Urban Edge Properties · NYSE:UE
Urban Edge Properties — Investor Presentation (September 2026)
44 slides from Urban Edge Properties's investor presentation, September 2026
Slide 1: Investor Presentation September 2026
INVESTOR PRESENTATION SEPTEMBER 2026
Slide 2: The Urban Edge – Points of Differentiation
THE URBAN EDGE – POINTS OF DIFFERENTIATION Our portfolio is concentrated in the DC to Boston corridor, the most densely populated region in the U.S., with an average 3-mile population density of 200,000 people - the highest in the sector. Grocers anchor 80% of our assets, generating sales of +$950/f
Slide 3: UE Overview
UE OVERVIEW 96.3% 80% SP LEASED OF PORTFOLIO 75 OCCUPANCY VALUE GROCERY ANCHORED PROPERTIES $950 5.5x 16.2M SF AVG GROCER SALES PSF NET DEBT TO EBITDA GROSS LEASABLE SPACE $21.85 ABR PSF $3.1B MARKET CAP $4.8B ENTERPRISE VALUE Data as of June 30, 2026 INVESTOR PRESENTATION | SEPTEMBER 2026 3
Slide 4: Proven Track Record Delivering Growth
PROVEN TRACK RECORD DELIVERING GROWTH We held an investor day in April 2023 outlining three-year growth targets. Our team delivered results exceeding expectations. What We Said What We Did Projections 2023 - 2025 Actual Results 2025 FFO as Adjusted(1) $1.35 $1.43 per share FFO as Adjusted Growth(1)
Slide 5: Consistent Earnings Growth Supports Growing Dividend
CONSISTENT EARNINGS GROWTH SUPPORTS GROWING DIVIDEND Annualized dividend has increased 31% since 2023, supported by higher earnings FFO as Adjusted 6% 6% 3% 7% $1.35 $1.43 $1.52 $1.25 2023 2024 2025 2026P FFO as Adj per share Growth Dividend 11% 6% 12% +31% $0.76 $0.84 DIVIDEND GROWTH $0.64 $0.68 FR
Slide 6: Increasing Shop Occupancy with Improved Tenant Quality
INCREASING SHOP OCCUPANCY WITH IMPROVED TENANT QUALITY Shop occupancy has increased approximately 1,440 basis points since 2020, with a visible pipeline to achieve record highs 93%+ 92.6% YEAR-END RECORD OBJECTIVE 91.7% 77.3% 2020 2021 2022 2023 2024 2025 1Q26 2Q26 2026P SHOP OCCUPANCY DRIVEN BY IMP
Slide 7: Financial Highlights – 2Q26
FINANCIAL HIGHLIGHTS – 2Q26 SP NOI Growth FFO as Adjusted with Redev SP Occupancy $0.40 7.4% 96.7% 96.4% 96.3% 2.8% 3.2% 94.7% 94.8% 94.7% $0.36 $0.36 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26 Leased Physical 2Q26 Results Portfolio ABR FFO as Adjusted $0.40/sh $22 SP NOI Growth 3.2% $21 SP NOI wi
Slide 8: Portfolio Concentrated in D.C. to Boston Corridor
PORTFOLIO CONCENTRATED IN D.C. TO BOSTON CORRIDOR Most heavily urbanized region in the U.S. 2x peer average for 3-mile population density for total portfolio 10x higher population than US average 90% portfolio NOI generated from properties situated in the D.C. to Boston corridor INVESTOR PRESENTATIO
Slide 9: Dominant Owner Within First-Ring Suburbs of NY Metro
DOMINANT OWNER WITHIN FIRST-RING SUBURBS OF NY METRO 44 Properties; ~70% of total portfolio value Supply constraints and population density drive demand from retailers seeking to expand their physical presence, incorporating omnichannel initiatives Population in first-ring NYC suburbs is stable as p
Slide 10: Portfolio Situated in Dense, Affluent U.S. Submarkets
PORTFOLIO SITUATED IN DENSE, AFFLUENT U.S. SUBMARKETS $130 PEER MEDIAN POPULATION FRT REG 3-MILE MEDIAN HOUSEHOLD INCOME (000s) $120 KRG PEER MEDIAN INCOME CURB $110 UE KIM PECO $100 BRX $90 60 80 100 120 140 160 180 200 220 3-MILE POPULATION (000s) Source: Analyst research report August 2026 INVEST
Slide 11: Portfolio Has Significant Density with Limited Retail Supply
PORTFOLIO HAS SIGNIFICANT DENSITY WITH LIMITED RETAIL SUPPLY 65 PEER MEDIAN DEMAND 60 KRG RETAIL GLA PER HOUSEHOLD (SUPPLY) BRX 55 PECO 50 KIM REG PEER MEDIAN SUPPLY UE 45 FRT 40 35 HIGHER DEMAND / LOWER SUPPLY 30 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 HOUSEHOLDS PER SQUARE MILE (DEMAND
Slide 12: Necessity-Based Tenancy Results in Stable Cash Flows
NECESSITY-BASED TENANCY RESULTS IN STABLE CASH FLOWS HERITAGE SQUARE 10% OTHER ASSETS (VALUE- ORIENTED ANCHORS) WOODMORE TOWNE CENTRE WEST BRANCH COMMONS 80% GROCERY ANCHORED ASSETS 10% HOME IMPROVEMENT ASSETS Note: Percentages shown reflect estimated portfolio value by asset type INVESTOR PRESENTAT
Slide 13: Resilient and Diversified Tenant Base
RESILIENT AND DIVERSIFIED TENANT BASE(1) Sporting Goods Grocer STRONG AND RESILIENT TENANT MIX 2% 18% Electronics 4% Strong anchor mix of grocers ($950 psf in sales), home Other (2) Other Necessities improvement and value- Discretionary (3) 14% 6% (3) (2) oriented retailers Home Furnishings Shops co
Slide 14: Top Tenants – Dominant Operators with Financial Strength
TOP 15 TENANTS – DOMINANT OPERATORS WITH FINANCIAL STRENGTH By Annualized Base Rent BBB+ 37% Weighted Avg. Credit Rating(1) Of Portfolio ABR 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% % of Total ABR 5.7% 3.2% 3.0% 2.8% 2.8% 2.7% 2.5% 2.0% 2.0% 1.9% 1.8% 1.7% 1.7% 1.7% 1.6% # of Stores 28 12 9 6 5 5 8 5 11 4
Slide 15: Business Update
Business Update _|
Slide 16: Retailers Increasing Brick-and-Mortar Presence
RETAILERS INCREASING BRICK-AND-MORTAR PRESENCE Physical stores have Brick-and-mortar stores Stores act as billboards in Retailers use physical proven valuable in growing support ‘buy online, pick- high-traffic areas, stores to increase market online sales and remain up in store’, online increasing b
Slide 17: Leasing Activity Focused on Leading Brands
LEASING ACTIVITY FOCUSED ON LEADING BRANDS +20% 32% 92.6% New lease cash spreads for Record new lease cash Record shop occupancy 4 consecutive years spread in 2025 in 2025 Leases executed with top national and regional retailers over the past four years have strengthened our cash flows ANCHORS SHOPS
Slide 18: Leasing Activity
LEASING ACTIVITY During the past four years, leasing activity has been at the highest levels in company history based on volume, square footage, and leasing spreads 2022 2023 2024 2025 YTD 26 PIPELINE # of New Leases Signed 69 64 79 58 26 # of New and Renewal Leases Signed 159 174 165 162 71 ~270K s
Slide 19: Leases Signed Not Yet Open Driving NOI Growth
LEASES SIGNED NOT YET OPEN DRIVING NOI GROWTH $22 million of future annual gross rent (7% of NOI) from the SNO pipeline will provide significant earnings and cash flow growth Anchor leases in the SNO pipeline reflect a blended ABR of $27 psf vs $18 psf in-place portfolio rent, highlighting significa
Slide 20: Structural Tailwinds Are Improving Leasing Economics
STRUCTURAL TAILWINDS ARE IMPROVING LEASING ECONOMICS RECENT DEALS Near record low market vacancy rate (<6%) ANCHORS and historically low levels of new construction, especially in the Northeast (0.2% of total SF) are driving improved lease terms Retailers are showing more flexibility in format size
Slide 21: New Retail Construction in the Northeast Is Virtually Non-Existent
NEW RETAIL CONSTRUCTION IN THE NORTHEAST IS VIRTUALLY NON-EXISTENT 9 95.0% 8 7 94.0% 6 93.0% 5 S.F. Millions 4 92.0% 3 2 91.0% 1 0 90.0% 2015 Q2 2015 Q4 2016 Q2 2016 Q4 2019 Q2 2019 Q4 2020 Q2 2020 Q4 2024 Q2 2024 Q4 2026 Q2 2014 Q2 2014 Q4 2021 Q2 2021 Q4 2022 Q2 2022 Q4 2013 Q2 2013 Q4 2017 Q2 201
Slide 22: The UE Portfolio – Value Drivers
THE UE PORTFOLIO – VALUE DRIVERS ACCRETIVE INVESTMENTS ANCILLARY BENEFITS Over the last 12 months, we delivered $33M of completed redevelopments at a ~25% Improved assets unleveraged yield Current pipeline includes $155M of gross Better leasing / renewals / traffic investment at a 12% unleveraged re
Slide 23: Active and Future Projects Deliver Visible, Durable Growth
ACTIVE AND FUTURE PROJECTS DELIVER VISIBLE, DURABLE GROWTH Our existing portfolio contains a diverse pipeline of anchor repositioning, redevelopment, expansion and pad- development opportunities $155M 12% ~90% Active redevelopment pipeline Expected unleveraged yield Pre-leased ACTIVE PROJECTS POTENT
Slide 24: Highly Visible NOI Growth
HIGHLY VISIBLE NOI GROWTH Our growth is highly visible with a significant portion coming from six repositioning projects, including Bruckner Commons, Bergen Town Center, Plaza at Cherry Hill, Hudson, Plaza at Woodbridge, and Yonkers Gateway, which is expected to contribute $14M (~65% of total SNO) i
Slide 25: Anchor Repositioning Fueling Future Growth While Reducing Future Capex
ANCHOR REPOSITIONING FUELING FUTURE GROWTH WHILE REDUCING FUTURE CAPEX By 2027, we expect approximately 70% of our portfolio will have undergone redevelopment or repositioning since our spin from Vornado in 2015. Anchor leased occupancy increased from 92% to 97% since 2021. Upfront investments to im
Slide 26: Acquisitions & Dispositions
Acquisitions & Dispositions
Slide 27: Recent Acquisitions
RECENT ACQUISITIONS Since October 2023, we acquired nine high-quality properties for $696 million at a weighted average cap rate of ~7%. We continue to prioritize these efforts, focusing on additional accretive transactions. THE SHOPS AT WEST FALLS CHURCH HOBBY LOBBY AT SHOPPERS WORLD Falls Church,
Slide 28: Accretive Acquisitions
ACCRETIVE ACQUISITIONS Since October 2023, we acquired nine high-quality properties for $696 million at a weighted average cap rate of ~7%. We continue to prioritize these efforts, focusing on additional accretive transactions. THE VILLAGE AT WAUGH CHAPEL L E D GEW O OD C O M M O N S H E R I T A GE
Slide 29: Recent Acquisition: The Shops at West Falls Church
RECENT ACQUISITION: THE SHOPS AT WEST FALLS CHURCH | FALLS CHURCH, VA $40.4 million acquisition in July 2026 85K sf neighborhood center, 94% leased and anchored by a long-tenured Safeway on a significantly below-market lease In-place rents are approximately 11% below market, supporting 3%+ NOI CAGR
Slide 30: Recent Acquisition: Village at Bridgewater Commons
RECENT ACQUISITION: VILLAGE AT BRIDGEWATER COMMONS | BRIDGEWATER, NJ $54 million acquisition in March 2026 Acquisition structured as a reverse 1031 exchange 92K sf retail shopping center anchored by a brand-new freestanding 34K sf Summit Health medical building and strong performing small shop retai
Slide 31: Recent Dispositions
RECENT DISPOSITIONS Since October 2023, we disposed of non-core and single-tenant assets aggregating $554 million at a weighted average cap rate of ~5%. These dispositions have served as an accretive source of funding for recent acquisitions. KENNEDY COMMONS MACDADE COMMONS North Bergen, NJ Glenolde
Slide 32: Recent Dispositions
RECENT DISPOSITIONS Since October 2023, we disposed of non-core and single-tenant assets aggregating $554 million at a weighted average cap rate of ~5%. These dispositions have served as an accretive source of funding for recent acquisitions. UNION LODI RT 17 HAZLET GLA: 232K sf GLA: 127K sf GLA: 95
Slide 33: Financial Update
Financial Update _|
Slide 34: Balance Sheet and Financing Update
BALANCE SHEET AND FINANCING UPDATE Total liquidity of ~$957M, comprised of $82M of $55M drawn on our $700M unsecured line of Our outstanding indebtedness is made up of 31 cash and $875M available under $950M of credit and no outstanding balance on our $250M individual non-recourse mortgages, and $55
Slide 35: 2026 Guidance
2026 GUIDANCE Updated guidance for fiscal year 2026 as part of our second quarter earnings release Revised Guidance Previous Guidance 2026 FFO as Adjusted per diluted share(1) $1.50 to $1.54 $1.48 to $1.52 Full year outlook is based on the following assumptions Same-Property NOI growth including pro
Slide 36: Corporate Responsibility
Corporate Responsibility _|
Slide 37: Corporate Responsibility Strategy
CORPORATE RESPONSIBILITY STRATEGY Achieved goal of reducing Scope 1 and Investing in health and wellness programs, Scope 2 emissions from a 2015 base year new diversity, equity and inclusion policies by 30% before 2025 and are committed to and professional and personal development a reduction of 50%
Slide 38: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements contained herein constitute forward-looking (ix) the Company’s ability to pay down, refinance, hedge, restructure or statements as such term is defined in Section 27A of the Securities Act of extend its indebtedness as it becomes due and potential limita
Slide 39: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP performance measures, in addition FFO as Adjusted to the primary GAAP presentations, as we believe these measures improve The Company provides disclosure of FFO as Adjusted because it believes the understanding of the Company's operationa
Slide 40: Non-GAAP Financial Measures (Continued)
NON-GAAP FINANCIAL MEASURES (CONTINUED) Same-property NOI EBITDAre and Adjusted EBITDAre The Company provides disclosure of NOI on a same-property basis, which EBITDAre and Adjusted EBITDAre are supplemental, non-GAAP measures includes the results of properties that were owned and operated for the u
Slide 41: Operating Metrics
OPERATING METRICS The Company presents certain operating metrics related to our properties, Occupancy metrics presented for the Company's same-property portfolio including occupancy, leasing activity and rental rates. Operating metrics exclude properties under development, redevelopment or that invo
Slide 42: Additional Information
ADDITIONAL INFORMATION For a copy of the Company’s supplemental disclosure package, please ABOUT URBAN EDGE 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,
Slide 43: Reconciliation: 2026 Net Income to FFO as Adjusted
RECONCILIATION: 2026 NET INCOME TO FFO AS ADJUSTED Guidance 2026E Per Diluted Share(1) (in thousands, except per share amounts) Low High Low High Net income $75,600 $80,000 $0.57 $0.61 Less net (income) loss attributable to noncontrolling interests in: Operating partnership (3,900) (4,100) (0.03) (0
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