Urban Edge Properties · NYSE:UE
Urban Edge Properties — Q1 2026 Earnings Presentation
42 slides from Urban Edge Properties's earnings presentation, Apr 29, 2026
Slide 1: Investor Presentation May 2026
INVESTOR PRESENTATION MAY 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/ft
Slide 3: UE Overview
UE OVERVIEW 96.4% 80% SP LEASED OF PORTFOLIO 74 OCCUPANCY VALUE GROCERY ANCHORED PROPERTIES $950 6.1x 17.3M SF AVG GROCER SALES PSF NET DEBT TO EBITDA GROSS LEASABLE SPACE $21.79 ABR PSF $2.7B MARKET CAP $4.4B ENTERPRISE VALUE Data as of March 31, 2026 INVESTOR PRESENTATION | MAY 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: Financial Highlights
FINANCIAL HIGHLIGHTS NOI SP Growth SP Occupancy FFO as Adjusted with Redev $0.36 $0.36 96.6% 96.7% 96.4% 3.8% 2.9% 2.8% 95.4% 94.8% 94.1% $0.35 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 Leased Physical Portfolio ABR 1Q26 Results $22 FFO as Adjusted $0.36/sh SP NOI Growth 2.4% $21 SP NOI with Rede
Slide 6: Portfolio Concentrated in D.C. to Boston Corridor
PORTFOLIO CONCENTRATED IN D.C. TO BOSTON CORRIDOR Most heavily urbanized region in the U.S. 90% portfolio NOI generated from properties situated in the D.C. to Boston corridor 2x peer average for 3-mile population density for total portfolio 10x higher population than US average INVESTOR PRESENTATIO
Slide 7: 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 8: Portfolio Situated in Dense, Affluent U.S. Submarkets
PORTFOLIO SITUATED IN DENSE, AFFLUENT U.S. SUBMARKETS $130 $125 FRT 3-MILE MEDIAN HOUSEHOLD INCOME (000S) $120 REG $115 $110 KRG $105 CURB KIM $100 PECO $95 BRX $90 60 80 100 120 140 160 180 200 220 3-MILE POPULATION (000s) Source: Analyst research report March 2026 INVESTOR PRESENTATION | MAY 2026
Slide 9: Portfolio Has Significant Density with Limited Retail Supply
PORTFOLIO HAS SIGNIFICANT DENSITY WITH LIMITED RETAIL SUPPLY 65 KRG 60 RETAIL GLA PER HOUSEHOLD (SUPPLY) 55 BRX 50 PECO KIM REG 45 FRT 40 35 30 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 HOUSEHOLDS PER SQUARE MILE (DEMAND) Source: Bank of America Global Research May 2023 INVESTOR PRESENTATI
Slide 10: Necessity-Based Tenancy Results in Stable Cash Flows
NECESSITY-BASED TENANCY RESULTS IN STABLE CASH FLOWS 80% GROCERY ANCHORED ASSETS WOODMORE TOWNE CENTRE 10% OTHER ASSETS (VALUE-ORIENTED ANCHORS) HERITAGE SQUARE 10% HOME IMPROVEMENT ASSETS WEST BRANCH COMMONS INVESTOR PRESENTATION | MAY 2026 Note: Percentages shown reflect estimated portfolio value
Slide 11: Resilient and Diversified Tenant Base
RESILIENT AND DIVERSIFIED TENANT BASE(1) STRONG AND RESILIENT TENANT MIX Sporting Goods Grocer 2% 18% Strong anchor mix of grocers Electronics 4% ($950 psf in sales), home improvement and value- Other Discretionary(3) Other Necessities (2) oriented retailers 5% 15% Home Furnishings Shops consist of
Slide 12: Top Tenants – Dominant Operators with Financial Strength
TOP 15 TENANTS – DOMINANT OPERATORS WITH FINANCIAL STRENGTH By Annualized Base Rent BBB+ 37% Weighted Avg. Credit Of Portfolio ABR Rating(1) 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% % of Total ABR 5.6% 3.0% 2.9% 2.9% 2.7% 2.7% 2.7% 2.0% 2.0% 2.0% 1.9% 1.8% 1.7% 1.7% 1.6% # of Stores 28 9 9 11 6 5 5 5 11 1
Slide 13: Business Update
Business Update _|
Slide 14: Retailers Increasing Brick-and-Mortar Presence
RETAILERS INCREASING BRICK-AND-MORTAR PRESENCE Physical stores have proven valuable in growing online sales and remain the most cost-effective channel of Planning to build or Plan to add 25 – 30 Plan to open ~30 new distribution convert >150 stores new clubs over next warehouses annually the next 5
Slide 15: Leasing Activity Focused on Leading Brands
LEASING ACTIVITY FOCUSED ON LEADING BRANDS +20% 32% 92.6% New lease cash Record new lease Record shop spreads for 4 cash spread in occupancy in 2025 consecutive years 2025 Leases executed with top national and regional retailers over the past four years have strengthened our cash flows ANCHORS SHOPS
Slide 16: 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 1Q26 # of New Leases Signed 69 64 79 58 13 # of New and Renewal Leases Signed 159 174 165 162 45 New Leases Execute
Slide 17: 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 $28 psf vs $18 psf in-place portfolio rent, highlighting significa
Slide 18: Structural Tailwinds Are Improving Leasing Economics
STRUCTURAL TAILWINDS ARE IMPROVING LEASING ECONOMICS Near record low market vacancy rate (<6%) 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 and new concepts are
Slide 19: New Retail Construction in the Northeast Is Virtually Non-Existent
NEW RETAIL CONSTRUCTION IN THE NORTHEAST IS VIRTUALLY NON-EXISTENT 9 95.0% 8 94.0% 7 6 93.0% S.F. Millions 5 4 92.0% 3 2 91.0% 1 0 90.0% 4Q21 4Q14 4Q20 4Q22 4Q24 4Q19 2Q21 4Q13 4Q15 4Q16 4Q23 4Q25 4Q17 4Q18 2Q14 2Q20 2Q22 2Q24 2Q19 2Q13 2Q15 2Q16 2Q23 2Q25 2Q17 2Q18 Deliveries SF Under construction
Slide 20: The UE Portfolio – Value Drivers
THE UE PORTFOLIO – VALUE DRIVERS ACCRETIVE INVESTMENTS ANCILLARY BENEFITS Over the last 12 months, we delivered $43M of completed redevelopments at a ~21% Improved assets unleveraged yield Current pipeline includes $157M of gross Better leasing / renewals / traffic investment at a 13% unleveraged re
Slide 21: Active Redevelopment Pipeline
ACTIVE REDEVELOPMENT PIPELINE $157M of active projects, with $67M remaining to be funded Upgrading large vacant spaces with grocers, discounters, and medical uses 13% ~90% Unleveraged Pre-leased yield projects New anchor tenants stimulating shop demand and higher quality co-tenancy Est Gross Incurre
Slide 22: 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 $15M (~70% of total SNO) i
Slide 23: 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 24: Acquisitions & Dispositions
Acquisitions & Dispositions
Slide 25: Recent Acquisitions
RECENT ACQUISITIONS Since October 2023, we acquired seven high-quality properties for $645 million at a weighted average cap rate of ~7%. We continue to prioritize these efforts, focusing on additional accretive transactions. BRIGHTON MILLS THE VILLAGE AT BRIDGEWATER COMMONS $39M purchase price ABR/
Slide 26: Accretive Acquisitions
ACCRETIVE ACQUISITIONS Since October 2023, we acquired seven high-quality properties for $645 million at a weighted average cap rate of ~7%. We continue to prioritize these efforts, focusing on additional accretive transactions. LEDGEWOOD COMMONS HERITAGE SQUARE $83M purchase price $34M purchase pri
Slide 27: Recent Acquisition: Village at Bridgewater Commons
RECENT ACQUISITION: VILLAGE AT BRIDGEWATER COMMONS | BRIDGEWATER, NJ $54 million acquisition in March 2026 and 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 retail tenan
Slide 28: Recent Acquisition: Brighton Mills
RECENT ACQUISITION: BRIGHTON MILLS | ALLSTON, MA $39 million acquisition in October 2025, funded using proceeds from the sales of Kennedy Commons and MacDade Commons via 1031 exchange 91K sf grocery-anchored shopping center located along rapidly densifying Western Avenue, less than one mile from Har
Slide 29: Recent Dispositions
RECENT DISPOSITIONS Since October 2023, we disposed of non-core and single-tenant assets aggregating $493 million at a weighted average cap rate of ~5%. These dispositions have served as an accretive source of funding for recent acquisitions. Dispositions generated $41M of gross proceeds Disposition
Slide 30: Recent Dispositions
RECENT DISPOSITIONS Since October 2023, we disposed of non-core and single-tenant assets aggregating $493 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 31: Financial Update
Financial Update _|
Slide 32: Balance Sheet and Financing Update
BALANCE SHEET AND FINANCING UPDATE Total liquidity of ~$1B, comprised of $76M of cash and $892M available under $950M of unsecured credit facilities, including undrawn letters of credit $30 million drawn on our $700M unsecured line of credit and no outstanding balance on our $250 million delayed dra
Slide 33: 2026 Guidance
2026 GUIDANCE Updated guidance for fiscal year 2026 as part of our first quarter earnings release Revised Guidance Previous Guidance 2026 FFO as Adjusted per diluted share(1) $1.48 to $1.52 $1.47 to $1.52 Full year outlook is based on the following assumptions Same-Property NOI growth including prop
Slide 34: Corporate Responsibility
Corporate Responsibility _|
Slide 35: Corporate Responsibility Strategy
CORPORATE RESPONSIBILITY STRATEGY Achieved goal of reducing Scope 1 and Scope 2 emissions from a 2015 base year by 30% before 2025 and are committed to a reduction of 50% by 2030 100% of parking lot lights upgraded to LED for properties under operational control Over 100 EV charging stations install
Slide 36: Forward-Looking Statements
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 (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forwa
Slide 37: Non-GAAP Financial Measures
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 calculat
Slide 38: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES 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 66 properties for the three months ended March 3
Slide 39: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Operating Metrics The Company presents certain operating metrics related to our properties, including occupancy, leasing activity and rental rates. Operating metrics used by the Company are useful to investors in facilitating an understanding of the operational performanc
Slide 40: Additional Information
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
Slide 41: 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 $73,600 $78,900 $0.56 $0.60 Less net (income) loss attributable to noncontrolling interests in: Operating partnership (3,800) (4,000) (0.03) (0
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Urban Edge Properties — Q1 2026 Earnings Presentation on 6ix