• Simon Property Group for urban retail in the New York metro region.
• Federal Realty Investment Trust, specializing in urban retail properties in the NYC metropolitan area.

• Leasing Retail Space: Urban Edge Properties provides leasable commercial space within its retail properties to tenants, generating rental income.
• Property Management: The company offers comprehensive management services for its portfolio of retail real estate, ensuring operational efficiency and tenant satisfaction.
• Real Estate Development and Redevelopment: Urban Edge Properties engages in the creation of new retail properties and the enhancement of existing ones to maximize their value and income potential.

Urban Edge Properties primarily leases its retail properties to other companies, which are its major customers. Based on its public filings, its major customers include leading national and regional retailers:

• Stop & Shop (parent company: Ahold Delhaize, symbol: ADRNY)
• ShopRite (parent company: Wakefern Food Corp., private)
• T.J. Maxx (parent company: TJX Companies, symbol: TJX)
• Marshalls (parent company: TJX Companies, symbol: TJX)
• CVS Health Corporation (symbol: CVS)
• Burlington Stores (symbol: BURL)
• Whole Foods Market (parent company: Amazon, symbol: AMZN)

Jeffrey S. Olson, Chairman & Chief Executive Officer

Jeffrey S. Olson was appointed CEO of Urban Edge Properties in December 2014 and also serves as Chairman of the Board. He was the initial Chairman and CEO when Urban Edge Properties was created as a tax-free spin-off from Vornado Realty Trust. Mr. Olson has led the acquisition and development of more than $2 billion of real estate during his career. He previously worked with Mark Langer at Equity One, Inc.

Mark J. Langer, Executive Vice President & Chief Financial Officer

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

Jeffrey S. Mooallem, EVP & Chief Operating Officer

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

Heather Ohlberg, EVP, General Counsel and Secretary

Heather Ohlberg serves as Executive Vice President, General Counsel and Secretary, responsible for all legal, compliance, and governance matters, including SEC filings.

Scott Auster, EVP & Head of Leasing

Scott Auster is the Executive Vice President and Head of Leasing, with a focus on driving the occupancy and rental income growth across Urban Edge Properties' portfolio.

The key risks for Urban Edge Properties (UE) primarily stem from its concentrated portfolio and the evolving retail landscape, alongside broader macroeconomic factors affecting real estate investment trusts (REITs).

The most significant risks include:

1. Geographic Concentration and Portfolio Size: Urban Edge Properties has a significant portion of its portfolio net operating income (NOI) generated from one region, specifically the D.C.-Boston corridor and the broader Northeast, which includes the New York metropolitan area. This geographic concentration exposes the company to acute economic risks within this particular region. Furthermore, with a smaller portfolio of approximately 73 to 78 properties, Urban Edge Properties may face higher risk during an economic downturn compared to peers with more diversified portfolios.
2. Tenant Fallout and Changing Retail Dynamics: The potential for unforeseen retailer bankruptcies and store closures poses a direct threat to Urban Edge Properties' revenue streams, leading to pressures on portfolio NOI due to tenant transitions. Analysts have highlighted concerns regarding potential store closures from major tenants, emphasizing the risk associated with concentrated tenant exposure. Management has also acknowledged specific tenant fallouts (e.g., AtHome and Saks) as headwinds impacting NOI. The broader shift towards e-commerce and changing consumer behaviors also presents ongoing challenges for brick-and-mortar retail and, consequently, for retail REITs like Urban Edge Properties.
3. Interest Rate Fluctuations and Debt/Refinancing Risk: As a real estate investment trust, Urban Edge Properties is sensitive to changes in interest rates. Rising interest rates can increase borrowing costs, making it more expensive for the company to finance acquisitions and property developments. Additionally, the company faces refinancing challenges as existing debt may need to be rolled over at potentially higher rates, which could impact cash flow, dividends, and potentially lead to liquidity issues.

The accelerating growth and sophistication of hyper-local and rapid delivery services (e.g., Instacart, DoorDash, Uber Eats) across a wide range of retail categories, including groceries, convenience items, and prepared food. These services provide consumers with the ability to acquire goods quickly and conveniently without visiting physical stores, potentially reducing foot traffic and sales for many tenants in Urban Edge's retail properties. This trend challenges the traditional need for consumers to physically visit retail centers, potentially leading to increased vacancies or pressure on rental rates for the landlord.

1. Increased Occupancy and Strong Leasing Activity: Urban Edge Properties anticipates continued revenue growth from increasing its portfolio occupancy, particularly in its small shop spaces. The company has reported strong leasing activity with high cash rent spreads on new leases, indicating a robust demand for its retail properties and the ability to command higher rents. For instance, in Q4 2025, Urban Edge achieved a record shop occupancy of 92.6% and signed new leases with a 32% cash rent spread. The company aims to increase overall occupancy to between 97% and 98%.

2. Rent Commencements from Signed-but-Not-Open (SNO) Pipeline: A significant driver of future revenue is the "signed-but-not-open" (SNO) lease pipeline, which represents leases that have been executed but have not yet commenced generating rental income. As these leases begin, they will contribute directly to net operating income (NOI) growth. As of Q4 2024, the SNO pipeline was expected to generate $25 million of future annual gross rent, representing 9% of NOI.

3. Redevelopment Projects: Urban Edge Properties has a pipeline of redevelopment projects designed to enhance existing properties, attract new tenants, and achieve higher rental rates. These projects are expected to generate healthy unlevered returns upon completion. As of Q1 2024, the company had a $166 million redevelopment pipeline expected to generate a 15% return, with over 90% of the gross leasable area (GLA) pre-leased. Furthermore, in Q4 2025, the company had $166 million in redevelopment projects underway, projected to yield a 14% unlevered return.

4. Accretive Capital Recycling: The company's strategy of acquiring high-quality retail properties while disposing of non-core, lower-growth assets is expected to drive future revenue growth by enhancing portfolio quality and increasing overall capitalization rates. For example, in 2025, the company acquired nearly $600 million of high-quality shopping centers at an average 7% cap rate and disposed of approximately $500 million of non-core assets at a 5% cap rate. In 2024, Urban Edge acquired $243 million of assets at a 7.2% capitalization rate and sold $109 million of non-core assets at a 5.2% capitalization rate.

Share Repurchases

• Urban Edge Properties authorized a share repurchase program for up to $200 million in March 2020.
• As of December 31, 2025, the company had repurchased 5.9 million common shares for a total of $54.1 million.
• Approximately $145.9 million remained available for share repurchases under the program as of December 31, 2025.

Outbound Investments

• Urban Edge actively engaged in capital recycling, acquiring nearly $600 million of high-quality shopping centers and disposing of approximately $500 million of non-core assets.
• A $54 million shopping center in New Jersey is under contract, with closing targeted by the end of Q1 2026.

Capital Expenditures

• As of February 2026, Urban Edge Properties has $166 million in active redevelopment projects, with $86 million remaining to fund.
• The company expects to spend $70 million to $80 million on redevelopment projects and an additional $20 million on maintenance capital expenditures in 2026.
• In 2025, 14 projects were completed totaling $55 million, generating unlevered yields of 19%.