INVESTOR PRESENTATION FEBRUARY 2026 THE URBAN EDGE – POINTS OF DIFFERENTIATION Our portfolio is concentrated in the DC to Boston corridor, the most densely populated region in the U.S, with an average 3-mile population density of 200,000 people - the highest in the sector. Grocers anchor 80% of our assets, generating sales of ~$950/ft Achieved FFO as Adjusted 3-year CAGR of 6% through 2025. We are targeting a long-term, annual growth rate of 4-5% per share. Our growth drivers include: INVESTOR PRESENTATION ...

Economic Overview - The U.S. economic landscape remains resilient with major indexes moving higher, driven by strong earnings from large technology companies and steady consumer spending [1] - The Dow Jones Industrial Average closed above the 50,000 mark for the first time in February 2026 [1] - Market participants expect the Federal Reserve to begin cutting interest rates later this year, although there is uncertainty regarding new Fed leadership and future monetary policy [1] Inflation and Geopolitical Concerns - Inflation is currently above the Fed's long-term target of 2%, which may lead the central bank to maintain higher interest rates for an extended period [2] - Rising geopolitical tensions pose a significant concern, potentially impacting U.S. exports and corporate profits [2] Investment Trends - Investors are shifting towards steady industrial growth stocks due to concerns over high valuations in technology companies and the costs associated with sustaining the AI revolution [3] - Economic reports are being closely monitored, as even minor surprises could lead to significant market movements [3] Dividend-Paying Stocks - In the current market conditions, investors looking to diversify can consider dividend-paying stocks, which indicate a healthy business model [4] - Stocks that have recently increased dividends tend to exhibit a sound financial structure and can withstand market volatility [4] Company Highlights NetEase (NTES) - NetEase is an Internet technology company based in China, with a dividend of $1.16 per share declared for March 27, 2026, and a dividend yield of 1.9% [5] - Over the past five years, NTES has increased its dividend 10 times, with a payout ratio of 29% of earnings [6] Penske Automotive Group (PAG) - Penske Automotive Group operates automotive and commercial truck dealerships globally, declaring a dividend of $1.40 per share for March 5, 2026, with a dividend yield of 3.2% [7] - PAG has increased its dividend 20 times in the past five years, with a payout ratio of 38% of earnings [8] Urban Edge Properties (UE) - Urban Edge Properties is a real estate investment trust focused on shopping centers, declaring a dividend of 21 cents per share for March 31, 2026, with a dividend yield of 3.7% [9][11] - UE has increased its dividend five times over the past five years, with a payout ratio of 54% of earnings [11] Gilead Sciences (GILD) - Gilead Sciences specializes in developing drugs for HIV treatment, declaring a dividend of 82 cents per share for March 30, 2026, with a dividend yield of 2% [12] - GILD has increased its dividend six times in the past five years, with a payout ratio of 39% of earnings [12] Royal Caribbean Cruises (RCL) - Royal Caribbean Cruises operates multiple global cruise brands, declaring a dividend of $1.50 per share for April 3, 2026, with a dividend yield of 1.2% [13] - RCL has increased its dividend five times over the past five years, with a payout ratio of 26% of earnings [14]

Financial Data and Key Metrics Changes - The company generated FFO as adjusted of $1.43 per share in 2025, representing a 6% growth compared to 2024, driven by a 5% same-property NOI growth [4][17] - Same-property NOI, including redevelopment, increased by 2.9% in Q4 and 5% for the full year [17] - The company ended 2025 with a net debt to annualized EBITDA ratio of 5.8x, below the target of 6.5x, indicating a strong balance sheet [18] Business Line Data and Key Metrics Changes - The company executed 58 new leases at a record same-space cash rent spread of 32% and achieved a record shop occupancy of 92.6% [4][10] - The signed but not open pipeline is expected to generate an additional $22 million of annual gross rent, representing 8% of current NOI [5] - The company completed 14 projects totaling $55 million, generating unlevered yields of 19% [6] Market Data and Key Metrics Changes - Nationally, shopping center vacancy remains near historic lows, with supply constraints particularly pronounced in the Northeast [11] - The company noted that finding land and securing entitlements is extremely difficult in its markets, which supports expectations for healthy rent growth [12] Company Strategy and Development Direction - The company aims for FFO as adjusted growth of at least 4.5% in 2026 and same-property NOI growth above 3% [8] - The growth outlook is highly visible, with over 80% of same-property NOI growth expected from executed leases and contractual rent increases [9] - The company is focused on redevelopment and anchor repositioning projects, with significant investments planned for the future [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued demand for high-quality retail spaces and expects new lease spreads to remain above 20% in 2026 [4][5] - The company anticipates challenges in the acquisition market due to increased competition and lower cap rates, but remains optimistic about capital recycling opportunities [28][60] Other Important Information - The board approved an 11% increase in the annualized dividend to $0.84 per share, reflecting an FFO payout ratio of about 56% [21] - The company has $166 million of active redevelopment projects, with plans to spend about $70 million-$80 million during 2026 [21] Q&A Session Summary Question: Expectations for shop occupancy growth - Management expects to reach a steady state of 94%-96% occupancy, with potential for strategic leasing improvements [25][26] Question: Insights on capital recycling and acquisition pipeline - The acquisition market is competitive, with cap rates decreasing, but the company is optimistic about capital recycling opportunities [28][60] Question: Same-property NOI growth path - The deceleration in 2026 is attributed to tenant fallout and one-time benefits in 2025, while growth visibility from the signed but not open pipeline supports a rebound in 2027 [34][35] Question: Impact of snow removal costs on guidance - Guidance for 2026 accounts for snow removal costs incurred in January, with appropriate provisions made [43] Question: Opportunities in redevelopment projects - The company is focused on both small-scale and larger redevelopment projects, with significant potential for growth from completed projects [46][47]

Financial Data and Key Metrics Changes - The company generated FFO as adjusted of $1.43 per share for 2025, representing a 6% growth compared to 2024, driven by strong leasing activity and same-property NOI growth of 5% [5][18] - Full-year same-property NOI increased by 5%, while the fourth quarter saw a 2.9% increase, impacted by higher snow removal expenses [18] - The balance sheet remains strong with total liquidity of $849 million and no amounts drawn on the line of credit [19] Business Line Data and Key Metrics Changes - The company executed 58 new leases at a record same-space cash rent spread of 32%, with total new leases covering over 360,000 sq ft [5][10] - The signed but not open pipeline is expected to generate an additional $22 million of annual gross rent, representing 8% of current NOI [6] - The company completed 14 projects totaling $55 million, generating unlevered yields of 19% [7] Market Data and Key Metrics Changes - National shopping center vacancy remains near historic lows, with supply constraints particularly pronounced in the Northeast [11][12] - The company noted that finding land and securing entitlements is extremely difficult in its markets, which supports expectations for healthy rent growth [12] Company Strategy and Development Direction - The company aims for FFO as adjusted growth of at least 4.5% in 2026, with same-property NOI growth above 3% [8] - The growth outlook is supported by six anchor repositioning projects expected to drive significant NOI growth through 2027 [9] - The company is focused on capital recycling, acquiring high-quality shopping centers while disposing of non-core assets [8][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong leasing momentum and achieving healthy rent growth due to limited supply and high demand for quality retail spaces [5][6] - The company anticipates that new lease spreads will remain above 20% in 2026, reflecting ongoing demand [5] - Management highlighted a positive outlook for 2027, expecting approximately 5% NOI growth driven by executed leases and contractual rent increases [9] Other Important Information - The company has a redevelopment pipeline of $166 million, with a projected unlevered yield of 14% [22] - An 11% increase in the annualized dividend to $0.84 per share was approved, reflecting a payout ratio of about 56% [22] Q&A Session Summary Question: Expectations for shop occupancy growth - Management expects shop occupancy to stabilize around 94%-96%, with opportunities to improve leasing on occupied spaces [25][26][27] Question: Insights on capital recycling and acquisition pipeline - The acquisition market is competitive, with cap rates decreasing, but the company remains optimistic about capital recycling opportunities [28][29] Question: Same-property NOI growth path - The deceleration in 2026 is attributed to tenant fallout and one-time benefits in 2025, while growth visibility from the signed but not open pipeline supports a rebound in 2027 [34][35][36] Question: Impact of snow removal costs on guidance - Guidance for 2026 accounts for snow removal costs incurred in January, with appropriate provisions made [43][44] Question: Redevelopment pipeline opportunities - The company is focused on both small-scale and larger redevelopment projects, with a strong emphasis on enhancing existing assets [45][46][48] Question: Capital recycling avenues - Management is exploring opportunities to dispose of low-growth anchor tenants while maintaining control over the centers [53][54] Question: Specific asset performance inquiries - Gateway has long-term leases limiting immediate rent optimization, while Bruckner is undergoing significant redevelopment to enhance its value [63][66][68]

Financial Data and Key Metrics Changes - The company generated FFO as adjusted of $1.43 per share for 2025, representing a 6% growth compared to 2024, driven by a 5% same-property NOI growth [4][17] - Same-property NOI, including redevelopment, increased by 2.9% for Q4 and 5% for the full year [17] - The balance sheet remains strong with total liquidity of $849 million and no amounts drawn on the line of credit [17][18] Business Line Data and Key Metrics Changes - The company executed 58 new leases at a record same-space cash rent spread of 32% and achieved record shop occupancy of 92.6% [4][9] - In 2025, the company commenced over $16 million of new annualized gross rent from openings of various retailers, with an additional $22 million expected from the remaining signed but not open pipeline [5][6] Market Data and Key Metrics Changes - Nationally, shopping center vacancy remains near historic lows, with supply constraints particularly pronounced in the Northeast, where new construction represents only 0.2% of total supply [10][11] - The company expects new lease spreads to remain above 20% in 2026 due to strong demand and limited availability of high-quality retail spaces [4][5] Company Strategy and Development Direction - The company aims for FFO as adjusted growth of at least 4.5% and same-property NOI growth above 3% in 2026, with a focus on redevelopment and anchor repositioning projects [7][19] - The growth outlook is supported by six anchor repositioning projects expected to contribute significantly to same-property NOI growth through 2027 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to negotiate better lease terms due to supply constraints and strong tenant demand [11] - The company anticipates that over 80% of same-property NOI growth through 2027 will come from executed leases and contractual rent increases [8] Other Important Information - The company completed 14 projects totaling $55 million in 2025, generating unlevered yields of 19% [6] - The board approved an 11% increase in the annualized dividend to $0.84 per share, reflecting a payout ratio of about 56% [21] Q&A Session Summary Question: Expectations for shop occupancy growth - Management expects shop occupancy to stabilize around 94%-96%, with opportunities to improve leasing on occupied spaces [24][26] Question: Insights on capital recycling and acquisition pipeline - The acquisition market is competitive, with cap rates continuing to decrease, but the company remains optimistic about capital recycling opportunities [27][28] Question: Same-property NOI growth path over the next couple of years - The deceleration in 2026 is attributed to tenant fallout and one-time benefits in 2025, while growth is expected to pick up in 2027 due to visibility from the signed but not open pipeline [33][35] Question: Impact of snow removal costs on guidance - Guidance for 2026 accounts for snow removal costs incurred in January, with appropriate provisions made [43][45] Question: Opportunities for accelerating redevelopment projects - The company is focused on both small-scale and larger redevelopment projects, with a strong emphasis on enhancing existing properties [46][48] Question: Strategies for optimizing rents at specific assets - Management highlighted the challenges at Gateway due to long-term leases but expressed optimism for future retenanting opportunities [64][66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ Commission File Number: 001-36523 (Urban Edge Properties) | Title of Each Class | Trading symbol | Name of Each Exchange on Which Registered | | --- | ...

Financial Performance - Urban Edge Properties reported a net income of $12.4 million for Q4 2025, down from $30.1 million in Q4 2024, and a full-year net income of $93.5 million, up from $72.6 million in 2024[10]. - Funds from Operations (FFO) for FY 2025 were $186.4 million, slightly down from $186.7 million in FY 2024, while FFO as Adjusted increased to $187.1 million from $169.7 million[10]. - Same-property Net Operating Income (NOI) growth was 4.3% for FY 2025, with a quarterly growth of 2.4%[11]. - Net income for the quarter ended December 31, 2025, was $12,794,000, a decrease of 59.3% compared to $31,506,000 for the same quarter in 2024[38]. - Funds from Operations (FFO) applicable to diluted common shareholders for the quarter was $45,191,000, slightly down from $45,350,000 in the previous year[38]. - Same-property Net Operating Income (NOI) for the year ended December 31, 2025, was $241,597,000, an increase of 4.3% from $231,610,000 in 2024[40]. - Adjusted EBITDAre for the quarter ended December 31, 2025, was $66,935,000, compared to $64,478,000 for the same quarter in 2024, reflecting a growth of 3.8%[42]. - NOI for the year ended December 31, 2025, was $289,637,000, up from $273,268,000 in 2024, marking a 6.0% increase[40]. - Total revenue for the quarter ended December 31, 2025, was $119,560,000, representing an increase from $116,367,000 in the same quarter of 2024[50]. - Adjusted EBITDAre for the year ended December 31, 2025, was $268,575,000, up from $244,000,000 in 2024, indicating a growth of 10.1%[50]. - Funds from operations (FFO) for the quarter ended December 31, 2025, was $45,191,000, compared to $44,000,000 in the same quarter of 2024, showing a slight increase of 2.7%[50]. Leasing and Occupancy - The company signed over 360,000 square feet of new leases in 2025, achieving a record cash spread of 32% and a shop occupancy rate of 92.6%[9]. - The consolidated portfolio leased occupancy at the end of the period was 96.7%, consistent with the previous year, indicating strong demand for retail space[50]. - Same-property physical occupancy increased to 95.4% in Q4 2025 from 94.7% in Q4 2024[53]. - The total number of leases executed for the year ended December 31, 2025, was 162, covering 1,500,050 square feet, with a new rent per square foot of $38.12[61]. - The company executed 33 renewals and options in the fourth quarter of 2025, totaling 165,157 square feet, with a new rent per square foot of $37.63, reflecting a 19.4% rent spread[61]. - The retail portfolio lease expiration schedule indicates that 18.6% of total square feet will expire in 2029, with a weighted average annual base rent of $21.59 per square foot[67]. - Approximately 93% of the leased but not yet rent commenced pipeline consists of national and regional tenants[62]. - The weighted average remaining term of leases for the top 25 tenants is 5.5 years[60]. Development and Acquisitions - Urban Edge Properties acquired Brighton Mills for $39 million at a 5.4% capitalization rate and sold non-core assets for $66.2 million at a 4.9% capitalization rate during 2025[13]. - The company has $165.5 million in active development and redevelopment projects, with an expected yield of approximately 14%[22]. - The Company plans acquisitions totaling $54 million for properties currently under contract[29]. - The company plans to continue focusing on acquiring, developing, and redeveloping retail real estate in urban communities[45]. - Future redevelopment opportunities include locations such as Hudson Mall and Sunrise Mall, with potential for new pad developments and renovations[75]. Financial Outlook - For 2026, the company anticipates net income per diluted share between $0.49 and $0.54, and FFO per diluted share between $1.47 and $1.52, reflecting a 4.5% growth at the midpoint compared to 2025[23]. - Same-property NOI growth is projected to be between 2.75% and 3.75%[29]. - FFO applicable to diluted common shareholders is estimated to be $192.2 million to $198.7 million for 2026[28]. - Recurring general and administrative expenses are expected to range from $34.5 million to $36.5 million[29]. - Interest and debt expenses are forecasted to be between $78.9 million and $80.9 million[29]. Capital Structure and Debt - Total liquidity is approximately $849 million, including $79 million in cash and $770 million available under the unsecured line of credit[27]. - The company has a total market capitalization of approximately $4.17 billion, with a net debt to total market capitalization ratio of 37%[27]. - The company reported a net debt of $1,540,523,000, with a net debt to annualized Adjusted EBITDAre ratio of 5.8x[56]. - The total mortgage debt as of December 31, 2025, was $1,619,388, with a weighted average interest rate of 5.03%[78]. - The debt maturity schedule indicates that the company has $1,555,170 in total payments due by 2030, with 22.4% of the debt maturing in 2029[79]. - The company’s revolving credit agreement was amended on January 22, 2026, reducing the applicable margin to 1.00% over SOFR and an annual facility fee of 0.15%[80]. Tenant and Portfolio Information - The top 25 tenants represent 50.2% of total square footage, with annualized base rent (ABR) totaling $157.214 million[60]. - The TJX Companies is the largest tenant, accounting for 5.6% of total ABR at $18.664 million[60]. - Major tenants across various properties include HomeSense, Lowe's, and Walmart, contributing to high occupancy rates[71]. - The retail portfolio includes major tenants such as Costco, Target, and Best Buy, contributing to a diverse tenant mix across various states[69]. - The company has a total of 103 vacant spaces, comprising 532,000 square feet, which represents 3.3% of the total portfolio[68].

Industry Overview - The Zacks REIT and Equity Trust - Retail industry is experiencing a rebound driven by necessity-based, value-focused, and routine discretionary tenants, which are creating predictable demand [1][4][3] - Limited new supply and cautious development are supporting occupancy, rent stability, and cash flow for retail REITs [1][5] - Well-located stores are gaining value as they integrate fulfillment, returns, and customer engagement strategies [1][4] Key Trends - Everyday retail is becoming a key driver of stability for retail REITs, with tenants that attract regular visits supporting sales performance and improving rent reliability [4] - A prolonged period of limited new supply is underpinning retail REIT fundamentals, as tighter capital conditions and cautious development have reduced new projects [5] - Consumer behavior remains a key uncertainty, with uneven spending patterns across income groups affecting demand for retail space [6] Performance Metrics - The Zacks REIT and Equity Trust - Retail industry carries a Zacks Industry Rank of 92, placing it in the top 38% of 244 Zacks industries, indicating robust near-term prospects [8] - The industry's funds from operations (FFO) per share estimates have seen upward revisions, reflecting growing confidence in the group's growth potential [9] - Over the past year, the industry has underperformed the broader Zacks Finance sector and the S&P 500, declining 2.3% compared to the S&P 500's rise of 17.6% [11] Valuation - The industry is currently trading at a forward 12-month price-to-FFO ratio of 14.91X, which is below the S&P 500's forward P/E of 23.20X and the Finance sector's forward P/E of 17.12X [14] - Historical trading ranges show the industry has fluctuated between a high of 18.89X and a low of 12.21X over the last five years, with a median of 15.15X [17] Investment Opportunities - Simon Property Group is the largest retail REIT with a strong balance sheet liquidity exceeding $9 billion, resilient occupancy, and a tenant mix that enhances pricing power [18][19] - Regency Centers Corporation focuses on grocery-anchored shopping centers in affluent markets, with over 85% of its portfolio supporting stability across cycles [23][24] - Urban Edge Properties targets high-income markets with a portfolio that is 80% grocery-anchored, enhancing income stability and targeting 4-5% annual FFO growth [28][30]

Core Insights - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1][2] - The investment group emphasizes high-yield, dividend growth investment ideas, targeting dividend yields up to 10% [2] Group 1: Investment Strategy - The service offers investment research on various asset classes including REITs, ETFs, closed-end funds, preferreds, and dividend champions [2] - The focus is on defensive stocks with a medium- to long-term investment horizon [2] Group 2: Market Appeal - High-quality real estate in desirable markets is attractive due to long-term value appreciation and cash flow potential [2] - The management of these assets is often seen as a drawback for many investors, highlighting the need for specialized investment services [2]

Group 1: Retail Expansion - Carolina Jewelry has opened its first physical location at Plaza Las Américas, marking a significant step after eight years of online and wholesale growth [2][4] - Sephora is set to launch a new store at the Shops at Caguas, which will be its third location in Puerto Rico, contributing to the ongoing merchandise upgrade in the area [4][5] Group 2: Business Strategy - The new cart-style space, named the Styling Booth, aims to enhance customer relationships, increase visibility, and strengthen the brand's omnichannel strategy by integrating online, wholesale, and direct retail [3] - The Styling Booth features a collection of hypoallergenic jewelry made from 925 silver, Brazilian-made gold-layered designs, and 316 stainless steel, tailored for fast, personalized shopping experiences [3] Group 3: Market Positioning - The opening of Carolina Jewelry's physical store is described as a "major milestone" and a model for future expansions in other malls [4] - The addition of Sephora is expected to significantly enhance the retail offering at the Shops at Caguas, meeting shopper expectations for a mix of global brands and high-quality local favorites [5]