# EDGAR Filing Document

**Accession Number:** 0001681169
**File Stem:** 0001611547-23-000006
**Filing Date:** 2023-2
**Character Count:** 174664
**Document Hash:** e8e51db9e1367df1d79157db1cba9a1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001611547-23-000006.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001611547-23-000006

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20230214

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Urban Edge Properties
- **CENTRAL INDEX KEY:** 0001611547
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **IRS NUMBER:** 476311266
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36523
- **FILM NUMBER:** 23622205

**BUSINESS ADDRESS:**
- **STREET 1:** 210 ROUTE 4 EAST
- **CITY:** PARAMUS
- **STATE:** NJ
- **ZIP:** 07652
- **BUSINESS PHONE:** 201-587-1000

**MAIL ADDRESS:**
- **STREET 1:** 210 ROUTE 4 EAST
- **CITY:** PARAMUS
- **STATE:** NJ
- **ZIP:** 07652

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Vornado SpinCo
- **DATE OF NAME CHANGE:** 20140623
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Urban Edge Properties LP
- **CENTRAL INDEX KEY:** 0001681169
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **IRS NUMBER:** 364791544
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-212951-01
- **FILM NUMBER:** 23622206

**BUSINESS ADDRESS:**
- **STREET 1:** 210 ROUTE 4 EAST
- **CITY:** PARAMUS
- **STATE:** NJ
- **ZIP:** 07652
- **BUSINESS PHONE:** 201-571-3500

**MAIL ADDRESS:**
- **STREET 1:** 210 ROUTE 4 EAST
- **CITY:** PARAMUS
- **STATE:** NJ
- **ZIP:** 07652

?xml version="1.0" ? ue-20230214

**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):

**February 14, 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) | (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (Commission File Number) | (I.R.S. Employer Identification Number) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **888 Seventh Avenue** | **888 Seventh Avenue** | **888 Seventh Avenue** |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York** | **NY** | **10019** |
| (Address of Principal Executive offices) (Zip Code) | (Address of Principal Executive offices) (Zip Code) | (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** | Former name or former address, if changed since last report: **N/A** | 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**

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| | | |
|:---|:---|:---|
| **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**

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| | | |
|:---|:---|:---|
| **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** ☐ &nbsp;&nbsp;&nbsp;&nbsp; **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.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties** □&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Urban Edge Properties LP** □

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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 February 14, 2023, the Company announced its financial results for the three and twelve months ended December 31, 2022. 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, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Securities Exchange Act of 1934, as amended (the "Exchange Act"), regardless of any general incorporation language in any such filing.

**Item 7.01 Regulation FD Disclosure**

On February 14, 2023, the Company announced its financial results for the three and twelve months ended December 31, 2022 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, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in any such filing.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits:

---

| | |
|:---|:---|
| <u>[99.1](exhibit991-earningsrelease.htm)</u> | <u>[Earnings Press Release of Urban Edge Properties dated February 14, 2023](exhibit991-earningsrelease.htm)</u> |
| <u>[99.2](exhibit992-supplementaldis.htm)</u> | <u>[Supplemental Disclosure Package of Urban Edge Properties as of December 31, 2022](exhibit992-supplementaldis.htm)</u> |
| 104 | Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document) |

---

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**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** |
| | | (Registrant) |
| Date: February 14, 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: February 14, 2023 | By: | /s/ Mark Langer |
|  |  | Mark Langer, Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

---

| | | |
|:---|:---|:---|
| | ![image2b79.jpg](image2b79.jpg) | **Exhibit 99.1** |
| | ![image2b79.jpg](image2b79.jpg) | |
| | ![image2b79.jpg](image2b79.jpg) | |
| **Urban Edge Properties** | ![image2b79.jpg](image2b79.jpg) | <u>For additional information:</u> |
| 888 Seventh Avenue | ![image2b79.jpg](image2b79.jpg) | Mark Langer, EVP and |
| New York, NY 10019 | ![image2b79.jpg](image2b79.jpg) | Chief Financial Officer |
| 212-956-2556 | ![image2b79.jpg](image2b79.jpg) |  |
|  | ![image2b79.jpg](image2b79.jpg) |  |
|  | ![image2b79.jpg](image2b79.jpg) |  |
|  | **<u>FOR IMMEDIATE RELEASE:</u>** |  |
| **Urban Edge Properties Reports Strong Fourth Quarter and Full Year 2022 Results** | **Urban Edge Properties Reports Strong Fourth Quarter and Full Year 2022 Results** | **Urban Edge Properties Reports Strong Fourth Quarter and Full Year 2022 Results** |
| **-- Provides 2023 Earnings Guidance --** | **-- Provides 2023 Earnings Guidance --** | **-- Provides 2023 Earnings Guidance --** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**NEW YORK, NY, February 14, 2023** - Urban Edge Properties (NYSE:UE) (the "Company") today announced its results for the quarter and year ended December 31, 2022.

"Urban Edge ended the year with strong results, most notably a 22% increase in fourth quarter FFO as Adjusted compared to fourth quarter 2021 and an 11% increase year-over-year," said Jeff Olson, Chairman and CEO. "Among the highlights, our continued leasing momentum yielded over one million square feet of new leases executed in 2022, with an additional 800,000 square feet of leases under negotiation. We have visible NOI growth from our leased but not open pipeline, which increased by $5 million during the quarter to $29 million, representing 12% of current NOI. The majority of these leases are included in our active redevelopment pipeline which is expected to generate an approximate 12% unleveraged yield. Overall, we are very pleased with the strong performance that our team delivered in 2022 and are confident that our strategy focused on operating and redeveloping best-in-class retail properties in prime locations in high density markets continues to position us to deliver enhanced long-term value for our stakeholders."

**Financial Results**<sup>(1)(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated net income attributable to common shareholders of $13.7 million, or $0.12 per diluted share, for the quarter compared to $42.5 million, or $0.36 per diluted share, for the fourth quarter of 2021, and $46.2 million, or $0.39 per diluted share for the year ended December 31, 2022 compared to $102.7 million, or $0.88 per diluted share, for the year ended December 31, 2021. The decrease was primarily due to gains recognized on the sale of real estate in 2021 and the accelerated amortization of below-market lease intangibles in connection with the termination of certain leases in the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated Funds from Operations ("FFO") applicable to diluted common shareholders of $38.8 million, or $0.32 per share, for the quarter compared to $67.8 million, or $0.56 per share, for the fourth quarter of 2021, and $145.2 million, or $1.19 per share, for the year ended December 31, 2022 compared to $180.3 million, or $1.48 per share, for the year ended December 31, 2021. The year-over-year decrease was primarily due to the accelerated amortization of below-market lease intangibles in connection with the termination of certain leases in the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated FFO as Adjusted of $40.6 million, or $0.33 per share, for the quarter compared to $33.1 million, or $0.27 per share, for the fourth quarter of 2021, and $148.5 million, or $1.21 per share, for the year ended December 31, 2022 compared to $133.5 million, or $1.09 per share, for the year ended December 31, 2021. The year-over-year increase was primarily due to rent commencements on new leases and the net impact of property acquisitions of Woodmore Towne Centre in December 2021 and The Shops at Riverwood in June 2022.

**Operating Results**<sup>(1)(3)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased same-property Net Operating Income ("NOI"), including properties in redevelopment, by 6.2% compared to the fourth quarter of 2021 and by 2.9% compared to the year ended December 31, 2021. The year-over-year increase was primarily due to rent commencements on new leases, higher recovery income and higher percentage rent and specialty leasing income. Excluding the collection of amounts previously deemed uncollectible, the increase would have been 7.1% compared to the fourth quarter of 2021 and 4.2% compared to the year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased same-property NOI, excluding properties in redevelopment, by 6.2% compared to the fourth quarter of 2021 and by 4.1% compared to the year ended December 31, 2021. The year-over-year increase was primarily

------

due to rent commencements on new leases, higher recovery income and higher percentage rent and specialty leasing income. Excluding the collection of amounts previously deemed uncollectible, the increase would have been 6.1% compared to the fourth quarter of 2021 and 5.3% compared to the year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported same-property portfolio leased occupancy of 95.4%, an increase of 200 basis points compared to September 30, 2022 and 110 basis points compared to December 31, 2021. During the fourth quarter, a 187,000 sf vacant warehouse entered the same-property pool and was subsequently leased. Excluding the impact of the property pool change, the increase in same-property portfolio leased occupancy as compared to September 30, 2022 would have been 70 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported consolidated portfolio leased occupancy, excluding Sunrise Mall, of 94.8%, an increase of 300 basis points compared to September 30, 2022 and December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed 53 new leases, renewals and options totaling 788,000 sf during the quarter. Same-space leases totaled 564,000 sf and generated an average rent spread of 30.6% on a cash basis. The rent spread was driven by the execution of leases with Target at Bruckner Commons, T.J. Maxx at The Outlets at Montehiedra, Golf Galaxy at Goucher Commons and an industrial lease at East Hanover Warehouses.

**Balance Sheet and Liquidity**<sup>(1)(4)</sup>

Balance sheet highlights as of December 31, 2022, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total liquidity of approximately $929 million, comprised of $129 million of cash on hand and $800 million available under our revolving credit agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mortgages payable of $1.7 billion, with a weighted average term to maturity of 4.1 years. Approximately 91% of outstanding debt is fixed rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total market capitalization of approximately $3.4 billion comprised of 122.2 million fully-diluted common shares valued at $1.7 billion and $1.7 billion of debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net debt to total market capitalization of 46%.

**Leasing, Development and Redevelopment** 

During the quarter, the Company executed 576,000 sf of new leases, including a 139,000 sf lease with Target at Bruckner Commons and a 28,000 sf lease with T.J. Maxx at The Outlets at Montehiedra, backfilling a portion of the former Kmart spaces at these properties. The Company also executed a lease with Bestway Trucking, a logistics services company, to take over a vacant 187,000 sf warehouse acquired in 2021. The execution of this lease increased same-property leased occupancy by 130 basis points.

The Company commenced $19.9 million of redevelopment projects during the quarter and has a total of $216 million of active redevelopment projects under way, with estimated remaining costs to complete of $159.7 million. The active redevelopment projects are expected to generate an approximate 12% unleveraged yield.

During the quarter, the Company stabilized four redevelopment projects with aggregate estimated costs of $66.7 million. Kohl's commenced operations in 134,000 sf of space at Bergen Town Center during October 2022. Additionally, the first phase of the Huntington Commons redevelopment project was completed with the opening of ShopRite in December 2022. Two small shop projects were also stabilized at the Shops at Bruckner located in the Bronx, NY and at our property in Kearny, NJ.

As of December 31, 2022, the Company has signed leases that have not yet rent commenced that are expected to generate an additional $29 million of future annual gross rent, representing approximately 12% of NOI generated for the year ended December 31, 2022. Approximately $6.2 million of this amount is expected to be recognized in 2023.

**2023 Outlook**

The Company announced its outlook for full-year 2023 performance including anticipated net income of $0.27 to $0.33 per diluted share, FFO of $1.10 to $1.16 per diluted share, and FFO as Adjusted of $1.11 to $1.17 per diluted share. A reconciliation of net income to FFO and FFO as Adjusted, the assumptions related to the 2023 outlook, and a reconciliation bridging our 2022 FFO per diluted share to our 2023 estimates are included on page 4.

**Investor Day**

The Company will be hosting an Investor Day on April 18, 2023 from 2:00pm ET to 6:00pm ET at the New York Stock Exchange which will include a presentation and open discussion on the business plan and strategy.

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**Earnings Conference Call Information**

The Company will host an earnings conference call and audio webcast on February 14, 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 13734687. 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 February 14, 2023 at 11:30am ET through Tuesday, February 28, 2023 at 11:59pm ET by dialing 1-844-512-2921 (Toll Free) or 1-412-317-6671 (Toll/International) using conference ID 13734687.

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

<sup>(2)</sup> Refer to page 10 for a reconciliation of net income to FFO and FFO as Adjusted for the quarter ended December 31, 2022.

<sup>(3)</sup> Refer to page 11 for a reconciliation of net income to NOI and Same-Property NOI for the quarter ended December 31, 2022.

<sup>(4)</sup> Net debt as of December 31, 2022 is calculated as total consolidated debt of $1.7 billion less total cash and cash equivalents, including restricted cash, of $129 million.

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**2023 Earnings Guidance** 

The Company's 2023 earnings guidance anticipates net income of $0.27 to $0.33 per diluted share, FFO of $1.10 to $1.16 per diluted share, and FFO as Adjusted of $1.11 to $1.17 per diluted share. Below is a summary of the underlying assumptions and a reconciliation of the range of estimated earnings, FFO, and FFO as Adjusted per diluted share.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-property NOI growth, including properties in redevelopment, of (1.0%) to 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-property NOI growth, including properties in redevelopment, adjusted for the collection of amounts previously deemed uncollectible of 0.5% to 3.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No new acquisitions or dispositions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• G&A expenses ranging from $35.5 million to $37.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest and debt expense ranging from $70.1 million to $73.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excludes items that impact FFO comparability, including loss on extinguishment of debt or any one-time items outside of the ordinary course of business

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Guidance 2023E** | **Guidance 2023E** | **Per Diluted Share** | **Per Diluted Share** |
| **(in thousands, except per share amounts)** | **Low** | **High** | **Low** | **High** |
| Net income | $33200 | $40200 | $0.27 | $0.33 |
| Less net (income) loss attributable to noncontrolling interests in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating partnership | (1600) | (1600) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Consolidated subsidiaries | 600 | 600 |  |  |
| Net income attributable to common shareholders | 32200 | 39200 | 0.26 | 0.32 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental property depreciation and amortization | 101300 | 101300 | 0.83 | 0.83 |
| &nbsp;&nbsp;&nbsp;Limited partnership interests in operating partnership | 1600 | 1600 | 0.01 | 0.01 |
| FFO Applicable to diluted common shareholders | 135100 | 142100 | 1.10 | 1.16 |
| Adjustments to FFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transaction, severance and litigation expenses | 900 | 900 | 0.01 | 0.01 |
| FFO as Adjusted applicable to diluted common shareholders | $136000 | $143000 | $1.11 | $1.17 |

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The following table is a reconciliation bridging our 2022 FFO per diluted share to the Company's estimated 2023 FFO per diluted share:

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| | | |
|:---|:---|:---|
| | **Per Diluted Share** | **Per Diluted Share** |
| | **Low** | **High** |
| **2022 FFO per diluted share** | $1.19 | $1.19 |
| Items impacting FFO comparability<sup>(1)</sup> | 0.02 | 0.02 |
| Interest and debt expense | (0.10) | (0.09) |
| Same-property NOI growth, including redevelopment | (0.02) | 0.03 |
| Recurring general and administrative and other expenses | 0.01 | 0.01 |
| **2023E FFO per diluted share** | $1.10 | $1.16 |

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<sup>(1)</sup> Includes adjustments to FFO for fiscal year 2022 which impact comparability. See "Reconciliation of Net Income to FFO and FFO as Adjusted" on page 10 for more information.

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.

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**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-property NOI: The Company provides disclosure of NOI on a same-property basis, which includes the results of properties that were owned and operated for the entirety of the reporting periods being compared, which total 69 properties for the quarters ended December 31, 2022 and 2021 and 68 properties for the years ended December 31, 2022 and 2021. Information provided on a same-property basis excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area ("GLA") is taken out of service and also excludes properties acquired or sold during the periods being compared. As such, same-property NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition or disposition of properties during the periods presented, and thus provides a more consistent performance measure for the comparison of the operating performance of the Company's properties. While there is judgment surrounding changes in designations, a property is removed from the same-property pool when it is designated as a redevelopment property because it is undergoing significant renovation or retenanting pursuant to a formal plan that is expected to have a significant impact on its operating income. A development or redevelopment property is moved back to the same-property pool once a substantial portion of the NOI growth expected from the development or redevelopment is reflected in both the current and comparable prior year period, generally one year after at least 80% of the expected NOI from the project is realized on a cash basis. Acquisitions are moved into the same-property pool once we have owned the property for the entirety of the comparable periods and the property is not under significant development or redevelopment. The Company has also provided disclosure of NOI on a same-property basis adjusted to include redevelopment properties. Same-property NOI may include other adjustments as detailed in the Reconciliation of

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDAre and Adjusted EBITDAre: EBITDAre and Adjusted EBITDAre are supplemental, non-GAAP measures utilized by us in various financial ratios. The White Paper on EBITDAre, approved by Nareit's Board of Governors in September 2017, defines EBITDAre as net income (computed in accordance with GAAP), adjusted for interest expense, income tax (benefit) expense, depreciation and amortization, losses and gains on the disposition of depreciated property, impairment write-downs of depreciated property and investments in unconsolidated joint ventures, and adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. EBITDAre and Adjusted EBITDAre are presented to assist investors in the evaluation of REITs, as a measure of the Company's operational performance as they exclude various items that do not relate to or are not indicative of our operating performance and because they approximate key performance measures in our debt covenants. Accordingly, the Company believes that the use of EBITDAre and Adjusted EBITDAre, as opposed to income before income taxes, in various ratios provides meaningful performance measures related to the Company's ability to meet various coverage tests for the stated periods. Adjusted EBITDAre may include other adjustments not indicative of operating results as detailed in the Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre included in the tables accompanying this press release. The Company also presents the ratio of net debt (net of cash) to annualized Adjusted EBITDAre as of December 31, 2022, and net debt (net of cash) to total market capitalization, which it believes is useful to investors as a supplemental measure in evaluating the Company's balance sheet leverage. The presentation of EBITDAre and Adjusted EBITDAre is consistent with EBITDA and Adjusted EBITDA as presented in prior periods.

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

**Operating Metrics**

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

Occupancy metrics represent the percentage of occupied gross leasable area based on executed leases (including properties in development and redevelopment) and include leases signed, but for which rent has not yet commenced. Same-property portfolio leased occupancy includes properties that have been owned and operated for the entirety of the reporting periods being compared, which total 69 properties for the quarters ended December 31, 2022 and 2021 and 68 properties for the years ended December 31, 2022 and 2021. Occupancy metrics presented for the Company's same-property portfolio excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service and also excludes properties acquired within the past 12 months or properties sold during the periods being compared.

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

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

------

**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 amendments to those reports.

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

**ABOUT URBAN EDGE**

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

**FORWARD-LOOKING STATEMENTS**

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition, 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 ongoing 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, including the discontinuation of USD LIBOR, which is currently anticipated to occur in 2023; (ix) the Company's ability to pay down, refinance, restructure or extend its indebtedness as it becomes due and potential limitations on the Company's ability to borrow funds under its existing credit facility as a result of covenants relating to the Company's financial results; (x) potentially higher costs associated with the Company's development, redevelopment and anchor repositioning projects, and the Company's ability to lease the properties at projected rates; (xi) the Company's liability for environmental matters; (xii) damage to the Company's properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) the Company's ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches; (xv) the loss of key executives; and (xvi) the accuracy of methodologies and estimates regarding our environmental, social and governance ("ESG") metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Risk Factors" in Part I, Item 1A, of the Company's Annual Report on Form 10-K for the year ended December 31, 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)** 

---

| | | |
|:---|:---|:---|
| | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
| **ASSETS** |  |  |
| Real estate, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;Land | $535770 | $543827 |
| &nbsp;&nbsp;&nbsp;Buildings and improvements | 2468385 | 2441797 |
| &nbsp;&nbsp;&nbsp;Construction in progress | 314190 | 212296 |
| &nbsp;&nbsp;&nbsp;Furniture, fixtures and equipment | 8539 | 7530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 3326884 | 3205450 |
| &nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (791485) | (753947) |
| Real estate, net | 2535399 | 2451503 |
| Operating lease right-of-use assets | 64161 | 69361 |
| Cash and cash equivalents | 85518 | 164478 |
| Restricted cash | 43256 | 55358 |
| Tenant and other receivables | 17523 | 15812 |
| Receivables arising from the straight-lining of rents | 64713 | 62692 |
| Identified intangible assets, net of accumulated amortization of $40,983 and $37,361, respectively | 62856 | 71107 |
| Deferred leasing costs, net of accumulated amortization of $20,107 and $17,641, respectively | 26799 | 20694 |
| Prepaid expenses and other assets | 77207 | 74111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2977432 | $2985116 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Mortgages payable, net | $1691690 | $1687190 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 59789 | 64578 |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 102519 | 84829 |
| &nbsp;&nbsp;Identified intangible liabilities, net of accumulated amortization of $40,816 and $35,029, respectively | 93328 | 100625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1947326 | 1937222 |
| Commitments and contingencies |  |  |
| &nbsp;&nbsp;&nbsp;Shareholders' equity: |  |  |
| &nbsp;&nbsp;Common shares: $0.01 par value; 500,000,000 shares authorized and 117,450,951 and 117,147,986 shares issued and outstanding, respectively | 1173 | 1170 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1011293 | 1001253 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 629 |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (36104) | (7091) |
| Noncontrolling interests: |  |  |
| &nbsp;&nbsp;&nbsp;Operating partnership | 39209 | 39616 |
| &nbsp;&nbsp;&nbsp;Consolidated subsidiaries | 13906 | 12946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1030106 | 1047894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $2977432 | $2985116 |

---

------

**URBAN EDGE PROPERTIES**

**CONSOLIDATED STATEMENTS OF INCOME**

 **(In thousands, except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **REVENUE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental revenue | $101331 | $128210 | $396376 | $422467 |
| &nbsp;&nbsp;&nbsp;Other income | 262 | 366 | 1562 | 2615 |
| Total revenue | 101593 | 128576 | 397938 | 425082 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 24871 | 23797 | 98432 | 92331 |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 14202 | 16018 | 61864 | 63844 |
| &nbsp;&nbsp;&nbsp;Property operating | 17861 | 16657 | 74334 | 68531 |
| &nbsp;&nbsp;&nbsp;General and administrative | 11480 | 10866 | 43087 | 39152 |
| &nbsp;&nbsp;&nbsp;Casualty and impairment loss |  | 96 |  | 468 |
| &nbsp;&nbsp;&nbsp;Lease expense | 3133 | 3207 | 12460 | 12872 |
| Total expenses | 71547 | 70641 | 290177 | 277198 |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  | 353 | 18648 |
| &nbsp;&nbsp;&nbsp;Interest income | 394 | 57 | 1107 | 360 |
| &nbsp;&nbsp;&nbsp;Interest and debt expense | (15468) | (13745) | (58979) | (57938) |
| Income before income taxes | 14972 | 44247 | 50242 | 108954 |
| Income tax expense | (641) | (234) | (2903) | (1139) |
| Net income | 14331 | 44013 | 47339 | 107815 |
| Less net (income) loss attributable to noncontrolling interests in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating partnership | (547) | (1688) | (1895) | (4296) |
| &nbsp;&nbsp;&nbsp;Consolidated subsidiaries | (109) | 128 | 726 | (833) |
| Net income attributable to common shareholders | $13675 | $42453 | $46170 | $102686 |
| Earnings per common share - Basic: | $0.12 | $0.36 | $0.39 | $0.88 |
| Earnings per common share - Diluted: | $0.12 | $0.36 | $0.39 | $0.88 |
| Weighted average shares outstanding - Basic | 117385 | 117088 | 117366 | 117029 |
| Weighted average shares outstanding - Diluted | 121588 | 117138 | 121640 | 121447 |

---

------

**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 quarters and years ended December 31, 2022 and 2021, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended<br>December 31,** | **Quarter Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| **(in thousands, except per share amounts)** | **2022** | **2021** | **2022** | **2021** |
| Net income | $14331 | $44013 | $47339 | $107815 |
| Less net (income) loss attributable to noncontrolling interests in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating partnership | (547) | (1688) | (1895) | (4296) |
| &nbsp;&nbsp;&nbsp;Consolidated subsidiaries | (109) | 128 | 726 | (833) |
| Net income attributable to common shareholders | 13675 | 42453 | 46170 | 102686 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental property depreciation and amortization | 24605 | 23570 | 97460 | 91468 |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  | (353) | (18648) |
| &nbsp;&nbsp;&nbsp;Real estate impairment loss |  | 96 |  | 468 |
| &nbsp;&nbsp;&nbsp;Limited partnership interests in operating partnership | 547 | 1688 | 1895 | 4296 |
| FFO Applicable to diluted common shareholders | 38827 | 67807 | 145172 | 180270 |
| FFO per diluted common share<sup>(1)</sup> | 0.32 | 0.56 | 1.19 | 1.48 |
| Adjustments to FFO: |  |  |  |  |
| &nbsp;&nbsp;Transaction, severance and litigation expenses<sup>(2)</sup> | 3132 | 590 | 4938 | 861 |
| &nbsp;&nbsp;&nbsp;Reinstatement of receivables arising from the straight-lining of rents, net | (149) | (1134) | (384) | (1216) |
| &nbsp;&nbsp;Real estate tax settlements related to prior periods<sup>(5)</sup> | (1232) |  | (1232) |  |
| &nbsp;&nbsp;Impact of lease terminations<sup>(3)</sup> |  | (33462) |  | (44540) |
| &nbsp;&nbsp;Tax impact of Puerto Rico transactions<sup>(4)</sup> |  | (684) |  | (1137) |
| &nbsp;&nbsp;&nbsp;Tenant bankruptcy settlement income |  | (19) | (36) | (771) |
| FFO as Adjusted applicable to diluted common shareholders | $40578 | $33098 | $148458 | $133467 |
| FFO as Adjusted per diluted common share<sup>(1)</sup> | $0.33 | $0.27 | $1.21 | $1.09 |
| Weighted Average diluted common shares<sup>(1)</sup> | 122160 | 121795 | 122318 | 122107 |

---

<sup>(1)</sup> Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the quarters and years ended December 31, 2022 and December 31, 2021, 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.

<sup>(2)</sup> Amounts for the quarter and year ended December 31, 2022 include $1.8 million of severance expense and $0.7 million of accelerated stock compensation expense related to the departure of certain executives of the Company in the fourth quarter of 2022. The remainder is related to non-routine litigation expenses and transaction costs.

<sup>(3)</sup> Amounts reflect accelerated amortization of $33.5 million and $44.5 million of below-market intangible liabilities, net of the portion attributable to noncontrolling interests, (classified within property rental revenues in the consolidated statements of income) for the quarter and year ended December 31, 2021, respectively.

<sup>(4)</sup> Amount for the quarter and year ended December 31, 2021 reflects final adjustments to local and state income taxes in connection with the debt transactions and legal entity reorganization at our malls in Puerto Rico in 2020.

<sup>(5)</sup> The real estate tax settlement adjustments related to prior periods totaled $1.4 million. The $1.2 million adjustment to FFO in calculating FFO as Adjusted is net of the portion attributable to the noncontrolling interest in Sunrise Mall.

------

**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 quarters and years ended December 31, 2022 and 2021, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended<br>December 31,** | **Quarter Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| **(Amounts in thousands)** | **2022** | **2021** | **2022** | **2021** |
| Net income | $14331 | $44013 | $47339 | $107815 |
| &nbsp;&nbsp;&nbsp;Other (income) expense | 175 | (37) | (125) | (561) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 24871 | 23797 | 98432 | 92331 |
| &nbsp;&nbsp;&nbsp;General and administrative expense | 11480 | 10866 | 43087 | 39152 |
| &nbsp;&nbsp;&nbsp;Real estate impairment loss |  | 96 |  | 468 |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  | (353) | (18648) |
| &nbsp;&nbsp;&nbsp;Interest income | (394) | (57) | (1107) | (360) |
| &nbsp;&nbsp;&nbsp;Interest and debt expense | 15468 | 13745 | 58979 | 57938 |
| &nbsp;&nbsp;&nbsp;Gain on extinguishment of debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income tax expense | 641 | 234 | 2903 | 1139 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expenses | (1969) | (36471) | (8257) | (55463) |
| NOI | 64603 | 56186 | 240898 | 223811 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tenant bankruptcy settlement income and lease termination income | (704) | (19) | (822) | (1313) |
| &nbsp;&nbsp;Sunrise Mall net operating (income) loss<sup>(5)</sup> | (794) | 371 | 2544 | 3031 |
| &nbsp;&nbsp;Real estate tax settlements related to prior periods<sup>(1)</sup> | (1441) |  | (1441) |  |
| &nbsp;&nbsp;Non-same property NOI and other<sup>(2)</sup> | (7070) | (5146) | (31117) | (23687) |
| Same-property NOI<sup>(3)</sup> | $54594 | $51392 | $210062 | $201842 |
| &nbsp;&nbsp;&nbsp;NOI related to properties being redeveloped | 5123 | 4832 | 19054 | 20915 |
| Same-property NOI including properties in redevelopment<sup>(4)</sup> | $59717 | $56224 | $229116 | $222757 |

---

<sup>(1)</sup> NOI for the quarter and year ended December 31, 2022 includes $1.4 million of prior year real estate tax adjustments, inclusive of the portion attributable to noncontrolling interests, for the settlement of successful appeals.

<sup>(2)</sup> Non-same property NOI includes NOI related to properties being redeveloped and properties acquired or disposed in the period.

<sup>(3)</sup> Excluding the collection of amounts previously deemed uncollectible, the increase would have been 6.1% compared to the fourth quarter of

2021 and 5.3% compared to the year ended December 31, 2021.

<sup>(4)</sup> Excluding the collection of amounts previously deemed uncollectible, the increase would have been 7.1% compared to the fourth quarter of

2021 and 4.2% compared to the year ended December 31, 2021.

<sup>(5)</sup> Net operating (income)/loss at Sunrise Mall for the fourth quarter and full-year 2022 includes real estate tax settlements of $1.3 million related to the current year. Excluding the impact of the current year real estate tax settlements, net operating loss for the quarter and year ended December 31, 2022 is $0.6 million and $3.9 million, respectively.

------

**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 quarters and years ended December 31, 2022 and 2021, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended<br>December 31,** | **Quarter Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| **(Amounts in thousands)** | **2022** | **2021** | **2022** | **2021** |
| Net income | $14331 | $44013 | $47339 | $107815 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 24871 | 23797 | 98432 | 92331 |
| &nbsp;&nbsp;&nbsp;Interest and debt expense | 15468 | 13745 | 58979 | 57938 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 641 | 234 | 2903 | 1139 |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  | (353) | (18648) |
| &nbsp;&nbsp;&nbsp;Real estate impairment loss |  | 96 |  | 468 |
| EBITDAre | 55311 | 81885 | 207300 | 241043 |
| Adjustments for Adjusted EBITDAre: |  |  |  |  |
| &nbsp;&nbsp;Transaction, severance and litigation expenses<sup>(1)</sup> | 3132 | 590 | 4938 | 861 |
| &nbsp;&nbsp;&nbsp;Reinstatement of receivables arising from the straight-lining of rents, net | (149) | (1134) | (384) | (1216) |
| &nbsp;&nbsp;Real estate tax settlements related to prior periods<sup>(2)</sup> | (1441) |  | (1441) |  |
| &nbsp;&nbsp;Impact of lease terminations<sup>(3)</sup> |  | (33462) |  | (45943) |
| &nbsp;&nbsp;&nbsp;Tenant bankruptcy settlement income |  | (19) | (36) | (771) |
| Adjusted EBITDAre | $56853 | $47860 | $210377 | $193974 |

---

<sup>(1)</sup> Amounts for the quarter and year ended December 31, 2022 include $1.8 million of severance expense and $0.7 million of accelerated stock compensation expense related to the departure of certain executives of the Company in the fourth quarter of 2022. The remainder is related to non-routine litigation expenses and transaction costs.

<sup>(2)</sup> Amount reflects $1.4 million of prior year real estate tax adjustments, inclusive of the portion attributable to noncontrolling interests, for the settlement of successful appeals.

<sup>(3)</sup> Amount reflects accelerated amortization of $33.5 million and $45.9 million of below-market intangible liabilities (classified within property rental revenues in the consolidated statements of income) for the quarter and year ended December 31, 2021, respectively.

## Exhibit 99.2

**Exhibit 99.2**

---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **SUPPLEMENTAL DISCLOSURE** |
| **PACKAGE** |
| **December 31, 2022** |

---

![image3a39.jpg](image3a39.jpg)

---

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

---

------

---

| | |
|:---|:---|
| **URBAN EDGE PROPERTIES** | **URBAN EDGE PROPERTIES** |
| **SUPPLEMENTAL DISCLOSURE** | **SUPPLEMENTAL DISCLOSURE** |
| **December 31, 2022** | **December 31, 2022** |
| **(unaudited)** | **(unaudited)** |
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| | **Page** |
| **<u>Press Release</u>** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter 2022 Earnings Press Release | 1 |
| **<u>Overview</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Summary Financial Results and Ratios | 12 |
| **<u>Consolidated Financial Statements</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Balance Sheets | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Income | 14 |
| **<u>Non-GAAP Financial Measures and Supplemental Data</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplemental Schedule of Net Operating Income | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds from Operations | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market Capitalization, Debt Ratios and Liquidity | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional Disclosures | 19 |
| **<u>Leasing Data</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant Concentration - Top Twenty-Five Tenants | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leasing Activity | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leases Executed But Not Yet Rent Commenced | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail Portfolio Lease Expiration Schedules | 24 |
| **<u>Property Data</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property Status Report | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property Acquisitions and Dispositions | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Development, Redevelopment and Anchor Repositioning Projects | 30 |
| **<u>Debt Schedules</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Summary | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Debt Summary | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Maturity Schedule | 34 |

---

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| | | |
|:---|:---|:---|
| | ![image3a39.jpg](image3a39.jpg) | |
| | ![image3a39.jpg](image3a39.jpg) | |
| | ![image3a39.jpg](image3a39.jpg) | |
| **Urban Edge Properties** | ![image3a39.jpg](image3a39.jpg) | <u>For additional information:</u> |
| 888 Seventh Avenue | ![image3a39.jpg](image3a39.jpg) | Mark Langer, EVP and |
| New York, NY 10019 | ![image3a39.jpg](image3a39.jpg) | Chief Financial Officer |
| 212-956-2556 | ![image3a39.jpg](image3a39.jpg) |  |
|  | ![image3a39.jpg](image3a39.jpg) |  |
|  | ![image3a39.jpg](image3a39.jpg) |  |
|  | **<u>FOR IMMEDIATE RELEASE:</u>** |  |
| **Urban Edge Properties Reports Strong Fourth Quarter and Full Year 2022 Results** | **Urban Edge Properties Reports Strong Fourth Quarter and Full Year 2022 Results** | **Urban Edge Properties Reports Strong Fourth Quarter and Full Year 2022 Results** |
| **-- Provides 2023 Earnings Guidance --** | **-- Provides 2023 Earnings Guidance --** | **-- Provides 2023 Earnings Guidance --** |

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**NEW YORK, NY, February 14, 2023** - Urban Edge Properties (NYSE:UE) (the "Company") today announced its results for the quarter and year ended December 31, 2022.

"Urban Edge ended the year with strong results, most notably a 22% increase in fourth quarter FFO as Adjusted compared to fourth quarter 2021 and an 11% increase year-over-year," said Jeff Olson, Chairman and CEO. "Among the highlights, our continued leasing momentum yielded over one million square feet of new leases executed in 2022, with an additional 800,000 square feet of leases under negotiation. We have visible NOI growth from our leased but not open pipeline, which increased by $5 million during the quarter to $29 million, representing 12% of current NOI. The majority of these leases are included in our active redevelopment pipeline which is expected to generate an approximate 12% unleveraged yield. Overall, we are very pleased with the strong performance that our team delivered in 2022 and are confident that our strategy focused on operating and redeveloping best-in-class retail properties in prime locations in high density markets continues to position us to deliver enhanced long-term value for our stakeholders."

**Financial Results**<sup>(1)(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated net income attributable to common shareholders of $13.7 million, or $0.12 per diluted share, for the quarter compared to $42.5 million, or $0.36 per diluted share, for the fourth quarter of 2021, and $46.2 million, or $0.39 per diluted share for the year ended December 31, 2022 compared to $102.7 million, or $0.88 per diluted share, for the year ended December 31, 2021. The decrease was primarily due to gains recognized on the sale of real estate in 2021 and the accelerated amortization of below-market lease intangibles in connection with the termination of certain leases in the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated Funds from Operations ("FFO") applicable to diluted common shareholders of $38.8 million, or $0.32 per share, for the quarter compared to $67.8 million, or $0.56 per share, for the fourth quarter of 2021, and $145.2 million, or $1.19 per share, for the year ended December 31, 2022 compared to $180.3 million, or $1.48 per share, for the year ended December 31, 2021. The year-over-year decrease was primarily due to the accelerated amortization of below-market lease intangibles in connection with the termination of certain leases in the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated FFO as Adjusted of $40.6 million, or $0.33 per share, for the quarter compared to $33.1 million, or $0.27 per share, for the fourth quarter of 2021, and $148.5 million, or $1.21 per share, for the year ended December 31, 2022 compared to $133.5 million, or $1.09 per share, for the year ended December 31, 2021. The year-over-year increase was primarily due to rent commencements on new leases and the net impact of property acquisitions of Woodmore Towne Centre in December 2021 and The Shops at Riverwood in June 2022.

**Operating Results**<sup>(1)(3)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased same-property Net Operating Income ("NOI"), including properties in redevelopment, by 6.2% compared to the fourth quarter of 2021 and by 2.9% compared to the year ended December 31, 2021. The year-over-year increase was primarily due to rent commencements on new leases, higher recovery income and higher percentage rent and specialty leasing income. Excluding the collection of amounts previously deemed uncollectible, the increase would have been 7.1% compared to the fourth quarter of 2021 and 4.2% compared to the year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased same-property NOI, excluding properties in redevelopment, by 6.2% compared to the fourth quarter of 2021 and by 4.1% compared to the year ended December 31, 2021. The year-over-year increase was primarily

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due to rent commencements on new leases, higher recovery income and higher percentage rent and specialty leasing income. Excluding the collection of amounts previously deemed uncollectible, the increase would have been 6.1% compared to the fourth quarter of 2021 and 5.3% compared to the year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported same-property portfolio leased occupancy of 95.4%, an increase of 200 basis points compared to September 30, 2022 and 110 basis points compared to December 31, 2021. During the fourth quarter, a 187,000 sf vacant warehouse entered the same-property pool and was subsequently leased. Excluding the impact of the property pool change, the increase in same-property portfolio leased occupancy as compared to September 30, 2022 would have been 70 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported consolidated portfolio leased occupancy, excluding Sunrise Mall, of 94.8%, an increase of 300 basis points compared to September 30, 2022 and December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed 53 new leases, renewals and options totaling 788,000 sf during the quarter. Same-space leases totaled 564,000 sf and generated an average rent spread of 30.6% on a cash basis. The rent spread was driven by the execution of leases with Target at Bruckner Commons, T.J. Maxx at The Outlets at Montehiedra, Golf Galaxy at Goucher Commons and an industrial lease at East Hanover Warehouses.

**Balance Sheet and Liquidity**<sup>(1)(4)(5)</sup>

Balance sheet highlights as of December 31, 2022, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total liquidity of approximately $929 million, comprised of $129 million of cash on hand and $800 million available under our revolving credit agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mortgages payable of $1.7 billion, with a weighted average term to maturity of 4.1 years. Approximately 91% of outstanding debt is fixed rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total market capitalization of approximately $3.4 billion comprised of 122.2 million fully-diluted common shares valued at $1.7 billion and $1.7 billion of debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net debt to total market capitalization of 46%.

**Leasing, Development and Redevelopment** 

During the quarter, the Company executed 576,000 sf of new leases, including a 139,000 sf lease with Target at Bruckner Commons and a 28,000 sf lease with T.J. Maxx at The Outlets at Montehiedra, backfilling a portion of the former Kmart spaces at these properties. The Company also executed a lease with Bestway Trucking, a logistics services company, to take over a vacant 187,000 sf warehouse acquired in 2021. The execution of this lease increased same-property leased occupancy by 130 basis points.

The Company commenced $19.9 million of redevelopment projects during the quarter and has a total of $216 million of active redevelopment projects under way, with estimated remaining costs to complete of $159.7 million. The active redevelopment projects are expected to generate an approximate 12% unleveraged yield.

During the quarter, the Company stabilized four redevelopment projects with aggregate estimated costs of $66.7 million. Kohl's commenced operations in 134,000 sf of space at Bergen Town Center during October 2022. Additionally, the first phase of the Huntington Commons redevelopment project was completed with the opening of ShopRite in December 2022. Two small shop projects were also stabilized at the Shops at Bruckner located in the Bronx, NY and at our property in Kearny, NJ.

As of December 31, 2022, the Company has signed leases that have not yet rent commenced that are expected to generate an additional $29 million of future annual gross rent, representing approximately 12% of NOI generated for the year ended December 31, 2022. Approximately $6.2 million of this amount is expected to be recognized in 2023.

**2023 Outlook**

The Company announced its outlook for full-year 2023 performance including anticipated net income of $0.27 to $0.33 per diluted share, FFO of $1.10 to $1.16 per diluted share, and FFO as Adjusted of $1.11 to $1.17 per diluted share. A reconciliation of net income to FFO and FFO as Adjusted, the assumptions related to the 2023 outlook, and a reconciliation bridging our 2022 FFO per diluted share to our 2023 estimates are included on page 4.

**Investor Day**

The Company will be hosting an Investor Day on April 18, 2023 from 2:00pm ET to 6:00pm ET at the New York Stock Exchange which will include a presentation and open discussion on the business plan and strategy.

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**Earnings Conference Call Information**

The Company will host an earnings conference call and audio webcast on February 14, 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 13734687. 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 February 14, 2023 at 11:30am ET through Tuesday, February 28, 2023 at 11:59pm ET by dialing 1-844-512-2921 (Toll Free) or 1-412-317-6671 (Toll/International) using conference ID 13734687.

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

<sup>(2)</sup> Refer to page 7 for a reconciliation of net income to FFO and FFO as Adjusted for the quarter ended December 31, 2022.

<sup>(3)</sup> Refer to page 8 for a reconciliation of net income to NOI and Same-Property NOI for the quarter ended December 31, 2022.

<sup>(4)</sup> Net debt as of December 31, 2022 is calculated as total consolidated debt of $1.7 billion less total cash and cash equivalents, including restricted cash, of $129 million.

<sup>(5)</sup> Refer to page 18 for the calculation of market capitalization as of December 31, 2022.

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**2023 Earnings Guidance** 

The Company's 2023 earnings guidance anticipates net income of $0.27 to $0.33 per diluted share, FFO of $1.10 to $1.16 per diluted share, and FFO as Adjusted of $1.11 to $1.17 per diluted share. Below is a summary of the underlying assumptions and a reconciliation of the range of estimated earnings, FFO, and FFO as Adjusted per diluted share.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-property NOI growth, including properties in redevelopment, of (1.0%) to 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-property NOI growth, including properties in redevelopment, adjusted for the collection of amounts previously deemed uncollectible of 0.5% to 3.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No new acquisitions or dispositions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• G&A expenses ranging from $35.5 million to $37.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest and debt expense ranging from $70.1 million to $73.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excludes items that impact FFO comparability, including loss on extinguishment of debt or any one-time items outside of the ordinary course of business

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Guidance 2023E** | **Guidance 2023E** | **Per Diluted Share** | **Per Diluted Share** |
| **(in thousands, except per share amounts)** | **Low** | **High** | **Low** | **High** |
| Net income | $33200 | $40200 | $0.27 | $0.33 |
| Less net (income) loss attributable to noncontrolling interests in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating partnership | (1600) | (1600) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Consolidated subsidiaries | 600 | 600 |  |  |
| Net income attributable to common shareholders | 32200 | 39200 | 0.26 | 0.32 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental property depreciation and amortization | 101300 | 101300 | 0.83 | 0.83 |
| &nbsp;&nbsp;&nbsp;Limited partnership interests in operating partnership | 1600 | 1600 | 0.01 | 0.01 |
| FFO Applicable to diluted common shareholders | 135100 | 142100 | 1.10 | 1.16 |
| Adjustments to FFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transaction, severance and litigation expenses | 900 | 900 | 0.01 | 0.01 |
| FFO as Adjusted applicable to diluted common shareholders | $136000 | $143000 | $1.11 | $1.17 |

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The following table is a reconciliation bridging our 2022 FFO per diluted share to the Company's estimated 2023 FFO per diluted share:

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| | | |
|:---|:---|:---|
| | **Per Diluted Share** | **Per Diluted Share** |
| | **Low** | **High** |
| **2022 FFO per diluted share** | $1.19 | $1.19 |
| Items impacting FFO comparability<sup>(1)</sup> | 0.02 | 0.02 |
| Interest and debt expense | (0.10) | (0.09) |
| Same-property NOI growth, including redevelopment | (0.02) | 0.03 |
| Recurring general and administrative and other expenses | 0.01 | 0.01 |
| **2023E FFO per diluted share** | $1.10 | $1.16 |

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<sup>(1)</sup> Includes adjustments to FFO for fiscal year 2022 which impact comparability. See "Reconciliation of Net Income to FFO and FFO as Adjusted" on page 7 for more information.

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.

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**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-property NOI: The Company provides disclosure of NOI on a same-property basis, which includes the results of properties that were owned and operated for the entirety of the reporting periods being compared, which total 69 properties for the quarters ended December 31, 2022 and 2021 and 68 properties for the years ended December 31, 2022 and 2021. Information provided on a same-property basis excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area ("GLA") is taken out of service and also excludes properties acquired or sold during the periods being compared. As such, same-property NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition or disposition of properties during the periods presented, and thus provides a more consistent performance measure for the comparison of the operating performance of the Company's properties. While there is judgment surrounding changes in designations, a property is removed from the same-property pool when it is designated as a redevelopment property because it is undergoing significant renovation or retenanting pursuant to a formal plan that is expected to have a significant impact on its operating income. A development or redevelopment property is moved back to the same-property pool once a substantial portion of the NOI growth expected from the development or redevelopment is reflected in both the current and comparable prior year period, generally one year after at least 80% of the expected NOI from the project is realized on a cash basis. Acquisitions are moved into the same-property pool once we have owned the property for the entirety of the comparable periods and the property is not under significant development or redevelopment. The Company has also provided disclosure of NOI on a same-property basis adjusted to include redevelopment properties. Same-property NOI may include other adjustments as detailed in the Reconciliation of

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDAre and Adjusted EBITDAre: EBITDAre and Adjusted EBITDAre are supplemental, non-GAAP measures utilized by us in various financial ratios. The White Paper on EBITDAre, approved by Nareit's Board of Governors in September 2017, defines EBITDAre as net income (computed in accordance with GAAP), adjusted for interest expense, income tax (benefit) expense, depreciation and amortization, losses and gains on the disposition of depreciated property, impairment write-downs of depreciated property and investments in unconsolidated joint ventures, and adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. EBITDAre and Adjusted EBITDAre are presented to assist investors in the evaluation of REITs, as a measure of the Company's operational performance as they exclude various items that do not relate to or are not indicative of our operating performance and because they approximate key performance measures in our debt covenants. Accordingly, the Company believes that the use of EBITDAre and Adjusted EBITDAre, as opposed to income before income taxes, in various ratios provides meaningful performance measures related to the Company's ability to meet various coverage tests for the stated periods. Adjusted EBITDAre may include other adjustments not indicative of operating results as detailed in the Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre included in the tables accompanying this press release. The Company also presents the ratio of net debt (net of cash) to annualized Adjusted EBITDAre as of December 31, 2022, and net debt (net of cash) to total market capitalization, which it believes is useful to investors as a supplemental measure in evaluating the Company's balance sheet leverage. The presentation of EBITDAre and Adjusted EBITDAre is consistent with EBITDA and Adjusted EBITDA as presented in prior periods.

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

**Operating Metrics**

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

Occupancy metrics represent the percentage of occupied gross leasable area based on executed leases (including properties in development and redevelopment) and include leases signed, but for which rent has not yet commenced. Same-property portfolio leased occupancy includes properties that have been owned and operated for the entirety of the reporting periods being compared, which total 69 properties for the quarters ended December 31, 2022 and 2021 and 68 properties for the years ended December 31, 2022 and 2021. Occupancy metrics presented for the Company's same-property portfolio excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service and also excludes properties acquired within the past 12 months or properties sold during the periods being compared.

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

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

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**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 quarters and years ended December 31, 2022 and 2021, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended<br>December 31,** | **Quarter Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| **(in thousands, except per share amounts)** | **2022** | **2021** | **2022** | **2021** |
| Net income | $14331 | $44013 | $47339 | $107815 |
| Less net (income) loss attributable to noncontrolling interests in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating partnership | (547) | (1688) | (1895) | (4296) |
| &nbsp;&nbsp;&nbsp;Consolidated subsidiaries | (109) | 128 | 726 | (833) |
| Net income attributable to common shareholders | 13675 | 42453 | 46170 | 102686 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental property depreciation and amortization | 24605 | 23570 | 97460 | 91468 |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  | (353) | (18648) |
| &nbsp;&nbsp;&nbsp;Real estate impairment loss |  | 96 |  | 468 |
| &nbsp;&nbsp;&nbsp;Limited partnership interests in operating partnership | 547 | 1688 | 1895 | 4296 |
| FFO Applicable to diluted common shareholders | 38827 | 67807 | 145172 | 180270 |
| FFO per diluted common share<sup>(1)</sup> | 0.32 | 0.56 | 1.19 | 1.48 |
| Adjustments to FFO: |  |  |  |  |
| &nbsp;&nbsp;Transaction, severance and litigation expenses<sup>(2)</sup> | 3132 | 590 | 4938 | 861 |
| &nbsp;&nbsp;&nbsp;Reinstatement of receivables arising from the straight-lining of rents, net | (149) | (1134) | (384) | (1216) |
| &nbsp;&nbsp;Real estate tax settlements related to prior periods<sup>(5)</sup> | (1232) |  | (1232) |  |
| &nbsp;&nbsp;Impact of lease terminations<sup>(3)</sup> |  | (33462) |  | (44540) |
| &nbsp;&nbsp;Tax impact of Puerto Rico transactions<sup>(4)</sup> |  | (684) |  | (1137) |
| &nbsp;&nbsp;&nbsp;Tenant bankruptcy settlement income |  | (19) | (36) | (771) |
| FFO as Adjusted applicable to diluted common shareholders | $40578 | $33098 | $148458 | $133467 |
| FFO as Adjusted per diluted common share<sup>(1)</sup> | $0.33 | $0.27 | $1.21 | $1.09 |
| Weighted Average diluted common shares<sup>(1)</sup> | 122160 | 121795 | 122318 | 122107 |

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<sup>(1)</sup> Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the quarters and years ended December 31, 2022 and December 31, 2021, 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.

<sup>(2)</sup> Amounts for the quarter and year ended December 31, 2022 include $1.8 million of severance expense and $0.7 million of accelerated stock compensation expense related to the departure of certain executives of the Company in the fourth quarter of 2022. The remainder is related to non-routine litigation expenses and transaction costs.

<sup>(3)</sup> Amounts reflect accelerated amortization of $33.5 million and $44.5 million of below-market intangible liabilities, net of the portion attributable to noncontrolling interests, (classified within property rental revenues in the consolidated statements of income) for the quarter and year ended December 31, 2021, respectively.

<sup>(4)</sup> Amount for the quarter and year ended December 31, 2021 reflects final adjustments to local and state income taxes in connection with the debt transactions and legal entity reorganization at our malls in Puerto Rico in 2020.

<sup>(5)</sup> The real estate tax settlement adjustments related to prior periods totaled $1.4 million. The $1.2 million adjustment to FFO in calculating FFO as Adjusted is net of the portion attributable to the noncontrolling interest in Sunrise Mall.

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**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 quarters and years ended December 31, 2022 and 2021, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended<br>December 31,** | **Quarter Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| **(Amounts in thousands)** | **2022** | **2021** | **2022** | **2021** |
| Net income | $14331 | $44013 | $47339 | $107815 |
| &nbsp;&nbsp;&nbsp;Other (income) expense | 175 | (37) | (125) | (561) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 24871 | 23797 | 98432 | 92331 |
| &nbsp;&nbsp;&nbsp;General and administrative expense | 11480 | 10866 | 43087 | 39152 |
| &nbsp;&nbsp;&nbsp;Real estate impairment loss |  | 96 |  | 468 |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  | (353) | (18648) |
| &nbsp;&nbsp;&nbsp;Interest income | (394) | (57) | (1107) | (360) |
| &nbsp;&nbsp;&nbsp;Interest and debt expense | 15468 | 13745 | 58979 | 57938 |
| &nbsp;&nbsp;&nbsp;Gain on extinguishment of debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income tax expense | 641 | 234 | 2903 | 1139 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expenses | (1969) | (36471) | (8257) | (55463) |
| NOI | 64603 | 56186 | 240898 | 223811 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tenant bankruptcy settlement income and lease termination income | (704) | (19) | (822) | (1313) |
| &nbsp;&nbsp;Sunrise Mall net operating (income) loss<sup>(5)</sup> | (794) | 371 | 2544 | 3031 |
| &nbsp;&nbsp;Real estate tax settlements related to prior periods<sup>(1)</sup> | (1441) |  | (1441) |  |
| &nbsp;&nbsp;Non-same property NOI and other<sup>(2)</sup> | (7070) | (5146) | (31117) | (23687) |
| Same-property NOI<sup>(3)</sup> | $54594 | $51392 | $210062 | $201842 |
| &nbsp;&nbsp;&nbsp;NOI related to properties being redeveloped | 5123 | 4832 | 19054 | 20915 |
| Same-property NOI including properties in redevelopment<sup>(4)</sup> | $59717 | $56224 | $229116 | $222757 |

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<sup>(1)</sup> NOI for the quarter and year ended December 31, 2022 includes $1.4 million of prior year real estate tax adjustments, inclusive of the portion attributable to noncontrolling interests, for the settlement of successful appeals.

<sup>(2)</sup> Non-same property NOI includes NOI related to properties being redeveloped and properties acquired or disposed in the period.

<sup>(3)</sup> Excluding the collection of amounts previously deemed uncollectible, the increase would have been 6.1% compared to the fourth quarter of

2021 and 5.3% compared to the year ended December 31, 2021.

<sup>(4)</sup> Excluding the collection of amounts previously deemed uncollectible, the increase would have been 7.1% compared to the fourth quarter of

2021 and 4.2% compared to the year ended December 31, 2021.

<sup>(5)</sup> Net operating (income)/loss at Sunrise Mall for the fourth quarter and full-year 2022 includes real estate tax settlements of $1.3 million related to the current year. Excluding the impact of the current year real estate tax settlements, net operating loss for the quarter and year ended December 31, 2022 is $0.6 million and $3.9 million, respectively.

------

**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 quarters and years ended December 31, 2022 and 2021, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended<br>December 31,** | **Quarter Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| **(Amounts in thousands)** | **2022** | **2021** | **2022** | **2021** |
| Net income | $14331 | $44013 | $47339 | $107815 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 24871 | 23797 | 98432 | 92331 |
| &nbsp;&nbsp;&nbsp;Interest and debt expense | 15468 | 13745 | 58979 | 57938 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 641 | 234 | 2903 | 1139 |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  | (353) | (18648) |
| &nbsp;&nbsp;&nbsp;Real estate impairment loss |  | 96 |  | 468 |
| EBITDAre | 55311 | 81885 | 207300 | 241043 |
| Adjustments for Adjusted EBITDAre: |  |  |  |  |
| &nbsp;&nbsp;Transaction, severance and litigation expenses<sup>(1)</sup> | 3132 | 590 | 4938 | 861 |
| &nbsp;&nbsp;&nbsp;Reinstatement of receivables arising from the straight-lining of rents, net | (149) | (1134) | (384) | (1216) |
| &nbsp;&nbsp;Real estate tax settlements related to prior periods<sup>(2)</sup> | (1441) |  | (1441) |  |
| &nbsp;&nbsp;Impact of lease terminations<sup>(3)</sup> |  | (33462) |  | (45943) |
| &nbsp;&nbsp;&nbsp;Tenant bankruptcy settlement income |  | (19) | (36) | (771) |
| Adjusted EBITDAre | $56853 | $47860 | $210377 | $193974 |

---

<sup>(1)</sup> Amounts for the quarter and year ended December 31, 2022 include $1.8 million of severance expense and $0.7 million of accelerated stock compensation expense related to the departure of certain executives of the Company in the fourth quarter of 2022. The remainder is related to non-routine litigation expenses and transaction costs.

<sup>(2)</sup> Amount reflects $1.4 million of prior year real estate tax adjustments, inclusive of the portion attributable to noncontrolling interests, for the settlement of successful appeals.

<sup>(3)</sup> Amount reflects accelerated amortization of $33.5 million and $45.9 million of below-market intangible liabilities (classified within property rental revenues in the consolidated statements of income) for the quarter and year ended December 31, 2021, respectively.

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**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 amendments to those reports.

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

**ABOUT URBAN EDGE**

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

**FORWARD-LOOKING STATEMENTS**

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition, 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 ongoing 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, including the discontinuation of USD LIBOR, which is currently anticipated to occur in 2023; (ix) the Company's ability to pay down, refinance, restructure or extend its indebtedness as it becomes due and potential limitations on the Company's ability to borrow funds under its existing credit facility as a result of covenants relating to the Company's financial results; (x) potentially higher costs associated with the Company's development, redevelopment and anchor repositioning projects, and the Company's ability to lease the properties at projected rates; (xi) the Company's liability for environmental matters; (xii) damage to the Company's properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) the Company's ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches; (xv) the loss of key executives; and (xvi) the accuracy of methodologies and estimates regarding our environmental, social and governance ("ESG") metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Risk Factors" in Part I, Item 1A, of the Company's Annual Report on Form 10-K for the year ended December 31, 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.

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---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **ADDITIONAL DISCLOSURES** |
| **As of December 31, 2022** |

---

**Basis of Presentation**

The information contained in the Supplemental Disclosure Package does not purport to disclose all items required by GAAP and is unaudited information. 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. 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.

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| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **SUMMARY FINANCIAL RESULTS AND RATIOS** |
| **For the quarter and year ended December 31, 2022** |
| (in thousands, except per share, sf, rent psf and financial ratio data) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Year ended** | **Year ended** |
|<br>**Summary Financial Results** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| Total revenue | $101593 |  | $397938 |  |
| General & administrative expenses (G&A) | $11480 |  | $43087 |  |
| Recurring G&A<sup>(10)</sup> | $8342 |  | $37421 |  |
| Net income attributable to common shareholders | $13675 |  | $46170 |  |
| Earnings per diluted share | $0.12 |  | $0.39 |  |
| Adjusted EBITDAre<sup>(7)</sup> | $56853 |  | $210377 |  |
| Funds from operations (FFO) | $38827 |  | $145172 |  |
| FFO per diluted common share | $0.32 |  | $1.19 |  |
| FFO as Adjusted | $40578 |  | $148458 |  |
| FFO as Adjusted per diluted common share | $0.33 |  | $1.21 |  |
| Total dividends paid per share | $0.16 |  | $0.64 |  |
| Stock closing price low-high range (NYSE) | $13.05 to $15.73 | $13.05 to $15.73 | $13.05 to $19.76 | $13.05 to $19.76 |
| Weighted average diluted shares used in EPS computations<sup>(1)</sup> | 121588 |  | 121640 |  |
| Weighted average diluted common shares used in FFO computations<sup>(1)</sup> | 122160 |  | 122318 |  |
| **Summary Property, Operating and Financial Data** |  |  |  |  |
| # of Total properties / # of Retail properties | 76 / 73 | 76 / 73 |  |  |
| Gross leasable area (GLA) sf - retail portfolio<sup>(3)(5)</sup> | 14495000 |  |  |  |
| Weighted average annual rent psf - retail portfolio<sup>(3)(5)</sup> | $19.89 |  |  |  |
| Consolidated portfolio leased occupancy at end of period<sup>(9)</sup> | 90.3 | % |  |  |
| Consolidated retail portfolio leased occupancy at end of period<sup>(5)</sup> | 94.3 | % |  |  |
| Same-property portfolio leased occupancy at end of period<sup>(2)</sup> | 95.4 | % |  |  |
| Same-property physical occupancy at end of period<sup>(4)(2)</sup> | 91.0 | % |  |  |
| Same-property NOI growth<sup>(2)</sup> | 6.2 | % | 4.1 | % |
| Same-property NOI growth, including redevelopment properties | 6.2 | % | 2.9 | % |
| NOI margin<sup>(11)</sup> | 65.0 | % | 62.1 | % |
| Same-property expense recovery ratio | 81.5 | % | 81.2 | % |
| Same-property, including redevelopment, expense recovery ratio | 79.8 | % | 78.4 | % |
| New, renewal and option rent spread - cash basis<sup>(8)</sup> | 30.6 | % | 12.3 | % |
| New, renewal and option rent spread - GAAP basis<sup>(8)</sup> | 47.9 | % | 22.5 | % |
| Net debt to total market capitalization<sup>(6)</sup> | 45.9 | % | 45.9 | % |
| Net debt to Adjusted EBITDAre<sup>(6)</sup> | 6.9 | x | 7.5 | x |
| Adjusted EBITDAre to interest expense<sup>(7)</sup> | 3.9 | x | 3.8 | x |
| Adjusted EBITDAre to fixed charges<sup>(7)</sup> | 3.0 | x | 2.9 | x |

---

<sup>(1)</sup> Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the fourth quarter and year ended December 31, 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.

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

<sup>(3)</sup> 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 $8.89.

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

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

<sup>(6)</sup> See computation for the quarter ended December 31, 2022 on page 18. Net debt to Adjusted EBITDAre is calculated based on fourth quarter 2022 annualized EBITDAre.

<sup>(7)</sup> See computation on page 16.

<sup>(8)</sup> See computation on page 22.

<sup>(9)</sup> Excluding Sunrise Mall consolidated portfolio leased occupancy is 94.8%.

<sup>(10)</sup> Recurring G&A for the quarter ended December 31, 2022 excludes $2.5 million of executive transition costs and $0.6 million of transaction, severance and litigation expenses. Recurring G&A for the year ended December 31, 2022 excludes $3.2 million transaction, severance and litigation expenses and $2.5 million of executive transition costs.

<sup>(11)</sup> The calculation for NOI margin includes real estate tax settlement adjustments in connection with successful appeals totaling $2.3 million and $2.7 million for the quarter and year ended December 31, 2022, respectively.

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| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **CONSOLIDATED BALANCE SHEETS** |
| **As of December 31, 2022 (unaudited) and December 31, 2021** |
| (in thousands, except share and per share amounts) |

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---

| | | |
|:---|:---|:---|
| | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
| **ASSETS** |  |  |
| Real estate, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;Land | $535770 | $543827 |
| &nbsp;&nbsp;&nbsp;Buildings and improvements | 2468385 | 2441797 |
| &nbsp;&nbsp;&nbsp;Construction in progress | 314190 | 212296 |
| &nbsp;&nbsp;&nbsp;Furniture, fixtures and equipment | 8539 | 7530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 3326884 | 3205450 |
| &nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (791485) | (753947) |
| Real estate, net | 2535399 | 2451503 |
| Operating lease right-of-use assets | 64161 | 69361 |
| Cash and cash equivalents | 85518 | 164478 |
| Restricted cash | 43256 | 55358 |
| Tenant and other receivables | 17523 | 15812 |
| Receivables arising from the straight-lining of rents | 64713 | 62692 |
| Identified intangible assets, net of accumulated amortization of $40,983 and $37,361, respectively | 62856 | 71107 |
| Deferred leasing costs, net of accumulated amortization of $20,107 and $17,641, respectively | 26799 | 20694 |
| Prepaid expenses and other assets | 77207 | 74111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2977432 | $2985116 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Mortgages payable, net | $1691690 | $1687190 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 59789 | 64578 |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 102519 | 84829 |
| &nbsp;&nbsp;Identified intangible liabilities, net of accumulated amortization of $40,816 and $35,029, respectively | 93328 | 100625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1947326 | 1937222 |
| Commitments and contingencies |  |  |
| &nbsp;&nbsp;&nbsp;Shareholders' equity: |  |  |
| &nbsp;&nbsp;Common shares: $0.01 par value; 500,000,000 shares authorized and 117,450,951 and 117,147,986 shares issued and outstanding, respectively | 1173 | 1170 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1011293 | 1001253 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 629 |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (36104) | (7091) |
| Noncontrolling interests: |  |  |
| &nbsp;&nbsp;&nbsp;Operating partnership | 39209 | 39616 |
| &nbsp;&nbsp;&nbsp;Consolidated subsidiaries | 13906 | 12946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1030106 | 1047894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $2977432 | $2985116 |

---

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| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **CONSOLIDATED STATEMENTS OF INCOME** |
| **For the quarter and year ended December 31, 2022 and 2021 (unaudited)** |
| (in thousands, except per share amounts) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **REVENUE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental revenue | $101331 | $128210 | $396376 | $422467 |
| &nbsp;&nbsp;&nbsp;Other income | 262 | 366 | 1562 | 2615 |
| Total revenue | 101593 | 128576 | 397938 | 425082 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 24871 | 23797 | 98432 | 92331 |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 14202 | 16018 | 61864 | 63844 |
| &nbsp;&nbsp;&nbsp;Property operating | 17861 | 16657 | 74334 | 68531 |
| &nbsp;&nbsp;&nbsp;General and administrative | 11480 | 10866 | 43087 | 39152 |
| &nbsp;&nbsp;&nbsp;Casualty and impairment loss |  | 96 |  | 468 |
| &nbsp;&nbsp;&nbsp;Lease expense | 3133 | 3207 | 12460 | 12872 |
| Total expenses | 71547 | 70641 | 290177 | 277198 |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  | 353 | 18648 |
| &nbsp;&nbsp;&nbsp;Interest income | 394 | 57 | 1107 | 360 |
| &nbsp;&nbsp;&nbsp;Interest and debt expense | (15468) | (13745) | (58979) | (57938) |
| Income before income taxes | 14972 | 44247 | 50242 | 108954 |
| Income tax expense | (641) | (234) | (2903) | (1139) |
| Net income | 14331 | 44013 | 47339 | 107815 |
| Less net (income) loss attributable to noncontrolling interests in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating partnership | (547) | (1688) | (1895) | (4296) |
| &nbsp;&nbsp;&nbsp;Consolidated subsidiaries | (109) | 128 | 726 | (833) |
| Net income attributable to common shareholders | $13675 | $42453 | $46170 | $102686 |
| Earnings per common share - Basic: | $0.12 | $0.36 | $0.39 | $0.88 |
| Earnings per common share - Diluted: | $0.12 | $0.36 | $0.39 | $0.88 |
| Weighted average shares outstanding - Basic | 117385 | 117088 | 117366 | 117029 |
| Weighted average shares outstanding - Diluted | 121588 | 117138 | 121640 | 121447 |

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| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **SUPPLEMENTAL SCHEDULE OF NET OPERATING INCOME** |
| **For the quarter and year ended December 31, 2022 and 2021** |
| (in thousands) |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended <br>December 31,** | **Quarter Ended <br>December 31,** | **Percent Change** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** | **Percent Change** |
| | **2022** | **2021** | **Percent Change** | **2022** | **2021** | **Percent Change** |
| **Composition of NOI**<sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property rentals | $72264 | $67665 |  | $282777 | $266918 |  |
| &nbsp;&nbsp;&nbsp;Tenant expense reimbursements | 27000 | 24180 |  | 104551 | 102914 |  |
| &nbsp;&nbsp;&nbsp;Rental revenue deemed collectible (uncollectible) | 170 | (161) |  | 851 | (2337) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property revenue | 99434 | 91684 | 8.5% | 388179 | 367495 | 5.6% |
| &nbsp;&nbsp;&nbsp;Property operating | (20629) | (19480) |  | (85417) | (79839) |  |
| &nbsp;&nbsp;Real estate taxes<sup>(3)</sup> | (14202) | (16018) |  | (61864) | (63844) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property operating expenses | (34831) | (35498) | (1.9)% | (147281) | (143684) | 2.5% |
| **NOI**<sup>(1)</sup> | $64603 | $56186 | 15.0% | $240898 | $223811 | 7.6% |
| **NOI margin (NOI / Total property revenue)**<sup>(3)</sup> | 65.0% | 61.3% |  | 62.1% | 60.9% |  |
| **Same-property NOI**<sup>(1)(2)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property rentals | $62103 | $60339 |  | $240725 | $234596 |  |
| &nbsp;&nbsp;&nbsp;Tenant expense reimbursements | 22927 | 21835 |  | 90250 | 87689 |  |
| &nbsp;&nbsp;&nbsp;Rental revenue deemed collectible (uncollectible) | 395 | (341) |  | 1336 | 274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property revenue | 85425 | 81833 |  | 332311 | 322559 |  |
| &nbsp;&nbsp;&nbsp;Real estate taxes | (14069) | (13638) |  | (53307) | (53915) |  |
| &nbsp;&nbsp;&nbsp;Property operating | (13911) | (13971) |  | (57547) | (55482) |  |
| &nbsp;&nbsp;&nbsp;Lease expense | (2851) | (2832) |  | (11395) | (11320) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property operating expenses | (30831) | (30441) |  | (122249) | (120717) |  |
| **Same-property NOI**<sup>(1)(2)</sup> | $54594 | $51392 | 6.2% | $210062 | $201842 | 4.1% |
| &nbsp;&nbsp;NOI related to properties being redeveloped<sup>(2)</sup> | 5123 | 4832 |  | 19054 | 20915 |  |
| **Same-property NOI** **including properties in redevelopment**<sup>(1)</sup> | $59717 | $56224 | 6.2% | $229116 | $222757 | 2.9% |
| &nbsp;&nbsp;&nbsp;Same-property physical occupancy | 91.0% | 90.5% |  | 92.2% | 90.3% |  |
| &nbsp;&nbsp;&nbsp;Same-property leased occupancy | 95.4% | 94.3% |  | 95.3% | 94.1% |  |
| &nbsp;&nbsp;&nbsp;Number of properties included in same-property analysis | 69 |  |  | 68 |  |  |

---

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

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

<sup>(3)</sup> Includes real estate tax settlement adjustments totaling $2.3 million and $2.7 million for the quarter and year ended December 31, 2022, respectively, in connection with successful appeals. Excluding these adjustments, the NOI margin is 62.7% and 61.3% for the quarter and year ended December 31, 2022, respectively.

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| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION for REAL ESTATE (EBITDAre)** |
| **For the quarter and year ended December 31, 2022 and 2021** |
| (in thousands) |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended <br>December 31,** | **Quarter Ended <br>December 31,** | **Quarter Ended <br>December 31,** | **Quarter Ended <br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2022** | **2022** | **2021** | **2021** | **2022** | **2022** | **2021** | **2021** |
| Net income | $14331 |  | $44013 |  | $47339 |  | $107815 |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 24871 |  | 23797 |  | 98432 |  | 92331 |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 14501 |  | 13000 |  | 55557 |  | 54946 |  |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 967 |  | 745 |  | 3422 |  | 2992 |  |
| &nbsp;&nbsp;&nbsp;Income tax expense | 641 |  | 234 |  | 2903 |  | 1139 |  |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  |  |  | (353) |  | (18648) |  |
| &nbsp;&nbsp;&nbsp;Real estate impairment loss |  |  | 96 |  |  |  | 468 |  |
| **EBITDAre** | 55311 |  | 81885 |  | 207300 |  | 241043 |  |
| Adjustments for Adjusted EBITDAre: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transaction, severance and litigation expenses<sup>(1)</sup> | 3132 |  | 590 |  | 4938 |  | 861 |  |
| &nbsp;&nbsp;&nbsp;Reinstatement of receivables arising from the straight-lining of rents, net | (149) |  | (1134) |  | (384) |  | (1216) |  |
| &nbsp;&nbsp;Real estate tax settlements related to prior periods<sup>(2)</sup> | (1441) |  |  |  | (1441) |  |  |  |
| &nbsp;&nbsp;Impact of lease terminations<sup>(3)</sup> |  |  | (33462) |  |  |  | (45943) |  |
| &nbsp;&nbsp;&nbsp;Tenant bankruptcy settlement income |  |  | (19) |  | (36) |  | (771) |  |
| **Adjusted EBITDAre** | $56853 |  | $47860 |  | $210377 |  | $193974 |  |
| Interest expense | $14501 |  | $13000 |  | $55557 |  | $54946 |  |
| Adjusted EBITDAre to interest expense | 3.9 | x | 3.7 | x | 3.8 | x | 3.5 | x |
| Fixed charges |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | $14501 |  | $13000 |  | $55557 |  | $54946 |  |
| &nbsp;&nbsp;&nbsp;Scheduled principal amortization | 4277 |  | 3812 |  | 17409 |  | 13277 |  |
| Total fixed charges | $18778 |  | $16812 |  | $72966 |  | $68223 |  |
| Adjusted EBITDAre to fixed charges | 3.0 | x | 2.8 | x | 2.9 | x | 2.8 | x |

---

<sup>(1)</sup> Amounts for the quarter and year ended December 31, 2022 include $1.8 million of severance expense and $0.7 million of accelerated stock compensation expense related to the departure of certain executives of the Company in the fourth quarter of 2022. The remainder is related to non-routine litigation expenses and transaction costs.

<sup>(2)</sup> Amount reflects $1.4 million of prior year real estate tax adjustments, inclusive of the portion attributable to noncontrolling interests, for the settlement of successful appeals.

<sup>(3)</sup> Amounts reflect accelerated amortization of $33.5 million and $45.9 million of below-market intangible liabilities (classified within property rental revenues in the consolidated statements of income) for the quarter and year ended December 31, 2021, respectively.

------

---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **FUNDS FROM OPERATIONS** |
| **For the quarter and year ended December 31, 2022** |
| (in thousands, except per share amounts) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended<br>December 31, 2022** | **Quarter Ended<br>December 31, 2022** | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2022** |
| | (in thousands) | (per share)<sup>(4)</sup> | (in thousands) | (per share)<sup>(4)</sup> |
| Net income | $14331 | $0.12 | $47339 | $0.39 |
| Less net (income) loss attributable to noncontrolling interests in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating partnership | (547) |  | (1895) | (0.02) |
| &nbsp;&nbsp;&nbsp;Consolidated subsidiaries | (109) |  | 726 | 0.01 |
| Net income attributable to common shareholders | 13675 | 0.12 | 46170 | 0.38 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental property depreciation and amortization | 24605 | 0.20 | 97460 | 0.80 |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  | (353) |  |
| &nbsp;&nbsp;Limited partnership interests in operating partnership<sup>(1)</sup> | 547 |  | 1895 | 0.02 |
| **FFO applicable to diluted common shareholders** | 38827 | 0.32 | 145172 | 1.19 |
| Adjustments to FFO: |  |  |  |  |
| &nbsp;&nbsp;Transaction, severance and litigation expenses<sup>(2)</sup> | 3132 | 0.03 | 4938 | 0.04 |
| &nbsp;&nbsp;&nbsp;Reinstatement of receivables arising from the straight-lining of rents, net | (149) |  | (384) |  |
| &nbsp;&nbsp;Real estate tax settlements related to prior periods<sup>(3)</sup> | (1232) | (0.01) | (1232) | (0.01) |
| &nbsp;&nbsp;&nbsp;Tenant bankruptcy settlement income |  |  | (36) |  |
| **FFO as Adjusted applicable to diluted common shareholders** | $40578 | $0.33 | $148458 | $1.21 |
| Weighted average diluted shares used to calculate EPS | 121587 |  | 121640 |  |
| Assumed conversion of OP and LTIP Units to common shares | 573 |  | 678 |  |
| Weighted average diluted common shares - FFO | 122160 |  | 122318 |  |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Amounts for the quarter and year ended December 31, 2022 include $1.8 million of severance expense and $0.7 million of accelerated stock compensation expense related to the departure of certain executives of the Company in the fourth quarter of 2022. The remainder is related to non-routine litigation expenses and transaction costs.

<sup>(3)</sup> The real estate tax settlement adjustments related to prior periods totaled $1.4 million. The $1.2 million adjustment to FFO in calculating FFO as Adjusted is net of the portion attributable to the noncontrolling interest in Sunrise Mall.

<sup>(4)</sup> Individual items may not add up due to total rounding.

------

---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **MARKET CAPITALIZATION, DEBT RATIOS AND LIQUIDITY** |
| **As of December 31, 2022** |
| (in thousands, except share amounts and market price) |

---

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** |
| Closing market price of common shares | $14.09 |  |
| Basic common shares | 117450951 |  |
| OP and LTIP units | 4713558 |  |
| Diluted common shares | 122164509 |  |
| Equity market capitalization | $1721298 |  |
| Total consolidated debt<sup>(1)</sup> | $1699491 |  |
| Cash and cash equivalents including restricted cash | (128774) |  |
| Net debt | $1570717 |  |
| Net Debt to annualized Adjusted EBITDAre<sup>(2)</sup> | 6.9 | x |
| Total consolidated debt<sup>(1)</sup> | $1699491 |  |
| Equity market capitalization | 1721298 |  |
| Total market capitalization | $3420789 |  |
| Net debt to total market capitalization at applicable market price | 45.9 | % |
| Cash and cash equivalents including restricted cash | $128774 |  |
| Available under unsecured credit facility | 800000 |  |
| Total liquidity | $928774 |  |

---

<sup>(1)</sup> Total consolidated debt excludes unamortized debt issuance costs of $7.8 million.

<sup>(2)</sup> Net debt to Adjusted EBITDAre is calculated based on fourth quarter 2022 annualized Adjusted EBITDAre.

------

---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **ADDITIONAL DISCLOSURES** |
| (in thousands) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Rental revenue:** |  |  |  |  |
| &nbsp;&nbsp;Property rentals<sup>(1)(2)</sup> | $75056 | $104269 | $292235 | $323503 |
| &nbsp;&nbsp;&nbsp;Tenant expense reimbursements | 26105 | 24102 | 103291 | 101302 |
| &nbsp;&nbsp;&nbsp;Rental revenue deemed collectible (uncollectible) | 170 | (161) | 850 | (2338) |
| Total rental revenue | $101331 | $128210 | $396376 | $422467 |

---

**Composition of Rental Revenue for the Quarter Ended December 31, 2022**

---

| | |
|:---|:---|
| **(in thousands)** | **Quarter Ended December 31, 2022** |
| Collected property rentals and tenant expense reimbursements from fourth quarter billings<sup>(3)</sup> | $90454 |
| Uncollected property rentals and tenant expense reimbursements from fourth quarter billings<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Uncollectible | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collectible | 3314 |
| Total property rentals and tenant expense reimbursements before non-cash adjustments from fourth quarter billings<sup>(4)</sup> | 95046 |
| &nbsp;&nbsp;Non-cash adjustments<sup>(5)</sup> | 6115 |
| &nbsp;&nbsp;&nbsp;Rental revenue deemed collectible | 170 |
| Total rental revenue recognized | $101331 |

---

**Composition of Rental Revenue Deemed (Collectible) Uncollectible**

---

| | |
|:---|:---|
| **(in thousands)** | **Quarter Ended December 31, 2022** |
| Rental revenue deemed (collectible) uncollectible |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts billed in fourth quarter deemed uncollectible | $1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts billed prior to fourth quarter now deemed uncollectible | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery of amounts deemed uncollectible in prior periods | (1754) |
| Total recoveries in excess of rental revenue deemed uncollectible<sup>(6)</sup> | $(170) |

---

**Tenant and Other Receivables**

---

| | |
|:---|:---|
| | **As of December 31, 2022** |
| **(in thousands)** | |
| Tenant and other receivables billed | $31587 |
| Revenue deemed uncollectible | (14064) |
| Tenant and other receivables deemed collectible | $17523 |

---

<sup>(1)</sup> Percentage rents for the quarter and year ended December 31, 2022 were $1.4 million and $3.9 million, respectively, and $1.1 million and $2.6 million for the same periods in 2021.

<sup>(2)</sup> Amounts for the quarter and year ended December 31, 2021 include accelerated amortization of $33.5 million and $45.9 million of below-market intangible liabilities, respectively, related to the termination of our leases with Kmart and Sears.

<sup>(3)</sup> The Company has collected 99% of fourth quarter base rents as of January 27, 2023.

<sup>(4)</sup> Total fourth quarter billings include $3.9 million of gross amounts billed for leases with rental revenue being recognized on a cash-basis. As of December 31, 2022, the Company had 88 leases with rental revenue being recognized on a cash-basis, which represented approximately 4.1% of total portfolio ABR.

<sup>(5)</sup> Amount comprises straight-line rents, amortization of lease intangibles, credits for tenant abatements and accrued unbilled amounts during the fourth quarter.

<sup>(6)</sup> Rental revenue deemed uncollectible pertaining to cash basis tenants was an expense of $0.6 million consisting of $1.0 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 December 31, 2022, the Company has executed or approved deferral agreements amounting to $11.7 million with a weighted average remaining payback period of 28 months and has collected 99% of the deferral payments due:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
| **(in thousands)** | **Unbilled**<sup>(1)</sup> | **Rebilled and Collected** | **Rebilled and Uncollected** | **Total** |
| Accrual basis | $66 | $7983 | $— | $8049 |
| Cash basis | 1903 | 1717 | 74 | 3694 |
| Total | $1969 | $9700 | $74 | $11743 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Certain Non-Cash Items:** |  |  |  |  |
| &nbsp;&nbsp;Straight-line rents<sup>(2)</sup> | $498 | $1216 | $2020 | $878 |
| &nbsp;&nbsp;Amortization of below-market lease intangibles, net<sup>(2)</sup> | 1598 | 35388 | 6660 | 55163 |
| &nbsp;&nbsp;Lease expense GAAP adjustments<sup>(3)</sup> | (126) | (133) | (422) | (578) |
| &nbsp;&nbsp;Amortization of deferred financing costs<sup>(4)</sup> | (967) | (745) | (3422) | (2992) |
| &nbsp;&nbsp;Capitalized interest<sup>(4)</sup> | 2590 | 1289 | 8512 | 2022 |
| &nbsp;&nbsp;Share-based compensation expense<sup>(5)</sup> | (2809) | (2601) | (10486) | (10819) |
| **Capital Expenditures:**<sup>(6)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Development and redevelopment costs | $19845 | $39309 | $77360 | $76750 |
| &nbsp;&nbsp;&nbsp;Maintenance capital expenditures | 20649 | 8163 | 36285 | 14944 |
| &nbsp;&nbsp;&nbsp;Leasing commissions | 540 | 321 | 1439 | 1859 |
| &nbsp;&nbsp;&nbsp;Tenant improvements and allowances | 560 | 1468 | 2399 | 3683 |
| Total capital expenditures | $41594 | $49261 | $117483 | $97236 |

---

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| **Accounts Payable, Accrued Expenses and Other Liabilities:** | | |
| &nbsp;&nbsp;&nbsp;Deferred tenant revenue | $28468 | $28898 |
| &nbsp;&nbsp;&nbsp;Accrued capital expenditures and leasing costs | 35732 | 19164 |
| &nbsp;&nbsp;&nbsp;Accrued interest payable | 10789 | 9879 |
| &nbsp;&nbsp;&nbsp;Accrued payroll expenses | 9527 | 9134 |
| &nbsp;&nbsp;&nbsp;Other liabilities and accrued expenses | 6939 | 8057 |
| &nbsp;&nbsp;&nbsp;Security deposits | 8048 | 6693 |
| &nbsp;&nbsp;&nbsp;Finance lease liability | 3016 | 3004 |
| Total accounts payable, accrued expenses and other liabilities | $102519 | $84829 |

---

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

<sup>(2)</sup> Amounts included in the financial statement line item "Rental revenue" on the consolidated statements of income. During the three months ended December 31, 2022 and 2021, the Company reinstated $0.1 million and $1.1 million, respectively, of receivables arising from the straight-lining of rents, net of write-offs for tenants moved back to accrual basis accounting. During the years ended December 31, 2022 and 2021, the Company reinstated $0.4 million and $1.2 million, respectively, of receivables arising from the straight-lining of rents, net of write-offs for tenants moved back to accrual basis accounting.

<sup>(3)</sup> 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.

<sup>(4)</sup> Amounts included in the financial statement line item "Interest and debt expense" on the consolidated statements of income.

<sup>(5)</sup> Amounts included in the financial statement line item "General and administrative" on the consolidated statements of income.

<sup>(6)</sup> Amounts presented on a cash basis.

------

---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **TENANT CONCENTRATION - TOP TWENTY-FIVE TENANTS** |
| **As of December 31, 2022** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tenant** | **Number of stores** | **Square feet** | **% of total square feet** | **Annualized base rent ("ABR")** | **% of total ABR** | **Weighted average ABR per square foot** | **Average remaining term of ABR**<sup>(1)</sup> |
| The Home Depot | 6 | 808926 | 4.7% | $15731153 | 5.5% | $19.45 | 13.3 |
| The TJX Companies<sup>(2)</sup> | 21 | 671521 | 3.9% | 13608512 | 4.7% | 20.27 | 4.7 |
| Lowe's Companies | 6 | 976415 | 5.7% | 8946256 | 3.1% | 9.16 | 5.0 |
| Best Buy | 8 | 359551 | 2.1% | 8618156 | 3.0% | 23.97 | 5.1 |
| Kohl's | 8 | 767345 | 4.5% | 8400369 | 2.9% | 10.95 | 7.1 |
| Walmart | 5 | 708435 | 4.2% | 7479449 | 2.6% | 10.56 | 5.4 |
| Burlington | 7 | 415828 | 2.4% | 7200733 | 2.5% | 17.32 | 5.8 |
| ShopRite | 5 | 361058 | 2.1% | 6424644 | 2.2% | 17.79 | 10.8 |
| PetSmart | 10 | 228869 | 1.3% | 5843768 | 2.0% | 25.53 | 3.6 |
| BJ's Wholesale Club | 4 | 454297 | 2.7% | 5771563 | 2.0% | 12.70 | 7.3 |
| Ahold Delhaize (Stop & Shop) | 5 | 362696 | 2.1% | 5454430 | 1.9% | 15.04 | 5.8 |
| Target Corporation | 3 | 335937 | 2.0% | 5290952 | 1.8% | 15.75 | 9.7 |
| LA Fitness | 6 | 287420 | 1.7% | 5053088 | 1.8% | 17.58 | 6.7 |
| Amazon<sup>(3)</sup> | 3 | 145279 | 0.9% | 4717885 | 1.6% | 32.47 | 8.2 |
| The Gap<sup>(4)</sup> | 11 | 166032 | 1.0% | 4693166 | 1.6% | 28.27 | 2.8 |
| Staples | 8 | 167832 | 1.0% | 3541704 | 1.2% | 21.10 | 2.3 |
| Bob's Discount Furniture | 4 | 170931 | 1.0% | 3251494 | 1.1% | 19.02 | 3.7 |
| Bed Bath & Beyond<sup>(5)</sup> | 7 | 205673 | 1.2% | 3017257 | 1.1% | 14.67 | 5.1 |
| Dick's Sporting Goods | 4 | 185910 | 1.1% | 2747838 | 1.0% | 14.78 | 1.0 |
| 24 Hour Fitness | 1 | 53750 | 0.3% | 2700000 | 0.9% | 50.23 | 9.0 |
| Anthropologie | 1 | 31450 | 0.2% | 2531725 | 0.9% | 80.50 | 5.8 |
| Planet Fitness | 5 | 101046 | 0.6% | 2475296 | 0.9% | 24.50 | 8.1 |
| Raymour & Flanigan | 4 | 215254 | 1.3% | 2370497 | 0.8% | 11.01 | 5.9 |
| Nordstrom | 2 | 66561 | 0.4% | 2345180 | 0.8% | 35.23 | 2.2 |
| Five Below | 7 | 65816 | 0.4% | 1928384 | 0.7% | 29.30 | 6.9 |
| Total/Weighted Average | 151 | 8313832 | 48.8% | $140143499 | 48.6% | $16.86 | 6.6 |

---

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

<sup>(2)</sup> Includes Marshalls (13), T.J. Maxx (4), HomeGoods (3) and Homesense (1).

<sup>(3)</sup> Includes Whole Foods (2) and Amazon Fresh (1).

<sup>(4)</sup> Includes Old Navy (8), Gap (2) and Banana Republic (1).

<sup>(5)</sup> Includes Harmon Face Values (3), Bed Bath & Beyond (2), Bed Bath & Beyond and buybuy Baby combination store (1), and buybuy Baby (1). This tenant is facing a potential bankruptcy filing and generates approximately $4.6 million in annual gross rent.

<u>Note:</u> 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 quarter and year ended December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended<br>December 31, 2022** | **Quarter Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** |
| | **GAAP**<sup>(2)</sup> | **Cash**<sup>(1)</sup> | **GAAP**<sup>(2)</sup> | **Cash**<sup>(1)</sup> |
| **New leases** | | | | |
| Number of new leases executed | 22 | 22 | 69 | 69 |
| Total square feet | 575549 | 575549 | 1032434 | 1032434 |
| Number of same space leases | 14 | 14 | 55 | 55 |
| Same space square feet | 351482 | 351482 | 754812 | 754812 |
| Prior rent per square foot | $10.76 | $12.51 | $15.96 | $17.47 |
| New rent per square foot | $20.43 | $18.79 | $23.15 | $21.34 |
| Same space weighted average lease term (years) | 10.1 | 10.1 | 11.0 | 11.0 |
| Same space TIs per square foot | N/A | $20.10 | N/A | $19.90 |
| Rent spread | 89.9% | 50.2% | 45.1% | 22.2% |
| **Renewals & Options** |  |  |  |  |
| Number of leases executed | 31 | 31 | 90 | 90 |
| Total square feet | 212432 | 212432 | 1086469 | 1086469 |
| Number of same space leases | 31 | 31 | 90 | 90 |
| Same space square feet | 212432 | 212432 | 1086469 | 1086469 |
| Prior rent per square foot | $22.11 | $22.11 | $18.65 | $18.96 |
| New rent per square foot | $25.20 | $24.82 | $20.36 | $20.10 |
| Same space weighted average lease term (years) | 5.4 | 5.4 | 5.3 | 5.3 |
| Same space TIs per square foot | N/A | $— | N/A | $— |
| Rent spread | 14.0% | 12.3% | 9.2% | 6.0% |
| **Total New Leases and Renewals & Options** |  |  |  |  |
| Number of leases executed | 53 | 53 | 159 | 159 |
| Total square feet | 787981 | 787981 | 2118903 | 2118903 |
| Number of same space leases | 45 | 45 | 145 | 145 |
| Same space square feet | 563914 | 563914 | 1841281 | 1841281 |
| Prior rent per square foot | $15.03 | $16.12 | $17.55 | $18.35 |
| New rent per square foot | $22.23 | $21.06 | $21.50 | $20.61 |
| Same space weighted average lease term (years) | 8.3 | 8.3 | 7.6 | 7.6 |
| Same space TIs per square foot | N/A | $12.53 | N/A | $8.16 |
| Rent spread | 47.9% | 30.6% | 22.5% | 12.3% |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Rents are calculated on a straight-line (GAAP) basis.

------

---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **LEASES EXECUTED BUT NOT YET RENT COMMENCED** |
| **As of December 31, 2022** |

---

The Company has signed leases that have not yet rent commenced that are expected to generate an additional $28.6 million of future annual gross rent, representing approximately 12% of NOI generated for the year ended December 31, 2022. Approximately $24.3 million of this amount pertains to leases included in Active Redevelopment Projects on page 30. National and regional tenants represent 83% of the leased but not yet rent commenced pipeline. The below table illustrates the incremental gross rent expected to be recognized for the next four years, in the respective periods, from commencement of these leases.

![chart-8245e06f2cc141bda5b.jpg](chart-8245e06f2cc141bda5b.jpg)

Gross rents illustrated in the table above and their impact on same-property metrics in the respective years, based on the expected 2023 pool, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **2023** | **2024** | **2025** | **2026** |
| Same-property | $5000 | $15600 | $18900 | $19700 |

---

The below table summarizes the changes in annualized gross rent from leases executed but not yet rent commenced since September 30, 2022:

---

| | |
|:---|:---|
| **(in thousands)** | **Annualized Gross Rent** |
| Leases executed but not yet rent commenced as of September 30, 2022 | $23800 |
| Less: Leases commenced during the fourth quarter | (6800) |
| Plus: Leases executed during the fourth quarter | 11600 |
| Leases executed but not yet rent commenced as of December 31, 2022 | $28600 |

---

------

---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE** |
| **As of December 31, 2022** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **ANCHOR TENANTS (SF>=10,000)** | **ANCHOR TENANTS (SF>=10,000)** | **ANCHOR TENANTS (SF>=10,000)** | **ANCHOR TENANTS (SF>=10,000)** | **SHOP TENANTS (SF<10,000)** | **SHOP TENANTS (SF<10,000)** | **SHOP TENANTS (SF<10,000)** | **SHOP TENANTS (SF<10,000)** | **TOTAL TENANTS** | **TOTAL TENANTS** | **TOTAL TENANTS** | **TOTAL TENANTS** |
|<br>**Year**<sup>(1)</sup> | **# of leases** | **Square Feet** | **% of Total SF** | **Weighted Avg ABR PSF**<sup>(2)</sup> | **# of leases** | **Square Feet** | **% of Total SF** | **Weighted Avg ABR PSF**<sup>(2)</sup> | **# of leases** | **Square Feet** | **% of Total SF** | **Weighted Avg ABR PSF**<sup>(2)</sup> |
| M-T-M | 2 | 36000 | 0.3% | $20.42 | 31 | 80000 | 3.2% | $26.88 | 33 | 116000 | 0.8% | $24.87 |
| 2023 | 14 | 458000 | 3.8% | 19.89 | 66 | 185000 | 7.5% | 40.56 | 80 | 643000 | 4.4% | 25.84 |
| 2024 | 37 | 1280000 | 10.6% | 18.86 | 79 | 241000 | 9.8% | 35.08 | 116 | 1521000 | 10.5% | 21.43 |
| 2025 | 27 | 1064000 | 8.8% | 15.77 | 59 | 192000 | 7.8% | 37.48 | 86 | 1256000 | 8.7% | 19.09 |
| 2026 | 20 | 663000 | 5.5% | 18.60 | 79 | 259000 | 10.5% | 36.49 | 99 | 922000 | 6.4% | 23.63 |
| 2027 | 22 | 839000 | 7.0% | 12.58 | 78 | 277000 | 11.2% | 33.45 | 100 | 1116000 | 7.7% | 17.76 |
| 2028 | 24 | 951000 | 7.9% | 20.36 | 51 | 192000 | 7.8% | 38.27 | 75 | 1143000 | 7.9% | 23.37 |
| 2029 | 31 | 1384000 | 11.5% | 19.88 | 42 | 152000 | 6.2% | 42.64 | 73 | 1536000 | 10.6% | 22.13 |
| 2030 | 16 | 1102000 | 9.2% | 12.71 | 29 | 103000 | 4.2% | 47.83 | 45 | 1205000 | 8.3% | 15.71 |
| 2031 | 15 | 955000 | 7.9% | 15.55 | 18 | 70000 | 2.8% | 33.68 | 33 | 1025000 | 7.1% | 16.79 |
| 2032 | 9 | 296000 | 2.5% | 15.73 | 41 | 137000 | 5.5% | 33.27 | 50 | 433000 | 3.0% | 21.28 |
| 2033 | 16 | 615000 | 5.1% | 15.17 | 26 | 95000 | 3.8% | 34.62 | 42 | 710000 | 4.9% | 17.77 |
| Thereafter | 26 | 1939000 | 16.2% | 15.87 | 23 | 104000 | 4.2% | 36.47 | 49 | 2043000 | 14.0% | 16.92 |
| Subtotal/Average | 259 | 11582000 | 96.3% | $16.80 | 622 | 2087000 | 84.5% | $37.02 | 881 | 13669000 | 94.3% | $19.89 |
| Vacant | 18 | 443000 | 3.7% | N/A | 153 | 383000 | 15.5% | N/A | 171 | 826000 | 5.7% | N/A |
| **Total/Average** | 277 | 12025000 | 100% | N/A | 775 | 2470000 | 100% | N/A | 1052 | 14495000 | 100% | N/A |

---

<sup>(1)</sup> Year of expiration excludes tenant renewal options.

<sup>(2)</sup> 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 $8.89 per square foot as of December 31, 2022.

------

---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE ASSUMING EXERCISE OF ALL OPTIONS** |
| **As of December 31, 2022** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **ANCHOR TENANTS (SF>=10,000)** | **ANCHOR TENANTS (SF>=10,000)** | **ANCHOR TENANTS (SF>=10,000)** | **ANCHOR TENANTS (SF>=10,000)** | **SHOP TENANTS (SF<10,000)** | **SHOP TENANTS (SF<10,000)** | **SHOP TENANTS (SF<10,000)** | **SHOP TENANTS (SF<10,000)** | **TOTAL TENANTS** | **TOTAL TENANTS** | **TOTAL TENANTS** | **TOTAL TENANTS** |
|<br>**Year**<sup>(1)</sup> | **# of leases** | **Square Feet** | **% of Total SF** | **Weighted Avg ABR PSF**<sup>(2)</sup> | **# of leases** | **Square Feet** | **% of Total SF** | **Weighted Avg ABR PSF**<sup>(2)</sup> | **# of leases** | **Square Feet** | **% of Total SF** | **Weighted Avg ABR PSF**<sup>(2)</sup> |
| M-T-M | 2 | 36000 | 0.3% | $20.42 | 31 | 80000 | 3.2% | $26.88 | 33 | 116000 | 0.8% | $24.87 |
| 2023 | 6 | 147000 | 1.2% | 25.04 | 51 | 138000 | 5.6% | 43.13 | 57 | 285000 | 2.0% | 33.80 |
| 2024 | 6 | 144000 | 1.2% | 19.88 | 53 | 139000 | 5.6% | 38.90 | 59 | 283000 | 2.0% | 29.22 |
| 2025 | 10 | 290000 | 2.4% | 19.64 | 33 | 92000 | 3.7% | 42.74 | 43 | 382000 | 2.6% | 25.20 |
| 2026 | 6 | 103000 | 0.9% | 24.25 | 41 | 116000 | 4.7% | 41.28 | 47 | 219000 | 1.5% | 33.27 |
| 2027 | 3 | 42000 | 0.3% | 23.74 | 37 | 109000 | 4.4% | 30.50 | 40 | 151000 | 1.0% | 28.62 |
| 2028 | 6 | 333000 | 2.8% | 15.82 | 37 | 104000 | 4.2% | 38.49 | 43 | 437000 | 3.0% | 21.22 |
| 2029 | 14 | 410000 | 3.4% | 23.44 | 28 | 94000 | 3.8% | 45.71 | 42 | 504000 | 3.5% | 27.59 |
| 2030 | 10 | 281000 | 2.3% | 20.97 | 26 | 92000 | 3.7% | 42.24 | 36 | 373000 | 2.6% | 26.22 |
| 2031 | 11 | 291000 | 2.4% | 22.80 | 27 | 80000 | 3.2% | 40.80 | 38 | 371000 | 2.6% | 26.68 |
| 2032 | 6 | 239000 | 2.0% | 17.26 | 30 | 94000 | 3.8% | 38.88 | 36 | 333000 | 2.3% | 23.36 |
| 2033 | 17 | 513000 | 4.3% | 28.52 | 20 | 81000 | 3.3% | 46.55 | 37 | 594000 | 4.1% | 30.97 |
| Thereafter | 162 | 8753000 | 72.8% | 22.94 | 208 | 868000 | 35.3% | 45.52 | 370 | 9621000 | 66.3% | 24.97 |
| Subtotal/Average | 259 | 11582000 | 96.3% | $22.80 | 622 | 2087000 | 84.5% | $42.38 | 881 | 13669000 | 94.3% | $25.78 |
| Vacant | 18 | 443000 | 3.7% | N/A | 153 | 383000 | 15.5% | N/A | 171 | 826000 | 5.7% | N/A |
| **Total/Average** | 277 | 12025000 | 100% | N/A | 775 | 2470000 | 100% | N/A | 1052 | 14495000 | 100% | N/A |

---

<sup>(1)</sup> Year of expiration includes tenant renewal options.

<sup>(2)</sup> 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 $10.57 per square foot as of December 31, 2022.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **PROPERTY STATUS REPORT** |
| **As of December 31, 2022** |
| (dollars in thousands, except per sf amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property** | **Total Square Feet** <sup>(1)</sup> | **Percent Leased**<sup>(1)</sup> | **Weighted Average ABR PSF**<sup>(2)</sup> | **Mortgage Debt**<sup>(9)</sup> | **Major Tenants** |
| **RETAIL PORTFOLIO:** | **RETAIL PORTFOLIO:** | **RETAIL PORTFOLIO:** | **RETAIL PORTFOLIO:** | | |
| **California:** | | | | | |
| Walnut Creek (Olympic) | 31000 | 100.0% | $80.50 |  | Anthropologie |
| Walnut Creek (Mt. Diablo)<sup>(4)</sup> | 7000 | 43.8% | 72.00 |  | Sweetgreen |
| **Connecticut:** |  |  |  |  |  |
| Newington | 189000 | 90.0% | 9.55 |  | Walmart, Staples |
| **Maryland:** |  |  |  |  |  |
| Towson (Goucher Commons) | 155000 | 90.0% | 23.82 |  | Sprouts, HomeGoods, Five Below, Ulta, Kirkland's, DSW, Golf Galaxy (lease not commenced) |
| Rockville | 94000 | 98.0% | 27.07 |  | Regal Entertainment Group |
| Wheaton (leased through 2060)<sup>(3)</sup> | 66000 | 100.0% | 18.35 |  | Best Buy |
| Woodmore Towne Centre<sup>(6)</sup> | 712000 | 97.0% | 17.72 | $117200 | Costco, Wegmans, At Home, Best Buy, LA Fitness, Nordstrom Rack |
| **Massachusetts:** |  |  |  |  |  |
| Cambridge (leased through 2033)<sup>(3)</sup> | 48000 | 100.0% | 28.06 |  | PetSmart, Central Rock Gym (lease not commenced) |
| Hyde Park (The Shops at Riverwood)<sup>(6)</sup> | 76000 | 100.0% | 24.42 | $21466 | Price Rite, Planet Fitness, Goodwill |
| Revere (Wonderland Marketplace) | 140000 | 100.0% | 13.45 |  | Big Lots, Planet Fitness, Marshalls, Get Air |
| **Missouri:** |  |  |  |  |  |
| Manchester | 131000 | 100.0% | 11.82 | $12500 | Pan-Asia Market, Academy Sports, Bob's Discount Furniture |
| **New Hampshire:** |  |  |  |  |  |
| Salem (leased through 2102)<sup>(3)</sup> | 39000 | 100.0% | 10.20 |  | Fun City |
| **New Jersey:** |  |  |  |  |  |
| Bergen Town Center - East, Paramus | 253000 | 93.8% | 22.39 |  | Lowe's, REI, Best Buy |
| Bergen Town Center - West, Paramus | 1051000 | 91.0% | 31.26 | $300000 | Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's |
| Brick | 273000 | 98.7% | 20.62 | $48636 | ShopRite, Kohl's, Marshalls, Old Navy |
| Carlstadt (leased through 2050)<sup>(3)</sup> | 78000 | 98.3% | 24.04 |  | Stop & Shop |
| Cherry Hill (Plaza at Cherry Hill) | 422000 | 82.1% | 15.32 | $29000 | Aldi, LA Fitness, Raymour & Flanigan, Total Wine, Guitar Center, Sam Ash Music |
| East Brunswick | 427000 | 100.0% | 14.89 | $63000 | Lowe's, Kohl's, Dick's Sporting Goods, P.C. Richard & Son, T.J. Maxx, LA Fitness |
| East Hanover (200 - 240 Route 10 West) | 343000 | 99.3% | 21.60 | $62453 | The Home Depot, Dick's Sporting Goods, Saks Off 5th, Marshalls |
| East Rutherford | 197000 | 98.2% | 12.94 | $23000 | Lowe's |
| Garfield | 298000 | 100.0% | 16.01 | $40300 | Walmart, Burlington, Marshalls, PetSmart, Ulta |
| Hackensack | 275000 | 99.4% | 24.32 | $66400 | The Home Depot, Staples, Petco, 99 Ranch |
| Hazlet | 95000 | 100.0% | 3.96 |  | Stop & Shop<sup>(5)</sup> |
| Jersey City (Hudson Mall) | 382000 | 84.9% | 18.17 | $21380 | Marshalls, Big Lots, Retro Fitness, Staples, Old Navy |
| Jersey City (Hudson Commons) | 236000 | 100.0% | 13.99 | $27482 | Lowe's, P.C. Richard & Son |
| Kearny | 120000 | 100.0% | 23.96 |  | LA Fitness, Marshalls, Ulta |
| Lodi (Washington Street) | 43000 | 100.0% | 20.20 |  | Dollar Tree |
| Manalapan | 208000 | 87.7% | 20.80 |  | Best Buy, Raymour & Flanigan, PetSmart, Avalon Flooring |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **PROPERTY STATUS REPORT** |
| **As of December 31, 2022** |
| (dollars in thousands, except per sf amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property** | **Total Square Feet** <sup>(1)</sup> | **Percent Leased**<sup>(1)</sup> | **Weighted Average ABR PSF**<sup>(2)</sup> | **Mortgage Debt**<sup>(9)</sup> | **Major Tenants** |
| Marlton | 214000 | 100.0% | 16.58 | $37400 | ShopRite, Kohl's, PetSmart |
| Middletown (Town Brook Commons) | 231000 | 97.0% | 13.39 | $30825 | Stop & Shop, Kohl's |
| Millburn | 104000 | 89.5% | 28.96 | $22489 | Trader Joe's, CVS, PetSmart |
| Montclair | 18000 | 100.0% | 32.00 | $7250 | Whole Foods Market |
| Morris Plains (Briarcliff Commons)<sup>(6)</sup> | 176000 | 94.7% | 23.72 |  | Uncle Giuseppe's, Kohl's |
| North Bergen (Kennedy Commons) | 62000 | 100.0% | 14.65 |  | Food Bazaar |
| North Bergen (Tonnelle Commons) | 410000 | 100.0% | 21.95 | $98870 | BJ's Wholesale Club, Walmart, PetSmart |
| North Plainfield (West End Commons) | 241000 | 100.0% | 11.91 | $24658 | Costco, The Tile Shop, La-Z-Boy, Petco,<br>DaVita Dialysis |
| Paramus (leased through 2033)<sup>(3)</sup> | 63000 | 100.0% | 49.97 |  | 24 Hour Fitness |
| Rockaway | 189000 | 96.8% | 15.16 | $27291 | ShopRite, T.J. Maxx |
| South Plainfield (Stelton Commons) (leased through 2039)<sup>(3)</sup> | 56000 | 100.0% | 22.34 |  | Staples, Party City |
| Totowa | 271000 | 83.4% | 18.04 | $50800 | The Home Depot, Bed Bath & Beyond, buybuy Baby, Staples |
| Union (2445 Springfield Ave) | 232000 | 100.0% | 17.85 | $45600 | The Home Depot |
| Union (West Branch Commons) | 278000 | 98.7% | 16.12 |  | Lowe's, Burlington |
| Watchung (Greenbrook Commons) | 170000 | 100.0% | 18.83 | $25581 | BJ's Wholesale Club, Aldi (lease not commenced) |
| Woodbridge (Woodbridge Commons) | 225000 | 100.0% | 13.51 | $22100 | Walmart, Charisma Furniture |
| Woodbridge (Plaza at Woodbridge) | 332000 | 91.6% | 19.04 | $52947 | Best Buy, Raymour & Flanigan, Lincoln Tech, Retro Fitness, Bed Bath & Beyond and buybuy Baby |
| **New York:** |  |  |  |  |  |
| Bronx (Gun Hill Commons) | 81000 | 100.0% | 37.62 | $24188 | Aldi, Planet Fitness |
| Bronx (Bruckner Commons)<sup>(6)</sup> | 396000 | 74.6% | 33.92 |  | ShopRite, Burlington, Target (lease not commenced) |
| Bronx (Shops at Bruckner) | 115000 | 100.0% | 38.36 | $9020 | Marshalls, Old Navy, Five Below, Aldi (lease not commenced) |
| Brooklyn (Kingswood Center) | 129000 | 90.6% | 30.92 | $69935 | T.J. Maxx, Visiting Nurse Service of NY |
| Brooklyn (Kingswood Crossing) | 107000 | 69.5% | 41.86 |  | Target, Marshalls, Maimonides Medical |
| Buffalo (Amherst Commons) | 311000 | 98.1% | 11.06 |  | BJ's Wholesale Club, T.J. Maxx, Burlington, HomeGoods, LA Fitness |
| Dewitt (Marshall Plaza) (leased through 2041)<sup>(3)</sup> | 46000 | 100.0% | 24.62 |  | Best Buy |
| Freeport (Meadowbrook Commons) (leased through 2040)<sup>(3)</sup> | 44000 | 100.0% | 22.31 |  | Bob's Discount Furniture |
| Freeport (Freeport Commons) | 173000 | 100.0% | 26.32 | $43100 | The Home Depot, Staples |
| Huntington | 207000 | 81.3% | 21.04 |  | ShopRite, Marshalls, Old Navy, Petco |
| Inwood (Burnside Commons) | 100000 | 90.7% | 17.39 |  | Bingo Wholesale (lease not commenced) |
| Mt. Kisco | 189000 | 100.0% | 17.59 | $11760 | Target, Stop & Shop |
| New Hyde Park (leased through 2029)<sup>(3)</sup> | 101000 | 100.0% | 21.93 |  | Stop & Shop |
| Queens (Cross Bay Commons) | 45000 | 87.1% | 42.17 |  | Northwell Health |
| Rochester (Henrietta) (leased through 2056)<sup>(3)</sup> | 165000 | 97.9% | 4.62 |  | Kohl's |
| Staten Island (Forest Commons) | 165000 | 96.6% | 24.84 |  | Western Beef, Planet Fitness, Mavis Discount Tire, NYC Public School |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **PROPERTY STATUS REPORT** |
| **As of December 31, 2022** |
| (dollars in thousands, except per sf amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property** | **Total Square Feet** <sup>(1)</sup> | **Percent Leased**<sup>(1)</sup> | **Weighted Average ABR PSF**<sup>(2)</sup> | **Mortgage Debt**<sup>(9)</sup> | **Major Tenants** |
| Yonkers Gateway Center | 448000 | 94.1% | 16.02 | $24996 | Burlington, Marshalls, Homesense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema |
| **Pennsylvania:** |  |  |  |  |  |
| Bensalem (Marten Commons) | 185000 | 96.6% | 14.83 |  | Kohl's, Ross Dress for Less, Staples, Petco |
| Broomall<sup>(6)</sup> | 168000 | 75.8% | 16.40 |  | Amazon Fresh, Planet Fitness, PetSmart, Nemours Children's Hospital |
| Glenolden (MacDade Commons) | 102000 | 100.0% | 12.93 |  | Walmart |
| Lancaster (Lincoln Plaza) | 228000 | 100.0% | 5.27 |  | Lowe's, Community Aid, Mattress Firm |
| Springfield (leased through 2025)<sup>(3)</sup> | 41000 | 100.0% | 25.29 |  | PetSmart |
| Wilkes-Barre | 184000 | 92.5% | 13.12 |  | Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Wren Kitchens |
| Wyomissing (leased through 2065)<sup>(3)</sup> | 76000 | 100.0% | 14.70 |  | LA Fitness, PetSmart |
| **South Carolina:** |  |  |  |  |  |
| Charleston (leased through 2063)<sup>(3)</sup> | 45000 | 100.0% | 15.56 |  | Best Buy |
| **Virginia:** |  |  |  |  |  |
| Norfolk (leased through 2069)<sup>(3)</sup> | 114000 | 100.0% | 7.79 |  | BJ's Wholesale Club |
| **Puerto Rico:** |  |  |  |  |  |
| Las Catalinas | 355000 | 86.2% | 29.75 | $119633 | Sector Sixty6 (lease not commenced), Forever 21, Old Navy |
| Montehiedra<sup>(6)</sup> | 514000 | 94.7% | 20.02 | $77531 | The Home Depot, Marshalls, Caribbean Cinemas, Tiendas Capri, Old Navy, Ralph's Food Warehouse (lease not commenced), T.J. Maxx (lease not commenced) |
| **Total Retail Portfolio** | **14495000** | **94.3%** | **$19.89** | **$1658791** |  |
| **INDUSTRIAL:** |  |  |  |  |  |
| East Hanover Warehouses<sup>(8)</sup> | 1218000 | 100.0% | 8.46 | $40700 | J & J Tri-State Delivery, Foremost Groups, PCS Wireless, Fidelity Paper & Supply, Decker Tape, Givaudan Flavors, Reliable Tire, Nutra-Med, Bestway Trucking (lease not commenced) |
| Lodi (Route 17 North) | 127000 | 100.0% | 12.97 |  | AAA Wholesale Group |
| **Total Industrial** | **1345000** | **100.0%** | **$8.89** | **$40700** |  |
| Massapequa, NY (Sunrise Mall) (portion leased through 2069)<sup>(4)(6)(7)</sup> | 1228000 | 33.4% | 8.37 |  | Macy's, Dick's Sporting Goods, Dave & Buster's, Raymour & Flanigan, Home Goods |
| **Total Urban Edge Properties** | **17068000** | **90.3%** | **$18.62** | **$1699491** |  |

---

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

<sup>(2)</sup> Weighted average annual rent per square foot including ground leases and executed leases for which rent has not commenced is calculated by annualizing tenant's 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 rent per square foot for our retail portfolio is $21.85 per square foot.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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.

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

<sup>(6)</sup> Not included in the same-property pool for the purposes of calculating same-property NOI for the quarter ended December 31, 2022 and 2021.

<sup>(7)</sup> Includes the acquisition of 40 Carmans Road.

<sup>(8)</sup> Includes acquisitions of 151 Ridgedale Avenue and 601 Murray Road. These properties are included in our non-same property pool for the year ended December 31, 2022.

<sup>(9)</sup> Mortgage debt balances exclude unamortized debt issuance costs.

------

---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **PROPERTY ACQUISITIONS AND DISPOSITIONS** |
| **For the year ended December 31, 2022** |
| (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Property Acquisitions:** | **2022 Property Acquisitions:** | | | | |
| **Date Acquired** | **Property Name** |<br>**City** |<br>**State** |<br>**GLA** |<br>**Price** |
| 2/24/2022 | 40 Carmans Road | Massapequa | NY | 12000 | $4120 |
| 6/8/2022 | The Shops at Riverwood | Hyde Park | MA | 78000 | $32905 |
| **2022 Property Dispositions:** | **2022 Property Dispositions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None. |  |  |  |  |  |

---

------

---

| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS** |
| **As of December 31, 2022** |
| (in thousands, except square footage data) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ACTIVE PROJECTS** | **Estimated Gross Cost**<sup>(1)</sup> | | **Incurred as of 12/31/22** | **Target Stabilization**<sup>(2)</sup> | **Description and status** |
| Bergen Town Center (Phase B)<sup>(3)</sup> | $44300 |  | $4800 | 2Q25 | Ground-up development of an 80,000 sf medical office building for Hackensack Meridian Health on a vacant outparcel facing Route 4 |
| Bruckner Commons<sup>(5)</sup> | 38700 |  | 3000 | 2Q25 | Retenanting former Kmart box with Target |
| Las Catalinas<sup>(3)</sup> | 13400 |  | 11400 | 2Q23 | Retenanting former Kmart box with Sector Sixty6 |
| The Outlets at Montehiedra (Phase C)<sup>(5)</sup> | 12600 |  | 500 | 3Q24 | Demising and retenanting former Kmart box with Ralph's Food Warehouse and Urology Hub |
| The Outlets at Montehiedra (Phase A)<sup>(5)</sup> | 10600 |  | 8700 | 1Q23 | Constructing new 14,000± sf building for Walgreens and Global Mattress and a new 3,000± sf pad for Arby's |
| Broomall Commons (Phase B)<sup>(5)</sup> | 10300 |  | 2700 | 4Q23 | Retenanting 19,000 sf former A.C. Moore with Nemours Children's Hospital and backfilling remaining 41,000 sf of former Giant box |
| Hudson Mall<sup>(3)</sup> | 9700 |  | 4400 | 1Q24 | Retenanting former Toys "R" Us box |
| Shops at Bruckner (Phase B)<sup>(3)</sup> | 9100 |  | 2800 | 4Q23 | Retenanting with Aldi and Lot Less |
| Huntington Commons (Phase B)<sup>(3)</sup> | 8500 |  | 4800 | 4Q23 | Center repositioning and renovations |
| Marlton Commons<sup>(3)</sup> | 7300 |  | 800 | 3Q24 | Redeveloping Friendly's with new 10,700± sf multi-tenant pad (First Watch and Cava executed) |
| Burnside Commons<sup>(3)</sup> | 6900 |  | 1400 | 1Q24 | Retenanting anchor vacancy with Bingo Wholesale |
| The Outlets at Montehiedra (Phase D)<sup>(5)</sup> | 6800 |  | 100 | 2Q24 | Retenanting 24,000 sf of vacant Kmart box with T.J. Maxx |
| Brick Commons<sup>(3)</sup> | 4500 |  | 800 | 3Q24 | Replacing Santander Bank with two quick service restaurants (Shake Shack executed) |
| Huntington Commons (Phase C)<sup>(3)</sup> | 4200 |  | 200 | 1Q24 | Redemising former Outback to create three small shop spaces (Cycle Bar, GolfTec and IStretch+ executed) |
| Walnut Creek<sup>(3)</sup> | 3500 |  | 2100 | 4Q23 | Retenanting former Z Gallerie with Sweetgreen (open) and remaining 4,000 sf |
| East Hanover Warehouses (Phase A)<sup>(3)</sup> | 3300 |  | 1500 | 3Q23 | Retenanting 187,000 sf of warehouse space with Bestway Trucking Service |
| Goucher Commons<sup>(3)</sup> | 3100 |  |  | 2Q24 | Backfilling 22,000± sf Staples box with Golf Galaxy |
| Mount Kisco Commons<sup>(3)</sup> | 3100 |  | 2800 | 1Q23 | Converting former sit-down restaurant into a Chipotle (open) and Dunkin' |
| Plaza at Cherry Hill (Phase A)<sup>(3)</sup> | 2800 |  | 800 | 2Q23 | Relocating and expanding Total Wine |
| East Hanover Warehouses (Phase B)<sup>(3)</sup> | 2800 |  |  | 3Q23 | Retenanting 99,000 sf vacancy with Decker Tape |
| Briarcliff Commons (Phase B)<sup>(5)</sup> | 2700 |  | 2000 | 3Q23 | Developing new 4,000± sf pad for CityMD |
| Greenbrook Commons<sup>(3)</sup> | 2600 |  |  | 2Q24 | Backfilling Unique Thrift with Aldi |
| The Outlets at Montehiedra (Phase B)<sup>(5)</sup> | 2200 |  | 100 | 2Q24 | Developing new 6,000± sf pad for Texas Roadhouse |
| Yonkers Gateway Center<sup>(3)</sup> | 1700 |  | 600 | 3Q23 | Retenanting end cap space with Wren Kitchens |
| Plaza at Cherry Hill (Phase B)<sup>(3)</sup> | 1300 |  |  | 4Q23 | Backfilling 25,000 sf vacancy with Savers Thrift |
| **Total** | $216000 | <sup>(4)</sup> | $56300 |  |  |

---

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

<sup>(2)</sup> 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.

<sup>(3)</sup> Results from these properties are included in our same-property metrics for the quarter ended December 31, 2022.

<sup>(4)</sup> 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.

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

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| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS** |
| **As of December 31, 2022** |
| (in thousands, except square footage data) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **COMPLETED PROJECTS** | **Estimated Gross Cost**<sup>(1)</sup> | | **Incurred as of 12/31/22** | **Stabilization**<sup>(2)</sup> | **Description and status** |
| Bergen Town Center (Phase A)<sup>(3)</sup> | $25600 |  | $25500 | 4Q22 | Retenanted former Century 21 box with Kohl's |
| Huntington Commons (Phase A)<sup>(3)</sup> | 23000 |  | 23000 | 4Q22 | Retenanted former Kmart box with ShopRite and Marshalls |
| Kearny Commons<sup>(3)</sup> | 11900 |  | 11600 | 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)<sup>(3)</sup> | 6200 |  | 4000 | 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 |
| Wilkes Barre (Phase B)<sup>(3)</sup> | 2400 |  | 2200 | 3Q22 | Retenanted former Babies "R" Us box with Wren Kitchens |
| Tonnelle Commons (Phase B)<sup>(3)</sup> | 3000 |  | 2600 | 2Q22 | Retenanted former Staples with Five Below and Skechers |
| Lodi (Route 17 North)<sup>(3)</sup> | 11700 |  | 11500 | 2Q22 | Converted former National Wholesale Liquidator space into 127,000± sf industrial space for AAA Wholesale Group |
| Broomall Commons (Phase A)<sup>(6)</sup> | 6700 |  | 6600 | 2Q22 | Retenanted 44,000± sf of the former Giant Food space with Amazon Fresh |
| Briarcliff Commons (Phase A)<sup>(6)</sup> | 10600 |  | 10400 | 1Q22 | Retenanted former ShopRite with Uncle Giuseppe's |
| Plaza at Woodbridge<sup>(3)</sup> | 4100 |  | 4100 | 1Q22 | Repurposed 82,000± sf of unused basement space into Extra Space self-storage facility |
| **Total** | $105200 | <sup>(4)</sup> | $101500 |  |  |

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| | | |
|:---|:---|:---|
| **FUTURE REDEVELOPMENT**<sup>(5)</sup> | **Location** | **Opportunity** |
| Bergen Town Center<sup>(3)</sup> | Paramus, NJ | Develop a mix of uses including residential, hotel, and/or office; common area improvements and enhancements to improve merchandising |
| Brunswick Commons<sup>(3)</sup> | East Brunswick, NJ | Develop new pad |
| Hudson Mall<sup>(3)</sup> | Jersey City, NJ | Reposition mall with redevelopment and renovation opportunities including retail and amenity upgrades and consideration of alternate uses |
| The Plaza at Cherry Hill<sup>(3)</sup> | Cherry Hill, NJ | Renovate exterior of center and common areas |
| Sunrise Mall | Massapequa, NY | Redevelop mall including consideration of alternate uses |

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

<sup>(2)</sup> 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.

<sup>(3)</sup> Results from these properties are included in our same-property metrics for the quarter ended December 31, 2022.

<sup>(4)</sup> The estimated unleveraged yield for Completed projects is 10% based on total estimated project costs and the incremental, unleveraged NOI directly attributable to the projects unless otherwise noted. The incremental, unleveraged NOI for 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.

<sup>(5)</sup> 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.

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

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| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **DEBT SUMMARY** |
| **As of December 31, 2022 and December 31, 2021** |
| (in thousands) |

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| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| Secured fixed rate debt | $1540293 | $1534324 |
| Secured variable rate debt | 159198 | 161084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt | $1699491 | $1695408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Secured fixed rate debt | 90.6% | 90.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Secured variable rate debt | 9.4% | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 100% | 100% |
| Secured mortgage debt | $1699491 | $1695408 |
| Unsecured debt<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt | $1699491 | $1695408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Secured mortgage debt | 100% | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Unsecured mortgage debt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 100% | 100% |
| Weighted average remaining maturity on secured mortgage debt | 4.1 years | 4.9 years |
| Total market capitalization (see page 18) | $3420789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Secured mortgage debt | 49.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Unsecured debt | —% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt : Total market capitalization | 49.7% |  |
| Weighted average interest rate on secured mortgage debt<sup>(2)</sup> | 4.28% | 3.88% |

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

<sup>(1)</sup> No amounts are currently outstanding on our unsecured $800 million line of credit. The agreement has a maturity date of February 9, 2027 with two six-month extension options. Borrowings under the agreement bear interest at 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.

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

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| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **MORTGAGE DEBT SUMMARY** |
| **As of December 31, 2022 and December 31, 2021** |
| (dollars in thousands) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property** | **Maturity Date** | **Rate** | **December 31, 2022** | **December 31, 2021** | **Percent of Debt at December 31, 2022** |
| Bergen Town Center | 4/8/23 | 3.56% | $300000 | $300000 | 17.6% |
| Shops at Bruckner | 5/1/23 | 3.90% | 9020 | 9698 | 0.5% |
| Hudson Mall | 12/1/23 | 5.07% | 21380 | 22154 | 1.3% |
| Yonkers Gateway Center | 4/6/24 | 4.16% | 24996 | 26774 | 1.5% |
| Hudson Commons<sup>(1)</sup> | 11/15/24 | 5.97% | 27482 | 28034 | 1.6% |
| Greenbrook Commons<sup>(1)</sup> | 11/15/24 | 5.97% | 25581 | 26097 | 1.5% |
| Gun Hill Commons<sup>(1)</sup> | 12/1/24 | 5.97% | 24188 | 24680 | 1.4% |
| Brick Commons | 12/10/24 | 3.87% | 48636 | 49554 | 2.9% |
| Plaza at Cherry Hill<sup>(2)</sup> | 6/15/25 | 8.00% | 29000 | 28244 | 1.7% |
| West End Commons | 12/10/25 | 3.99% | 24658 | 25100 | 1.5% |
| Las Catalinas Mall | 2/1/26 | 4.43% | 119633 | 123977 | 7.0% |
| Town Brook Commons | 12/1/26 | 3.78% | 30825 | 31400 | 1.8% |
| Rockaway River Commons | 12/1/26 | 3.78% | 27291 | 27800 | 1.6% |
| Hanover Commons | 12/10/26 | 4.03% | 62453 | 63000 | 3.7% |
| Tonnelle Commons | 4/1/27 | 4.18% | 98870 | 100000 | 5.8% |
| Manchester Plaza | 6/1/27 | 4.32% | 12500 | 12500 | 0.7% |
| Millburn Gateway Center | 6/1/27 | 3.97% | 22489 | 22944 | 1.3% |
| Plaza at Woodbridge<sup>(3)</sup> | 6/8/27 | 5.26% | 52947 | 54029 | 3.1% |
| Totowa Commons | 12/1/27 | 4.33% | 50800 | 50800 | 3.0% |
| Woodbridge Commons | 12/1/27 | 4.36% | 22100 | 22100 | 1.3% |
| Brunswick Commons | 12/6/27 | 4.38% | 63000 | 63000 | 3.7% |
| Rutherford Commons | 1/6/28 | 4.49% | 23000 | 23000 | 1.4% |
| Kingswood Center | 2/6/28 | 5.07% | 69935 | 70815 | 4.1% |
| Hackensack Commons | 3/1/28 | 4.36% | 66400 | 66400 | 3.9% |
| Marlton Commons | 12/1/28 | 3.86% | 37400 | 37400 | 2.2% |
| East Hanover Warehouses | 12/1/28 | 4.09% | 40700 | 40700 | 2.4% |
| Union (Vauxhall) | 12/10/28 | 4.01% | 45600 | 45600 | 2.7% |
| The Shops at Riverwood | 6/24/29 | 4.25% | 21466 |  | 1.3% |
| Freeport Commons | 12/10/29 | 4.07% | 43100 | 43100 | 2.5% |
| The Outlets at Montehiedra | 6/1/30 | 5.00% | 77531 | 79381 | 4.6% |
| Montclair | 8/15/30 | 3.15% | 7250 | 7250 | 0.4% |
| Garfield Commons | 12/1/30 | 4.14% | 40300 | 40300 | 2.4% |
| Woodmore Towne Centre | 1/6/32 | 3.39% | 117200 | 117200 | 6.9% |
| Mount Kisco Commons | 11/15/34 | 6.40% | 11760 | 12377 | 0.7% |
| **Total mortgage debt** |  | 4.28% | $1699491 | $1695408 | 100% |
| &nbsp;&nbsp;&nbsp;Unamortized debt issuance costs |  |  | (7801) | (8218) |  |
| **Total mortgage debt, net** |  |  | $1691690 | $1687190 |  |

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

<sup>(2)</sup> Bears interest at one month Prime Rate plus 50 bps.

<sup>(3)</sup> Bears interest at one month Secured Overnight Financing Rate ("SOFR") plus 226 bps. The variable component of the debt is hedged with an interest rate cap agreement to limit SOFR to a maximum of 3%, which expires July 1, 2023.

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| |
|:---|
| **URBAN EDGE PROPERTIES** |
| **DEBT MATURITY SCHEDULE** |
| **As of December 31, 2022** |
| (dollars in thousands) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Amortization** | **Balloon Payments** | **Premium/(Discount) Amortization** | **Total** | **Weighted Average Interest rate at maturity** | **Percent of Debt Maturing** |
| 2023 | $20883 | $329436 | $1178 | $351497 | 3.7% | 20.7% |
| 2024 | 21827 | 143706 | 847 | 166380 | 4.9% | 9.8% |
| 2025 | 19612 | 52260 | 811 | 72683 | 5.7% | 4.3% |
| 2026 | 14496 | 214246 | 811 | 229553 | 4.2% | 13.5% |
| 2027 | 9505 | 306455 | 811 | 316771 | 4.4% | 18.6% |
| 2028 | 8097 | 264822 | 15 | 272934 | 4.4% | 16.1% |
| 2029 | 5711 | 57724 | (60) | 63375 | 4.2% | 3.7% |
| 2030 | 3170 | 101042 | (60) | 104152 | 4.6% | 6.1% |
| 2031 | 1203 | 117200 | (60) | 118343 | 3.4% | 7.0% |
| Thereafter | 3981 |  | (178) | 3803 | 6.4% | 0.2% |
| **Total** | $108485 | $1586891 | $4115 | $1699491 | 4.3% | 100% |
|  | Unamortized debt issuance costs | Unamortized debt issuance costs | Unamortized debt issuance costs | (7801) |  |  |
|  | Mortgage debt, net | Mortgage debt, net | Mortgage debt, net | $1691690 |  |  |

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