Urban Edge Properties (UE) Investor presentation summary

Portfolio concentration and market positioning

• 90% of portfolio NOI is generated from properties in the densely populated D.C. to Boston corridor, with a 3-mile average population density of 200,000, the highest in the sector.

• 80% of portfolio value is grocery-anchored, supporting stable cash flows and resilience.

• 43 properties in first-ring NYC suburbs represent ~70% of total portfolio value, benefiting from supply constraints and stable population.

• Properties are located in affluent submarkets, with a 3-mile median household income of $130,000 and high population density.

• Retail GLA per household is low, indicating limited retail supply and strong demand.

Financial performance and growth

• Achieved a 6% three-year FFO as Adjusted CAGR through 2025, exceeding initial targets.

• 2025 FFO as Adjusted reached $1.43 per share, with 96.7% leased occupancy.

• NOI growth with redevelopment was 7.4% in 2025, and shop occupancy hit a record 92.6% in 4Q25.

• 2026 FFO as Adjusted guidance is $1.47–$1.52 per diluted share, with same-property NOI growth of 2.75%–3.75%.

• Net debt to EBITDA is 5.8x, with $1 billion in liquidity and a $2.75B market cap.

Leasing, redevelopment, and acquisitions

• Over $166M in active redevelopment projects, targeting a 14% unleveraged yield and ~90% pre-leased.

• $22M in future annual gross rent from signed-not-opened leases, representing 8% of NOI.

• New lease cash spreads exceeded 20% for four consecutive years, with a record 32% in 2025.

• Six high-quality properties acquired for $591M at a 7% cap rate since October 2023; $493M of non-core assets sold at a 5.2% cap rate.

• Anchor repositioning has increased anchor occupancy from 92% to ~98% since 2021 and reduced future capex needs.