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URBAN EDGE PROPERTIES 202 ANNUAL REPORT
NEW YORK OFFICE 12 East 49th Street, 44th Floor New York, NY 10017 To Our Shareholders: 2025 was a year of strong execution and meaningful value creation for Urban Edge. We delivered 6% growth in FFO as Adjusted per share, achieved 5% same-property net operating income growth, and continued to execute the three-year strategic plan that we introduced at our April 2023 Investor Day. Over the last three years, our strategy has produced FFO as Adjusted growth of 6% per year, reaching $1.43 per share in 2025, well above our original Investor Day target of $1.35 per share. This represents the highest growth rate in our peer group. During this same period, our stock generated a 53% total return, outperforming the Dow Jones U.S. Real Estate Strip Center Index by 3,000 basis points a clear validation of our strategy. Favorable Market Dynamics Supporting Continued Outperformance The retail landscape has shifted decisively in favor of owners of high-quality shopping centers. Vacancy remains near historic lows, with minimal new supply on the horizon, particularly in dense, infill markets. Our portfolio concentrated along the Washington, D.C. to Boston corridor benefits from exceptional demographics, with more than 200,000 residents living within three miles of our properties. These dynamics continue to drive strong tenant demand, higher occupancy, and sustained rent growth. As of year-end, our leased occupancy approached 97%, and we ve achieved new lease spreads exceeding 20% for the fourth consecutive year. We believe these favorable trends will continue through 2026 and beyond. Leasing Momentum and Highly Visible Growth Operational excellence was the cornerstone of our success in 2025. We executed 58 new leases, totaling 360,000 square feet, achieving a record same-space cash spread of 32% and record shop occupancy of 92.6%. Leasing activity included premier national and regional retailers such as Trader Joe s, Ross, Burlington, HomeGoods, and Boot Barn, as well as high-quality shop tenants including Sephora, Fidelity, Cava, Naya, and Just Salad. Notably, new anchor leases averaged $25 per square foot, compared with portfolio anchor in-place rents of $18 per square foot, underscoring the embedded rent growth potential within our existing portfolio. We believe that our signed but not open pipeline remains a powerful driver of future growth. In 2025, we commenced more than $16 million of new annualized gross rent and we expect our remaining pipeline to contribute an additional $22 million of future annual gross rent, representing 8% of current net operating income. Importantly, over 90% of this pipeline is leased to national and regional tenants, providing high visibility and strong credit quality. UEDGE.COM
Growth projections for the next two years are strong, with meaningful contributions anticipated to come from six repositioning projects Bruckner, Bergen, Cherry Hill, Hudson, Plaza at Woodbridge, and Yonkers that account for $15 million or 70% of our total signed but not commenced pipeline. By the end of 2027, we expect substantially all of our current pipeline will be rent commenced, which we anticipate will enhance traffic, merchandising mix and long-term value across the portfolio. New retailers including Trader Joe s, BJ s Wholesale, Lidl, Burlington, HomeGoods, and Ross, will drive traffic, create more shop leasing demand, and lower cap rates by enhancing the value of our real estate over the long term. Disciplined Capital Allocation The most attractive returns in today s environment often come from within our existing portfolio. In 2025, we completed 14 redevelopment projects totaling $55 million, generating a 19% unlevered yield. This has resulted in the repositioning of select vacant and underperforming spaces with new high-quality, strong credit tenants. We ended the year with $166 million of low-risk repositioning and redevelopment projects, all tied to executed leases and expected to generate an attractive 14% unlevered return. Capital recycling has further strengthened our portfolio quality. Over the past three years, we sold approximately $500 million of non-core assets at a 5% cap rate and redeployed proceeds into nearly $600 million of highquality shopping centers at a blended 7% cap rate. These acquisitions expanded our presence in top-tier markets in the first-ring suburbs of Boston, Washington, D.C. and New York Metro. The current acquisition market is as competitive as we have seen in a long time, as the demand for retail assets has grown among a variety of investors, including private equity funds, institutional capital and public sector REITs. Debt markets are also wide open, as all primary lending sources, including life companies, banks and CMBS, are increasingly competing for high-quality retail assets. This has led to cap rate compression, especially in our core target markets. We will remain patient and disciplined buyers and will not sacrifice prudent capital allocation and balance sheet strength for short-term deal volume. Balance Sheet Strength and Financial Flexibility Our balance sheet is a key competitive advantage. We ended 2025 with net debt to adjusted EBITDA of 5.8x, well below the 6.5x target we outlined at our Investor Day. In addition, we currently have approximately $1 billion in liquidity. This includes a fully undrawn $700 million revolving line of credit facility and two $125 million delayed-draw term loans, which collectively provide significant flexibility to pursue attractive growth opportunities as they arise. We continue to maintain a manageable debt maturity profile with no meaningful near-term refinancing pressure and well-laddered maturities over the next ten years. The strength in our earnings and cash flows led to an 11% increase in our dividend in 2026, which follows a 12% increase in 2025. Positioned for Growth The shopping center business is in a very healthy state supported by vacancy rates that are at near historic lows and rent growth that is being bolstered by strong tenant demand. Our portfolio is particularly well positioned considering that our average property sits on over twenty acres of land, providing long-term value creation
opportunities through upgrading our tenant mix, densification, mixed-use redevelopment, pad site monetization and alternative uses such as last-mile logistics. We are proud of the results we have produced over the last three years progress driven by our exceptional team, the thoughtful oversight of our highly engaged Board of Trustees, and our irreplaceable portfolio of highquality real estate. We remain firmly committed to executing our strategy and delivering sustained earnings growth and long-term value for our shareholders. Our long-term record of success is a reflection of our people. We believe outstanding leasing execution, redevelopment creativity, prudent capital allocation, and sound strategic planning require experience, accountability, and alignment with shareholders. We are fortunate to have a team that brings these qualities to their work every day, and we are proud of the results they continue to deliver. On behalf of the entire company, thank you for your continued trust and investment in Urban Edge. Jeffrey S. Olson Chairman and Chief Executive Officer March 24, 2026
 • shareholder letter icon 3/24/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/21/2023 UE Stockholder Letter
 • stockholder letter icon 3/22/2024 UE Stockholder Letter
 • stockholder letter icon 3/28/2025 UE Stockholder Letter
 • stockholder letter icon More "REITs" Category Stockholder Letters
 • Benford's Law Stocks icon UE Benford's Law Stock Score = 69


UE Shareholder/Stockholder Letter Transcript:

URBAN EDGE PROPERTIES
202  ANNUAL REPORT


NEW YORK OFFICE
12 East 49th Street, 44th Floor
New York, NY 10017
To Our Shareholders:
2025 was a year of strong execution and meaningful value creation for Urban Edge. We delivered 6% growth
in FFO as Adjusted per share, achieved 5% same-property net operating income growth, and continued to
execute the three-year strategic plan that we introduced at our April 2023 Investor Day.
Over the last three years, our strategy has produced FFO as Adjusted growth of 6% per year, reaching $1.43
per share in 2025, well above our original Investor Day target of $1.35 per share. This represents the highest
growth rate in our peer group. During this same period, our stock generated a 53% total return, outperforming
the Dow Jones U.S. Real Estate Strip Center Index by 3,000 basis points     a clear validation of our strategy.
Favorable Market Dynamics Supporting Continued Outperformance
The retail landscape has shifted decisively in favor of owners of high-quality shopping centers. Vacancy remains
near historic lows, with minimal new supply on the horizon, particularly in dense, infill markets. Our portfolio    
concentrated along the Washington, D.C. to Boston corridor     benefits from exceptional demographics, with
more than 200,000 residents living within three miles of our properties. These dynamics continue to drive strong
tenant demand, higher occupancy, and sustained rent growth.
As of year-end, our leased occupancy approached 97%, and we   ve achieved new lease spreads exceeding
20% for the fourth consecutive year. We believe these favorable trends will continue through 2026 and beyond.
Leasing Momentum and Highly Visible Growth
Operational excellence was the cornerstone of our success in 2025. We executed 58 new leases, totaling
360,000 square feet, achieving a record same-space cash spread of 32% and record shop occupancy of 92.6%.
Leasing activity included premier national and regional retailers such as Trader Joe   s, Ross, Burlington,
HomeGoods, and Boot Barn, as well as high-quality shop tenants including Sephora, Fidelity, Cava, Naya, and
Just Salad.
Notably, new anchor leases averaged $25 per square foot, compared with portfolio anchor in-place rents of $18
per square foot, underscoring the embedded rent growth potential within our existing portfolio.
We believe that our signed but not open pipeline remains a powerful driver of future growth. In 2025, we
commenced more than $16 million of new annualized gross rent and we expect our remaining pipeline to
contribute an additional $22 million of future annual gross rent, representing 8% of current net operating income.
Importantly, over 90% of this pipeline is leased to national and regional tenants, providing high visibility and
strong credit quality.
UEDGE.COM

Growth projections for the next two years are strong, with meaningful contributions anticipated to come from
six repositioning projects     Bruckner, Bergen, Cherry Hill, Hudson, Plaza at Woodbridge, and Yonkers     that
account for $15 million or 70% of our total signed but not commenced pipeline.
By the end of 2027, we expect substantially all of our current pipeline will be rent commenced, which we
anticipate will enhance traffic, merchandising mix and long-term value across the portfolio. New retailers
including Trader Joe   s, BJ   s Wholesale, Lidl, Burlington, HomeGoods, and Ross, will drive traffic, create more
shop leasing demand, and lower cap rates by enhancing the value of our real estate over the long term.
Disciplined Capital Allocation
The most attractive returns in today   s environment often come from within our existing portfolio. In 2025, we
completed 14 redevelopment projects totaling $55 million, generating a 19% unlevered yield. This has resulted
in the repositioning of select vacant and underperforming spaces with new high-quality, strong credit tenants.
We ended the year with $166 million of low-risk repositioning and redevelopment projects, all tied to executed
leases and expected to generate an attractive 14% unlevered return.
Capital recycling has further strengthened our portfolio quality. Over the past three years, we sold approximately
$500 million of non-core assets at a 5% cap rate and redeployed proceeds into nearly $600 million of highquality shopping centers at a blended 7% cap rate. These acquisitions expanded our presence in top-tier
markets in the first-ring suburbs of Boston, Washington, D.C. and New York Metro.
The current acquisition market is as competitive as we have seen in a long time, as the demand for retail assets
has grown among a variety of investors, including private equity funds, institutional capital and public sector
REITs. Debt markets are also wide open, as all primary lending sources, including life companies, banks and
CMBS, are increasingly competing for high-quality retail assets. This has led to cap rate compression, especially
in our core target markets. We will remain patient and disciplined buyers and will not sacrifice prudent capital
allocation and balance sheet strength for short-term deal volume.
Balance Sheet Strength and Financial Flexibility
Our balance sheet is a key competitive advantage. We ended 2025 with net debt to adjusted EBITDA of 5.8x,
well below the 6.5x target we outlined at our Investor Day. In addition, we currently have approximately
$1 billion in liquidity. This includes a fully undrawn $700 million revolving line of credit facility and two $125
million delayed-draw term loans, which collectively provide significant flexibility to pursue attractive growth
opportunities as they arise. We continue to maintain a manageable debt maturity profile with no meaningful
near-term refinancing pressure and well-laddered maturities over the next ten years.
The strength in our earnings and cash flows led to an 11% increase in our dividend in 2026, which follows a
12% increase in 2025.
Positioned for Growth
The shopping center business is in a very healthy state supported by vacancy rates that are at near historic
lows and rent growth that is being bolstered by strong tenant demand. Our portfolio is particularly well positioned
considering that our average property sits on over twenty acres of land, providing long-term value creation

opportunities through upgrading our tenant mix, densification, mixed-use redevelopment, pad site monetization
and alternative uses such as last-mile logistics.
We are proud of the results we have produced over the last three years     progress driven by our exceptional
team, the thoughtful oversight of our highly engaged Board of Trustees, and our irreplaceable portfolio of highquality real estate. We remain firmly committed to executing our strategy and delivering sustained earnings
growth and long-term value for our shareholders.
Our long-term record of success is a reflection of our people. We believe outstanding leasing execution,
redevelopment creativity, prudent capital allocation, and sound strategic planning require experience,
accountability, and alignment with shareholders. We are fortunate to have a team that brings these qualities to
their work every day, and we are proud of the results they continue to deliver.
On behalf of the entire company, thank you for your continued trust and investment in Urban Edge.
Jeffrey S. Olson
Chairman and Chief Executive Officer
March 24, 2026


shareholder letter icon 3/24/2026 Letter Continued (Full PDF)
 

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