• Urban Edge Properties is like **Kimco Realty**, but with a concentrated portfolio of shopping centers primarily in the dense, high-income Northeast U.S.
• Urban Edge Properties is a smaller, regionally concentrated version of **Regency Centers**, specializing in open-air retail properties in the New York metro area and surrounding Northeast.

• Commercial Real Estate Leasing: Providing retail and mixed-use commercial spaces for rent to tenants within their portfolio of shopping centers and urban retail properties.
• Property Management: Offering integrated operational and maintenance services for their portfolio of retail properties to ensure functionality, attractiveness, and tenant satisfaction.
• Real Estate Development and Redevelopment: Engaging in projects to enhance existing properties or develop new retail spaces, increasing their leasable inventory and overall asset value.

Urban Edge Properties (NYSE: UE) is a real estate investment trust (REIT) that owns, manages, and develops shopping centers and retail properties. As such, its major customers are the retail businesses that lease space in its properties.

Based on their 2023 Annual Report (Form 10-K), the top ten tenants (major customers) by annualized base rent as of December 31, 2023, are:

• Stop & Shop Supermarket Company (private)
• The TJX Companies, Inc. (NYSE: TJX)
• Target Corporation (NYSE: TGT)
• Wegmans Food Markets, Inc. (private)
• ShopRite Supermarkets, Inc. (private)
• Marshalls of MA, LLC (a subsidiary of The TJX Companies, Inc., NYSE: TJX)
• CVS Pharmacy, Inc. (a subsidiary of CVS Health Corporation, NYSE: CVS)
• HomeGoods, Inc. (a subsidiary of The TJX Companies, Inc., NYSE: TJX)
• Home Depot U.S.A., Inc. (a subsidiary of The Home Depot, Inc., NYSE: HD)
• Burlington Coat Factory of New Jersey, LLC (a subsidiary of Burlington Stores, Inc., NYSE: BURL)

Jeffrey S. Olson, Chairman & Chief Executive Officer

Jeffrey S. Olson has served as Chairman and Chief Executive Officer of Urban Edge Properties since December 2014, leading the company's strategic direction and overall corporate and investment activities. He has a background in real estate, having worked at Equity One prior to his role at Urban Edge. Mr. Olson has successfully led the acquisition and development of over $2 billion of real estate throughout his career.

Mark J. Langer, EVP & Chief Financial Officer

Mark J. Langer was appointed Executive Vice President and Chief Financial Officer of Urban Edge Properties in April 2015. Before joining Urban Edge, Mr. Langer was the Chief Financial Officer of Equity One, Inc. from April 2009, and also served as its Chief Administrative Officer from January 2008 to January 2011. From 2000 to 2007, he held the position of Chief Operating Officer at Johnson Capital Management, Inc., an investment advisor. His career also includes a tenure as a certified public accountant at KPMG, LLP from 1988 to 2000, where he became a partner in 1998.

Jeffrey S. Mooallem, EVP & Chief Operating Officer

Jeffrey S. Mooallem joined Urban Edge Properties as Executive Vice President and Chief Operating Officer, effective January 9, 2023. He is an experienced real estate executive, having served as President and CEO of Gazit Horizons, a U.S. subsidiary of Gazit Globe, for five years prior to Urban Edge. Mr. Mooallem also held executive leadership positions at Equity One, Inc., Federal Realty Investment Trust, and Turnberry. He possesses extensive expertise in leasing, acquiring, and redeveloping retail real estate, and has led the acquisition and development of more than $2 billion in real estate.

Robert C. Milton III, EVP & General Counsel

Robert C. Milton III serves as Executive Vice President and General Counsel.

Scott Auster, EVP & Head of Leasing

Scott Auster holds the title of Executive Vice President and Head of Leasing.

Urban Edge Properties (UE) is a real estate investment trust (REIT) primarily focused on owning, managing, acquiring, developing, and redeveloping retail real estate, specifically shopping centers, in densely populated, supply-constrained markets within the United States, predominantly in the Washington, D.C. to Boston corridor. Their main products and services involve the leasing and management of these retail properties, with a significant emphasis on grocery-anchored centers.

The addressable markets for Urban Edge Properties' main products and services are sizable within the United States:

• The global shopping centers market size is estimated at USD 7,395.59 billion in 2025. The United States holds the largest regional market share, accounting for over 19% of this global total. This indicates an addressable market for shopping centers in the U.S. of approximately USD 1.41 trillion in 2025.
• For the specific segment of grocery-anchored retail properties, investment in these assets in the U.S. totaled USD 7.0 billion in 2024.
• The market size of Shopping Mall Management in the U.S. is estimated at USD 24.7 billion in 2025, representing the market for management services for these types of properties.

Urban Edge Properties (NYSE: UE) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Strong Leasing Activity and Rent Commencements: The company has demonstrated robust leasing momentum, with significant square footage leased at favorable cash spreads. For instance, in Q3 2025, Urban Edge executed over 340,000 square feet in leasing agreements with a 21% cash spread. The "signed-not-open" (SNO) pipeline is anticipated to continue contributing to future growth, with annualized gross rent already commencing. This indicates a strong demand for their retail spaces and the ability to secure new tenants and higher rental income.
2. Growth in Same-Property Net Operating Income (NOI): Urban Edge Properties has consistently reported and projected healthy growth in its same-property Net Operating Income. In Q2 2025, same-property NOI rose by 7.4% year-over-year, and in Q3 2025, it increased by 4.7%. The company projects same-property NOI growth, including redevelopment, to be in the range of 4.25% to 5% for the full year 2025. This growth is primarily fueled by new lease commencements, higher net recovery revenue, and improved collections on past-due receivables.
3. Strategic Redevelopment Projects: Redevelopment initiatives are a crucial component of Urban Edge's growth strategy. These projects are expected to generate visible, near-term NOI gains, contributing approximately 8% of current NOI, while also enhancing property values. The company completed five redevelopment projects in Q2 2025, which underscores its commitment to modernizing and improving its portfolio to attract and retain tenants.
4. Accretive Capital Recycling and Acquisitions: Urban Edge actively engages in capital recycling, which involves divesting lower-growth assets at low capitalization rates and reinvesting the proceeds into higher-yielding shopping centers. This strategy is designed to position the company for enhanced NOI and earnings growth. Acquisitions completed in 2024 have already positively impacted Funds From Operations (FFO) growth in 2025.
5. Increased Occupancy Rates: Improving occupancy rates, particularly within shop spaces, serves as a direct driver of revenue. Urban Edge successfully increased its same-property portfolio leased occupancy to 96.6% in Q4 2024. The company has a target of achieving 93-94% shop occupancy by the end of 2025, indicating a focus on maximizing the utilization of its retail properties and, consequently, increasing rental income.

Share Repurchases

• Urban Edge Properties did not repurchase any common shares during the years ended December 31, 2024, 2023, 2022, or 2021.
• The company's Board of Trustees authorized a share repurchase program for up to $200 million in March 2020.
• As of December 31, 2024, approximately $145.9 million remained for share repurchases under this program, as all repurchases totaling $54.1 million were completed between March and April of 2020.

Share Issuance

• An equity distribution agreement (ATM Program) was established in August 2022, allowing the company to offer and sell up to $250 million of common shares.
• On January 2, 2024, Urban Edge Properties issued 73,550 common shares under the ATM Program, generating net cash proceeds of $1.3 million.
• In both 2024 and 2021, the Operating Partnership issued common limited partnership units to the Company in exchange for approximately $0.3 million each year, related to employee share purchase plans.

Outbound Investments

• In 2024, the company completed $243 million in acquisitions at a 7.2% cap rate and $109 million in dispositions at a 5.2% cap rate.
• Over the 18 months prior to March 2025, Urban Edge executed $552 million in acquisitions at a 7.2% cap rate and $427 million in non-core dispositions at a 5.2% cap rate.
• In Q3 2025, Urban Edge acquired Brighton Mills for approximately $39 million via a 1031 exchange, funded by the sales of Kennedy Commons and McDade Commons, which were sold at a 5.4% cap rate.

Capital Expenditures

• In 2024, Urban Edge completed $30 million in redevelopment projects expected to generate a 16% return.
• As of June 30, 2025, the company had $141.8 million of active redevelopment projects underway, with estimated remaining costs to complete of $76.6 million, targeting an approximate 15% yield.
• The primary focus of capital expenditures is on anchor repositioning and redevelopment projects, aiming for high unleveraged yields (e.g., 14-16%).