UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☒ EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 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) Commission File Number: 333-212951-01 (Urban Edge Properties LP) URBAN EDGE PROPERTIE ...

Financial Data and Key Metrics Changes - The company reported FFO as adjusted of $0.28 per share, a 56% increase compared to the prior year [7] - Same property NOI, including redevelopment, grew by 24% compared to last year [7] - The collection rate improved to 97%, with new reserves for uncollectible amounts dropping to $3.1 million [33] Business Line Data and Key Metrics Changes - Same-property leased occupancy increased to 92%, a 90 basis point increase compared to Q1 2021 [8][20] - The leasing pipeline is the largest ever, with over one million square feet of space under negotiation [8] - The company has visibility to increase NOI by 13%, aiming to return to pre-COVID NOI levels by late 2022 [10] Market Data and Key Metrics Changes - The retail sector is experiencing strong demand, particularly from grocers, discounters, and quick-service restaurants [8][24] - The stock prices of the top 15 retailers have increased by 55% since the pre-COVID peak [9] - The company is seeing significant interest from traditional mall retailers seeking off-mall locations [26] Company Strategy and Development Direction - The company plans to increase grocery-anchored assets from 60% to 70% of asset value through ongoing redevelopments [11] - The strategy includes upgrading the merchandise mix and intensifying properties with non-retail users [15] - The company aims to diversify about 30% of its assets into industrial and residential over the next five years [100] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the retail sector, noting that COVID accelerated the decline of weaker retailers, creating opportunities for stronger concepts [23][69] - The company anticipates higher NOI growth from Puerto Rico assets over the next 18 to 24 months [46] - Management is bullish on retail, citing a reduced percentage of at-risk tenants compared to pre-COVID levels [69] Other Important Information - The company has approximately $1 billion of liquidity, including $400 million in cash and a $600 million undrawn line of credit [16] - The company issued its first ESG report, outlining efforts to reduce environmental impact and improve employee wellness [40][41] - New senior hires were made to strengthen the team, including executives with extensive experience in retail and development [17] Q&A Session Summary Question: Thoughts on industrial transaction and strategic acquisition - Management views the acquisition as a tax deferral and a strategic bolt-on to solidify their position as the largest owner of industrial properties in the market [45] Question: Broader thoughts on Puerto Rico assets and potential exit - Management is not gearing up for an exit and believes the assets are well-positioned for growth, with plans to fill vacancies [46] Question: Discussions with mall-based retailers for off-mall locations - There is significant interest from mall-based retailers seeking to lower operating costs and enhance their presence in open-air centers [49][52] Question: Update on targeted exposure to retail components and expected returns - Management aims to diversify 30% of assets into industrial and residential over five years, focusing on creating value through entitlements [100][101] Question: Update on disposition or acquisition plans - Management expects to sell about $50 million of non-core assets annually and is looking for value-add opportunities in the New York Metro area [102][104] Question: Impact of tenant fallout and small shop demand - The primary driver of tenant fallout was the bankruptcy of Century 21, but there is an uptick in small shop demand with over 170 active negotiations [112][119]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☒ EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-36523 (Urban Edge Properties) Commission File Number: 333-212951-01 (Urban Edge Properties LP) URBAN EDGE PROPERTIES URBAN EDGE PROPERTIES LP (Exact name of Registrant as spe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 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) Commission File Number: 333-212951-01 (Urban Edge Properties LP) URBAN EDGE PROPERTIES URBA ...

Part I [Item 1. Business](index=5&type=section&id=Item%201.%20Business) Urban Edge Properties is a REIT managing a 16.3 million square foot retail real estate portfolio, primarily in the New York metropolitan area, with 89.4% occupancy as of December 31, 2020 Portfolio Overview as of December 31, 2020 | Property Type | Count | Total Square Feet (sf) | Consolidated Occupancy Rate | |---|---|---|---| | Shopping Centers | 72 | ~16.3 million | 89.4% | | Malls | 5 | | | | Industrial Parks | 2 | | | - The company's primary strategies include maximizing existing property value, developing and redeveloping assets, selectively investing in target markets (primarily the **NY metropolitan area**), and maintaining capital discipline[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) - As of year-end 2020, the company has **$132.4 million** in active redevelopment projects, with **$86.6 million** remaining to be funded, expected to generate an approximate **8%** unleveraged yield[40](index=40&type=chunk) - **The Home Depot, Inc.** is the largest tenant, accounting for **$20.7 million**, or **6.3%**, of total revenue for the year ended December 31, 2020[48](index=48&type=chunk) - The company had **106 employees** as of December 31, 2020, and emphasizes competitive compensation, professional development, and a positive work environment to attract and retain talent[46](index=46&type=chunk) [Item 1A. Risk Factors](index=9&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from the COVID-19 pandemic, e-commerce shifts, tenant bankruptcies, and high geographic concentration in the New York metropolitan area - The **COVID-19 pandemic** poses a material risk, potentially impacting tenants' ability to pay rent, lease renewal rates, returns from redevelopment projects, and access to capital markets[53](index=53&type=chunk)[55](index=55&type=chunk) - The growth of **e-commerce** could adversely affect tenants' sales and lead them to reduce the number or size of their physical stores, potentially impacting the company's cash flow and results[58](index=58&type=chunk) - A significant concentration of properties in the **New York metropolitan area** (**over 75% of rental revenue**) exposes the company to localized economic downturns; **The Outlets at Bergen Town Center** alone generated **over 10% of rental revenue**[64](index=64&type=chunk) - **Tenant bankruptcies** are a key risk, as tenants can reject leases, leading to revenue loss; the bankruptcy of **Century 21** in 2020 is cited as an example[63](index=63&type=chunk) - As of **December 31, 2020**, leases accounting for approximately **27%** of annualized base rent are scheduled to expire within the next three years, posing a risk if they cannot be renewed or relet on favorable terms[61](index=61&type=chunk) - The company's two malls in **Puerto Rico**, contributing approximately **7%** of net operating income, face risks from the region's significant fiscal and economic challenges, including natural disasters and government bankruptcy[80](index=80&type=chunk) [Item 1B. Unresolved Staff Comments](index=21&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved comments from the Securities and Exchange Commission staff - The company reports **no unresolved staff comments** from the SEC[117](index=117&type=chunk) [Item 2. Properties](index=21&type=section&id=Item%202.%20Properties) As of December 31, 2020, the company's 16.3 million square foot portfolio had an 88.7% retail occupancy rate, with Home Depot as the largest tenant Retail Portfolio Occupancy and Rent Trends (2016-2020) | Year (as of Dec 31) | 2020 | 2019 | 2018 | 2017 | 2016 | |---|---|---|---|---|---| | Total Square Feet (millions) | 15.2 | 14.3 | 15.4 | 15.7 | 13.8 | | Occupancy Rate | 88.7% | 92.4% | 92.6% | 96.0% | 97.2% | | Avg. Annual Base Rent per sf | $18.97 | $19.22 | $17.90 | $17.38 | $17.07 | Top 5 Tenants by 2020 Revenue | Tenant | Number of Stores | % of Total Square Feet | 2020 Revenues (in thousands) | % of Total Revenues | |---|---|---|---|---| | The Home Depot, Inc. | 6 | 5.0% | $20,664 | 6.3% | | The TJX Companies, Inc. | 22 | 4.4% | $17,569 | 5.3% | | Lowe's Companies, Inc. | 6 | 6.0% | $13,609 | 4.1% | | Walmart Inc. | 5 | 4.4% | $12,809 | 3.9% | | Burlington Stores, Inc. | 7 | 2.6% | $11,151 | 3.4% | - The company's portfolio comprises **72 shopping centers**, **five malls**, and **two industrial parks**, totaling approximately **16.3 million square feet** as of **December 31, 2020**[118](index=118&type=chunk) - Leases expiring in **2023** represent the largest near-term rollover risk, accounting for **1.56 million square feet** and **10.2%** of the total retail portfolio square footage[126](index=126&type=chunk) [Item 3. Legal Proceedings](index=26&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course legal actions, which management does not expect to materially affect financial results - The company states that ongoing legal actions from the ordinary course of business are **not expected to have a material adverse effect** on its financial results[127](index=127&type=chunk) [Item 4. Mine Safety Disclosures](index=26&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[128](index=128&type=chunk) Part II [Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=27&type=section&id=Item%205.%20Market%20For%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Urban Edge Properties' shares trade on NYSE under 'UE'; the company suspended Q2/Q3 2020 dividends but repurchased 5.9 million shares for $54.1 million - Due to uncertainties from **COVID-19**, the company suspended quarterly dividends for **Q2 and Q3 2020**, but declared a special cash dividend in **December 2020**; the total dividend for 2020 was **$0.68 per share**, down from **$0.88 in 2019**[133](index=133&type=chunk) Dividend Tax Treatment Per Share | Year | Total Distribution | Ordinary Dividends | Long Term Capital Gains | Return of Capital | |---|---|---|---|---| | 2020 | $0.68 | $0.68 | $— | $— | | 2019 | $0.88 | $0.73 | $0.15 | $— | - The company's cumulative total shareholder return over the five years ending December 31, 2020 was **-32.3%**, significantly underperforming the **S&P 500 (+103.0%)** and the **SNL U.S. REIT Equity index (+37.1%)**[139](index=139&type=chunk) - In March 2020, the Board authorized a **$200 million** share repurchase program; during 2020, the company repurchased **5,873,923 shares** at a weighted average price of **$9.22**, for a total of **$54.1 million**[145](index=145&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the COVID-19 impact on 2020 results, including a 14.2% same-property NOI decline, $97.8 million net income, and strong liquidity with $419.3 million cash Key Financial Performance Indicators (2020 vs. 2019) | Metric (in thousands) | 2020 | 2019 | |---|---|---| | Net Income | $97,750 | $116,197 | | FFO | $156,326 | $167,123 | | NOI | $200,383 | $234,288 | | Same-property NOI | $186,059 | $216,836 | - The **COVID-19 pandemic** negatively impacted 2020 results, causing a **14.2% decline** in same-property NOI, primarily due to **$30.8 million** in uncollectible rental revenue and balances from cash-basis tenants[154](index=154&type=chunk)[188](index=188&type=chunk) - Total revenue decreased by **$57.6 million** in 2020, mainly due to a **$26.5 million** increase in uncollectible rental revenue and a **$12.0 million** increase in write-offs of straight-line rent receivables[175](index=175&type=chunk) - The company recognized a **$34.9 million** gain on extinguishment of debt from the refinancing of the mortgage on **The Outlets at Montehiedra** in **Puerto Rico**[178](index=178&type=chunk) - A net income tax benefit of **$39.0 million** was recognized in 2020, primarily due to the tax impact of mortgage refinancing and restructuring transactions related to the company's malls in **Puerto Rico**[179](index=179&type=chunk) - The company maintained strong liquidity, ending 2020 with **$419.3 million** in cash and cash equivalents and no outstanding balance on its **$600 million** revolving credit facility[199](index=199&type=chunk) [Critical Accounting Policies and Estimates](index=33&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve significant estimates for real estate asset valuation, impairment, and revenue recognition, particularly tenant receivable collectibility, heightened by the pandemic - Real estate assets are reviewed for **impairment** when events or changes in circumstances, such as the **COVID-19 pandemic**, suggest the carrying amount may not be recoverable; this involves estimating future undiscounted cash flows and terminal values[166](index=166&type=chunk)[167](index=167&type=chunk) - Upon acquiring real estate, the purchase price is allocated to assets (land, buildings) and intangibles (above/below-market leases) based on **fair value assessments**, which require significant estimates[164](index=164&type=chunk)[165](index=165&type=chunk) - The company evaluates the **collectibility of tenant receivables** on a lease-by-lease and portfolio basis; changes in collectibility assessment, heightened by the pandemic, are recognized as adjustments to rental revenue[168](index=168&type=chunk)[304](index=304&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended 2020 with strong liquidity, including $419.3 million cash and no credit facility borrowings, despite a $43.6 million decrease in operating cash flow Summary of Cash Flows (in thousands) | Activity | 2020 | 2019 | |---|---|---| | Net cash provided by operating activities | $112,822 | $156,400 | | Net cash used in investing activities | ($98,460) | ($2,521) | | Net cash used in financing activities | ($80,245) | ($126,265) | - As of **December 31, 2020**, the company had **$419.3 million** in cash and cash equivalents and full availability under its **$600 million** revolving credit agreement[199](index=199&type=chunk) - Total mortgages payable stood at **$1.6 billion** as of year-end 2020, with a weighted average interest rate of **3.92%**; the company has no debt maturities until **2022**[209](index=209&type=chunk)[200](index=200&type=chunk) - Capital expenditures on a cash basis decreased significantly to **$28.5 million** in 2020 from **$91.3 million** in 2019, reflecting a more cautious approach to spending during the pandemic[216](index=216&type=chunk) [Commitments and Contingencies](index=46&type=section&id=Commitments%20and%20Contingencies) The company's contingencies include COVID-19 related rent deferrals ($5.1 million) and abatements ($3.9 million), tenant bankruptcies like Century 21, and $1.8 million in environmental remediation accruals - As of **December 31, 2020**, the company had active redevelopment and anchor repositioning projects totaling **$132.4 million**, with a remaining funding commitment of **$86.6 million**[405](index=405&type=chunk) - The company initiated litigation under its pollution insurance policies to recover uncollected rents and other amounts resulting from the **COVID-19 virus**[219](index=219&type=chunk)[407](index=407&type=chunk) - As of **December 31, 2020**, the company had executed rent deferrals aggregating **$5.1 million** and rent abatements aggregating **$3.9 million** for tenants impacted by **COVID-19**[417](index=417&type=chunk) - The **September 2020** bankruptcy of **Century 21** led to a write-off of **$2.5 million** in receivables and **$2.1 million** in rental revenue deemed uncollectible for the year[420](index=420&type=chunk)[233](index=233&type=chunk) - The company has accrued **$1.8 million** for environmental remediation costs at certain properties as of **December 31, 2020**, a decrease from **$2.7 million** in the prior year[226](index=226&type=chunk)[414](index=414&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations, with $169.4 million in variable-rate debt, and no material hedging instruments as of December 31, 2020 Debt Composition and Interest Rate Sensitivity (as of Dec 31, 2020) | Debt Type | Balance (in thousands) | Weighted Avg. Interest Rate | Effect of 1% Change in Base Rates (in thousands) | |---|---|---|---| | Variable Rate | $169,371 | 1.90% | $1,694 | | Fixed Rate | $1,428,026 | 4.16% | N/A | | **Total** | **$1,597,397** | | **$1,694** | - The estimated fair value of the company's consolidated debt was **$1.6 billion** as of **December 31, 2020**, slightly higher than its carrying amount[238](index=238&type=chunk) - As of **December 31, 2020**, the company did not have any **material hedging instruments** in place to mitigate interest rate risk[237](index=237&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=50&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the consolidated financial statements for Urban Edge Properties and its operating partnership for the fiscal year ended December 31, 2020 [Report of Independent Registered Public Accounting Firm](index=51&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Deloitte & Touche LLP issued an unqualified opinion on the financial statements and internal controls, highlighting real estate impairment and tenant receivable collectibility as critical audit matters - The auditor, **Deloitte & Touche LLP**, issued an **unqualified opinion** on the financial statements and the effectiveness of internal control over financial reporting for both UE and UELP[243](index=243&type=chunk)[256](index=256&type=chunk) - **Critical Audit Matters** highlighted include the significant management judgments required for **Real Estate Impairment** analysis (specifically **capitalization rates**) and the **Evaluation of Collectibility of Receivables**, both influenced by the **COVID-19 pandemic**[247](index=247&type=chunk)[248](index=248&type=chunk)[251](index=251&type=chunk) [Consolidated Financial Statements](index=55&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show total assets of $2.94 billion, net income of $97.8 million, and operating cash flow of $112.8 million for 2020 Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2020 | Dec 31, 2019 | |---|---|---| | Real estate, net | $2,216,451 | $2,076,839 | | Cash and cash equivalents | $384,572 | $432,954 | | Total Assets | $2,939,560 | $2,846,358 | | Mortgages payable, net | $1,587,532 | $1,546,195 | | Total Liabilities | $1,943,667 | $1,831,582 | | Total Equity | $995,893 | $1,014,776 | Consolidated Income Statement Highlights (in thousands) | Account | 2020 | 2019 | |---|---|---| | Total Revenue | $330,095 | $387,649 | | Total Expenses | $277,608 | $283,781 | | Gain on sale of real estate | $39,775 | $68,632 | | Gain on extinguishment of debt | $34,908 | $— | | Net Income | $97,750 | $116,197 | [Notes to Consolidated Financial Statements](index=65&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies and financial figures, including COVID-19 impacts on revenue and receivables, property transactions, debt composition, and lease obligations [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=99&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting or financial disclosure - None reported[466](index=466&type=chunk) [Item 9A. Controls and Procedures](index=99&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and independent auditors concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2020 - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of **December 31, 2020**[468](index=468&type=chunk)[476](index=476&type=chunk) - Management assessed internal control over financial reporting using the **COSO 2013 framework** and concluded it was **effective**[472](index=472&type=chunk)[480](index=480&type=chunk) - The independent auditor, **Deloitte & Touche LLP**, provided an **unqualified opinion** on the **effectiveness** of the company's internal control over financial reporting as of **December 31, 2020**[473](index=473&type=chunk)[481](index=481&type=chunk) - **No changes** in internal control over financial reporting occurred during Q4 2020 that materially affected, or are reasonably likely to materially affect, internal controls[474](index=474&type=chunk)[482](index=482&type=chunk) [Item 9B. Other Information](index=104&type=section&id=Item%209B.%20Other%20Information) No other information is reported under this item - None[497](index=497&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=104&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2021 Proxy Statement - Information is **incorporated by reference** from the 2021 Proxy Statement[499](index=499&type=chunk) [Item 11. Executive Compensation](index=104&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation is incorporated by reference from the 2021 Proxy Statement - Information is **incorporated by reference** from the 2021 Proxy Statement[500](index=500&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=105&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section provides equity compensation plan information as of December 31, 2020, with other security ownership details incorporated by reference Equity Compensation Plan Information as of December 31, 2020 | Plan Category | Securities to be issued upon exercise | Weighted-average exercise price | Securities remaining for future issuance | |---|---|---|---| | Approved by security holders | 2,853,238 | $21.14 | 3,592,281 | | Not approved by security holders | 1,352,890 | $21.72 | N/A | | **Total** | **4,206,128** | **$21.33** | **3,592,281** | - Additional information on security ownership is **incorporated by reference** from the 2021 Proxy Statement[503](index=503&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=105&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2021 Proxy Statement - Information is **incorporated by reference** from the 2021 Proxy Statement[504](index=504&type=chunk) [Item 14. Principal Accounting Fees and Services](index=105&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the 2021 Proxy Statement - Information is **incorporated by reference** from the 2021 Proxy Statement[505](index=505&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=106&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section provides an index of all financial statements, schedules, and exhibits filed as part of the Form 10-K report - This section provides an **index** of all financial statements, schedules, and exhibits filed with the **Form 10-K**[507](index=507&type=chunk)[508](index=508&type=chunk)[509](index=509&type=chunk) [Item 16. Form 10-K Summary](index=106&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - Not applicable[511](index=511&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 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) Commission File Number: 333-212951-01 (Urban Edge Properties LP) URBAN EDGE PROPERTIE ...

```markdown [PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Urban Edge Properties (UE) and Urban Edge Properties LP (UELP) for the period ended June 30, 2020 [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) For the six months ended June 30, 2020, Urban Edge Properties reported net income of $83.8 million, a significant increase from $56.0 million in the prior year, primarily driven by a $34.9 million gain on debt extinguishment and a $13.6 million income tax benefit Urban Edge Properties - Key Financials (Six Months Ended June 30) | Metric (in thousands) | 2020 | 2019 | | :--- | :--- | :--- | | **Income Statement** | | | | Total Revenue | $166,979 | $200,479 | | Gain on Extinguishment of Debt | $34,908 | $0 | | Net Income | $83,833 | $55,959 | | Diluted EPS | $0.67 | $0.44 | | **Balance Sheet (as of June 30, 2020)** | | | | Total Assets | $3,125,107 | - | | Total Liabilities | $2,097,997 | - | | Cash and Cash Equivalents | $615,579 | - | | **Cash Flow** | | | | Net Cash from Operating Activities | $41,977 | $76,837 | - The company drew **$250 million** from its unsecured credit facility in March 2020 as a precautionary measure to increase its cash position and financial flexibility in light of the COVID-19 pandemic[85](index=85&type=chunk)[193](index=193&type=chunk) [Notes to Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant events and accounting treatments, including property acquisitions, a mortgage default, debt refinancing gains, and the financial impact of COVID-19 on rental income and company policies - As of June 30, 2020, the company's portfolio consisted of **73 shopping centers**, **four malls**, and a warehouse park, totaling approximately **15.1 million square feet**[51](index=51&type=chunk) - Due to the COVID-19 pandemic's impact on tenant collectibility, the company recognized **$13.9 million** as rental revenue deemed uncollectible and wrote off **$6.0 million** of straight-line rent receivables during the first six months of 2020[61](index=61&type=chunk)[122](index=122&type=chunk) - In February 2020, the company acquired Kingswood Center and Kingswood Crossing in Brooklyn, NY for **$167.3 million**; it also disposed of three properties for **$58.1 million**, resulting in a **$39.8 million gain**[70](index=70&type=chunk)[71](index=71&type=chunk)[74](index=74&type=chunk) - In April 2020, the company defaulted on the **$129 million** non-recourse mortgage loan on Las Catalinas Mall in Puerto Rico, and remains in negotiations with the special servicer[82](index=82&type=chunk)[89](index=89&type=chunk) - In June 2020, the company refinanced the mortgage on The Outlets at Montehiedra, resulting in the forgiveness of a **$30 million** junior loan and accrued interest, leading to a **$34.9 million** net gain on debt extinguishment[87](index=87&type=chunk) - The Board of Trustees authorized a **$200 million** share repurchase program in March 2020 and suspended the quarterly dividend for Q2 2020 due to uncertainty from the COVID-19 pandemic[128](index=128&type=chunk)[130](index=130&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant operational and financial impacts of the COVID-19 pandemic, including a 19.7% decrease in Q2 same-property NOI, while highlighting strong liquidity and rent collection efforts [Results of Operations](index=35&type=section&id=Results%20of%20Operations) For Q2 2020, total revenue fell by $29.1 million year-over-year, primarily due to increased uncollectible rent, while net income increased to $32.5 million largely due to a $34.9 million gain on debt extinguishment Comparison of Key Metrics (Three Months Ended June 30) | Metric (in thousands) | 2020 | 2019 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $73,619 | $102,747 | $(29,128) | | Gain on Extinguishment of Debt | $34,908 | $0 | $34,908 | | Net Income | $32,545 | $28,067 | $4,478 | | Same-property NOI | $43,951 | $54,754 | $(10,803) | | FFO | $55,656 | $57,582 | $(1,926) | - The decrease in Q2 revenue was primarily driven by a **$12.2 million** increase in rental revenue deemed uncollectible and a **$6.0 million** increase in write-offs of receivables from straight-lining of rents, both related to the COVID-19 pandemic[166](index=166&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with $639.8 million in cash and $350 million available on its credit line, despite suspending its Q2 dividend and facing tenant bankruptcies - As of June 30, 2020, the company had **$639.8 million** in cash and cash equivalents and **$350 million** of available capacity under its revolving credit agreement[192](index=192&type=chunk) - The quarterly dividend was temporarily suspended for Q2 2020 due to uncertainty from the COVID-19 pandemic[189](index=189&type=chunk) - As of August 4, 2020, the company had collected approximately **72%** of second quarter rental revenue billed and **73%** of July rental revenue billed[190](index=190&type=chunk)[221](index=221&type=chunk) - The bankruptcy of 24 Hour Fitness in June 2020 led to a write-off of **$3.5 million** in straight-line rent receivables and **$0.8 million** in uncollectible rental revenue[124](index=124&type=chunk)[226](index=226&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk from its $420 million variable-rate debt, where a 1% increase in rates would raise annual interest expense by $4.2 million Variable Rate Debt Exposure (as of June 30, 2020) | Debt Type | Balance (in thousands) | Weighted Avg. Interest Rate | Effect of 1% Rate Change (Annual) | | :--- | :--- | :--- | :--- | | Variable rate unsecured debt | $250,000 | 1.22% | $2,500 | | Variable rate mortgages | $170,021 | 1.92% | $1,700 | | **Total** | **$420,021** | | **$4,200** | - As of June 30, 2020, the company did not have any interest rate hedging instruments in place[232](index=232&type=chunk) [Item 4. Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2020, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[237](index=237&type=chunk)[240](index=240&type=chunk) [PART II - OTHER INFORMATION](index=50&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal actions that arise in the ordinary course of business, which management does not expect to have a material adverse effect on its financial position - The company states that ongoing legal actions from the ordinary course of business are not expected to have a material adverse effect on its financial condition[242](index=242&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) This section highlights the material risks posed by the COVID-19 pandemic, including adverse impacts on tenants' ability to pay rent, potential for increased rent concessions, and delays in development projects - The primary updated risk factor relates to the COVID-19 pandemic, which could materially adversely affect the business, financial condition, and cash flow of both the company and its tenants[244](index=244&type=chunk) - Specific pandemic-related risks include tenants' inability to pay rent, the need to grant further rent concessions, delays in development projects, and potential limitations on borrowing under the credit facility due to covenant compliance[246](index=246&type=chunk) - The company's operational concentration in the New York metropolitan area is noted as a factor that heightens the impact of the COVID-19 pandemic[245](index=245&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2020, the company issued 30,000 common shares in exchange for OP Units and repurchased 1,421,700 shares for approximately $11.3 million under its $200 million program Issuer Purchases of Equity Securities (Q2 2020) | Period | Total Shares Purchased | Average Price Paid per Share | Total Cost (approx.) | | :--- | :--- | :--- | :--- | | April 2020 | 1,421,700 | $7.98 | $11,345,000 | | May 2020 | 109,474 (1) | $10.79 | - | | June 2020 | 0 | - | - | - The **109,474** shares purchased in May represent common shares surrendered by employees to satisfy tax withholding obligations upon the vesting of LTIP units[250](index=250&type=chunk) [Item 3. Defaults Upon Senior Securities](index=53&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities for the period - No defaults upon senior securities were reported in this item[252](index=252&type=chunk) [Item 4. Mine Safety Disclosures](index=53&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company [Item 5. Other Information](index=54&type=section&id=Item%205.%20Other%20Information) The company reported no other information for the period [Item 6. Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amendments to credit agreements, executive separation agreements, and required CEO/CFO certifications ```

WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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) Commission File Number: 333-212951-01 (Urban Edge Properties LP) URBAN EDGE PROPERTIES ...

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, 2019 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) Commission File Number: 333-212951-01 (Urban Edge Properties LP) URBAN EDGE PROPERTIES URBAN ...

| --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|-------|-------|-------|-------------------|--------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | INVESTOR DAY 2019 | | | | | | | | | | Building Community | | | | | | | | Driving Growth | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | INVESTOR DAY November 7, 2019 | | | | | | | | Forward Looking Statements Certain statements contained in this presentation constitu ...