of amounts previously deemed uncollectible	6.4	%	6.2	%

Operating Results(1)

•Reported same-property portfolio leased occupancy of 95.0%, an increase of 130 basis points compared to September 30, 2022 and a decrease of 50 basis points compared to June 30, 2023.

•Executed 46 new leases, renewals and options totaling 568,000 sf during the quarter. Same-space leases totaled 538,000 sf and generated an average rent spread of 12.5% on a cash basis.

Financing Activity

Acquisition and Disposition Activity

Leasing, Development and Redevelopment

During the quarter, the Company executed 113,000 sf of new leases at cash rent spreads of 26%, including leases with Burlington at The Outlets at Montehiedra and Atlantic Health at Manalapan Commons.

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

Balance sheet highlights as of September 30, 2023 include:

•$77.9 million of cash and cash equivalents, including restricted cash, and no amounts drawn under our $800 million revolving credit agreement.

•Mortgages payable of $1.7 billion, with a weighted average term to maturity of 5.2 years. Approximately 95% of our outstanding debt is fixed rate or hedged.

•Total market capitalization of approximately $3.5 billion, comprised of 122.9 million fully-diluted common shares valued at $1.9 billion and $1.7 billion of debt.

•Net debt to total market capitalization of 45%.

2023 Earnings Guidance

Earnings Conference Call Information

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

(2) Refer to page 7 for a reconciliation of net income to FFO and FFO as Adjusted for the quarter ended September 30, 2023.

(3) Refer to page 8 for a reconciliation of net income to NOI and Same-Property NOI for the quarter ended September 30, 2023.

(4) Net debt as of September 30, 2023 is calculated as total consolidated debt of $1.7 billion less total cash and cash equivalents, including restricted cash, of $78 million.

(5) Refer to page 18 for the calculation of market capitalization as of September 30, 2023.

2023 Earnings Guidance


	Previous Guidance	Revised Guidance
Net income per diluted share	$0.02 - $0.05	$0.27 - $0.31
Net income attributable to common shareholders per diluted share	$0.02 - $0.05	$0.26 - $0.30
FFO per diluted share	$1.13 - $1.16	$1.39 - $1.43
FFO as adjusted per diluted share	$1.16 - $1.19	$1.22 - $1.25

The Company's full year FFO outlook is based on the following assumptions:

•Same-property NOI growth, including properties in redevelopment, of 2.25% to 3.25%.

•Same-property NOI growth, including properties in redevelopment, adjusted for the collection of amounts previously deemed uncollectible of 3.5% to 4.5%.

•Acquisitions of $309 million and dispositions ranging from $217.5 million to $240 million.

•Recurring G&A expenses ranging from $34.0 million to $36.0 million.

•Interest and debt expense ranging from $74.5 million to $75.5 million.


	Guidance 2023E				Per Diluted Share(1)
(in thousands, except per share amounts)	Low		High		Low		High
Net income	$	33,400	$	37,800	$	0.27	$	0.31
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership	(1,800)		(1,800)		(0.01)		(0.01)
Consolidated subsidiaries	700		700		0.01		0.01
Net income attributable to common shareholders	32,300		36,700		0.26		0.30
Adjustments:
Rental property depreciation and amortization	102,800		102,800		0.84		0.84
Gain on sale of real estate	(400)		(400)		—		—
Real estate impairment loss	34,100		34,100		0.28		0.28
Limited partnership interests in operating partnership	1,800		1,800		0.01		0.01
FFO Applicable to diluted common shareholders	170,600		175,000		1.39		1.43
Adjustments to FFO:
Transaction, severance, litigation and other expenses	2,200		1,600		0.02		0.01
Gain on extinguishment of debt, net	(42,300)		(42,300)		(0.34)		(0.34)
Impact of property in foreclosure	3,200		3,100		0.03		0.03
Tax impact of Puerto Rico financing and prior year refund	15,600		15,600		0.13		0.13
FFO as Adjusted applicable to diluted common shareholders	$	149,300	$	153,000	$	1.22	$	1.25

(1) Amounts may not foot due to rounding.

The Company is providing a projection of anticipated net income solely to satisfy the disclosure requirements of the Securities and Exchange Commission. 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 our 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 2023 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Forward-Looking Statements” disclosures on page 10 of this document and “Risk Factors” disclosed in the Company's annual and quarterly reports filed with the Securities and Exchange Commission for more information.

Non-GAAP Financial Measures

Operating Metrics

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.

Reconciliation of Net Income to FFO and FFO as Adjusted


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Net income	$	37,540	$	11,465	$	27,957	$	33,008
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	133		373		516		835
Operating partnership	(1,555)		(455)		(1,211)		(1,348)
Net income attributable to common shareholders	36,118		11,383		27,262		32,495
Adjustments:
Rental property depreciation and amortization	26,569		24,100		76,590		72,855
Limited partnership interests in operating partnership	1,555		455		1,211		1,348
Gain on sale of real estate(2)	—		—		(356)		(353)
Real estate impairment loss(3)	—		—		34,055		—
FFO Applicable to diluted common shareholders	64,242		35,938		138,762		106,345
FFO per diluted common share(1)	0.53		0.29		1.13		0.87
Adjustments to FFO:

Tax impact of Las Catalinas financing(6)	16,302		—		16,302		—
Impact of property in foreclosure(4)	1,148		—		1,921		—
Transaction, severance and litigation expenses	325		674		1,724		1,806
Impact of tenant bankruptcies and write-off/reinstatement of intangibles(5)	(7)		(102)		(351)		(271)



Income tax refund related to prior periods	—		—		(684)		—
Gain on extinguishment of debt, net(7)	(43,029)		—		(42,540)		—
FFO as Adjusted applicable to diluted common shareholders	$	38,981	$	36,510	$	115,134	$	107,880
FFO as Adjusted per diluted common share(1)	$	0.32	$	0.30	$	0.94	$	0.88

Weighted Average diluted common shares(1)	122,273		122,413		122,322		122,372

(2) The gain on sale of real estate for the nine months ended September 30, 2023 relates to the release of escrow funds from a property disposed of in a prior period.

(6) Amount reflects the tax-related impact of the $43 million gain on extinguishment of debt related to the Las Catalinas loan refinancing that occurred in August 2023.

(7) The gain for the nine months ended September 30, 2023 is net of the $0.5 million loss recognized in the second quarter of 2023 for the early payoff of the Plaza at Cherry Hill loan.

Reconciliation of Net Income to NOI and Same-Property NOI


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Net income	$	37,540	$	11,465	$	27,957	$	33,008

Depreciation and amortization	26,922		24,343		77,519		73,561
Interest and debt expense	19,006		15,266		52,430		43,511
General and administrative expense	8,938		9,852		27,903		31,607
Gain on extinguishment of debt, net	(43,029)		—		(42,540)		—
Other expense (income)	208		230		678		(300)
Income tax expense	17,063		646		17,810		2,262
Gain on sale of real estate	—		—		(356)		(353)
Real estate impairment loss	—		—		34,055		—
Interest income	(565)		(294)		(1,640)		(713)
Non-cash revenue and expenses	(2,723)		(1,922)		(7,773)		(6,287)
NOI	63,360		59,586		186,043		176,296
Adjustments:
Sunrise Mall net operating loss	458		1,637		1,926		3,338
Tenant bankruptcy settlement income and lease termination income	(987)		(7)		(1,244)		(117)
Non-same property NOI and other(1)	(5,583)		(4,827)		(19,999)		(17,717)
Same-property NOI(2)	$	57,248	$	56,389	$	166,726	$	161,800
NOI related to properties being redeveloped	5,497		4,347		17,841		14,852
Same-property NOI including properties in redevelopment(3)	$	62,745	$	60,736	$	184,567	$	176,652

(1) Non-same property NOI includes NOI related to properties being redeveloped and properties acquired, disposed, or that are in the foreclosure process during the periods being compared.

(2) Excluding the collection of amounts previously deemed uncollectible, the increase would have been 4.6% compared to the third quarter of

2022 and 4.7% compared to the nine months ended September 30, 2022.

(3) Excluding the collection of amounts previously deemed uncollectible, the increase would have been 6.4% compared to the third quarter of

2022 and 6.2% compared to the nine months ended September 30, 2022.

Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Net income	$	37,540	$	11,465	$	27,957	$	33,008
Depreciation and amortization	26,922		24,343		77,519		73,561
Interest and debt expense	19,006		15,266		52,430		43,511
Income tax expense	17,063		646		17,810		2,262
Gain on sale of real estate	—		—		(356)		(353)
Real estate impairment loss	—		—		34,055		—
EBITDAre	100,531		51,720		209,415		151,989
Adjustments for Adjusted EBITDAre:

Transaction, severance and litigation expenses	325		674		1,724		1,806
Impact of property in foreclosure(1)	(316)		—		(316)		—
Gain on extinguishment of debt, net	(43,029)		—		(42,540)		—
Impact of tenant bankruptcies and write-off/reinstatement of intangibles	(7)		(102)		(351)		(271)


Adjusted EBITDAre	$	57,504	$	52,292	$	167,932	$	153,524

ADDITIONAL INFORMATION

ABOUT URBAN EDGE

FORWARD-LOOKING STATEMENTS


URBAN EDGE PROPERTIES
ADDITIONAL INFORMATION
As of September 30, 2023

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, 2022 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. 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 5 and 10 of this Supplemental Disclosure Package.


URBAN EDGE PROPERTIES
SUMMARY FINANCIAL RESULTS AND RATIOS
For the three and nine months ended September 30, 2023 (unaudited)
(in thousands, except per share, sf, rent psf and financial ratio data)


	Three Months Ended			Nine Months Ended
Summary Financial Results	September 30, 2023			September 30, 2023
Total revenue	$	101,834		$	300,340
General & administrative expenses (G&A)	$	8,938		$	27,903
Recurring G&A(10)	$	8,613		$	26,181
Net income attributable to common shareholders	$	36,118		$	27,262
Earnings per diluted share	$	0.31		$	0.23
Adjusted EBITDAre(7)	$	57,504		$	167,932
Funds from operations (FFO)	$	64,242		$	138,762
FFO per diluted common share	$	0.53		$	1.13
FFO as Adjusted	$	38,981		$	115,134
FFO as Adjusted per diluted common share	$	0.32		$	0.94
Total dividends paid per share	$	0.16		$	0.48
Stock closing price low-high range (NYSE)	$15.26 to $17.54			$13.25 to $17.54
Weighted average diluted shares used in EPS computations(1)	122,205			117,627
Weighted average diluted common shares used in FFO computations(1)	122,273			122,322

Summary Property, Operating and Financial Data
# of Total properties / # of Retail properties	76 / 73
Gross leasable area (GLA) sf - retail portfolio(3)(5)	14,483,000
Weighted average annual rent psf - retail portfolio(3)(5)	$	20.30
Consolidated portfolio leased occupancy at end of period(9)	89.8		%
Consolidated retail portfolio leased occupancy at end of period(5)	93.7		%
Same-property portfolio leased occupancy at end of period(2)	95.0		%
Same-property physical occupancy at end of period(4)(2)	91.5		%
Same-property NOI growth(2)	1.5		%	3.0		%
Same-property NOI growth, including redevelopment properties	3.3		%	4.5		%
NOI margin	64.0		%	63.6		%
Same-property expense recovery ratio	82.2		%	84.0		%
Same-property, including redevelopment, expense recovery ratio	80.8		%	82.4		%
New, renewal and option rent spread - cash basis(8)	12.5		%	9.4		%
New, renewal and option rent spread - GAAP basis(8)	18.2		%	13.5		%
Net debt to total market capitalization(6)	44.7		%	44.7		%
Net debt to Adjusted EBITDAre(6)	6.9		x	7.0		x
Adjusted EBITDAre to interest expense(7)	3.2		x	3.4		x
Adjusted EBITDAre to fixed charges(7)	2.5		x	2.6		x

(1) Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the three and nine months ended September 30, 2023 is 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, disposed, or that are in the foreclosure process 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 $9.00.

(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 September 30, 2023 on page 18. Adjusted EBITDAre is annualized for purposes of calculating net debt to Adjusted EBITDAre.

(7) See computation on page 16.

(8) See computation on page 22.

(9) Excluding Sunrise Mall, consolidated portfolio leased occupancy is 94.2%.

(10) Recurring G&A for the three and nine months ended September 30, 2023 excludes $0.3 million and $1.7 million, respectively, of severance, litigation and transaction costs.


URBAN EDGE PROPERTIES
CONSOLIDATED BALANCE SHEETS
As of September 30, 2023 (unaudited) and December 31, 2022
(in thousands, except share and per share amounts)


	September 30,		December 31,
	2023		2022
ASSETS
Real estate, at cost:
Land	$	541,961	$	535,770
Buildings and improvements	2,517,038		2,468,385
Construction in progress	280,341		314,190
Furniture, fixtures and equipment	9,472		8,539
Total	3,348,812		3,326,884
Accumulated depreciation and amortization	(842,328)		(791,485)
Real estate, net	2,506,484		2,535,399
Operating lease right-of-use assets	57,377		64,161
Cash and cash equivalents	50,793		85,518
Restricted cash	27,131		43,256
Tenant and other receivables	15,823		17,523
Receivable arising from the straight-lining of rents	67,499		64,713
Identified intangible assets, net of accumulated amortization of $46,448 and $40,983, respectively	54,823		62,856
Deferred leasing costs, net of accumulated amortization of $21,928 and $20,107, respectively	27,945		26,799
Prepaid expenses and other assets	73,969		77,207
Total assets	$	2,881,844	$	2,977,432

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net	$	1,643,333	$	1,691,690
Operating lease liabilities	54,197		59,789
Accounts payable, accrued expenses and other liabilities	90,017		102,519
Identified intangible liabilities, net of accumulated amortization of $45,929 and $40,816, respectively	87,000		93,328
Total liabilities	1,874,547		1,947,326
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,639,177 and 117,450,951 shares issued and outstanding, respectively	1,175		1,173
Additional paid-in capital	1,013,306		1,011,293
Accumulated other comprehensive income	1,334		629
Accumulated deficit	(65,295)		(36,104)
Noncontrolling interests:
Operating partnership	42,166		39,209
Consolidated subsidiaries	14,611		13,906
Total equity	1,007,297		1,030,106
Total liabilities and equity	$	2,881,844	$	2,977,432


URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF INCOME
For the three and nine months ended September 30, 2023 and 2022 (unaudited)
(in thousands, except per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
REVENUE
Rental revenue	$	101,732	$	98,175	$	299,859	$	295,045
Other income	102		115		481		1,300
Total revenue	101,834		98,290		300,340		296,345
EXPENSES
Depreciation and amortization	26,922		24,343		77,519		73,561
Real estate taxes	16,182		16,231		47,980		47,662
Property operating	16,618		17,672		49,752		56,473
General and administrative	8,938		9,852		27,903		31,607
Real estate impairment loss	—		—		34,055		—
Lease expense	3,159		3,109		9,470		9,327
Total expenses	71,819		71,207		246,679		218,630
Gain on sale of real estate	—		—		356		353
Interest income	565		294		1,640		713
Interest and debt expense	(19,006)		(15,266)		(52,430)		(43,511)
Gain on extinguishment of debt, net	43,029		—		42,540		—
Income before income taxes	54,603		12,111		45,767		35,270
Income tax expense	(17,063)		(646)		(17,810)		(2,262)
Net income	37,540		11,465		27,957		33,008
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership	(1,555)		(455)		(1,211)		(1,348)
Consolidated subsidiaries	133		373		516		835
Net income attributable to common shareholders	$	36,118	$	11,383	$	27,262	$	32,495

Earnings per common share - Basic:	$	0.31	$	0.10	$	0.23	$	0.28
Earnings per common share - Diluted:	$	0.31	$	0.10	$	0.23	$	0.28
Weighted average shares outstanding - Basic	117,543		117,382		117,492		117,359
Weighted average shares outstanding - Diluted	122,205		121,683		117,627		121,472


URBAN EDGE PROPERTIES
SUPPLEMENTAL SCHEDULE OF NET OPERATING INCOME
For the three and nine months ended September 30, 2023 and 2022
(in thousands)


	Three Months Ended September 30,						Percent Change	Nine Months Ended September 30,						Percent Change
	2023			2022				2023			2022
Composition of NOI(1)
Property rentals	$	73,013		$	70,817			$	215,720		$	210,514
Tenant expense reimbursements	26,335			24,777				78,637			77,552
Rental revenue deemed collectible (uncollectible)	(336)			667				(2,053)			681
Total property revenue	99,012			96,261			2.9%	292,304			288,747			1.2%
Real estate taxes	(16,182)			(16,230)				(47,979)			(47,663)
Property operating	(17,082)			(18,128)				(51,182)			(57,827)
Lease expense	(2,388)			(2,317)				(7,100)			(6,961)
Total property operating expenses	(35,652)			(36,675)			(2.8)%	(106,261)			(112,451)			(5.5)%
NOI(1)	$	63,360		$	59,586		6.3%	$	186,043		$	176,296		5.5%

NOI margin (NOI / Total property revenue)	64.0		%	61.9		%		63.6		%	61.1		%


Same-property NOI(1)(2)
Property rentals	$	64,932		$	63,310			$	188,142		$	183,961
Tenant expense reimbursements	23,301			22,817				69,236			69,520
Rental revenue deemed collectible (uncollectible)	(96)			736				(867)			972
Total property revenue	88,137			86,863				256,511			254,453
Real estate taxes	(14,127)			(13,610)				(40,969)			(40,033)
Property operating	(14,140)			(14,320)				(41,043)			(44,986)
Lease expense	(2,622)			(2,544)				(7,773)			(7,634)
Total property operating expenses	(30,889)			(30,474)				(89,785)			(92,653)
Same-property NOI(1)(2)	$	57,248		$	56,389		1.5%	$	166,726		$	161,800		3.0%

NOI related to properties being redeveloped(2)	$	5,497		$	4,347			$	17,841		$	14,852
Same-property NOI including properties in redevelopment(1)	$	62,745		$	60,736		3.3%	$	184,567		$	176,652		4.5%

Same-property physical occupancy	91.5		%	89.7		%		91.5		%	89.5		%
Same-property leased occupancy	95.0		%	93.7		%		95.1		%	93.7		%
Number of properties included in same-property analysis	70							68

(1) NOI excludes non-cash revenue and expenses. Refer to page 8 for a reconciliation of net income to NOI and same-property NOI.

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


URBAN EDGE PROPERTIES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION for REAL ESTATE (EBITDAre)
For the three and nine months ended September 30, 2023 and 2022
(in thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Net income	$	37,540		$	11,465		$	27,957		$	33,008
Depreciation and amortization	26,922			24,343			77,519			73,561
Interest expense	17,932			14,344			49,351			41,056
Amortization of deferred financing costs	1,074			922			3,079			2,455
Income tax expense	17,063			646			17,810			2,262
Gain on sale of real estate	—			—			(356)			(353)
Real estate impairment loss	—			—			34,055			—
EBITDAre	100,531			51,720			209,415			151,989
Adjustments for Adjusted EBITDAre:

Transaction, severance and litigation expenses	325			674			1,724			1,806
Impact of property in foreclosure(1)	(316)			—			(316)			—
Gain on extinguishment of debt, net	(43,029)			—			(42,540)			—
Impact of tenant bankruptcies and write-off/reinstatement of intangibles	(7)			(102)			(351)			(271)



Adjusted EBITDAre	$	57,504		$	52,292		$	167,932		$	153,524

Interest expense	$	17,932		$	14,344		$	49,351		$	41,056

Adjusted EBITDAre to interest expense	3.2		x	3.6		x	3.4		x	3.7		x

Fixed charges
Interest expense	$	17,932		$	14,344		$	49,351		$	41,056
Scheduled principal amortization	5,484			4,260			15,474			13,132
Total fixed charges	$	23,416		$	18,604		$	64,825		$	54,188

Adjusted EBITDAre to fixed charges	2.5		x	2.8		x	2.6		x	2.8		x


URBAN EDGE PROPERTIES
FUNDS FROM OPERATIONS
For the three and nine months ended September 30, 2023
(in thousands, except per share amounts)


	Three Months Ended September 30, 2023				Nine Months Ended September 30, 2023
	(in thousands)		(per share)(2)		(in thousands)		(per share)(2)
Net income	$	37,540	$	0.31	$	27,957	$	0.23
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	133		—		516		—
Operating partnership	(1,555)		(0.01)		(1,211)		(0.01)
Net income attributable to common shareholders	36,118		0.30		27,262		0.22
Adjustments:
Rental property depreciation and amortization	26,569		0.22		76,590		0.63
Limited partnership interests in operating partnership(1)	1,555		0.01		1,211		0.01
Gain on sale of real estate(3)	—		—		(356)		—
Real estate impairment loss(4)	—		—		34,055		0.28
FFO applicable to diluted common shareholders	64,242		0.53		138,762		1.13
Adjustments to FFO:


Tax impact of Las Catalinas financing(7)	16,302		0.13		16,302		0.13
Impact of property in foreclosure(5)	1,148		0.01		1,921		0.02
Transaction, severance and litigation expenses	325		—		1,724		0.01
Impact of tenant bankruptcies and write-off/reinstatement of intangibles(6)	(7)		—		(351)		—


Income tax refund related to prior periods	—		—		(684)		(0.01)
Gain on extinguishment of debt, net(8)	(43,029)		(0.35)		(42,540)		(0.35)
FFO as Adjusted applicable to diluted common shareholders	$	38,981	$	0.32	$	115,134	$	0.94

Weighted average diluted shares used to calculate EPS	122,205				117,627
Assumed conversion of OP and LTIP Units to common shares	68				4,695
Weighted average diluted common shares - FFO	122,273				122,322

(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.

(3) The gain on sale of real estate for the nine months ended September 30, 2023 relates to the release of escrow funds from a property disposed of in a prior period.

(4) During the nine months ended September 30, 2023, the Company recognized an impairment charge reducing the carrying value of Kingswood Center, an office and retail property located in Brooklyn, NY.

(5) In April 2023, the Company notified the lender of its mortgage secured by Kingswood Center that the cash flows generated by the property are insufficient to cover the debt service and that the Company is unwilling to fund future shortfalls. As such, the Company defaulted on the loan and adjusted for the default interest incurred for the second quarter of 2023. In August 2023, the property was transferred to receivership and the Company's management agreement was terminated. As a result, the Company has no operational responsibility at the property and has no right to the underlying cash flows or obligations to fund operational or capital expenditures. The Company determined it is appropriate to exclude the operating results of Kingswood Center from FFO as Adjusted as we have no rights or obligations related to the property.

(6) Includes the acceleration and write-off of lease intangibles related to tenant bankruptcies, and the write-offs and reinstatements of receivables arising from the straight-lining of rents for tenants moved to and from the cash basis of accounting.

(7) Amount reflects the tax-related impact of the $43 million gain on extinguishment of debt related to the Las Catalinas loan refinancing that occurred in August 2023.

(8) The gain for the nine months ended September 30, 2023 is net of the $0.5 million loss recognized in the second quarter of 2023 for the early payoff of the Plaza at Cherry Hill loan.


URBAN EDGE PROPERTIES
MARKET CAPITALIZATION, DEBT RATIOS AND LIQUIDITY
As of September 30, 2023
(in thousands, except share amounts)


	September 30, 2023
Closing market price of common shares	$	15.26

Basic common shares	117,639,177
OP and LTIP units	5,218,642
Diluted common shares	122,857,819

Equity market capitalization	$	1,874,810


Total consolidated debt(1)	$	1,655,440
Cash and cash equivalents including restricted cash	(77,924)
Net debt	$	1,577,516

Net Debt to annualized Adjusted EBITDAre(2)	6.9		x

Total consolidated debt(1)	$	1,655,440
Equity market capitalization	1,874,810
Total market capitalization	$	3,530,250

Net debt to total market capitalization at applicable market price	44.7		%


Cash and cash equivalents including restricted cash	$	77,924
Available under unsecured credit facility(3)	775,692
Total liquidity	$	853,616

(1) Total consolidated debt excludes unamortized debt issuance costs of $12.1 million.

(2) Net debt to Adjusted EBITDAre is calculated based on third quarter 2023 annualized Adjusted EBITDAre.

(3) Availability is net of letters of credit issued. As of September 30, 2023, there were no outstanding borrowings under the Company's $800 million revolving credit agreement, which has a maturity date of February 9, 2027 with two six-month extension options. Subsequent to the quarter, the Company obtained a letter of credit for $2 million and provided it to a mortgage lender to secure its obligations for certain capital requirements per the loan agreement and used the line of credit to partially finance two acquisitions. As of the date of this release, the Company has $194 million drawn under the line of credit in conjunction with these acquisitions. These transactions have reduced the availability under the facility to $579.7 million.


URBAN EDGE PROPERTIES
ADDITIONAL DISCLOSURES
(in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Rental Revenue:
Property rentals(1)	$	76,770	$	72,843	$	224,827	$	217,179
Tenant expense reimbursements	25,298		24,665		77,084		77,186
Rental revenue deemed collectible (uncollectible)	(336)		667		(2,052)		680
Total rental revenue	$	101,732	$	98,175	$	299,859	$	295,045

Composition of Rental Revenue for the Quarter Ended September 30, 2023


(in thousands)	Three Months Ended September 30, 2023
Collected property rentals and tenant expense reimbursements from third quarter billings	$	92,729
Uncollected property rentals and tenant expense reimbursements from third quarter billings
Uncollectible	972
Collectible	3,754
Total property rentals and tenant expense reimbursements before non-cash adjustments from third quarter billings(2)	97,455
Non-cash adjustments(3)	4,613
Rental revenue deemed uncollectible	(336)
Total rental revenue recognized	$	101,732

Composition of Rental Revenue Deemed (Collectible) Uncollectible


(in thousands)	Three Months Ended September 30, 2023
Rental revenue deemed (collectible) uncollectible
Amounts billed in third quarter deemed uncollectible	$	972
Amounts billed prior to third quarter now deemed uncollectible	62
Recovery of amounts deemed uncollectible in prior periods	(698)
Total rental revenue deemed uncollectible(4)	$	336

Tenant and Other Receivables


	As of September 30, 2023
(in thousands)
Tenant and other receivables billed	$	26,689
Revenue deemed uncollectible	(10,866)
Tenant and other receivables deemed collectible	$	15,823

(1) Percentage rents for the three and nine months ended September 30, 2023 were $1.3 million and $2.4 million, respectively, and $1.0 million and $2.6 million for the same periods in 2022.

(2) Total third quarter billings include $1.9 million of gross amounts billed for leases with rental revenue being recognized on a cash-basis. As of September 30, 2023, the Company had 59 leases with rental revenue being recognized on a cash-basis, which represented approximately 2.7% of total portfolio ABR.

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

(4) Rental revenue deemed uncollectible pertaining to cash basis tenants was a reduction to revenue of $0.2 million consisting of $0.6 million of charges, offset by $0.4 million of amounts recovered in the quarter.


URBAN EDGE PROPERTIES
ADDITIONAL DISCLOSURES
(in thousands)

Status of Rent Deferrals

As of September 30, 2023, the Company has executed or approved deferral agreements amounting to $10.1 million with a weighted average remaining payback period of 21 months and has collected 99% of the deferral payments due:


	As of September 30, 2023
(in thousands)	Unbilled(1)		Rebilled and Collected		Rebilled and Uncollected		Total(8)
Accrual basis(2)	$	—	$	8,307	$	26	$	8,333
Cash basis	405		1,264		51		1,720
Total	$	405	$	9,571	$	77	$	10,053


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Certain Non-Cash Items:
Straight-line rents(3)	$	1,075	$	465	$	2,786	$	1,522
Amortization of below-market lease intangibles, net(3)	1,702		1,555		5,184		5,062
Lease expense GAAP adjustments(4)	(55)		(98)		(198)		(296)
Amortization of deferred financing costs(5)	(1,074)		(922)		(3,079)		(2,455)
Capitalized interest(5)	2,837		2,232		8,378		5,922
Share-based compensation expense(6)	(1,814)		(2,580)		(6,023)		(7,677)

Capital Expenditures:(7)
Development and redevelopment costs	$	23,241	$	18,606	$	63,860	$	57,515
Maintenance capital expenditures	5,568		7,398		17,230		15,636
Leasing commissions	2,248		237		3,309		899
Tenant improvements and allowances	634		888		3,464		1,839
Total capital expenditures	$	31,691	$	27,129	$	87,863	$	75,889


	September 30, 2023		December 31, 2022
Accounts Payable, Accrued Expenses and Other Liabilities:
Deferred tenant revenue	$	30,329	$	28,468
Accrued capital expenditures and leasing costs	19,555		35,732
Accrued interest payable	9,065		10,789
Other liabilities and accrued expenses	12,481		6,939
Security deposits	8,305		8,048
Accrued payroll expenses	7,257		9,527
Finance lease liability	3,025		3,016
Total accounts payable, accrued expenses and other liabilities	$	90,017	$	102,519

(1) Unbilled amounts are for rent deferrals which have been executed or approved but are not yet due based on the repayment terms.

(2) Includes vacated and inactive tenants.

(3) Amounts included in the financial statement line item "Rental revenue" on the consolidated statements of income. During the nine months ended September 30, 2023, the Company wrote-off $0.2 million of receivables arising from the straight-lining of rents, net of reinstatements for tenants moved to cash basis accounting. During the three and nine months ended September 30, 2022, the company reinstated $0.1 million and $0.2 million, respectively, of receivables arising from the straight-lining of rents, net of write-offs for tenants moved back to accrual basis accounting.

(4) 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.

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

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

(7) Amounts presented on a cash basis.

(8) During the quarter, the Company executed an amendment with a tenant to forgive their remaining deferred rents, reducing the total deferral amount by $1.7 million.


URBAN EDGE PROPERTIES
TENANT CONCENTRATION - TOP TWENTY-FIVE TENANTS
As of September 30, 2023



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	%	$	16,103,093	5.5	%	$	19.91	12.4
The TJX Companies(2)	20	616,400	3.6	%	12,989,278		4.4	%	21.07		4.8
Lowe's Companies	6	976,415	5.7	%	8,946,256		3.1	%	9.16		4.3
Kohl's	8	767,345	4.5	%	8,560,023		2.9	%	11.16		7.0
Best Buy	8	359,551	2.1	%	8,394,123		2.9	%	23.35		4.7
Walmart	5	708,435	4.2	%	7,479,449		2.6	%	10.56		4.7
Burlington	7	415,828	2.4	%	7,296,525		2.5	%	17.55		5.3
ShopRite	5	361,683	2.1	%	6,531,256		2.2	%	18.06		11.5
PetSmart	10	228,869	1.3	%	5,843,768		2.0	%	25.53		3.1
BJ's Wholesale Club	4	454,297	2.7	%	5,808,618		2.0	%	12.79		6.6
Ahold Delhaize (Stop & Shop)	5	362,696	2.1	%	5,454,430		1.9	%	15.04		5.5
Target Corporation	3	335,937	2.0	%	5,290,952		1.8	%	15.75		9.1
LA Fitness	6	287,420	1.7	%	5,053,088		1.7	%	17.58		6.0
Gap(3)	11	166,032	1.0	%	4,720,363		1.6	%	28.43		2.3
Amazon(4)	3	145,279	0.9	%	4,717,885		1.6	%	32.47		7.5
Dick's Sporting Goods	4	185,910	1.1	%	3,274,778		1.1	%	17.61		7.6
Bob's Discount Furniture	4	170,931	1.0	%	3,251,494		1.1	%	19.02		5.5
Staples	7	146,055	0.9	%	3,170,351		1.1	%	21.71		2.3
24 Hour Fitness	1	53,750	0.3	%	2,700,000		0.9	%	50.23		8.3
Anthropologie	1	31,450	0.2	%	2,531,725		0.9	%	80.50		5.0
Planet Fitness	5	101,046	0.6	%	2,495,296		0.9	%	24.69		7.3
Raymour & Flanigan	4	215,254	1.3	%	2,370,497		0.8	%	11.01		5.0
Nordstrom	2	66,561	0.4	%	2,345,180		0.8	%	35.23		8.8
Best Way Trucking	1	186,855	1.1	%	2,288,974		0.8	%	12.25		4.5
Five Below	7	65,755	0.4	%	1,928,384		0.7	%	29.33		6.2

Total/Weighted Average	143	8,218,680	48.3%		$	139,545,786	47.8%		$	16.98	6.5

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

(2) Includes Marshalls (13), T.J. Maxx (3), HomeGoods (3) and Homesense (1).

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

(4) Includes Whole Foods (2) and Amazon Fresh (1).

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.


URBAN EDGE PROPERTIES
LEASING ACTIVITY
For the three and nine months ended September 30, 2023


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
	GAAP(2)			Cash(1)			GAAP(2)			Cash(1)
New Leases
Number of new leases executed	17			17			42			42
Total square feet	113,399			113,399			252,603			252,603
Number of same space leases	13			13			30			30
Same space square feet	83,377			83,377			197,626			197,626
Prior rent per square foot	$	26.95		$	29.59		$	25.67		$	27.33
New rent per square foot	$	39.71		$	37.14		$	33.59		$	31.25
Same space weighted average lease term (years)	10.3			10.3			9.9			9.9
Same space TIs per square foot	N/A			$	26.69		N/A			$	25.99
Rent spread	47.3		%	25.5		%	30.9		%	14.3		%

Renewals & Options
Number of leases executed	29			29			81			81
Total square feet	454,365			454,365			1,106,711			1,106,711
Number of same space leases	29			29			81			81
Same space square feet	454,365			454,365			1,106,711			1,106,711
Prior rent per square foot	$	23.52		$	23.52		$	23.19		$	23.19
New rent per square foot	$	26.35		$	25.75		$	25.50		$	25.13
Same space weighted average lease term (years)	7.0			7.0			5.7			5.7
Same space TIs per square foot	N/A			$	10.28		N/A			$	4.22
Rent spread	12.0		%	9.5		%	10.0		%	8.4		%

Total New Leases and Renewals & Options
Number of leases executed	46			46			123			123
Total square feet	567,764			567,764			1,359,314			1,359,314
Number of same space leases	42			42			111			111
Same space square feet	537,742			537,742			1,304,337			1,304,337
Prior rent per square foot	$	24.05		$	24.46		$	23.56		$	23.82
New rent per square foot	$	28.42		$	27.52		$	26.73		$	26.06
Same space weighted average lease term (years)	7.5			7.5			6.3			6.3
Same space TIs per square foot	N/A			$	12.82		N/A			$	7.52
Rent spread	18.2		%	12.5		%	13.5		%	9.4		%

(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.


URBAN EDGE PROPERTIES
LEASES EXECUTED BUT NOT YET RENT COMMENCED
As of September 30, 2023

The Company has signed leases that have not yet rent commenced that are expected to generate an incremental $27.2 million of future annual gross rent, representing approximately 11% of annualized NOI as of September 30, 2023. Approximately $20.8 million of this amount pertains to leases included in Active Redevelopment Projects on page 30. National, regional and industrial tenants represent approximately 80% of the leased but not yet rent commenced pipeline. We expect to recognize approximately $1.0 million of these future gross rents in the fourth quarter of 2023. The below table illustrates the incremental gross rent expected to be recognized in the next 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 2023 same-property pool, are as follows:


(in thousands)	2023		2024		2025		2026
Same-property	$	800	$	11,400	$	16,500	$	16,800

The below table summarizes the changes in annualized gross rent from leases executed but not yet rent commenced since June 30, 2023:


(in thousands)	Annualized Gross Rent
Leases executed but not yet rent commenced as of June 30, 2023	$	27,900
Less: Leases commenced during the third quarter	(2,800)
Less: Lease termination during the third quarter(1)	(3,500)
Plus: Leases executed during the third quarter	4,400
Plus: Leases executed in prior periods, not previously reported(2)	1,200
Leases executed but not yet rent commenced as of September 30, 2023	$	27,200

(1) Represents the annual gross rent from a terminated lease which was previously included.

(2) Represents incremental gross rents from previously executed leases on spaces vacant in the third quarter and not included in the June 30, 2023 balance.


URBAN EDGE PROPERTIES
RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE
As of September 30, 2023


	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	26,000	0.2%	$	9.84	26	63,000	2.5%	$	27.52	27	89,000	0.6%		$	22.36
2023	4	148,000	1.2%	20.65		15	46,000	1.8%	34.34		19	194,000	1.3%		23.89
2024	18	589,000	4.9%	16.80		62	169,000	6.8%	37.97		80	758,000	5.2%		21.52
2025	27	1,060,000	8.8%	16.09		71	227,000	9.1%	38.06		98	1,287,000	8.9%		19.97
2026	20	663,000	5.5%	18.62		83	274,000	11.0%	37.53		103	937,000	6.5%		24.15
2027	23	862,000	7.2%	13.21		81	280,000	11.2%	34.04		104	1,142,000	7.9%		18.32
2028	26	980,000	8.2%	21.14		68	235,000	9.4%	41.39		94	1,215,000	8.4%		25.06
2029	45	1,943,000	16.2%	19.59		61	229,000	9.2%	40.67		106	2,172,000	15.0%		21.81
2030	18	1,138,000	9.5%	12.81		29	103,000	4.1%	48.06		47	1,241,000	8.6%		15.73
2031	15	955,000	8.0%	15.57		19	70,000	2.8%	34.56		34	1,025,000	7.1%		16.86
2032	8	262,000	2.2%	15.57		41	140,000	5.6%	33.41		49	402,000	2.8%		21.78
2033	16	599,000	5.0%	14.66		33	110,000	4.4%	38.44		49	709,000	4.9%		18.35
Thereafter	38	2,215,000	18.5%	18.05		46	183,000	7.5%	37.44		84	2,398,000	16.5%		19.53
Subtotal/Average	259	11,440,000	95.4%	$	17.05	635	2,129,000	85.4%	$	37.74	894	13,569,000	93.7	%	$	20.30
Vacant	18	550,000	4.6%	N/A		145	364,000	14.6%	N/A		163	914,000	6.3	%	N/A
Total/Average	277	11,990,000	100.0%	N/A		780	2,493,000	100.0%	N/A		1,057	14,483,000	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 132,000 sf of self-storage space. The average base rent for our 1,345,000 square-foot warehouse properties (excluded from the table above) is $9.00 per square foot as of September 30, 2023.


URBAN EDGE PROPERTIES
RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE ASSUMING EXERCISE OF ALL OPTIONS
As of September 30, 2023


	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	26,000	0.2%		$	9.84	26	63,000	2.5%		$	27.52	27	89,000	0.6%		$	22.36
2023	3	84,000	0.7%		22.56		11	35,000	1.4%		34.25		14	119,000	0.8%		26.00
2024	6	154,000	1.3%		19.19		52	137,000	5.5%		39.60		58	291,000	2.0%		28.79
2025	10	286,000	2.4%		20.91		44	127,000	5.1%		42.01		54	413,000	2.9%		27.40
2026	6	103,000	0.9%		24.25		45	131,000	5.3%		43.32		51	234,000	1.6%		34.93
2027	3	42,000	0.4%		23.74		40	114,000	4.6%		32.25		43	156,000	1.1%		29.96
2028	4	201,000	1.7%		17.94		41	119,000	4.8%		42.63		45	320,000	2.2%		27.12
2029	13	372,000	3.1%		24.10		31	97,000	3.9%		45.32		44	469,000	3.2%		28.49
2030	11	301,000	2.5%		21.05		28	94,000	3.8%		42.72		39	395,000	2.7%		26.20
2031	11	291,000	2.4%		23.16		28	80,000	3.2%		41.27		39	371,000	2.6%		27.06
2032	6	239,000	2.0%		18.26		29	93,000	3.7%		39.10		35	332,000	2.3%		24.10
2033	14	452,000	3.8%		28.74		21	64,000	2.6%		59.53		35	516,000	3.6%		32.56
Thereafter	171	8,889,000	74.0%		24.63		239	975,000	39.0%		47.36		410	9,864,000	68.1%		26.88
Subtotal/Average	259	11,440,000	95.4	%	$	24.17	635	2,129,000	85.4	%	$	43.93	894	13,569,000	93.7	%	$	27.27
Vacant	18	550,000	4.6%		N/A		145	364,000	14.6%		N/A		163	914,000	6.3	%	N/A
Total/Average	277	11,990,000	100.0%		N/A		780	2,493,000	100.0%		N/A		1,057	14,483,000	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 132,000 sf of self-storage space. 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 $10.83 per square foot as of September 30, 2023.


URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of September 30, 2023
(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 (Mt. Diablo)(4)	7,000	100.0%	$69.26	—	Sweetgreen
Walnut Creek (Olympic)	31,000	100.0%	80.50	—	Anthropologie
Connecticut:
Newington Commons	189,000	90.0%	9.50	$15,968	Walmart, Staples
Maryland:
Goucher Commons	155,000	92.5%	26.45	—	Sprouts, HomeGoods, Five Below, Ulta, Kirkland's, DSW, Golf Galaxy (lease not commenced)
Rockville Town Center	98,000	100.0%	16.47	—	Regal Entertainment Group
Wheaton (leased through 2060)(3)	66,000	100.0%	18.35	—	Best Buy
Woodmore Towne Centre	712,000	98.4%	18.15	$117,200	Costco, Wegmans, At Home, Best Buy, LA Fitness, Nordstrom Rack
Massachusetts:
Cambridge (leased through 2033)(3)	48,000	100.0%	28.06	—	PetSmart, Central Rock
The Shops at Riverwood	79,000	100.0%	24.95	$21,410	Price Rite, Planet Fitness, Goodwill
Wonderland Marketplace	140,000	100.0%	14.05	—	Big Lots, Planet Fitness, Marshalls, Get Air
Missouri:
Manchester Plaza	131,000	100.0%	11.91	$12,500	Pan-Asia Market, Academy Sports, Bob's Discount Furniture
New Hampshire:
Salem (leased through 2102)(3)	39,000	100.0%	10.40	—	Fun City
New Jersey:
Bergen Town Center - East	253,000	93.8%	22.39	—	Lowe's, Best Buy, REI
Bergen Town Center - West	1,028,000	93.6%	31.66	$290,000	Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's
Briarcliff Commons	180,000	91.7%	24.72	—	Uncle Giuseppe's, Kohl's
Brick Commons	273,000	98.7%	21.07	$47,924	ShopRite, Kohl's, Marshalls, Old Navy
Brunswick Commons	427,000	100.0%	15.16	$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	90.0%	25.20	—	Stop & Shop
Garfield Commons	298,000	100.0%	16.14	$39,783	Walmart, Burlington, Marshalls, PetSmart, Ulta
Greenbrook Commons	170,000	97.6%	18.20	$25,194	BJ's Wholesale Club, Aldi (lease not commenced)
Hackensack Commons	275,000	98.6%	25.80	$66,400	The Home Depot, 99 Ranch, Staples, Petco
Hanover Commons	343,000	98.8%	21.60	$61,613	The Home Depot, Dick's Sporting Goods, Saks Off 5th, Marshalls
Hazlet	95,000	100.0%	3.96	—	Stop & Shop(5)
Hudson Commons	236,000	100.0%	14.02	$27,068	Lowe's, P.C. Richard & Son
Hudson Mall	381,000	83.0%	18.36	$20,797	Marshalls, Big Lots, Retro Fitness, Staples, Old Navy
Kearny Commons	121,000	100.0%	24.47	—	LA Fitness, Marshalls, Ulta
Kennedy Commons	62,000	100.0%	15.56	—	Food Bazaar
Lodi Commons	43,000	100.0%	20.52	—	Dollar Tree
Manalapan Commons	200,000	80.9%	22.13	—	Best Buy, Raymour & Flanigan, PetSmart, Avalon Flooring, Atlantic Health (lease not commenced)
Marlton Commons	214,000	100.0%	16.69	$36,896	ShopRite, Kohl's, PetSmart


URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of September 30, 2023
(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
Millburn	104,000	89.5%	28.96	$22,137	Trader Joe's, CVS, PetSmart
Montclair	18,000	100.0%	32.00	$7,250	Whole Foods Market
Paramus (leased through 2033)(3)	63,000	100.0%	49.97	—	24 Hour Fitness
Plaza at Cherry Hill	417,000	83.1%	15.34	—	Aldi, Total Wine, LA Fitness, Raymour & Flanigan, Guitar Center, Sam Ash Music
Plaza at Woodbridge	331,000	81.2%	19.92	$52,614	Best Buy, Raymour & Flanigan, Lincoln Tech, UFC Gym (lease not commenced), and buybuy Baby
Rockaway River Commons	189,000	96.8%	15.25	$26,897	ShopRite, T.J. Maxx
Rutherford Commons	196,000	100.0%	13.30	$23,000	Lowe's
Stelton Commons (leased through 2039)(3)	56,000	100.0%	21.77	—	Staples, Party City
Tonnelle Commons	410,000	100.0%	21.96	$97,561	BJ's Wholesale Club, Walmart, PetSmart
Totowa Commons	271,000	58.9%	22.76	$50,800	The Home Depot, Staples
Town Brook Commons	231,000	96.1%	13.31	$30,380	Stop & Shop, Kohl's
Union (Vauxhall)	232,000	100.0%	17.85	$45,403	The Home Depot
West Branch Commons	279,000	98.7%	16.14	—	Lowe's, Burlington
West End Commons	241,000	100.0%	11.80	$24,314	Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis
Woodbridge Commons	225,000	100.0%	13.55	$22,100	Walmart, Dollar Tree, Advance Auto Parts
New York:
Amherst Commons	311,000	80.3%	10.55	—	BJ's Wholesale Club, Burlington, LA Fitness
Bruckner Commons(6)	394,000	76.1%	35.51	—	ShopRite, Burlington, Target (lease not commenced)
Shops at Bruckner(6)	113,000	100.0%	39.04	$37,892	Marshalls, Old Navy, Five Below, Aldi (lease not commenced)
Burnside Commons	100,000	89.3%	17.32	—	Bingo Wholesale (lease not commenced)
Cross Bay Commons	44,000	95.8%	40.65	—	Northwell Health
Dewitt (leased through 2041)(3)	46,000	100.0%	19.36	—	Best Buy
Forest Commons	165,000	96.6%	24.94	—	Western Beef, Planet Fitness, Advance Auto Parts, NYC Public School
Freeport Commons	173,000	100.0%	26.32	$43,100	The Home Depot, Staples
Gun Hill Commons	81,000	100.0%	37.83	$23,819	Aldi, Planet Fitness
Henrietta Commons (leased through 2056)(3)	165,000	97.9%	4.64	—	Kohl's
Huntington Commons	208,000	94.6%	21.30	—	ShopRite, Marshalls, Old Navy, Petco, Burlington (lease not commenced)
Kingswood Center(6)	129,000	73.5%	26.61	$69,274	T.J. Maxx
Kingswood Crossing	107,000	84.4%	44.42	—	Target, Marshalls, Maimonides Medical, Visiting Nurse Service of NY (lease not commenced)
Meadowbrook Commons (leased through 2040)(3)	44,000	100.0%	22.31	—	Bob's Discount Furniture
Mount Kisco Commons	189,000	100.0%	17.62	$11,268	Target, Stop & Shop
New Hyde Park (leased through 2029)(3)	101,000	100.0%	21.93	—	Stop & Shop
Yonkers Gateway	448,000	93.8%	19.16	$23,617	Burlington, Marshalls, Homesense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema


URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of September 30, 2023
(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:
Broomall Commons(6)	168,000	75.8%	16.40	—	Amazon Fresh, Planet Fitness, PetSmart, Nemours Children's Hospital
Lincoln Plaza	228,000	100.0%	5.27	—	Lowe's, Community Aid, Mattress Firm
MacDade Commons	102,000	100.0%	12.96	—	Walmart
Marten Commons	185,000	96.6%	14.89	—	Kohl's, Ross Dress for Less, Staples, Petco
Springfield (leased through 2025)(3)	41,000	100.0%	25.29	—	PetSmart
Wilkes-Barre Commons	184,000	100.0%	12.95	—	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%	15.96	—	Best Buy
Virginia:
Norfolk (leased through 2069)(3)	114,000	100.0%	7.79	—	BJ's Wholesale Club
Puerto Rico:
Las Catalinas Mall	356,000	90.5%	29.53	$82,000	Sector Sixty6 (lease not commenced), Forever 21, Old Navy
The Outlets at Montehiedra(6)	531,000	94.8%	21.26	$76,087	The Home Depot, Marshalls, Caribbean Cinemas, Tiendas Capri, Old Navy, Ralph's Food Warehouse (lease not commenced), T.J. Maxx (lease not commenced), Burlington (lease not commenced)
Total Retail Portfolio	14,483,000	93.7%	$20.30	$1,615,266
INDUSTRIAL:
East Hanover Warehouses	1,218,000	100.0%	8.58	$40,174	J & J Tri-State Delivery, Foremost Groups, PCS Wireless, Fidelity Paper & Supply, Decker Tape, Givaudan Flavors, Reliable Tire, Nutra-Med, Bestway Trucking
Lodi Route 17	127,000	100.0%	12.97	—	AAA Wholesale Group
Total Industrial	1,345,000	100.0%	$9.00	$40,174

Sunrise Mall (leased through 2069)(4)(6)	1,228,000	33.4%	10.46	—	Macy's, Dick's Sporting Goods, Dave & Buster's, Raymour & Flanigan, Home Goods

Total Urban Edge Properties	17,056,000	89.8%	$19.04	$1,655,440

(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 $22.37 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 September 30, 2023 and 2022, respectively.

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


URBAN EDGE PROPERTIES
PROPERTY ACQUISITIONS AND DISPOSITIONS
For the nine months ended September 30, 2023
(dollars in thousands)

2023 Property Acquisitions:

Date Acquired

Property Name

City

State

GLA

Price

6/21/2023

Sunrise Mall (Ground Lease)(1)

Massapequa

—

2,000

2023 Property Dispositions:

None.

(1) Pertains to the buyout and termination of a ground lease for certain land parcels at our Sunrise Mall property in which the Company previously held a lessee position.


URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of September 30, 2023
(in thousands, except square footage data)


Active Projects	Estimated Gross Cost(1)			Incurred as of 9/30/23		Target Stabilization(2)	Description and Status
Bruckner Commons(5)	$	38,700		$	15,800	2Q25	Retenanting former Kmart box with Target
Las Catalinas(3)	14,000			13,500		4Q23	Retenanting former Kmart box with Sector Sixty6
Huntington Commons (Phase B)(3)	13,300			9,200		2Q24	Backfilling the relocated Marshalls box with Burlington, as well as additional center repositioning and renovations
The Outlets at Montehiedra (Phase C)(5)	12,600			1,200		3Q24	Demising and retenanting former Kmart box with Ralph's Food Warehouse and Urology Hub
Shops at Bruckner (Phase B)(5)	11,300			10,500		4Q23	Retenanting with Aldi and Lot Less
Hudson Mall(3)	9,700			6,100		1Q25	Retenanting former Toys "R" Us box
Manalapan Commons (Phase B)(3)	7,500			—		3Q25	Backfilling vacant Bed Bath & Beyond with 25,000± sf Nordstrom Rack and remaining 12,000± sf
The Outlets at Montehiedra (Phase E)(5)	7,400			—		2Q25	Backfilling Tiendas Capri with 33,000 sf Burlington
Marlton Commons(3)	7,300			1,500		1Q25	Redeveloping Friendly's with new 10,700± sf multi-tenant pad (First Watch and Cava executed)
Burnside Commons(3)	6,900			3,600		1Q24	Retenanting anchor vacancy with Bingo Wholesale
The Outlets at Montehiedra (Phase D)(5)	6,800			200		3Q24	Retenanting 24,000 sf of vacant Kmart box with T.J. Maxx
Kingswood Crossing(3)	5,100			100		1Q25	Backfilling 21,000 sf vacancy with Visiting Nurse Service of NY
Brick Commons(3)	4,500			1,400		3Q24	Replacing Santander Bank with two quick service restaurants (Shake Shack and First Watch executed)
Huntington Commons (Phase C)(3)	4,200			3,100		1Q24	Redemising former Outback to create three small shop spaces (Cycle Bar, GolfTec and IStretch+ executed)
Walnut Creek(3)	3,500			2,200		2Q24	Retenanting former Z Gallerie with Sweetgreen (open) and Ronbow
Goucher Commons(3)	3,100			1,000		4Q23	Backfilling 22,000± sf Staples box with Golf Galaxy
Briarcliff Commons (Phase B)(3)	2,900			2,900		4Q23	Developing new 4,000± sf pad for CityMD
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			900		1Q24	Retenanting end cap space with Wren Kitchens
Bergen Town Center (Phase C)(3)	1,700			100		1Q25	Backfilling vacant restaurant space with Ani Ramen and retenanting former Qdoba with Bluestone Lane
Manalapan Commons (Phase A)(3)	1,600			100		4Q24	Backfilling vacant A.C. Moore space with 18,000 sf Atlantic Health
Plaza at Cherry Hill (Phase B)(3)	1,300			700		4Q23	Backfilling 25,000 sf vacancy with Savers Thrift
Greenbrook Commons(3)	1,200			500		2Q24	Backfilling Unique Thrift with Aldi
Total	$	168,500	(4)	$	74,700

(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 31. 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 September 30, 2023.

(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 September 30, 2023.


URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of September 30, 2023
(in thousands, except square footage data)


Completed Projects	Estimated Gross Cost(1)			Incurred as of 9/30/23		Stabilization(2)	Description
East Hanover Warehouses (Phase A)(3)	$	3,300		$	2,900	3Q23	Retenanted 187,000 sf of warehouse space with Bestway Trucking Service
East Hanover Warehouses (Phase B)(3)	2,800			2,100		3Q23	Retenanted 99,000 sf vacancy with Decker Tape
The Outlets at Montehiedra (Phase A)(6)	10,600			10,300		2Q23	Constructed new 14,000 sf building for Walgreens and Global Mattress and new 3,000 sf pad for Arby's
Broomall Commons (Phase B)(6)	4,100			4,100		2Q23	Retenanted 19,000 sf Giant Food space with Nemours Children's Health
Plaza at Cherry Hill (Phase A)(3)	2,800			2,500		2Q23	Relocated and expanded Total Wine
Mount Kisco Commons(3)	3,100			2,800		1Q23	Converted former sit-down restaurant into Chipotle and Dunkin'
Bergen Town Center (Phase A)(3)	25,600			25,500		4Q22	Retenanted former Century 21 box with Kohl's
Huntington Commons (Phase A)(3)	23,000			23,000		4Q22	Retenanted former Kmart box with ShopRite and Marshalls
Kearny Commons(3)	11,900			11,700		4Q22	Expanded by 22,000 sf to accommodate a 10,000 sf Ulta and small shops as well as added a freestanding Starbucks
Shops at Bruckner (Phase A)(6)	5,000			4,100		4Q22	Relocated Jimmy Jazz to former Carter's space and retenanted former Jimmy Jazz and Danice spaces with Five Below; renovated façade and upgraded common areas

Total	$	92,200	(4)	$	89,000


Future Redevelopment(5)	Location	Opportunity
Bergen Town Center(3)	Paramus, NJ	Develop a mix of uses including residential, and/or office; common area improvements and enhancements to improve merchandising
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
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 September 30, 2023.

(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 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 September 30, 2023.


URBAN EDGE PROPERTIES
DEBT SUMMARY
As of September 30, 2023 and December 31, 2022
(in thousands)


	September 30, 2023			December 31, 2022
Secured fixed rate debt	$	1,526,745		$	1,540,293
Secured variable rate debt	128,695			159,198
Total debt	$	1,655,440		$	1,699,491

% Secured fixed rate debt	92.2		%	90.6		%
% Secured variable rate debt	7.8		%	9.4		%
Total	100		%	100		%


Secured mortgage debt	$	1,655,440		$	1,699,491
Unsecured debt(1)	—			—
Total debt	$	1,655,440		$	1,699,491

% Secured mortgage debt	100		%	100		%
% Unsecured mortgage debt	—			—
Total	100		%	100		%

Weighted average remaining maturity on secured mortgage debt	5.2 years			4.1 years
Weighted average remaining maturity on unsecured debt	N/A			N/A


Total market capitalization (see page 18)	$	3,530,250

% Secured mortgage debt	46.9		%
% Unsecured debt	—		%
Total debt: Total market capitalization	46.9		%


Weighted average interest rate on secured mortgage debt(2)	4.93		%	4.28		%

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

(1) The Company has three letters of credit outstanding under our unsecured $800 million line of credit in the aggregate amount of $24.3 million, reducing the amount available to $775.7 million. The letters of credit were obtained to serve as collateral to secure certain obligations to the lenders in connection with the refinancing of the Bergen Town Center and Shops at Bruckner mortgages. As of September 30, 2023, the letters remain undrawn and no separate liability has been recorded. The agreement has a maturity date of February 9, 2027 with two six-month extension options. Borrowings under the agreement bear interest at the Secured Overnight Financing Rate ("SOFR") 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. Subsequent to the quarter, the Company obtained a letter of credit for $2 million and provided it to a mortgage lender to secure its obligations for certain capital requirements per the loan agreement and used the line of credit to partially finance two acquisitions. As of the date of this release, the Company has $194 million drawn under the line of credit in conjunction with these acquisitions. These transactions have reduced the availability under the facility to $579.7 million.

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


URBAN EDGE PROPERTIES
MORTGAGE DEBT SUMMARY
As of September 30, 2023 and December 31, 2022
(dollars in thousands)


Property	Maturity Date	Rate		September 30, 2023		December 31, 2022		Percent of Mortgage Debt at September 30, 2023
Hudson Mall	12/1/2023	5.07	%	$	20,797	$	21,380	1.3	%
Yonkers Gateway Center	4/6/2024	4.16	%	23,617		24,996		1.4	%
Hudson Commons(1)	11/15/2024	7.33	%	27,068		27,482		1.6	%
Greenbrook Commons(1)	11/15/2024	7.33	%	25,194		25,581		1.5	%
Gun Hill Commons(1)	12/1/2024	7.33	%	23,819		24,188		1.4	%
Brick Commons	12/10/2024	3.87	%	47,924		48,636		2.9	%
Plaza at Cherry Hill(2)	6/15/2025	—	%	—		29,000		—	%
West End Commons	12/10/2025	3.99	%	24,314		24,658		1.5	%
Town Brook Commons	12/1/2026	3.78	%	30,380		30,825		1.8	%
Rockaway River Commons	12/1/2026	3.78	%	26,897		27,291		1.6	%
Hanover Commons	12/10/2026	4.03	%	61,613		62,453		3.7	%
Tonnelle Commons	4/1/2027	4.18	%	97,561		98,870		5.9	%
Manchester Plaza	6/1/2027	4.32	%	12,500		12,500		0.8	%
Millburn Gateway Center	6/1/2027	3.97	%	22,137		22,489		1.3	%
Plaza at Woodbridge(3)	6/8/2027	5.26	%	52,614		52,947		3.2	%
Totowa Commons	12/1/2027	4.33	%	50,800		50,800		3.1	%
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	%
Kingswood Center(5)	2/6/2028	5.07	%	69,274		69,935		4.2	%
Hackensack Commons	3/1/2028	4.36	%	66,400		66,400		4.0	%
East Hanover Warehouses(8)	12/1/2028	4.09	%	40,174		40,700		2.4	%
Marlton Commons	12/1/2028	3.86	%	36,896		37,400		2.2	%
Union (Vauxhall)	12/10/2028	4.01	%	45,403		45,600		2.7	%
Shops at Riverwood	6/24/2029	4.25	%	21,410		21,466		1.3	%
Shops at Bruckner(6)	7/1/2029	6.00	%	37,892		9,020		2.3	%
Freeport Commons	12/10/2029	4.07	%	43,100		43,100		2.6	%
Bergen Town Center	4/10/2030	6.30	%	290,000		300,000		17.6	%
The Outlets at Montehiedra	6/1/2030	5.00	%	76,087		77,531		4.6	%
Montclair(4)	8/15/2030	3.15	%	7,250		7,250		0.4	%
Garfield Commons	12/1/2030	4.14	%	39,783		40,300		2.4	%
Woodmore Towne Centre	1/6/2032	3.39	%	117,200		117,200		7.1	%
Newington Commons	7/1/2033	6.00	%	15,968		—		1.0	%
Las Catalinas Mall(7)	8/1/2033	6.60	%	82,000		119,633		5.0	%
Mount Kisco Commons	11/15/2034	6.40	%	11,268		11,760		0.7	%
Total mortgage debt		4.93	%	$	1,655,440	$	1,699,491	100.0	%
Unamortized debt issuance costs				(12,107)		(7,801)
Total mortgage debt, net				$	1,643,333	$	1,691,690

(1)Bears interest at one month SOFR plus 200 bps.

(2)The Company paid off the loan prior to maturity on June 23, 2023.

(3)Bears interest at one month 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%, which expires July 1, 2025.

(4)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.

(5)In April 2023, the Company notified the servicer that the cash flows generated by the property are insufficient to cover the debt service and that it is unwilling to fund the shortfalls. In May 2023, the mortgage was transferred to special servicing at the Company's request.

(6)On June 23, 2023, the Company refinanced the mortgage on our Shops at Bruckner property with a new 6-year, $38 million loan.

(7)On August 30, 2023, the Company refinanced the mortgage on our Las Catalinas Mall property with a new 10-year, $82 million loan.

(8)On October 20, 2023, the Company completed the sale of East Hanover Warehouses for $217.5 million and used the proceeds to pay off the loan secured by the property at closing.


URBAN EDGE PROPERTIES
DEBT MATURITY SCHEDULE
As of September 30, 2023
(dollars in thousands)



Year	Amortization		Balloon Payments		Premium/(Discount) Amortization		Total		Weighted Average Interest rate at maturity	Percent of Debt Maturing
2023(1)	$	4,511	$	20,647	$	288	$	25,446	5.0%	1.5	%
2024	17,332		143,706		847		161,885		5.6%	9.8	%
2025	16,211		23,260		811		40,282		4.3%	2.4	%
2026	16,335		111,228		811		128,374		4.0%	7.8	%
2027	11,882		306,780		811		319,473		4.4%	19.3	%
2028	10,795		264,822		15		275,632		4.4%	16.7	%
2029	8,217		92,556		(60)		100,713		4.9%	6.1	%
2030	5,552		391,042		(60)		396,534		5.9%	24.0	%
2031	3,741		—		(60)		3,681		6.5%	0.2	%
Thereafter	8,304		195,294		(178)		203,420		4.7%	12.3	%
Total	$	102,880	$	1,549,335	$	3,225	$	1,655,440	4.9%	100	%
	Unamortized debt issuance costs						(12,107)
	Total outstanding debt, net						$	1,643,333

(1) Remainder of 2023.

Cover page	Oct. 31, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 31, 2023
Entity Registrant Name	URBAN EDGE PROPERTIES
Entity Incorporation, State or Country Code	MD
Entity File Number	001-36523
Entity Tax Identification Number	47-6311266
Entity Address, Address Line One	888 Seventh Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(212)
Local Phone Number	956-2556
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common shares of beneficial interest, par value $0.01 per share
Trading Symbol	UE
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001611547
Amendment Flag	false
Urban Edge Properties LP
Entity Information [Line Items]
Entity Registrant Name	URBAN EDGE PROPERTIES LP
Entity Incorporation, State or Country Code	DE
Entity File Number	333-212951-01
Entity Tax Identification Number	36-4791544
Entity Emerging Growth Company	false