EX-99.2 3 exhibit992-supplementaldis.htm EX-99.2 Document

Exhibit 99.2



URBAN EDGE PROPERTIES
SUPPLEMENTAL DISCLOSURE
PACKAGE
December 31, 2023



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Urban Edge Properties
888 7th Avenue, New York, NY 10019
NY Office: 212-956-2556
www.uedge.com






URBAN EDGE PROPERTIES
SUPPLEMENTAL DISCLOSURE
December 31, 2023
(unaudited)
TABLE OF CONTENTS
Page
Press Release
Fourth Quarter 2023 Earnings Press Release1
Overview
Summary Financial Results and Ratios12
Consolidated Financial Statements
Consolidated Balance Sheets13
Consolidated Statements of Income14
Non-GAAP Financial Measures and Supplemental Data
Supplemental Schedule of Net Operating Income15
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)16
Funds from Operations17
Market Capitalization, Debt Ratios and Liquidity18
Additional Disclosures19
Leasing Data
Tenant Concentration - Top Twenty-Five Tenants21
Leasing Activity22
Leases Executed But Not Yet Rent Commenced23
Retail Portfolio Lease Expiration Schedules24
Property Data
Property Status Report26
Property Acquisitions and Dispositions29
Development, Redevelopment and Anchor Repositioning Projects30
Debt Schedules
Debt Summary32
Mortgage Debt Summary33
Debt Maturity Schedule34









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Urban Edge PropertiesFor additional information:
888 Seventh AvenueMark Langer, EVP and
New York, NY 10019Chief Financial Officer
212-956-2556
FOR IMMEDIATE RELEASE:
Urban Edge Properties Reports Fourth Quarter and Full Year 2023 Results
 -- Provides 2024 Earnings Outlook --
-- Board Raises Quarterly Cash Dividend by 6% --

NEW YORK, NY, February 14, 2024 - Urban Edge Properties (NYSE:UE) (the "Company") today announced its results for the quarter and year ended December 31, 2023.

“2023 was a year of outstanding execution for Urban Edge,” said Jeff Olson, Chairman and CEO. “Across the company, our team delivered exceptional results, ending the year especially strong as highlighted by our financing, leasing and capital recycling activity in the fourth quarter. We also simplified our business by selling our warehouse portfolio and acquiring two of the highest quality shopping centers in Boston in an accretive transaction. We remain encouraged by the continued demand from retailers in our markets and the record low levels of new supply helping to drive rental rates in our portfolio. We look forward to building on our momentum and continuing to successfully execute on our growth strategy in 2024.”

Financial Results(1)(2)
(in thousands, except per share amounts)4Q234Q22FY 2023FY 2022
Net income attributable to common shareholders$221,235 $13,675 $248,497 $46,170 
Net income per diluted share1.88 0.12 2.11 0.39 
Funds from Operations ("FFO")45,676 38,827 184,438 145,172 
FFO per diluted share0.37 0.32 1.51 1.19 
FFO as Adjusted37,916 40,578 153,050 148,458 
FFO as Adjusted per diluted share0.31 0.33 1.25 1.21 
FFO as Adjusted for the year ended December 31, 2023 increased by 3.3% per share as compared to 2022 and benefited from rent commencements on new leases, higher net recovery income, and lower operating and general and administrative expenses.

Same-Property Operating Results Compared to the Prior Year Period(3)
4Q23FY 2023
Same-property Net Operating Income ("NOI") growth (decline)(2.0)%1.1 %
Same-property NOI growth (decline), including properties in redevelopment(1.3)%2.5 %
Same-property NOI growth (decline), adjusted for the collection of amounts previously deemed uncollectible(0.1)%2.9 %
Same-property NOI growth, including properties in redevelopment, adjusted for the collection of amounts previously deemed uncollectible0.6 %4.3 %
Increases in same-property NOI metrics for the year ended December 31, 2023 were driven by rent commencements on new leases, higher net recovery income and lower operating expenses. As expected and previously noted, the decrease in NOI for the quarter ended December 31, 2023 was driven by the timing of deferred maintenance projects and lower net recoveries from tenant vacancies, and the collection of amounts deemed uncollectible in the fourth quarter of 2022.
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Operating Results(1)(3)
Reported same-property portfolio leased occupancy of 96.0%, an increase of 150 basis points compared to September 30, 2023 and 100 basis points compared to December 31, 2022.
Reported consolidated portfolio leased occupancy, excluding Sunrise Mall and Kingswood Center, of 95.9%, an increase of 150 basis points compared to September 30, 2023 and 110 basis points compared to December 31, 2022.
Executed 51 new leases, renewals and options totaling 647,000 sf during the quarter. New leases totaled 234,000 sf, of which 221,000 sf was on a same-space basis and generated an average cash spread of 37.5%. New leases, renewals and options totaled 634,000 sf on a same-space basis and generated an average rent spread of 18.1% on a cash basis.
Executed 174 new leases, renewals and options totaling 2,006,000 sf during the year. New leases totaled 486,000 sf, of which 418,000 sf was on a same-space basis and generated an average cash spread of 24.2%. New leases, renewals and options totaled 1,938,000 sf on a same-space basis and generated an average rent spread of 11.9% on a cash basis.

Leasing, Development and Redevelopment
During the quarter, the Company executed 234,000 sf of new leases, including leases with Dollar Tree at Carlstadt Commons, a national apparel retailer at Manalapan Commons, and a single national credit tenant at Totowa Commons to backfill spaces previously leased to Bed Bath & Beyond and Harmon Face Values.
The Company commenced $37.6 million of redevelopment projects during the quarter and has $168.1 million of active redevelopment projects underway, with estimated remaining costs to complete of $112.2 million. The active redevelopment projects are expected to generate an approximate 15% unleveraged yield.
During the quarter, seven redevelopment projects reached stabilization with aggregate costs of $38 million, highlighted by Sector Sixty6 commencing operations at the Shops at Caguas in late October. The remaining project stabilizations include Aldi and Lot Less at Shops at Bruckner, Golf Galaxy at Goucher Commons, CityMD at Briarcliff Commons, Saver's Thrift at Plaza at Cherry Hill, three boutique fitness studios at Huntington Commons, and Aldi at Greenbrook Commons.
As of December 31, 2023, the Company has signed leases that have not yet rent commenced that are expected to generate an additional $27 million of future annual gross rent, representing approximately 11% of NOI generated for the year ended December 31, 2023. Approximately $6.2 million of this amount is expected to be recognized in 2024.

Acquisition and Disposition Activity
On October 23, 2023, the Company closed on the $309 million acquisition of Shoppers World and Gateway Center, two high-quality shopping centers in the greater Boston area. Shoppers World is the premier open air shopping center in the Boston suburbs and totals 752,000 sf, anchored by Best Buy, Nordstrom Rack and several TJX Companies concepts including T.J. Maxx, Marshalls, HomeSense, and Sierra Trading. Gateway Center, a 640,000 sf shopping center, is anchored by Target, Costco and Home Depot.
During the quarter, the Company closed on the sale of two properties and one property parcel for an aggregate sales price of $318 million. The dispositions totaled 1.5 million sf and included the East Hanover Warehouses portfolio, Freeport Commons, and a CubeSmart self-storage facility located at our Tonnelle Commons property. The East Hanover Warehouses portfolio and Freeport Commons had outstanding mortgages aggregating approximately $83 million that were repaid at closing.
The proceeds from the dispositions of the East Hanover Warehouses portfolio and Freeport Commons were used to partially fund the acquisitions of Shoppers World and Gateway Center and were structured as part of a 1031 exchange which allowed for the deferral of capital gains resulting from the sales.
On February 8, 2024, the Company acquired Heritage Square, an unencumbered 87,000 sf shopping center located in Watchung, NJ, for a purchase price of $34 million. The property is anchored by Ulta and two TJX Companies concepts, HomeSense and Sierra Trading, and includes three outparcels with a fourth currently under construction. The capitalization rate on this transaction is approximately 7.8% and was funded using cash on hand.
Subsequent to December 31, 2023, the Company is under contract to sell its 95,000 sf property located in Hazlet, NJ for a price of $8.7 million, and its 127,000 sf industrial property located in Lodi, NJ for a price of $29.2 million.





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Financing and Other Activity
As of December 31, 2023, there was $153 million drawn under the Company's $800 million revolving credit agreement bearing interest at 6.56%.
On November 20, 2023, the Company obtained a six-year, $43.7 million non-recourse mortgage secured by its property Huntington Commons, located in Huntington, NY. The loan bears interest at a fixed rate of 6.29%.
On November 29, 2023, the Company paid off the $20.6 million mortgage secured by its property, Hudson Mall. The mortgage had a maturity date of December 1, 2023 and a fixed interest rate of 5.07% on the payoff date.
On January 2, 2024, the Company paid off three variable rate mortgage loans aggregating $75.7 million that were due to mature in the fourth quarter of 2024 and bore interest at a rate of SOFR plus 200 bps, or 7.34%, on the date of repayment. The mortgages were secured by the following properties: Hudson Commons, Greenbrook Commons, and Gun Hill Commons. Subsequent to these repayments, the Company has limited debt maturities aggregating $213 million coming due through December 31, 2026. These maturities represent approximately 13% of outstanding debt.
During the fourth quarter, we successfully resolved a litigation matter resulting in a $10 million cash payment to the Company related to unpaid rental income during the period from March 2020 through March 2021.

Balance Sheet and Liquidity(1)(4)(5)
Balance sheet highlights as of December 31, 2023 include:
Total liquidity of approximately $791 million, consisting of $174 million of cash on hand and $617 million available under the Company's $800 million revolving credit agreement, including undrawn letters of credit.
Mortgages payable of $1.6 billion, with a weighted average term to maturity of five years. Approximately 95% of the outstanding debt is fixed rate or hedged.
$153 million drawn on our $800 million revolving credit agreement, which matures on February 9, 2028, including two six month options.
Total market capitalization of approximately $4.0 billion comprised of 123.3 million fully-diluted common shares valued at $2.3 billion and $1.7 billion of debt.
Net debt to total market capitalization of 39%.

2024 Outlook
The Company announced its outlook for full-year 2024 performance including anticipated net income of $0.12 to $0.17 per diluted share, FFO of $1.20 to $1.25 per diluted share, and FFO as Adjusted of $1.24 to $1.29 per diluted share. A reconciliation of net income to FFO and FFO as Adjusted, the assumptions related to the 2024 outlook, and a reconciliation bridging our 2023 FFO per diluted share to our 2024 estimates are included on page 4.

Dividend
On February 13, 2024, the Board of Trustees declared a regular quarterly dividend of $0.17 per common share, resulting in an indicated annual rate of $0.68 per share, an increase of $0.04 per share or 6.25%, over the prior annual rate. The dividend will be payable on March 29, 2024 to common shareholders of record on March 15, 2024.

Earnings Conference Call Information
The Company will host an earnings conference call and audio webcast on February 14, 2024 at 8:30am ET. All interested parties can access the earnings call by dialing 1-877-407-9716 (Toll Free) or 1-201-493-6779 (Toll/International) using conference ID 13742781. The call will also be webcast and available in listen-only mode on the investors page of our website: www.uedge.com. A replay will be available at the webcast link on the investors page for one year following the conclusion of the call. A telephonic replay of the call will also be available starting February 14, 2024 at 11:30am ET through Wednesday, February 28, 2024 at 11:59pm ET by dialing 1-844-512-2921 (Toll Free) or 1-412-317-6671 (Toll/International) using conference ID 13742781.





(1) Refer to "Non-GAAP Financial Measures" and "Operating Metrics" for definitions and additional detail.
(2) Refer to page 7 for a reconciliation of net income to FFO and FFO as Adjusted for the quarter ended December 31, 2023.
(3) Refer to page 8 for a reconciliation of net income to NOI and Same-Property NOI for the quarter ended December 31, 2023.
(4) Net debt as of December 31, 2023 is calculated as total consolidated debt of $1.7 billion less total cash and cash equivalents, including restricted cash, of $174 million.
(5) Refer to page 18 for the calculation of market capitalization as of December 31, 2023.
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2024 Earnings Guidance
The Company's 2024 earnings guidance anticipates net income of $0.12 to $0.17 per diluted share, FFO of $1.20 to $1.25 per diluted share, and FFO as Adjusted of $1.24 to $1.29 per diluted share. Below is a summary of the underlying assumptions and a reconciliation of the range of estimated earnings, FFO, and FFO as Adjusted per diluted share.
The Company's full year outlook is based on the following assumptions:
Same-property NOI growth, including properties in redevelopment, of 3.0% to 5.0%.
Acquisitions of $34 million and dispositions ranging from $8 million to $40 million.
Recurring G&A expenses ranging from $35.5 million to $37.5 million.
Interest and debt expense ranging from $83 million to $85 million.
Excludes items that impact FFO comparability, including gains and/or losses on extinguishment of debt, transaction, severance, litigation, or any one-time items outside of the ordinary course of business.
Guidance 2024E
Per Diluted Share(1)
(in thousands, except per share amounts)LowHighLowHigh
Net income$14,200 $20,300 $0.12 $0.17 
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership(1,400)(1,400)(0.01)(0.01)
Consolidated subsidiaries800 800 0.01 0.01 
Net income attributable to common shareholders13,600 19,700 0.11 0.16 
Adjustments:
Rental property depreciation and amortization131,500 131,500 1.07 1.07 
Limited partnership interests in operating partnership1,400 1,400 0.01 0.01 
FFO Applicable to diluted common shareholders146,500 152,600 1.20 1.25 
Adjustments to FFO:
Impact of property in foreclosure5,500 5,500 0.04 0.04 
Transaction, severance, litigation and other expenses400 400 — — 
FFO as Adjusted applicable to diluted common shareholders$152,400 $158,500 $1.24 $1.29 
(1) Amounts may not foot due to rounding.

The following table is a reconciliation bridging our 2023 FFO per diluted share to the Company's estimated 2024 FFO per diluted share:
Per Diluted Share(1)
LowHigh
2023 FFO applicable to diluted common shareholders$1.51 $1.51 
2023 Items impacting FFO comparability(2)
(0.26)(0.26)
2024 Impact of property in foreclosure(0.04)(0.04)
Same-property NOI growth, including redevelopment0.06 0.09 
Acquisitions net of dispositions NOI growth0.05 0.05 
Interest and debt expense(3)
(0.07)(0.06)
Recurring general and administrative(0.01)— 
Straight-line rent and non-cash items(0.02)(0.02)
Lease termination and other income(0.01)(0.01)
2024 FFO applicable to diluted common shareholders$1.20 $1.25 
(1) Amounts may not foot due to rounding.
(2) Includes adjustments to FFO for fiscal year 2023 which impact comparability. See "Reconciliation of Net Income to FFO and FFO as Adjusted" on page 7 for more information.
(3) Excludes the impact of Kingswood Center.

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The Company is providing a projection of anticipated net income solely to satisfy the disclosure requirements of the Securities and Exchange Commission. The Company's projections are based on management’s current beliefs and assumptions about the Company's business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that our actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2024 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Forward-Looking Statements” disclosures on page 10 of this document and “Risk Factors” disclosed in the Company's annual and quarterly reports filed with the Securities and Exchange Commission for more information.

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 calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the investing public, and thus such reported measures are subject to change. The Company's non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results. Additionally, the Company's computation of non-GAAP metrics may not be comparable to similarly titled non-GAAP metrics reported by other REITs or real estate companies that define these metrics differently and, as a result, it is important to understand the manner in which the Company defines and calculates each of its non-GAAP metrics. The following non-GAAP measures are commonly used by the Company and investing public to understand and evaluate our operating results and performance:
FFO: The Company believes FFO is a useful, supplemental measure of its operating performance that is a recognized metric used extensively by the real estate industry and, in particular real estate investment trusts ("REITs"). FFO, as defined by the National Association of Real Estate Investment Trusts ("Nareit") and the Company, is net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable real estate and land when connected to the main business of a REIT, impairments on depreciable real estate or land related to a REIT's main business, earnings from consolidated partially owned entities and rental property depreciation and amortization expense. The Company believes that financial analysts, investors and shareholders are better served by the presentation of comparable period operating results generated from FFO primarily because it excludes the assumption that the value of real estate assets diminishes predictably. FFO does not represent cash flows from operating activities in accordance with GAAP, should not be considered an alternative to net income as an indication of our performance, and is not indicative of cash flow as a measure of liquidity or our ability to make cash distributions.
FFO as Adjusted: The Company provides disclosure of FFO as Adjusted because it believes it is a useful supplemental measure of its core operating performance that facilitates comparability of historical financial periods. FFO as Adjusted is calculated by making certain adjustments to FFO to account for items the Company does not believe are representative of ongoing core operating results, including non-comparable revenues and expenses. The Company's method of calculating FFO as Adjusted may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
NOI: The Company uses NOI internally to make investment and capital allocation decisions and to compare the unlevered performance of our properties to our peers. The Company believes NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis, providing perspective not immediately apparent from net income. The Company calculates NOI using net income as defined by GAAP reflecting only those income and expense items that are incurred at the property level, adjusted for non-cash rental income and expense, impairments on depreciable real estate or land, and income or expenses that we do not believe are representative of ongoing operating results, if any. In addition, the Company uses NOI margin, calculated as NOI divided by total property revenue, which the Company believes is useful to investors for similar reasons.
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 68 properties for the quarters ended December 31, 2023 and 2022 and 66 properties for the years ended December 31, 2023 and 2022. Information provided on a same-property basis excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area ("GLA") is taken out of service and also excludes properties acquired, sold, or that are in the foreclosure process during the periods being compared. As such, same-property NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition, disposition, or foreclosure of properties during the periods presented, and thus provides a more consistent performance measure for the comparison of the operating performance of the Company's properties. While there is judgment surrounding
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changes in designations, a property is removed from the same-property pool when it is designated as a redevelopment property because it is undergoing significant renovation or retenanting pursuant to a formal plan that is expected to have a significant impact on its operating income. A development or redevelopment property is moved back to the same-property pool once a substantial portion of the NOI growth expected from the development or redevelopment is reflected in both the current and comparable prior year period, generally one year after at least 80% of the expected NOI from the project is realized on a cash basis. Acquisitions are moved into the same-property pool once we have owned the property for the entirety of the comparable periods and the property is not under significant development or redevelopment. The Company has also provided disclosure of NOI on a same-property basis adjusted to include redevelopment properties. Same-property NOI may include other adjustments as detailed in the Reconciliation of Net Income to NOI and same-property NOI included in the tables accompanying this press release. We also present this metric excluding the collection of amounts previously deemed uncollectible.
EBITDAre and Adjusted EBITDAre: EBITDAre and Adjusted EBITDAre are supplemental, non-GAAP measures utilized by us in various financial ratios. The White Paper on EBITDAre, approved by Nareit's Board of Governors in September 2017, defines EBITDAre as net income (computed in accordance with GAAP), adjusted for interest expense, income tax (benefit) expense, depreciation and amortization, losses and gains on the disposition of depreciated property, impairment write-downs of depreciated property and investments in unconsolidated joint ventures, and adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. EBITDAre and Adjusted EBITDAre are presented to assist investors in the evaluation of REITs, as a measure of the Company's operational performance as they exclude various items that do not relate to or are not indicative of our operating performance and because they approximate key performance measures in our debt covenants. Accordingly, the Company believes that the use of EBITDAre and Adjusted EBITDAre, as opposed to income before income taxes, in various ratios provides meaningful performance measures related to the Company's ability to meet various coverage tests for the stated periods. Adjusted EBITDAre may include other adjustments not indicative of operating results as detailed in the Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre included in the tables accompanying this press release. The Company also presents the ratio of net debt (net of cash) to annualized Adjusted EBITDAre as of December 31, 2023, and net debt (net of cash) to total market capitalization, which it believes is useful to investors as a supplemental measure in evaluating the Company's balance sheet leverage. The presentation of EBITDAre and Adjusted EBITDAre is consistent with EBITDA and Adjusted EBITDA as presented in prior periods.
The Company believes net income is the most directly comparable GAAP financial measure to the non-GAAP performance measures outlined above. Reconciliations of these measures to net income have been provided in the tables accompanying this press release.

Operating Metrics
The Company presents certain operating metrics related to our properties, including occupancy, leasing activity and rental rates. Operating metrics are used by the Company and are useful to investors in facilitating an understanding of the operational performance for our properties.
Occupancy metrics represent the percentage of occupied gross leasable area based on executed leases (including properties in development and redevelopment) and include leases signed, but for which rent has not yet commenced. Same-property portfolio leased occupancy includes properties that have been owned and operated for the entirety of the reporting periods being compared, which total 68 properties for the quarters ended December 31, 2023 and 2022 and 66 properties for the years ended December 31, 2023 and 2022. Occupancy metrics presented for the Company's same-property portfolio exclude properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service and also excludes properties acquired within the past 12 months or properties sold, and properties that are in the foreclosure process during the periods being compared.
Executed new leases, renewals and exercised options are presented on a same-space basis. Same-space leases represent those leases signed on spaces for which there was a previous lease.
The Company occasionally provides disclosures by tenant categories which include anchors, shops and industrial/self-storage. Anchors and shops are further broken down by local, regional, and national tenants. We define anchor tenants as those who have a leased area of >10,000 sf. Local tenants are defined as those with less than five locations. Regional tenants are those with five or more locations in a single region. National tenants are defined as those with five or more locations and operate in two or more regions.
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Reconciliation of Net Income to FFO and FFO as Adjusted
The following table reflects the reconciliation of net income to FFO and FFO as Adjusted for the quarters and years ended December 31, 2023 and 2022, respectively. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 5 for a description of FFO and FFO as Adjusted.
Quarter Ended
December 31,
Year Ended
December 31,
(in thousands, except per share amounts)2023202220232022
Net income$231,919 $14,331 $259,876 $47,339 
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership(10,688)(547)(11,899)(1,895)
Consolidated subsidiaries(109)520 726 
Net income attributable to common shareholders221,235 13,675 248,497 46,170 
Adjustments:
Rental property depreciation and amortization31,105 24,605 107,695 97,460 
Gain on sale of real estate(6)
(217,352)— (217,708)(353)
Real estate impairment loss(2)
— — 34,055 — 
Limited partnership interests in operating partnership10,688 547 11,899 1,895 
FFO Applicable to diluted common shareholders45,676 38,827 184,438 145,172 
FFO per diluted common share(1)
0.37 0.32 1.51 1.19 
Adjustments to FFO:
Loss (gain) on extinguishment of debt(7)
1,396 — (41,144)— 
Impact of property in foreclosure(3)
1,139 — 3,060 — 
Transaction, severance and litigation expenses315 3,132 2,039 4,938 
Real estate tax settlements related to prior periods— (1,232)— (1,232)
Tax Impact of Shops at Caguas financing(5)
— — 16,302 — 
Income tax refund related to prior periods— — (684)— 
Tenant bankruptcy settlement income(7)— (114)(36)
Termination fees and non-cash adjustments, net(4)
(603)(149)(847)(384)
Litigation settlement income(10,000)— (10,000)— 
FFO as Adjusted applicable to diluted common shareholders$37,916 $40,578 $153,050 $148,458 
FFO as Adjusted per diluted common share(1)
$0.31 $0.33 $1.25 $1.21 
Weighted Average diluted common shares(1)
122,063 122,160 122,064 122,318 
(1) Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the quarters and years ended December 31, 2023 and December 31, 2022, respectively are higher than the GAAP weighted average diluted shares as a result of the dilutive impact of LTIP and OP units which may be redeemed for our common shares.
(2) During the year ended December 31, 2023, the Company recognized an impairment charge reducing the carrying value of Kingswood Center, an office and retail property located in Brooklyn, NY.
(3) In April 2023, the Company notified the lender of its mortgage secured by Kingswood Center that the cash flows generated by the property are insufficient to cover the debt service and that the Company is unwilling to fund future shortfalls. As such, the Company defaulted on the loan and adjusted for the default interest incurred for the second quarter of 2023. The Company determined it is appropriate to exclude the operating results of Kingswood Center from FFO as Adjusted as the property is in the foreclosure process.
(4) Includes the acceleration and write-off of lease intangibles related to tenant bankruptcies and terminations, net of termination payments, and write-offs and reinstatements of receivables arising from the straight-lining of rents for tenants moved to and from the cash basis of accounting. The $0.6 million adjustment to FFO in calculating FFO as Adjusted is net of the portion attributable to the noncontrolling interest in Sunrise Mall.
(5) Amount reflects the tax-related impact of the $43 million gain on extinguishment of debt related to the Shops at Caguas loan refinancing that occurred in August 2023.
(6) The Company recognized a gain on sale of real estate for the quarter and year ended December 31, 2023 related to the disposition of the East Hanover Warehouses portfolio, Freeport Commons, and a parcel located on our Tonnelle Commons property.
(7) Includes prepayment penalties and write-offs of unamortized debt issuance costs related to the payoff of mortgage loans prior to maturity.


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Reconciliation of Net Income to NOI and Same-Property NOI
The following table reflects the reconciliation of net income to NOI, same-property NOI and same-property NOI including properties in redevelopment for the quarters and years ended December 31, 2023 and 2022, respectively. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 5 for a description of NOI and same-property NOI.
Quarter Ended
December 31,
Year Ended
December 31,
(Amounts in thousands)2023202220232022
Net income$231,919 $14,331 $259,876 $47,339 
Depreciation and amortization31,460 24,871 108,979 98,432 
Interest and debt expense22,515 15,468 74,945 58,979 
General and administrative expense9,167 11,480 37,070 43,087 
Loss (gain) on extinguishment of debt1,396 — (41,144)— 
Real estate impairment loss— — 34,055 — 
Income tax (benefit) expense(10)641 17,800 2,903 
Interest income(1,397)(394)(3,037)(1,107)
Non-cash revenue and expenses(3,837)(1,969)(11,610)(8,257)
Other (income) expense(5)
(9,775)175 (9,097)(125)
Gain on sale of real estate(217,352)— (217,708)(353)
NOI64,086 64,603 250,129 240,898 
Adjustments:
Tenant bankruptcy settlement income and lease termination income(183)(704)(1,428)(822)
Sunrise Mall net operating (income) loss(4)
501 (794)2,427 2,544 
Real estate tax settlements related to prior periods— (1,441)— (1,441)
Non-same property NOI and other(1)
(11,019)(7,170)(43,176)(35,503)
Same-property NOI(2)
$53,385 $54,494 $207,952 $205,676 
NOI related to properties being redeveloped4,902 4,557 23,686 20,364 
Same-property NOI including properties in redevelopment(3)
$58,287 $59,051 $231,638 $226,040 
(1) Non-same property NOI includes NOI related to properties being redeveloped and properties acquired, disposed, or that are in the foreclosure process during the periods being compared.
(2) Excluding the collection of amounts previously deemed uncollectible, the decrease would have been 0.1% compared to the fourth quarter of
2022 and an increase of 2.9% compared to the year ended December 31, 2022.
(3) Excluding the collection of amounts previously deemed uncollectible, the increase would have been 0.6% compared to the fourth quarter of
2022 and 4.3% compared to the year ended December 31, 2022.
(4) Net operating loss/(income) at Sunrise Mall for the fourth quarter and full-year 2022 includes real estate tax settlements of $1.3 million related to the 2022 calendar year. Excluding the impact of the 2022 real estate tax settlements, net operating loss for the quarter and year ended December 31, 2022 is $0.6 million and $3.9 million, respectively.
(5) Includes $10 million of litigation settlement income received in the fourth quarter of 2023.

8


Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre
The following table reflects the reconciliation of net income to EBITDAre and Adjusted EBITDAre for the quarters and years ended December 31, 2023 and 2022, respectively. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 5 for a description of EBITDAre and Adjusted EBITDAre.
Quarter Ended
December 31,
Year Ended
December 31,
(Amounts in thousands)2023202220232022
Net income$231,919 $14,331 $259,876 $47,339 
Depreciation and amortization31,460 24,871 108,979 98,432 
Interest and debt expense22,515 15,468 74,945 58,979 
Income tax (benefit) expense(10)641 17,800 2,903 
Gain on sale of real estate(217,352)— (217,708)(353)
Real estate impairment loss— — 34,055 — 
EBITDAre68,532 55,311 277,947 207,300 
Adjustments for Adjusted EBITDAre:
Loss (gain) on extinguishment of debt1,396 — (41,144)— 
Transaction, severance and litigation expenses315 3,132 2,039 4,938 
Real estate tax settlements related to prior periods— (1,441)— (1,441)
Tenant bankruptcy settlement income(7)— (114)(36)
Impact of property in foreclosure(1)
(325)— (641)— 
Termination fee and non-cash adjustments(2)
(770)(149)(1,014)(384)
Litigation settlement income(10,000)— (10,000)— 
Adjusted EBITDAre$59,141 $56,853 $227,073 $210,377 
(1) Adjustment reflects the operating income for Kingswood Center for the quarter and year ended December 31, 2023, excluding $1.5 million and $3.7 million, respectively, of interest and debt expense that is already adjusted for the purposes of calculating EBITDAre. See footnote 3 on page 7 for additional information.
(2) Includes the acceleration and write-off of lease intangibles related to tenant bankruptcies and terminations, net of termination payments, and write-offs and reinstatements of receivables arising from the straight-lining of rents for tenants moved to and from the cash basis of accounting. The adjustment to EBITDAre in calculating Adjusted EBITDAre is inclusive of the portion attributable to the noncontrolling interest in the Sunrise Mall.
9


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 on Form 8-K, and amendments to those reports.
The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.uedge.com as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following the Company's press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

ABOUT URBAN EDGE
Urban Edge Properties is a NYSE listed real estate investment trust focused on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge owns 76 properties totaling 17.1 million square feet of gross leasable area.

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, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition, business and targeted occupancy may differ materially from those expressed in these forward-looking statements. You can identify many of these statements by words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Press Release. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to control or predict and include, among others: (i) macroeconomic conditions, including geopolitical conditions and instability, which may lead to rising inflation and disruption of, or lack of access to, the capital markets, as well as potential volatility in the Company’s share price; (ii) the economic, political and social impact of, and uncertainty relating to, epidemics and pandemics; (iii) the loss or bankruptcy of major tenants; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration and the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (v) the impact of e-commerce on our tenants’ business; (vi) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (vii) changes in general economic conditions or economic conditions in the markets in which the Company competes, and their effect on the Company’s revenues, earnings and funding sources, and on those of its tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates, rising inflation, and other factors; (ix) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under its existing credit facility as a result of covenants relating to the Company’s financial results; (x) potentially higher costs associated with the Company’s development, redevelopment and anchor repositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches; (xv) the loss of key executives; and (xvi) the accuracy of methodologies and estimates regarding our environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for any forward-looking statements included in this Press Release. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this Press Release. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this Press Release.
10


URBAN EDGE PROPERTIES
ADDITIONAL DISCLOSURES
As of December 31, 2023

Basis of Presentation
The information contained in the Supplemental Disclosure Package does not purport to disclose all items required by GAAP and is unaudited. This Supplemental Disclosure Package should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations of any property acquired are included in the Company's financial statements since the date of acquisition, although such properties may be excluded from certain metrics disclosed in this Supplemental Disclosure Package.
Non-GAAP Financial Measures and Forward-Looking Statements
For additional information regarding non-GAAP financial measures and forward-looking statements, please see pages 5 and 10 of this Supplemental Disclosure Package.



11


URBAN EDGE PROPERTIES
SUMMARY FINANCIAL RESULTS AND RATIOS
For the quarter and year ended December 31, 2023
(in thousands, except per share, sf, rent psf and financial ratio data)
Quarter endedYear ended
Summary Financial ResultsDecember 31, 2023December 31, 2023
Total revenue$116,582 $416,922 
General & administrative expenses (G&A)$9,167 $37,070 
Recurring G&A(10)
$8,852 $35,031 
Net income attributable to common shareholders$221,235 $248,497 
Earnings per diluted share$1.88 $2.11 
Adjusted EBITDAre(7)
$59,141 $227,073 
Funds from operations (FFO)$45,676 $184,438 
FFO per diluted common share$0.37 $1.51 
FFO as Adjusted$37,916 $153,050 
FFO as Adjusted per diluted common share$0.31 $1.25 
Total dividends paid per share$0.16 $0.64 
Stock closing price low-high range (NYSE)$14.47 to $18.68$13.25 to $18.68
Weighted average diluted shares used in EPS computations(1)
117,641 117,597 
Weighted average diluted common shares used in FFO computations(1)
122,063 122,064 
Summary Property, Operating and Financial Data
# of Total properties / # of Retail properties76 / 73
Gross leasable area (GLA) sf - retail portfolio(3)(5)
15,522,000 
Weighted average annual rent psf - retail portfolio(3)(5)
$19.93 
Consolidated portfolio leased occupancy at end of period(9)
91.0 %
Consolidated retail portfolio leased occupancy at end of period(5)
95.9 %
Same-property portfolio leased occupancy at end of period(2)
96.0 %
Same-property physical occupancy at end of period(4)(2)
92.8 %
Same-property NOI growth(2)
(2.0)%1.1 %
Same-property NOI growth, including redevelopment properties(1.3)%2.5 %
NOI margin62.4 %63.3 %
Same-property expense recovery ratio79.7 %82.4 %
Same-property, including redevelopment, expense recovery ratio 77.6 %80.7 %
New, renewal and option rent spread - cash basis(8)
18.1 %11.9 %
New, renewal and option rent spread - GAAP basis(8)
23.6 %16.2 %
Net debt to total market capitalization(6)
39.2 %39.2 %
Net debt to Adjusted EBITDAre(6)
6.6 x6.9 x
Adjusted EBITDAre to interest expense(7)
2.8 x3.2 x
Adjusted EBITDAre to fixed charges(7)
2.3 x2.5 x
(1) Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the fourth quarter and year ended December 31, 2023, respectively are higher than the GAAP weighted average diluted shares as a result of the dilutive impact of LTIP and OP units which may be redeemed for our common shares.
(2) The same-property pool for both NOI and occupancy includes properties the Company consolidated, owned and operated for the entirety of both periods being compared and excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the GLA is taken out of service and also excludes properties acquired, sold, or that are in the foreclosure process during the periods being compared.
(3) GLA - retail portfolio excludes 0.1 million square feet of industrial property, 1.2 million square feet for Sunrise Mall, 0.1 million square feet for Kingswood Center and 0.1 million square feet of self-storage. The weighted average annual rent per square foot for our industrial portfolio was $13.35.
(4) Physical occupancy includes tenants that have access to their leased space and includes dark and paying tenants.
(5) Our retail portfolio includes shopping centers and malls (excluding Sunrise Mall and Kingswood Center) and excludes industrial and self-storage.
(6) See computation for the quarter ended December 31, 2023 on page 18. Net debt to Adjusted EBITDAre is calculated based on fourth quarter 2023 annualized Adjusted EBITDAre.
(7) See computation on page 16.
(8) See computation on page 22.
(9) Excluding Sunrise Mall and Kingswood Center consolidated portfolio leased occupancy is 95.9%.
(10) Recurring G&A for the quarter ended December 31, 2023 excludes $0.3 million of transaction, severance and litigation expenses. Recurring G&A for the year ended December 31, 2023 excludes $0.9 million of transaction, severance and litigation expenses and $1.1 million of executive transition costs.
12


URBAN EDGE PROPERTIES
CONSOLIDATED BALANCE SHEETS
As of December 31, 2023 and December 31, 2022
(in thousands, except share and per share amounts)
 December 31,December 31,
 20232022
ASSETS 
Real estate, at cost:  
Land$635,905 $535,770 
Buildings and improvements2,678,076 2,468,385 
Construction in progress262,275 314,190 
Furniture, fixtures and equipment9,923 8,539 
Total3,586,179 3,326,884 
Accumulated depreciation and amortization(819,243)(791,485)
Real estate, net2,766,936 2,535,399 
Operating lease right-of-use assets56,988 64,161 
Cash and cash equivalents101,123 85,518 
Restricted cash73,125 43,256 
Tenant and other receivables14,712 17,523 
Receivables arising from the straight-lining of rents60,775 64,713 
Identified intangible assets, net of accumulated amortization of $51,399 and $40,983, respectively
113,897 62,856 
Deferred leasing costs, net of accumulated amortization of $21,428 and $20,107, respectively
27,698 26,799 
Prepaid expenses and other assets64,555 77,207 
Total assets$3,279,809 $2,977,432 
LIABILITIES AND EQUITY  
Liabilities:
Mortgages payable, net $1,578,110 $1,691,690 
Unsecured credit facility borrowings153,000 — 
Operating lease liabilities53,863 59,789 
Accounts payable, accrued expenses and other liabilities102,997 102,519 
Identified intangible liabilities, net of accumulated amortization of $46,610 and $40,816, respectively
170,411 93,328 
Total liabilities2,058,381 1,947,326 
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,652,656 and 117,450,951 shares issued and outstanding, respectively
1,175 1,173 
Additional paid-in capital 1,011,942 1,011,293 
Accumulated other comprehensive income460 629 
Accumulated earnings (deficit)137,113 (36,104)
Noncontrolling interests:
Operating partnership55,355 39,209 
Consolidated subsidiaries15,383 13,906 
Total equity1,221,428 1,030,106 
Total liabilities and equity$3,279,809 $2,977,432 
13


URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF INCOME
For the quarter and year ended December 31, 2023 and 2022
(in thousands, except per share amounts)
Quarter Ended December 31,Year Ended December 31,
 2023202220232022
REVENUE
Rental revenue$106,253 $101,331 $406,112 $396,376 
Other income10,329 262 10,810 1,562 
Total revenue116,582 101,593 416,922 397,938 
EXPENSES
Depreciation and amortization31,460 24,871 108,979 98,432 
Real estate taxes16,909 14,202 64,889 61,864 
Property operating18,811 17,861 68,563 74,334 
General and administrative9,167 11,480 37,070 43,087 
Real estate impairment loss— — 34,055 — 
Lease expense3,164 3,133 12,634 12,460 
Total expenses79,511 71,547 326,190 290,177 
Gain on sale of real estate217,352 — 217,708 353 
Interest income1,397 394 3,037 1,107 
Interest and debt expense(22,515)(15,468)(74,945)(58,979)
(Loss) gain on extinguishment of debt(1,396)— 41,144 — 
Income before income taxes231,909 14,972 277,676 50,242 
Income tax benefit (expense)10 (641)(17,800)(2,903)
Net income231,919 14,331 259,876 47,339 
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership(10,688)(547)(11,899)(1,895)
Consolidated subsidiaries(109)520 726 
Net income attributable to common shareholders$221,235 $13,675 $248,497 $46,170 
Earnings per common share - Basic: $1.88 $0.12 $2.11 $0.39 
Earnings per common share - Diluted: $1.88 $0.12 $2.11 $0.39 
Weighted average shares outstanding - Basic117,548 117,385 117,506 117,366 
Weighted average shares outstanding - Diluted117,641 121,588 117,597 121,640 



14


URBAN EDGE PROPERTIES
SUPPLEMENTAL SCHEDULE OF NET OPERATING INCOME
For the quarter and year ended December 31, 2023 and 2022
(in thousands)
Quarter Ended
December 31,
Percent ChangeYear Ended
December 31,
Percent Change
2023202220232022
Composition of NOI(1)
Property rentals$75,871 $72,264 $291,590 $282,777 
Tenant expense reimbursements27,111 27,000 105,749 104,551 
Rental revenue deemed collectible (uncollectible)(317)170 (2,370)851 
Total property revenue102,665 99,434 3.2%394,969 388,179 1.7%
Property operating(19,296)(18,306)(70,477)(76,133)
Real estate taxes(3)
(16,908)(14,202)(64,887)(61,864)
Lease expense(2,375)(2,323)(9,476)(9,284)
Total property operating expenses(38,579)(34,831)10.8%(144,840)(147,281)(1.7)%
NOI(1)
$64,086 $64,603 (0.8)%$250,129 $240,898 3.8%
NOI margin (NOI / Total property revenue)62.4 %65.0 %63.3 %62.1 %
Same-property NOI(1)(2)
Property rentals$61,513 $61,631 $237,351 $234,369 
Tenant expense reimbursements22,453 22,704 87,309 88,449 
Rental revenue deemed collectible (uncollectible)(161)368 (1,036)1,332 
Total property revenue83,805 84,703 323,624 324,150 
Real estate taxes(13,099)(13,655)(51,515)(51,261)
Property operating(14,712)(14,006)(53,775)(57,031)
Lease expense(2,609)(2,548)(10,382)(10,182)
Total property operating expenses(30,420)(30,209)(115,672)(118,474)
Same-property NOI(1)(2)
$53,385 $54,494 (2.0)%$207,952 $205,676 1.1%
NOI related to properties being redeveloped(2)
4,902 4,557 23,686 20,364 
Same-property NOI including properties in redevelopment(1)
$58,287 $59,051 (1.3)%$231,638 $226,040 2.5%
Same-property physical occupancy92.8 %91.9 %92.7 %91.9 %
Same-property leased occupancy96.0 %95.0 %96.0 %95.0 %
Number of properties included in same-property analysis68 66 
(1) NOI excludes non-cash revenue and expenses. Refer to page 8 for a reconciliation of net income to NOI and same-property NOI.
(2) Excludes NOI related to properties acquired, disposed, or that are in the foreclosure process during the periods being compared and Sunrise Mall.
(3) Includes real estate tax settlement adjustments totaling $2.3 million and $2.7 million for the quarter and year ended December 31, 2022, respectively, in connection with successful appeals. Excluding these adjustments, the NOI margin is 62.7% and 61.3% for the quarter and year ended December 31, 2022, respectively.


15


URBAN EDGE PROPERTIES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION for REAL ESTATE (EBITDAre)
For the quarter and year ended December 31, 2023 and 2022
(in thousands)
Quarter Ended
December 31,
Year Ended
December 31,
2023202220232022
Net income$231,919 $14,331 $259,876 $47,339 
Depreciation and amortization31,460 24,871 108,979 98,432 
Interest expense21,469 14,501 70,820 55,557 
Amortization of deferred financing costs1,046 967 4,125 3,422 
Real estate impairment loss— — 34,055 — 
Income tax (benefit) expense(10)641 17,800 2,903 
Gain on sale of real estate(217,352)— (217,708)(353)
EBITDAre68,532 55,311 277,947 207,300 
Adjustments for Adjusted EBITDAre:
Loss (gain) on extinguishment of debt1,396 — (41,144)— 
Transaction, severance and litigation expenses315 3,132 2,039 4,938 
Real estate tax settlements related to prior periods— (1,441)— (1,441)
Tenant bankruptcy settlement income(7)— (114)(36)
Impact of property in foreclosure(1)
(325)— (641)— 
Termination fee and non-cash adjustments(2)
(770)(149)(1,014)(384)
Litigation settlement income(10,000)— (10,000)— 
Adjusted EBITDAre$59,141 $56,853 $227,073 $210,377 
Interest expense$21,469 $14,501 $70,820 $55,557 
Adjusted EBITDAre to interest expense2.8 x3.9 x3.2 x3.8 x
Fixed charges
Interest expense$21,469 $14,501 $70,820 $55,557 
Scheduled principal amortization4,250 4,277 19,724 17,409 
Total fixed charges$25,719 $18,778 $90,544 $72,966 
Adjusted EBITDAre to fixed charges2.3 x3.0 x2.5 x2.9 x
(1) Adjustment reflects the operating income for Kingswood Center for the quarter and year ended December 31, 2023, excluding $1.5 million and $3.7 million, respectively, of interest and debt expense that is already adjusted for the purposes of calculating EBITDAre. See footnote 3 on page 7 for additional information.
(2) Includes the acceleration and write-off of lease intangibles related to tenant bankruptcies and terminations, net of termination payments, and write-offs and reinstatements of receivables arising from the straight-lining of rents for tenants moved to and from the cash basis of accounting. The adjustment to EBITDAre in calculating Adjusted EBITDAre is inclusive of the portion attributable to the noncontrolling interest in the Sunrise Mall.
16


URBAN EDGE PROPERTIES
FUNDS FROM OPERATIONS
For the quarter and year ended December 31, 2023
(in thousands, except per share amounts)
Quarter Ended
December 31, 2023
Year Ended
 December 31, 2023
(in thousands)
(per share)(2)
(in thousands)
(per share)(2)
Net income$231,919 $1.90 $259,876 $2.13 
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership(10,688)(0.09)(11,899)(0.10)
Consolidated subsidiaries— 520 — 
Net income attributable to common shareholders221,235 1.81 248,497 2.03 
Adjustments:
Rental property depreciation and amortization31,105 0.25 107,695 0.88 
Gain on sale of real estate(7)
(217,352)(1.78)(217,708)(1.78)
Real estate impairment loss(3)
— — 34,055 0.28 
Limited partnership interests in operating partnership(1)
10,688 0.09 11,899 0.10 
FFO applicable to diluted common shareholders45,676 0.37 184,438 1.51 
Adjustments to FFO:
Loss (gain) on extinguishment of debt(8)
1,396 0.01 (41,144)(0.34)
Impact of property in foreclosure(4)
1,139 0.01 3,060 0.03 
Transaction, severance and litigation expenses315 — 2,039 0.02 
Tax impact of Shops at Caguas financing(6)
— — 16,302 0.13 
Income tax refund related to prior periods— — (684)(0.01)
Tenant bankruptcy settlement income(7)— (114)— 
Termination fees and non-cash adjustments, net(5)
(603)— (847)(0.01)
Litigation settlement income(10,000)(0.08)(10,000)(0.08)
FFO as Adjusted applicable to diluted common shareholders$37,916 $0.31 $153,050 $1.25 
Weighted average diluted shares used to calculate EPS117,640 117,597 
Assumed conversion of OP and LTIP Units to common shares4,423 4,467 
Weighted average diluted common shares - FFO122,063 122,064 
(1) Represents earnings allocated to LTIP and OP unitholders for unissued common shares, which have been excluded for purposes of calculating earnings per diluted share for the periods presented because they are anti-dilutive.
(2) Individual items may not add up due to total rounding.
(3) During the year ended December 31, 2023, the Company recognized an impairment charge reducing the carrying value of Kingswood Center, an office and retail property located in Brooklyn, NY.
(4) In April 2023, the Company notified the lender of its mortgage secured by Kingswood Center that the cash flows generated by the property are insufficient to cover the debt service and that the Company is unwilling to fund future shortfalls. As such, the Company defaulted on the loan and adjusted for the default interest incurred for the second quarter of 2023. The Company determined it is appropriate to exclude the operating results of Kingswood Center from FFO as Adjusted as the property is in the foreclosure process.
(5) Includes the acceleration and write-off of lease intangibles related to tenant bankruptcies and terminations, net of termination payments, and write-offs and reinstatements of receivables arising from the straight-lining of rents for tenants moved to and from the cash basis of accounting. The $0.6 million adjustment to FFO in calculating FFO as Adjusted is net of the portion attributable to the noncontrolling interest in Sunrise Mall.
(6) Amount reflects the tax-related impact of the $43 million gain on extinguishment of debt related to the Shops at Caguas loan refinancing that occurred in August 2023.
(7) The Company recognized a gain on sale of real estate for the quarter and year ended December 31, 2023 related to the disposition of the East Hanover Warehouses portfolio, Freeport Commons, and a parcel located on our Tonnelle Commons property.
(8) Includes prepayment penalties and write-offs of unamortized debt issuance costs related to the payoff of mortgage loans prior to maturity.



17


URBAN EDGE PROPERTIES
MARKET CAPITALIZATION, DEBT RATIOS AND LIQUIDITY
As of December 31, 2023
(in thousands, except share amounts and market price)
December 31, 2023
Closing market price of common shares$18.30 
Basic common shares117,652,656 
OP and LTIP units5,659,781 
Diluted common shares123,312,437 
Equity market capitalization$2,256,618 
Total consolidated debt(1)
$1,743,735 
Cash and cash equivalents including restricted cash(174,248)
Net debt$1,569,487 
Net Debt to annualized Adjusted EBITDAre(2)
6.6 x
Total consolidated debt(1)
$1,743,735 
Equity market capitalization2,256,618 
Total market capitalization$4,000,353 
Net debt to total market capitalization at applicable market price39.2 %
Cash and cash equivalents including restricted cash$174,248 
Available under unsecured credit facility(3)
616,940 
Total liquidity$791,188 
(1) Total consolidated debt excludes unamortized debt issuance costs of $12.6 million.
(2) Net debt to Adjusted EBITDAre is calculated based on fourth quarter 2023 annualized Adjusted EBITDAre.
(3) Availability is net of letters of credit issued. During the year, the Company obtained five letters of credit aggregating $30.1 million which were provided to mortgage lenders to secure its obligations for certain capital requirements per the respective loan agreements. On October 23, 2023, the Company used the line of credit to partially finance two acquisitions. As of December 31, 2023, the Company has $153 million of outstanding borrowings under the unsecured line of credit.














18


URBAN EDGE PROPERTIES
ADDITIONAL DISCLOSURES
(in thousands)
Quarter Ended December 31,Year Ended December 31,
2023202220232022
Rental revenue:
Property rentals(1)
$79,945 $75,056 $304,772 $292,235 
Tenant expense reimbursements26,625 26,105 103,709 103,291 
Rental revenue deemed collectible (uncollectible)(317)170 (2,369)850 
Total rental revenue$106,253 $101,331 $406,112 $396,376 

Composition of Rental Revenue for the Quarter Ended December 31, 2023
(in thousands)
Quarter Ended December 31, 2023
Collected property rentals and tenant expense reimbursements from fourth quarter billings
$95,031 
Uncollected property rentals and tenant expense reimbursements from fourth quarter billings
Uncollectible901 
Collectible4,971 
Total property rentals and tenant expense reimbursements before non-cash adjustments from fourth quarter billings(2)
100,903 
Non-cash adjustments(3)
5,667 
Rental revenue deemed uncollectible(317)
Total rental revenue recognized$106,253 


Composition of Rental Revenue Deemed (Collectible) Uncollectible
(in thousands)
Quarter Ended December 31, 2023
Rental revenue deemed (collectible) uncollectible
Amounts billed in fourth quarter deemed uncollectible
$901 
Amounts billed prior to fourth quarter now deemed uncollectible
104 
Recovery of amounts deemed uncollectible in prior periods
(688)
Total rental revenue deemed uncollectible(4)
$317 


Tenant and Other Receivables
As of December 31, 2023
(in thousands)
Tenant and other receivables billed$20,302 
Revenue deemed uncollectible(5,590)
Tenant and other receivables deemed collectible$14,712 

(1) Percentage rents for the quarter and year ended December 31, 2023 were $1.3 million and $3.6 million, respectively, and $1.4 million and $3.9 million for the same periods in 2022.
(2) Total fourth quarter billings include $2.5 million of gross amounts billed for leases with rental revenue being recognized on a cash-basis. As of December 31, 2023, the Company had 54 leases with rental revenue being recognized on a cash-basis, which represented approximately 2.5% of total portfolio ABR.
(3) Amount comprises straight-line rents, amortization of lease intangibles, credits for tenant abatements and accrued unbilled amounts during the fourth quarter.
(4) Rental revenue deemed uncollectible pertaining to cash basis tenants was an expense of $0.2 million consisting of $0.5 million of charges, offset by $0.3 million of amounts recovered in the quarter.




19


URBAN EDGE PROPERTIES
ADDITIONAL DISCLOSURES
(in thousands)

Status of Rent Deferrals
As of December 31, 2023, the Company has executed or approved deferral agreements amounting to $10.1 million with a weighted average remaining payback period of 23 months and has collected 99% of the deferral payments due:
As of December 31, 2023
(in thousands)
Unbilled(1)
Rebilled and CollectedRebilled and Uncollected
Total(8)
Accrual basis(2)
$— $8,307 $26 $8,333 
Cash basis286 1,338 96 1,720 
Total$286 $9,645 $122 $10,053 
Quarter Ended December 31,
Year Ended December 31,
2023202220232022
Certain Non-Cash Items:
Straight-line rents(3)
$901 $498 $3,687 $2,020 
Amortization of below-market lease intangibles, net(3)
2,997 1,598 8,181 6,660 
Lease expense GAAP adjustments(4)
(60)(126)(258)(422)
Amortization of deferred financing costs(5)
(1,046)(967)(4,125)(3,422)
Capitalized interest(5)
2,830 2,590 11,208 8,512 
Share-based compensation expense(6)
(1,788)(2,809)(7,811)(10,486)
Capital Expenditures:(7)
Development and redevelopment costs$19,537 $19,845 $83,397 $77,360 
Maintenance capital expenditures10,257 20,649 27,487 36,285 
Leasing commissions1,432 540 4,741 1,439 
Tenant improvements and allowances1,376 560 4,840 2,399 
Total capital expenditures$32,602 $41,594 $120,465 $117,483 
December 31, 2023December 31, 2022
Accounts Payable, Accrued Expenses and Other Liabilities:
Deferred tenant revenue$34,840 $28,468 
Accrued capital expenditures and leasing costs23,044 35,732 
Accrued interest payable11,190 10,789 
Accrued payroll expenses9,371 9,527 
Other liabilities and accrued expenses14,245 6,939 
Security deposits7,279 8,048 
Finance lease liability3,028 3,016 
Total accounts payable, accrued expenses and other liabilities$102,997 $102,519 
(1) Unbilled amounts are for rent deferrals which have been executed or approved but are not yet due based on the repayment terms.
(2) Includes vacated and inactive tenants.
(3) Amounts included in the financial statement line item "Rental revenue" on the consolidated statements of income. During the three and twelve months ended December 31, 2023, the Company wrote-off $0.2 million and $0.4 million, respectively, of receivables arising from the straight-lining of rents, net of reinstatements for tenants moved to cash basis accounting. During the three and twelve months ended December 31, 2022, the Company reinstated $0.1 million and $0.4 million, respectively, of receivables arising from the straight-lining of rents, net of write-offs for tenants moved back to accrual basis accounting.
(4) Amounts consist of amortization of below-market ground lease intangibles and straight-line lease expense, and are included in the financial statement line item "Lease expense" on the consolidated statements of income.
(5) Amounts included in the financial statement line item "Interest and debt expense" on the consolidated statements of income.
(6) Amounts included in the financial statement line item "General and administrative" on the consolidated statements of income.
(7) Amounts presented on a cash basis.
(8) During the year, the Company executed an amendment with a tenant to forgive their remaining deferred rents, reducing the total deferral amount by $1.7 million.
20


URBAN EDGE PROPERTIES
TENANT CONCENTRATION - TOP TWENTY-FIVE TENANTS
As of December 31, 2023
TenantNumber of storesSquare feet% of total square feetAnnualized base rent ("ABR")% of total ABRWeighted average ABR per square foot
Average remaining term of ABR(1)
The TJX Companies(2)
22 723,350 4.3%$15,550,436 5.1%$21.50 4.6
The Home Depot770,742 4.6%12,894,810 4.3%16.73 9.0
Kohl's855,561 5.1%9,530,400 3.2%11.14 6.2
Best Buy409,641 2.4%9,370,878 3.1%22.88 4.0
Lowe's Companies976,415 5.8%8,946,256 3.0%9.16 4.0
Burlington441,270 2.6%7,839,712 2.6%17.77 5.4
Walmart708,435 4.2%7,479,449 2.5%10.56 4.4
PetSmart12 278,451 1.6%7,300,512 2.4%26.22 4.3
ShopRite361,683 2.1%6,531,257 2.2%18.06 10.8
BJ's Wholesale Club454,297 2.7%5,808,618 1.9%12.79 6.3
Ahold Delhaize (Stop & Shop)
362,696 2.1%5,454,430 1.8%15.04 5.3
Target Corporation476,146 2.8%5,290,952 1.8%11.11 11.2
The Gap(3)
13 192,137 1.1%5,216,358 1.7%27.15 2.0
LA Fitness287,420 1.7%5,053,088 1.7%17.58 5.7
Amazon(4)
145,279 0.9%4,717,885 1.6%32.47 7.2
Dick's Sporting Goods235,058 1.4%4,238,079 1.4%18.03 7.7
Nordstrom106,720 0.6%3,389,314 1.1%31.76 6.3
AMC85,000 0.5%3,267,502 1.1%38.44 6.0
Bob's Discount Furniture170,931 1.0%3,251,494 1.1%19.02 5.3
24 Hour Fitness53,750 0.3%2,700,000 0.9%50.23 8.0
Staples128,355 0.8%2,637,951 0.9%20.55 1.9
Anthropologie31,450 0.2%2,531,725 0.8%80.50 4.8
Planet Fitness101,046 0.6%2,495,296 0.8%24.69 7.0
Five Below85,098 0.5%2,462,114 0.8%28.93 5.4
DSW102,059 0.6%2,382,247 0.8%23.34 6.4
Total/Weighted Average157 8,542,990 50.5%$146,340,763 48.6%$17.13 5.9
(1) In years excluding tenant renewal options. The weighted average is based on ABR.
(2) Includes Marshalls (14), T.J. Maxx (3), HomeGoods (3) and Homesense (2).
(3) Includes Old Navy (8), Gap (4) and Banana Republic (1).
(4) Includes Whole Foods (2) and Amazon Fresh (1).



Note: Amounts shown in the table above include all retail properties (excluding Kingswood Center), including those in redevelopment. Amounts are presented on a cash basis other than tenants in free rent periods which are shown at their initial cash rent. The table excludes executed leases that have not yet rent commenced.
21


URBAN EDGE PROPERTIES
LEASING ACTIVITY
For the quarter and year ended December 31, 2023
Quarter Ended
December 31, 2023
Year Ended
December 31, 2023
GAAP(2)
Cash(1)
GAAP(2)
Cash(1)
New leases
Number of new leases executed22 22 64 64 
Total square feet233,598 233,598 486,201 486,201 
Number of same space leases19 19 49 49 
Same space square feet220,696 220,696 418,322 418,322 
Prior rent per square foot$17.44 $18.05 $21.32 $22.43 
New rent per square foot$26.10 $24.82 $29.64 $27.86 
Same space weighted average lease term (years)9.6 9.6 9.7 9.7 
Same space TIs per square footN/A$26.23 N/A$26.12 
Rent spread49.7 %37.5 %39.0 %24.2 %
Renewals & Options
Number of leases executed29 29 110 110 
Total square feet413,027 413,027 1,519,738 1,519,738 
Number of same space leases29 29 110 110 
Same space square feet413,027 413,027 1,519,738 1,519,738 
Prior rent per square foot$19.19 $19.19 $22.10 $22.10 
New rent per square foot$21.29 $20.80 $24.35 $23.95 
Same space weighted average lease term (years)6.1 6.1 5.8 5.8 
Same space TIs per square footN/A$— N/A$3.07 
Rent spread10.9 %8.4 %10.2 %8.4 %
Total New Leases and Renewals & Options
Number of leases executed51 51 174 174 
Total square feet646,625 646,625 2,005,939 2,005,939 
Number of same space leases48 48 159 159 
Same space square feet633,723 633,723 1,938,060 1,938,060 
Prior rent per square foot$18.58 $18.79 $21.93 $22.17 
New rent per square foot$22.96 $22.20 $25.49 $24.80 
Same space weighted average lease term (years)7.3 7.3 6.6 6.6 
Same space TIs per square footN/A$9.14 N/A$8.05 
Rent spread23.6 %18.1 %16.2 %11.9 %
(1) Rents are not calculated on a straight-line (GAAP) basis. Previous/expiring rent is the rent at expiry. New rent is the rent paid at commencement.
(2) Rents are calculated on a straight-line (GAAP) basis.







22


URBAN EDGE PROPERTIES
LEASES EXECUTED BUT NOT YET RENT COMMENCED
As of December 31, 2023

The Company has signed leases that have not yet rent commenced that are expected to generate an additional $26.8 million of future annual gross rent, representing approximately 11% of NOI generated for the year ended December 31, 2023. Approximately $21.3 million of this amount pertains to leases included in Active Redevelopment Projects on page 30. National and regional tenants represent 85% of the leased but not yet rent commenced pipeline. The below table illustrates the incremental gross rent expected to be recognized for the next three years, in the respective periods, from commencement of these leases.
chart-335983d0471c4f56b18.jpg
Gross rents illustrated in the table above and their impact on same-property metrics in the respective years, based on the full-year 2023 property pools, are as follows:
(in thousands)202420252026
Same-property$4,900 $12,800 $16,500 

The below table summarizes the changes in annualized gross rent from leases executed but not yet rent commenced since September 30, 2023:

(in thousands)Annualized Gross Rent
Leases executed but not yet rent commenced as of September 30, 2023$27,200 
Less: Leases commenced during the fourth quarter
(8,300)
Plus: Leases executed during the fourth quarter
7,900 
Leases executed but not yet rent commenced as of December 31, 2023
$26,800 
23


URBAN EDGE PROPERTIES
RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE
As of December 31, 2023
ANCHOR TENANTS (SF>=10,000)SHOP TENANTS (SF<10,000)TOTAL TENANTS
Year(1)
# of leasesSquare Feet% of Total SF
Weighted Avg ABR PSF(2)
# of leasesSquare Feet% of Total SF
Weighted Avg ABR PSF(2)
# of leasesSquare Feet% of Total SF
Weighted Avg ABR PSF(2)
M-T-M34,000 0.3 %$30.49 33 88,000 3.4%$29.27 35 122,000 0.8 %$29.61 
202413 549,000 4.2 %13.45 48 130,000 5.0%37.54 61 679,000 4.4 %18.06 
202530 1,263,000 9.8 %15.72 80 255,000 9.9%37.88 110 1,518,000 9.8 %19.44 
202623 771,000 6.0 %19.67 91 299,000 11.6%38.34 114 1,070,000 6.9 %24.89 
202728 1,087,000 8.4 %12.13 90 300,000 11.6%35.54 118 1,387,000 8.9 %17.19 
202828 1,028,000 7.9 %20.78 73 259,000 10.0%41.29 101 1,287,000 8.3 %24.91 
202950 2,111,000 16.3 %20.43 70 265,000 10.3%40.89 120 2,376,000 15.3 %22.71 
203021 1,329,000 10.3 %10.87 32 109,000 4.2%47.53 53 1,438,000 9.3 %13.65 
203116 1,071,000 8.3 %14.63 20 72,000 2.8%34.38 36 1,143,000 7.4 %15.87 
203210 311,000 2.4 %16.60 42 148,000 5.7%32.71 52 459,000 3.0 %21.80 
203319 690,000 5.3 %15.89 34 118,000 4.6%38.03 53 808,000 5.2 %19.12 
203420 780,000 6.0 %20.13 34 121,000 4.7%38.16 54 901,000 5.8 %22.55 
Thereafter26 1,591,000 12.3 %17.33 23 100,000 3.9%34.79 49 1,691,000 10.8 %18.36 
Subtotal/Average286 12,615,000 97.5 %$16.70 670 2,264,000 87.7%$37.90 956 14,879,000 95.9 %$19.93 
Vacant14 324,000 2.5 % N/A134 319,000 12.3% N/A148 643,000 4.1 % N/A
Total/Average300 12,939,000 100 % N/A804 2,583,000 100% N/A1,104 15,522,000 100 % N/A
(1) Year of expiration excludes tenant renewal options.
(2) Weighted average annual base rent per square foot is calculated by annualizing tenants' base cash rent, including ground rent, and excludes tenant reimbursements and concessions and storage rent.


Note: Amounts shown in the table above include both current leases and signed leases that have not commenced on vacant spaces for all retail properties (excludes Sunrise Mall and Kingswood Center and includes properties in redevelopment) and excludes 58,000 sf of self-storage space. The average base rent for our 127,000 square-foot warehouse property (excluded from the table above) is $13.35 per square foot as of December 31, 2023.
24


URBAN EDGE PROPERTIES
RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE ASSUMING EXERCISE OF ALL OPTIONS
As of December 31, 2023
ANCHOR TENANTS (SF>=10,000)SHOP TENANTS (SF<10,000)TOTAL TENANTS
Year(1)
# of leasesSquare Feet% of Total SF
Weighted Avg ABR PSF(2)
# of leasesSquare Feet% of Total SF
Weighted Avg ABR PSF(2)
# of leasesSquare Feet% of Total SF
Weighted Avg ABR PSF(2)
M-T-M34,000 0.3 %$30.49 33 88,000 3.4%$29.27 35 122,000 0.8 %$29.61 
202498,000 0.8 %12.91 42 114,000 4.4%38.35 46 212,000 1.4 %26.59 
202510 284,000 2.2 %20.69 50 145,000 5.6%42.75 60 429,000 2.8 %28.15 
202672,000 0.6 %25.76 48 132,000 5.1%44.79 52 204,000 1.3 %38.08 
202724,000 0.2 %19.58 47 120,000 4.6%37.31 49 144,000 0.9 %34.35 
2028184,000 1.4 %18.19 40 113,000 4.4%42.52 43 297,000 1.9 %27.44 
202915 437,000 3.4 %22.77 32 96,000 3.7%45.00 47 533,000 3.4 %26.77 
203011 301,000 2.3 %21.23 29 95,000 3.7%42.26 40 396,000 2.6 %26.28 
203111 291,000 2.2 %23.37 33 98,000 3.8%41.95 44 389,000 2.5 %28.05 
2032284,000 2.2 %18.54 33 108,000 4.2%38.69 41 392,000 2.5 %24.09 
203316 508,000 3.9 %28.75 24 76,000 2.9%56.20 40 584,000 3.8 %32.32 
203418 555,000 4.3 %22.10 33 135,000 5.2%43.83 51 690,000 4.4 %26.35 
Thereafter182 9,543,000 73.7 %24.18 226 944,000 36.7%47.44 408 10,487,000 67.6 %26.27 
Subtotal/Average286 12,615,000 97.5 %$23.77 670 2,264,000 87.7%$44.12 956 14,879,000 95.9 %$26.87 
Vacant14 324,000 2.5 % N/A134 319,000 12.3% N/A148 643,000 4.1 % N/A
Total/Average300 12,939,000 100 % N/A804 2,583,000 100% N/A1,104 15,522,000 100 % N/A
(1) Year of expiration includes tenant renewal options.
(2) Weighted average annual base rent per square foot is calculated by annualizing tenants' base cash rent, including ground rent, and excludes tenant reimbursements and concessions and storage rent and is adjusted for assumed exercised options using option rents specified in the underlying leases. Weighted average annual base rent for leases whose future option rent is based on fair market value or CPI is reported at the last stated option rent in the respective lease.


Note: Amounts shown in table above include both current leases and signed leases that have not commenced on vacant spaces for all retail properties (excludes Sunrise Mall and Kingswood Center and includes properties in redevelopment) and excludes 58,000 sf of self-storage space. The average base rent for our 127,000 square-foot warehouse property (excluded from the table above) is $19.66 per square foot as of December 31, 2023.
25

        

                                        
URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of December 31, 2023
(dollars in thousands, except per sf amounts)

Property
Total Square Feet (1)
Percent Leased(1)
Weighted Average ABR PSF(2)
Mortgage Debt(7)
Major Tenants
RETAIL PORTFOLIO:
California:
Walnut Creek (Mt. Diablo)(4)
7,000 100.0%$69.26Sweetgreen
Walnut Creek (Olympic)31,000 100.0%80.50Anthropologie
Connecticut:
Newington Commons189,000 90.0%9.50$15,920Walmart, Staples
Maryland:
Goucher Commons155,000 92.5%26.52Sprouts, HomeGoods, Five Below, Ulta, Kirkland's, DSW, Golf Galaxy
Rockville Town Center98,000 100.0%16.51Regal Entertainment Group
Wheaton (leased through 2060)(3)
66,000 100.0%18.35Best Buy
Woodmore Towne Centre712,000 97.7%18.07$117,200Costco, Wegmans, At Home, Best Buy, LA Fitness, Nordstrom Rack
Massachusetts:
Cambridge (leased through 2033)(3)
48,000 100.0%28.06PetSmart, Central Rock Gym
Gateway Center(6)
640,000 100.0%9.69Costco, Target, Home Depot, Total Wine
Shoppers World(6)
752,000 100.0%22.50T.J. Maxx, Marshalls, Home Sense, Sierra Trading, Public Lands, Golf Galaxy, Nordstrom Rack, Hobby Lobby, AMC, Kohl's, Best Buy
The Shops at Riverwood79,000 100.0%24.95$21,326Price Rite, Planet Fitness, Goodwill
Wonderland Marketplace140,000 100.0%14.05Big Lots, Planet Fitness, Marshalls, Get Air
Missouri:
Manchester Plaza131,000 100.0%11.91$12,500Pan-Asia Market, Academy Sports, Bob's Discount Furniture
New Hampshire:
Salem (leased through 2102)(3)
39,000 100.0%10.40Fun City
New Jersey:
Bergen Town Center - East253,000 92.1%21.97Lowe's, Best Buy, REI
Bergen Town Center - West1,018,000 96.3%32.05$290,000Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's
Briarcliff Commons180,000 94.8%24.65Uncle Giuseppe's, Kohl's
Brick Commons273,000 98.7%21.07$47,683ShopRite, Kohl's, Marshalls, Old Navy
Brunswick Commons427,000 100.0%15.16$63,000Lowe's, Kohl's, Dick's Sporting Goods, P.C. Richard & Son, T.J. Maxx, LA Fitness
Carlstadt Commons (leased through 2050)(3)
78,000 98.3%24.26Stop & Shop
Garfield Commons298,000 100.0%16.28$39,607Walmart, Burlington, Marshalls, PetSmart, Ulta
Greenbrook Commons170,000 95.9%18.64$25,065BJ's Wholesale Club, Aldi
Hackensack Commons275,000 99.2%25.89$66,400The Home Depot, 99 Ranch, Staples, Petco
Hanover Commons343,000 99.3%21.86$61,324The Home Depot, Dick's Sporting Goods, Saks Off Fifth, Marshalls
Hazlet95,000 100.0%3.96
Stop & Shop(5)
Hudson Commons236,000 100.0%14.02$26,930Lowe's, P.C. Richard & Son
Hudson Mall381,000 83.0%18.34Marshalls, Big Lots, Retro Fitness, Staples, Old Navy
26

        

                                        
URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of December 31, 2023
(dollars in thousands, except per sf amounts)

Property
Total Square Feet (1)
Percent Leased(1)
Weighted Average ABR PSF(2)
Mortgage Debt(7)
Major Tenants
Kearny Commons121,000 100.0%24.47LA Fitness, Marshalls, Ulta
Kennedy Commons62,000 100.0%15.56Food Bazaar
Lodi Commons43,000 100.0%20.69Dollar Tree
Manalapan Commons200,000 93.7%23.17Best Buy, Raymour & Flanigan, PetSmart, Avalon Flooring, Atlantic Health (lease not commenced), national apparel retailer (lease not commenced)
Marlton Commons214,000 100.0%16.69$36,725ShopRite, Kohl's, PetSmart
Millburn104,000 89.5%29.05$22,015Trader Joe's, CVS, PetSmart
Montclair18,000 100.0%32.00$7,250Whole Foods Market
Paramus (leased through 2033)(3)
63,000 100.0%49.9724 Hour Fitness
Plaza at Cherry Hill417,000 83.1%13.42Aldi, Total Wine, LA Fitness, Raymour & Flanigan, Guitar Center, Sam Ash Music
Plaza at Woodbridge331,000 81.2%20.36$52,278Best Buy, Raymour & Flanigan, Lincoln Tech, UFC Gym (lease not commenced), and buybuy Baby
Rockaway River Commons189,000 96.8%15.25$26,763ShopRite, T.J. Maxx
Rutherford Commons196,000 100.0%13.32$23,000Lowe's
Stelton Commons (leased through 2039)(3)
56,000 100.0%21.77Staples, Party City
Tonnelle Commons410,000 100.0%22.04$97,115BJ's Wholesale Club, Walmart, PetSmart
Totowa Commons272,000 93.4%21.74$50,800The Home Depot, Staples, national tenant (lease not commenced)
Town Brook Commons231,000 97.0%13.45$30,229Stop & Shop, Kohl's
Union (Vauxhall)232,000 100.0%17.85$45,202The Home Depot
West Branch Commons279,000 96.1%16.07Lowe's, Burlington
West End Commons241,000 100.0%11.80$24,196Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis
Woodbridge Commons225,000 100.0%13.59$22,100Walmart, Dollar Tree, Advance Auto Parts
New York:
Amherst Commons312,000 90.1%10.74BJ's Wholesale Club, Burlington, LA Fitness
Bruckner Commons(6)
351,000 85.5%35.55ShopRite, Burlington
Shops at Bruckner(6)
113,000 100.0%39.04$37,817Aldi, Marshalls, Five Below, Old Navy
Burnside Commons100,000 89.3%17.40Bingo Wholesale (leased not commenced)
Cross Bay Commons44,000 95.8%40.80Northwell Health
Dewitt (leased through 2041)(3)
46,000 100.0%19.36Best Buy
Forest Commons165,000 96.6%25.02Western Beef, Planet Fitness, Advance Auto Parts, NYC Public School
Gun Hill Commons81,000 100.0%38.03$23,696Aldi, Planet Fitness
Henrietta Commons(leased through 2056)(3)
165,000 97.9%4.69Kohl's
Huntington Commons208,000 96.5%21.81$43,704ShopRite, Marshalls, Old Navy, Petco, Burlington
Kingswood Crossing107,000 84.4%44.42Target, Marshalls, Maimonides Medical, Visiting Nurse Services (lease not commenced)
Meadowbrook Commons (leased through 2040)(3)
44,000 100.0%22.31Bob's Discount Furniture
Mount Kisco Commons189,000 100.0%17.63$11,098Target, Stop & Shop
27

        

                                        
URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of December 31, 2023
(dollars in thousands, except per sf amounts)

Property
Total Square Feet (1)
Percent Leased(1)
Weighted Average ABR PSF(2)
Mortgage Debt(7)
Major Tenants
New Hyde Park (leased through 2029)(3)
101,000 100.0%21.93Stop & Shop
Yonkers Gateway
448,000 94.9%20.16$23,148Burlington, Marshalls, Homesense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema
Pennsylvania:
Broomall Commons(6)
168,000 75.8%16.40Amazon Fresh, Planet Fitness, PetSmart, Nemours Children's Hospital
Lincoln Plaza228,000 100.0%5.27Lowe's, Community Aid, Mattress Firm
MacDade Commons102,000 100.0%12.96Walmart
Marten Commons185,000 100.0%15.14Kohl's, Ross Dress for Less, Staples, Petco
Springfield (leased through 2025)(3)
41,000 100.0%25.29PetSmart
Wilkes-Barre Commons184,000 100.0%13.12Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Wren Kitchen
Wyomissing (leased through 2065)(3)
76,000 100.0%14.83LA Fitness, PetSmart
South Carolina:
Charleston (leased through 2063)(3)
45,000 100.0%15.96Best Buy
Virginia:
Norfolk (leased through 2069)(3)
114,000 100.0%7.79BJ's Wholesale Club
Puerto Rico:
Shops at Caguas356,000 90.6%30.02$82,000Sector Sixty6, Forever 21, Old Navy
The Outlets at Montehiedra(6)
531,000 95.4%21.75$75,590The Home Depot, Marshalls, Caribbean Cinemas, Old Navy, Ralph's Food Warehouse (lease not commenced), T.J. Maxx (lease not commenced), Burlington (lease not commenced)
Total Retail Portfolio15,522,000 95.9%$19.93$1,521,681
INDUSTRIAL:
Lodi Route 17127,000 100.0%13.35AAA Wholesale Group
Total Industrial127,000 100.0%$13.35
Kingswood Center(6)
129,000 73.5%26.61$69,054T.J. Maxx, Visiting Nurse Service of NY
Sunrise Mall(4)(6)(8)
1,228,000 30.5%10.55Macy's, Dick's Sporting Goods, Dave & Busters, Home Goods
Total Urban Edge Properties17,006,000 91.0%$19.69$1,590,735
(1) Percent leased is expressed as the percentage of gross leasable area subject to a lease, excluding temporary tenants. The Company also excludes 58,000 sf of self-storage from the report above.
(2) Weighted average annual rent per square foot including ground leases and executed leases for which rent has not commenced is calculated by annualizing tenant's current base rent (excluding any free rent periods), and excluding tenant reimbursements, concessions and storage rent. Excluding the ground leases where the Company is the lessor, the weighted average annual rent per square foot for our retail portfolio is $22.47 per square foot.
(3) The Company is a lessee under a ground or building lease. The total square feet disclosed for the building will revert to the lessor upon lease expiration.
(4) We own 95% of Walnut Creek (Mt. Diablo) and 82.5% of Sunrise Mall with the remaining portions in each case owned by joint venture partners.
(5) The tenant never commenced operations at this location but continues to pay rent.
(6) Not included in the same-property pool for the purposes of calculating same-property NOI for the quarter ended December 31, 2023 and 2022.
(7) Mortgage debt balances exclude unamortized debt issuance costs.
(8) A portion of the property is under a ground lease through 2069.

28


URBAN EDGE PROPERTIES
PROPERTY ACQUISITIONS AND DISPOSITIONS
For the year ended December 31, 2023
(dollars in thousands)
2023 Property Acquisitions:
Date AcquiredProperty NameCityStateGLAPrice
6/21/2023
Sunrise Mall (Ground Lease)(1)
MassapequaNY— $2,000 
10/23/2023Shoppers WorldFraminghamMA752,000 $240,900 
10/23/2023Gateway CenterEverettMA640,000 $68,100 
2023 Property Dispositions:
Date DisposedProperty NameCityStateGLAPrice
10/20/23East Hanover WarehousesEast HanoverNJ1,218,000 $217,500 
12/13/23
Tonnelle Commons (Self Storage)(2)
North BergenNJ75,000 $22,000 
12/29/23Freeport CommonsFreeportNY173,000 $78,500 
(1) Pertains to the buyout and termination of a ground lease for certain land parcels at our Sunrise Mall property in which the Company previously held a lessee position.
(2) Disposed of a portion of the property.

29


URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of December 31, 2023
(in thousands, except square footage data)
ACTIVE PROJECTS
Estimated Gross Cost(1)
Incurred as of 12/31/23
Target Stabilization(2)
Description and status
Bruckner Commons (Phase A)(5)
$38,700 $20,500 2Q25Retenanting former Kmart box with Target
Bruckner Commons (Phase B)(5)
18,400 200 4Q25Redeveloping Toys "R" Us box with 20,000 sf of retail and restaurant pads
Huntington Commons (Phase B)(3)
13,300 11,400 2Q24Backfilling the relocated Marshalls box with Burlington (open), as well as additional center repositioning and renovations
The Outlets at Montehiedra (Phase C)(5)
12,600 5,300 3Q24Demising and retenanting former Kmart box with Ralph's Food Warehouse and Urology Hub
Hudson Mall(3)
9,700 6,200 1Q25Retenanting former Toys "R" Us box
Manalapan Commons (Phase B)(3)
7,500 100 3Q25Backfilling vacant Bed Bath & Beyond with 25,000± sf national apparel retailer and remaining 12,000± sf
The Outlets at Montehiedra (Phase E)(5)
7,400 100 2Q25Backfilling Tiendas Capri with 33,000 sf Burlington
Marlton Commons(3)
7,300 1,600 2Q25Redeveloping Friendly's with new 10,700± sf multi-tenant pad (First Watch and Cava executed)
Burnside Commons(3)
6,9003,900 3Q24Retenanting anchor vacancy with Bingo Wholesale
The Outlets at Montehiedra (Phase D)(5)
6,800500 3Q24Retenanting 24,000 sf of vacant Kmart box with T.J. Maxx
Totowa Commons (Phase A)(3)
5,700100 4Q25Backfilling former Bed Bath & Beyond box with single national credit tenant
Kingswood Crossing(3)
5,100300 1Q25Backfilling 21,000 sf vacancy with Visiting Nurse Service of NY
Brick Commons(3)
4,5001,500 2Q25Replacing Santander Bank with two quick service restaurants (Shake Shack and First Watch executed)
Walnut Creek(3)
3,5002,300 4Q24Retenanting former Z Gallerie with Sweetgreen (open) and Ronbow
Amherst Commons(3)
3,100— 1Q26Backfilling vacant anchor with Bob's Discount Furniture and remaining 24,000± sf
Totowa Commons (Phase B)(3)
3,100300 1Q26Retenanting vacant Marshall's with 27,000 sf Lidl and remaining 18,000± sf
Bergen Town Center (Phase D)(3)
2,700100 1Q25Backfilling former Neiman Marcus with World Market
Yonkers Gateway Center (Phase B)(3)
2,600— 3Q25Relocating Red Wing Shoes, adding Dave's Hot Chicken into vacant shop space and expanding Best Buy in former Red Wing Shoes
The Outlets at Montehiedra (Phase B)(5)
2,200100 2Q25Developing new 6,000± sf pad for Texas Roadhouse
Huntington Commons (Phase D)(3)
2,000100 2Q25Retenanting former bank pad with Starbucks and Yoga Six
Yonkers Gateway Center (Phase A)(3)
1,700900 1Q24Retenanting end cap space with Wren Kitchens
Bergen Town Center (Phase C)(3)
1,700200 1Q25Backfilling vacant restaurant space with Ani Ramen and retenanting former Qdoba with Bluestone Lane
Manalapan Commons (Phase A)(3)
1,600200 4Q24Backfilling vacant A.C. Moore space with 18,000 sf Atlantic Health
Total$168,100 
(4)
$55,900 
(1) Estimated gross cost includes the allocation of internal costs such as labor, interest and taxes.
(2) Target Stabilization reflects the first quarter in which at least 80% of the expected NOI from the project has commenced. A project achieving Target Stabilization is classified as Completed whether or not all costs have been expended and remains listed as a Completed project for one year in the table on page 31. The Target Stabilization date is an estimate and is subject to change resulting from uncertainties inherent in the development process and not wholly under the Company's control.
(3) Results from these properties are included in our same-property metrics for the quarter ended December 31, 2023.
(4) The estimated, unleveraged yield for total Active projects is 15% based on total estimated project costs and the incremental, unleveraged NOI directly attributable to the projects unless otherwise noted. The incremental, unleveraged NOI for Active projects excludes NOI generated outside the project scope such as the impact on future lease rollovers or on the long-term value of the property. The unleveraged yield for projects related to vacant spaces is based on the total NOI directly attributable to the project and the estimated project costs.
(5) Results from these properties are included in our same-property including redevelopment metrics for the quarter ended December 31, 2023.
30


URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of December 31, 2023
(in thousands, except square footage data)
2023 COMPLETED PROJECTS
Estimated Gross Cost(1)
Incurred as of 12/31/23
Stabilization(2)
Description and status
Shops at Caguas(3)
$14,000 $13,900 4Q23Retenanted 123,000 sf Kmart box with Sector Sixty6
Shops at Bruckner (Phase B)(6)
11,300 11,200 4Q23Retenanted with Aldi and Lot Less
Goucher Commons(3)
3,100 3,000 4Q23Backfilled 22,000 sf Staples box with Golf Galaxy
Briarcliff Commons (Phase B)(3)
2,900 2,900 4Q23Developed new 3,500 sf pad for CityMD
Plaza at Cherry Hill (Phase B)(3)
1,300 1,100 4Q23Backfilled 25,000 sf vacancy with Savers Thrift
Huntington Commons (Phase C)(3)
4,200 3,700 4Q23Redemised former Outback to create three small shop spaces (Cycle Bar, GolfTec and IStretch+ executed)
Greenbrook Commons(3)
1,200 900 4Q23Backfilled Unique Thrift with Aldi
The Outlets at Montehiedra (Phase A)(6)
10,600 10,500 2Q23Constructed new 14,000 sf building for Walgreens and Global Mattress and new 3,000 sf pad for Arby's
Broomall Commons (Phase B)(6)
4,100 4,100 2Q23Retenanted 19,000 sf Giant Food space with Nemours Children's Health
Plaza at Cherry Hill (Phase A)(3)
2,800 2,500 2Q23Relocated and expanded Total Wine
Mount Kisco Commons(3)
3,100 2,800 1Q23Converted former sit-down restaurant into Chipotle and Dunkin'
Total$58,600 
(4)
$56,600 
FUTURE REDEVELOPMENT(5)
LocationOpportunity
Bergen Town Center(3)
Paramus, NJDevelop a mix of uses including residential, hotel, and/or office; common area improvements and enhancements to improve merchandising
Brunswick Commons(3)
East Brunswick, NJDevelop new pad
Hudson Mall(3)
Jersey City, NJReposition and renovate including amenity upgrades and consideration of alternate uses
The Plaza at Cherry Hill(3)
Cherry Hill, NJRenovate exterior of center and common areas
Sunrise MallMassapequa, NYRedevelop mall including consideration of alternate uses
(1) Estimated gross cost includes the allocation of internal costs such as labor, interest and taxes.
(2) Stabilization reflects the first quarter in which at least 80% of the expected NOI from the project has commenced. A project achieving Stabilization is classified as Completed whether or not all costs have been expended and remains listed as a Completed project for one year in the table above.
(3) Results from these properties are included in our same-property metrics for the quarter ended December 31, 2023.
(4) The estimated unleveraged yield for Completed projects is 10% based on total estimated project costs and the incremental, unleveraged NOI directly attributable to the projects unless otherwise noted. The incremental, unleveraged NOI for Completed projects excludes NOI generated outside the project scope such as the impact on future lease rollovers or on the long-term value of the property. The unleveraged yield for projects related to vacant spaces as a result of bankruptcy is based on the total NOI directly attributable to the project and the estimated project costs.
(5) The Company has identified future redevelopment opportunities which are, or will soon be, in planning phases and as such, may not ultimately become active projects. Proceeding with these investments is subject to many factors outside of the Company's control, and it is possible that municipal or other approvals may delay or suspend our ability to proceed with such plans. The execution of these projects is discretionary and we are under no current obligation to fund these projects.
(6) Results from these properties are included in our same-property including redevelopment metrics for the quarter ended December 31, 2023.
31


URBAN EDGE PROPERTIES
DEBT SUMMARY
As of December 31, 2023 and December 31, 2022
(in thousands)
December 31, 2023December 31, 2022
Secured fixed rate debt$1,462,766 $1,540,293 
Secured variable rate debt127,969 159,198 
Unsecured variable rate debt153,000 — 
Total debt$1,743,735 $1,699,491 
% Secured fixed rate debt83.9 %90.6 %
% Secured variable rate debt7.3 %9.4 %
% Unsecured variable rate debt8.8 %— %
Total100 %100 %
Secured mortgage debt$1,590,735 $1,699,491 
Unsecured debt(1)
153,000 — 
Total debt$1,743,735 $1,699,491 
% Secured mortgage debt91.2 %100 %
% Unsecured mortgage debt8.8 %— %
Total100 %100 %
Weighted average remaining maturity on secured mortgage debt5 years4.1 years
Weighted average remaining maturity on unsecured debt4.1 yearsN/A
Total market capitalization (see page 18)$4,000,353 
% Secured mortgage debt39.8 %
% Unsecured debt3.8 %
Total debt : Total market capitalization43.6 %
Weighted average interest rate on secured mortgage debt(2)
5.01 %4.28 %
Weighted average interest rate on unsecured debt(2)
6.56 %— %
Total debt5.14 %4.28 %

Note: All amounts and calculations exclude unamortized debt issuance costs on mortgages payable.


(1) As of December 31, 2023, there is $153 million outstanding on our unsecured $800 million line of credit bearing interest at 6.56%. The agreement has a maturity date of February 9, 2027 with two six-month extension options. Borrowings under the agreement bear interest at Secured Overnight Financing Rate ("SOFR") plus an applicable margin of 1.05% to 1.50% and an annual facility fee of 15 to 30 basis points based on our current leverage ratio. During the year, the Company obtained five letters of credit aggregating $30.1 million which were provided to mortgage lenders to secure its obligations for certain capital requirements per the respective loan agreements. The letters of credit remain undrawn but have reduced the amount available under the facility commensurate with their issued amounts.
(2) Weighted average interest rate is calculated based on balances outstanding at the respective dates.



32


URBAN EDGE PROPERTIES
MORTGAGE DEBT SUMMARY
As of December 31, 2023 and December 31, 2022
(dollars in thousands)
PropertyMaturity DateRateDecember 31, 2023December 31, 2022
Percent of Debt at December 31, 2023
Hudson Mall12/1/23— %$— $21,380 — %
Yonkers Gateway Center4/6/244.16 %23,148 24,996 1.5 %
Hudson Commons(1)
11/15/247.34 %26,930 27,482 1.7 %
Greenbrook Commons(1)
11/15/247.34 %25,065 25,581 1.6 %
Gun Hill Commons(1)
12/1/247.34 %23,696 24,188 1.5 %
Brick Commons12/10/243.87 %47,683 48,636 3.0 %
Plaza at Cherry Hill(2)
6/15/25— %— 29,000 — %
West End Commons12/10/253.99 %24,196 24,658 1.5 %
Town Brook Commons12/1/263.78 %30,229 30,825 1.9 %
Rockaway River Commons12/1/263.78 %26,763 27,291 1.7 %
Hanover Commons12/10/264.03 %61,324 62,453 3.9 %
Tonnelle Commons4/1/274.18 %97,115 98,870 6.1 %
Manchester Plaza6/1/274.32 %12,500 12,500 0.8 %
Millburn Gateway Center6/1/273.97 %22,015 22,489 1.4 %
Plaza at Woodbridge(3)
6/8/275.26 %52,278 52,947 3.3 %
Totowa Commons12/1/274.33 %50,800 50,800 3.2 %
Woodbridge Commons12/1/274.36 %22,100 22,100 1.4 %
Brunswick Commons12/6/274.38 %63,000 63,000 4.0 %
Rutherford Commons1/6/284.49 %23,000 23,000 1.4 %
Kingswood Center(5)
2/6/285.07 %69,054 69,935 4.3 %
Hackensack Commons3/1/284.36 %66,400 66,400 4.2 %
Marlton Commons12/1/283.86 %36,725 37,400 2.3 %
East Hanover Warehouses(8)
12/1/28— %— 40,700 — %
Union (Vauxhall)12/10/284.01 %45,202 45,600 2.8 %
The Shops at Riverwood6/24/294.25 %21,326 21,466 1.3 %
Shops at Bruckner(6)
7/1/296.00 %37,817 9,020 2.4 %
Huntington Commons12/5/296.29 %43,704 — 2.7 %
Freeport Commons(9)
12/10/29— %— 43,100 — %
Bergen Town Center(10)
4/10/306.30 %290,000 300,000 18.0 %
The Outlets at Montehiedra6/1/305.00 %75,590 77,531 4.8 %
Montclair(4)
8/15/303.15 %7,250 7,250 0.5 %
Garfield Commons12/1/304.14 %39,607 40,300 2.5 %
Woodmore Towne Centre1/6/323.39 %117,200 117,200 7.4 %
Newington Commons7/1/336.00 %15,920 — 1.0 %
Shops at Caguas(7)
8/1/336.60 %82,000 119,633 5.2 %
Mount Kisco Commons11/15/346.40 %11,098 11,760 0.7 %
Total mortgage debt5.01 %$1,590,735 $1,699,491 100 %
Unamortized debt issuance costs(12,625)(7,801)
Total mortgage debt, net $1,578,110 $1,691,690 

(1)Bears interest at one month SOFR plus 200 bps. The Company paid off the loan prior to maturity on January 2, 2024.
(2)The Company paid off the loan prior to maturity on June 23, 2023.
(3)Bears interest at one month SOFR plus 226 bps. The variable component of the debt is hedged with an interest rate cap agreement to limit SOFR to a maximum of 3%, which expires July 1, 2025.
(4)Bears interest at SOFR plus 257 bps. The fixed and variable components of the debt are hedged with an interest rate swap agreement, fixing the rate at 3.15%, which expires at the maturity of the loan.
(5)In April 2023, the Company notified the servicer that the cash flows generated by the property are insufficient to cover the debt service and that it is unwilling to fund the shortfalls. In May 2023, the mortgage was transferred to special servicing at the Company's request.
(6)On June 23, 2023, the Company refinanced the mortgage on our Shops at Bruckner property with a new 6-year, $38 million loan.
(7)On August 30, 2023, the Company refinanced the mortgage on our Shops at Caguas property with a new 10-year, $82 million loan.
(8)On October 20, 2023, the Company completed the sale of East Hanover Warehouses for $217.5 million and used the proceeds to pay off the loan secured by the property at closing. In connection with the early payment, the Company recognized a $0.6 million loss on extinguishment of debt.
(9)On December 29, 2023, the Company completed the sale of Freeport Commons for $78.5 million and used the proceeds to pay off the loan secured by the property at closing. In connection with the early payment, the Company recognized a $0.8 million loss on extinguishment of debt.
(10)On April 6, 2023, the Company refinanced the mortgage on our Bergen Town Center property with a new 7-year, $290 million loan.

33


URBAN EDGE PROPERTIES
DEBT MATURITY SCHEDULE
As of December 31, 2023
(dollars in thousands)
YearAmortizationBalloon Payments
Revolving Credit Facilities(1)
Premium/(Discount) AmortizationTotalWeighted Average Interest rate at maturityPercent of Debt Maturing
   2024(2)
$15,840 $143,706 $— $856 $160,402 5.6%9.2 %
202514,696 23,260 — 820 38,776 4.3%2.2 %
202615,227 111,228 — 820 127,275 4.0%7.3 %
202710,871 306,780 — 820 318,471 4.5%18.3 %
20289,695 228,749 153,000 (30)391,414 5.3%22.4 %
20297,935 95,887 — (60)103,762 5.8%6.0 %
20305,552 391,042 — (60)396,534 5.9%22.7 %
20313,741 — — (60)3,681 6.5%0.2 %
20323,986 117,200 — (60)121,126 3.5%6.9 %
Thereafter4,318 78,094 — (118)82,294 6.5%4.8 %
Total$91,861 $1,495,946 $153,000 $2,928 $1,743,735 5.0%100 %
Unamortized debt issuance costs(12,625)
Mortgage debt, net$1,731,110 

(1)Our $800 million revolving credit facility matures on February 9, 2027, plus two six-month extensions at our option, to February 9, 2028.
(2)On January 2, 2024, the Company repaid three variable rate mortgage loans, aggregating $75.7 million, due to mature in the fourth quarter of 2024.



34