Urban Edge Properties · NYSE:UE
Urban Edge Properties — Investor Presentation (February 2026)
40 slides from Urban Edge Properties's investor presentation, February 2026
Slide 1: Investor Presentation February 2026
INVESTOR PRESENTATION FEBRUARY 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 2015 UE FORMED VIA SPIN-OFF FROM VORNADO 73 PROPERTIES $2.75B TOTAL LIQUIDITY MARKET CAP $21.50 $4.4B RETAIL ABR PSF > $1 Billion ENTERPRISE VALUE (as of Feb 2026) 17.2M SF 96.7% GROSS LEASABLE SPACE SP LEASED OCCUPANCY 5.8x Net Debt to EBITDA 80% OF PORTFOLIO VALUE GROCERY ANCHORED Data
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 FFO as Adjusted NOI SP Growth SP Occupancy $1.35 $1.43 with Redev 96.6% 96.6% 96.7% 96.6% 96.7% 7.4% 5.1% 5.0% 4.7% 95.4% 3.8% 94.7% 94.7% 94.3% 94.1% 2.9% $0.35 $0.36 $0.36 $0.36 FY24 FY25 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 FY24 FY25 1Q25 2Q25 3Q25 4Q25 Leased Physica
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 43 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 $105 CURB KRG KIM $100 $95 PECO BRX $90 60 80 100 120 140 160 180 200 220 3-MILE POPULATION (000s) Source: Analyst research report November 2025 INVESTOR PRESENTATION | FEBRUA
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 | FEBRUARY 2026 Note: Percentages shown reflect estimated portfolio v
Slide 11: Resilient and Diversified Tenant Base
RESILIENT AND DIVERSIFIED TENANT BASE(1) Sporting Goods Grocer 2% 19% STRONG AND RESILIENT TENANT MIX Electronics Strong anchor mix of grocers 4% (~$950 psf in sales), home Other Discretionary(3) Other Necessities(2) improvement and value- 5% 15% oriented retailers Home Furnishings 6% Shops consist
Slide 12: Top Tenants – Dominant Operators with Financial Strength
TOP 15 TENANTS – DOMINANT OPERATORS WITH FINANCIAL STRENGTH By Annualized Base Rent BBB Weighted Avg. Credit 38%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% 3.0% 2.9% 2.8% 2.8% 2.7% 2.1% 2.0% 2.0% 1.9% 1.8% 1.7% 1.7% 1.6% # of Stores 28 11 9 9 6 5 5 5 10 11
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 4Q25 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 # of New Leases Signed 69 64 79 58 # of New and Renewal Leases Signed 159 174 165 162 New Leases Executed SF 1M 0.5
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 (8% 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 $55M of completed redevelopments at a ~19% Improved assets unleveraged yield Current pipeline includes $166M of gross Better leasing / renewals / traffic investment at a 14% unleveraged re
Slide 21: Active Redevelopment Pipeline
ACTIVE REDEVELOPMENT PIPELINE $166M of active projects, with $86M remaining to be funded Upgrading large vacant spaces with grocers, discounters, and medical uses 14% ~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 expect to contributes $15M (~70% of total SNO) in
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 ~98% since 2021. Upfront investments to i
Slide 24: Acquisitions & Dispositions
Acquisitions & Dispositions
Slide 25: Accretive Acquisitions
ACCRETIVE ACQUISITIONS Since October 2023, we acquired six high-quality properties for $591 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 WAUGH CHAPEL LEDGEWOOD COMMONS $39M purchase
Slide 26: Recent Acquisition: Brighton Mills | Allston, MA
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 27: 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 28: 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 29: Financial Update
Financial Update _|
Slide 30: Balance Sheet and Financing Update
BALANCE SHEET AND FINANCING UPDATE Total liquidity of ~$1 billion, comprised of $79M of cash and $950M of undrawn unsecured credit facilities closed in January 2026 Unsecured credit facilities comprised of $700M line of credit maturing in June 2030 and two $125 million 12-month delayed draw term loa
Slide 31: 2026 Guidance
2026 GUIDANCE Issued guidance for fiscal year 2026 as part of our fourth quarter earnings release 2026 Guidance 2026 FFO as Adjusted per diluted share(1) $1.47 to $1.52 Full year outlook is based on the following assumptions Same-Property NOI growth including properties in redevelopment 2.75% to 3.7
Slide 32: Corporate Responsibility
Corporate Responsibility _|
Slide 33: 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 34: 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 35: 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 36: 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 65 and 63 properties for the quarters and year
Slide 37: 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 38: 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 39: 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 $64,300 $70,800 $0.49 $0.54 Less net (income) loss attributable to noncontrolling interests in: Operating partnership (3,300) (3,600) (0.03) (0
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