Urban Edge Properties - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 - Urban Edge Properties	exhibit991-earningsrel.htm
8-K - 8-K - Urban Edge Properties	form8k-4q19earningsrel.htm

Exhibit 99.2

URBAN EDGE PROPERTIES

SUPPLEMENTAL DISCLOSURE

PACKAGE

December 31, 2019

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, 2019
(unaudited)

TABLE OF CONTENTS
	Page
Press Release
Fourth Quarter 2019 Earnings Press Release	1

Overview
Summary Financial Results and Ratios	10

Consolidated Financial Statements
Consolidated Balance Sheets	11
Consolidated Statements of Income	12

Non-GAAP Financial Measures and Supplemental Data
Supplemental Schedule of Net Operating Income	13
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)	14
Funds from Operations	15
Market Capitalization, Debt Ratios and Liquidity	16
Additional Disclosures	17

Leasing Data
Tenant Concentration - Top Twenty-Five Tenants	18
Leasing Activity	19
Retail Portfolio Lease Expiration Schedules	20

Property Data
Property Status Report	22
Property Acquisitions and Dispositions	25
Development, Redevelopment and Anchor Repositioning Projects	26

Debt Schedules
Debt Summary	28
Mortgage Debt Summary	29
Debt Maturity Schedule	30






Urban Edge Properties		For additional information:
888 Seventh Avenue		Mark Langer, EVP and
New York, NY 10019		Chief Financial Officer
212-956-2556



	FOR IMMEDIATE RELEASE:

Urban Edge Properties Reports Fourth Quarter and Full Year 2019 Results
Announces Acquisition of Kingswood Center and Kingswood Crossing in Brooklyn, NY

NEW YORK, NY, February 12, 2020 - Urban Edge Properties (NYSE:UE) (the "Company") today announced its results for the quarter and year ended December 31, 2019.

Financial Results⁽¹⁾⁽²⁾


•	Generated net income of $3.5 million, or $0.03 per diluted share, for the quarter compared to net income of $7.3 million, or $0.06 per diluted share, for the fourth quarter of 2018 and $116.2 million, or $0.91 per diluted share, for the year ended December 31, 2019 compared to $117.0 million, or $0.92 per diluted share, for the year ended December 31, 2018.


•	Generated Funds from Operations applicable to diluted common shareholders ("FFO") of $34.8 million, or $0.27 per share, for the quarter compared to $38.5 million, or $0.30 per share, for the fourth quarter of 2018 and $167.1 million, or $1.31 per share, for the year ended December 31, 2019 compared to $168.5 million, or $1.33 per share, for the year ended December 31, 2018.


•	Generated FFO as Adjusted of $36.3 million, or $0.29 per share, for the quarter compared to $40.7 million, or $0.32 per share, for the fourth quarter of 2018 and $147.4 million, or $1.16 per share, for the year ended December 31, 2019 compared to $165.4 million, or $1.31 per share, for the year ended December 31, 2018.

Operating Results⁽¹⁾⁽³⁾


•	Reported a decline in same-property cash Net Operating Income ("NOI") including properties in redevelopment of 0.1% compared to the fourth quarter of 2018 and a decline of 0.5% compared to the year ended December 31, 2018.


•	Reported a decline in same-property cash NOI excluding properties in redevelopment of 1.7% compared to the fourth quarter of 2018 and of 1.8% compared to the year ended December 31, 2018.


•	Reported same-property portfolio occupancy of 93.4%, an increase of 20 basis points compared to September 30, 2019 and a decrease of 80 basis points compared to December 31, 2018, primarily due to anchor bankruptcies.


•	Reported consolidated portfolio occupancy of 92.9%, an increase of 30 basis points compared to September 30, 2019 and a decrease of 70 basis points compared to December 31, 2018.


•	Subsequent to the end of the quarter, the Company executed a 65,000 square feet ("sf") lease with ShopRite at Huntington Commons and a 56,000 sf lease with a national retailer at the Plaza at Woodbridge, which will add 80 basis points to consolidated occupancy.


•	The spread between leased and billed occupancy is currently 160 basis points, representing approximately $7.6 million of annual gross rent not yet commenced.


•	Executed 27 new leases, renewals and options totaling 268,000 sf during the quarter. Same-space leases totaled 260,000 sf and generated average rent spreads of 15.9% on a GAAP basis and 6.0% on a cash basis.

"We are pleased with our fourth quarter results and remain on target to meet the goals we outlined in our strategic plan at the Company's Investor Day in November 2019," said Jeff Olson, Chairman and Chief Executive Officer. "We are excited about the growth opportunities we expect to realize from the acquisitions we are announcing today combined with the leasing activity we are achieving on our anchor vacancies."

Acquisition and Disposition Activity

The Company purchased three assets with a total consideration of $38 million during the quarter. One asset is located in Revere, MA and two assets are adjacent to our existing property, Bergen Town Center. The acquisitions were executed via 1031 exchanges and funded using proceeds from dispositions.

The Company recently acquired Kingswood Center and Kingswood Crossing for $165 million. The properties are located along Kings Highway in the Midwood neighborhood of Brooklyn, NY. The Kingswood buildings encompass more than 335,000 sf including 106,000 sf of retail space anchored by leading retailers including TJ Maxx, Target, Marshalls and NY Sports Clubs and 133,000 sf of Class A office space anchored by Visiting Nurse Services and other medical tenants. The retail space is 100% occupied and the office space is 65% occupied. The properties include over 250 below grade parking spaces, across 98,000 sf, and the potential to add up to 60,000 sf of office or residential development. The office floorplates, ceiling heights, loading and parking are all best-in-class within the submarket, boasting features seldom found in Central Brooklyn.

Midwood is a densely populated section of Brooklyn with approximately one million people within three miles and strong local population growth. The properties are located less than one block from the Kings Highway subway station that services approximately six million riders per year.

The Kingswood transaction is consistent with the Company’s strategy of acquiring well-located, infill, transit-oriented assets that serve the surrounding community and have redevelopment potential. The Company plans to increase the value of these assets via lease up of existing vacancy, remerchandising where appropriate and maximizing the value of unused development rights.

The acquisitions will serve as 1031 exchanges for the Company’s recent disposition of non-core assets and allow for the deferral of capital gains resulting from those sales. As part of the acquisition, a $65.5 million mortgage was assumed which matures in 2028.

During 2019, the Company sold nine non-core properties for $127 million, and sold two additional properties in January 2020 for $29 million. The Company has one property under contract to sell for approximately $32 million, which is expected to close in the first half of 2020. The weighted average cap rate on properties sold or under contract to sell is approximately 7.4%.

Anchor Leasing

Since the end of the third quarter, the Company has executed three anchor leases with LA Fitness at Shops at Bruckner, ShopRite at Huntington Commons and a national retailer at the Plaza at Woodbridge. The Company has six anchor vacancies (>30,000 sf) remaining, including one which is being held for redevelopment. The Company is in active negotiations with grocers, discounters, entertainment concepts, home improvement stores and industrial users on the available spaces.

Development and Redevelopment

During the quarter, the Company commenced two new redevelopment projects with estimated gross costs of $24.8 million and completed the expansion of Aldi at Gun Hill Commons in the Bronx, NY.

The Company has $65.6 million of active redevelopment projects under way, which are expected to generate an 8% unleveraged yield. Approximately $29.9 million of that amount remains to be funded.

Balance Sheet Highlights at December 31, 2019^(1)(4)(5)(6)


•	Total market capitalization of approximately $4.0 billion comprised of 127.2 million fully-diluted common shares valued at $2.4 billion and $1.6 billion of debt.


•	Net debt to total market capitalization of 27%.


•	Net debt to Adjusted Earnings before interest, tax, depreciation and amortization for real estate ("EBITDAre") of 5.0x.


•	$485.1 million of cash and cash equivalents, including restricted cash.


•	$600 million line of credit maturing in 2024 with no amounts drawn.

⁽¹⁾Refer to "Non-GAAP Financial Measures" and "Operating Metrics" for definitions and additional detail.

⁽²⁾Refer to page 5 for a reconciliation of net income to FFO and FFO as Adjusted for the quarter ended December 31, 2019.

⁽³⁾Refer to page 6 for a reconciliation of net income to Cash NOI and Same-Property Cash NOI for the quarter ended December 31, 2019.

⁽⁴⁾Refer to page 7 for a reconciliation of net income to EBITDAre and annualized Adjusted EBITDAre for the quarter ended December 31, 2019.

⁽⁵⁾ Net debt as of December 31, 2019 is calculated as total consolidated debt of $1.6 billion less total cash and cash equivalents, including restricted cash, of $485.1 million.

⁽⁶⁾Refer to page 16 for the calculation of market capitalization as of December 31, 2019.

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. 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 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 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 diminish 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.

•

Cash NOI: The Company uses cash NOI internally to make investment and capital allocation decisions and to compare the unlevered performance of our properties to our peers. The Company believes cash NOI is useful to investors as a performance measure because, when compared across periods, cash 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 cash 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, and income or expenses that we do not believe are representative of ongoing operating results, if any. In addition, the Company uses cash NOI margin, calculated as cash NOI divided by total revenue, which the Company believes is useful to investors for similar reasons.

•

Same-property Cash NOI: The Company provides disclosure of cash 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 totaling 72 properties for the quarters ended December 31, 2019 and 2018 and 70 properties for the years ended December 31, 2019 and 2018. 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 or sold during the periods being compared. As such, same-property cash NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition or disposition 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 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 cash NOI on a same-property basis adjusted to include redevelopment properties. Same-property cash NOI may include other adjustments

as detailed in the Reconciliation of Net Income to cash NOI and same-property cash NOI included in the tables accompanying this press release.

•

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 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, 2019, 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 includes leases signed, but for which rent has not yet commenced. Same-property portfolio occupancy includes properties that have been owned and operated for the entirety of the reporting periods being compared totaling 72 properties for the quarters ended December 31, 2019 and 2018 and 70 properties for the years ended December 31, 2019 and 2018. Occupancy metrics presented for the Company's same-property portfolio excludes 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 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.

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, 2019 and 2018, respectively. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a description of FFO and FFO as Adjusted.



	Quarter Ended December 31,						Year Ended December 31,
	2019			2018			2019			2018
Net income	$	3,538		$	7,251		$	116,197		$	116,963
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership	(164		)	(727		)	(6,699		)	(11,768		)
Consolidated subsidiaries	1			(11		)	25			(45		)
Net income attributable to common shareholders	3,375			6,513			109,523			105,150
Adjustments:
Rental property depreciation and amortization	27,979			25,675			93,212			98,644
Gain on sale of real estate	(413		)	—			(68,632		)	(52,625		)
Real estate impairment loss	3,668			5,574			26,321			5,574
Limited partnership interests in operating partnership	164			727			6,699			11,768
FFO Applicable to diluted common shareholders	34,773			38,489			167,123			168,511
FFO per diluted common share⁽¹⁾	0.27			0.30			1.31			1.33
Adjustments to FFO:
Environmental remediation costs	1,357			—			1,357			584
Transaction, severance and other expenses	284			222			1,235			782
Tenant bankruptcy settlement income	(90		)	(24		)	(1,015		)	(329		)
Casualty gain, net⁽²⁾	—			(86		)	(13,583		)	(777		)
Impact from tenant bankruptcies⁽³⁾	—			6			(7,366		)	(5,075		)
Gain on sale of lease⁽⁴⁾	—			—			(1,849		)	—
Tax impact from Hurricane Maria	—			2,115			1,111			2,344
Executive transition costs	—			—			375			1,932
Gain on extinguishment of debt	—			—			—			(2,524		)
FFO as Adjusted applicable to diluted common shareholders	$	36,324		$	40,722		$	147,388		$	165,448
FFO as Adjusted per diluted common share⁽¹⁾	$	0.29		$	0.32		$	1.16		$	1.31

Weighted Average diluted common shares⁽¹⁾	127,191			126,537			127,202			126,584

⁽¹⁾Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the quarter ended December 31, 2019 and December 31, 2018, 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. Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the year ended December 31, 2019 and December 31, 2018, respectively, are higher than the GAAP weighted average diluted shares as a result of the dilutive impact of LTIP units which may be redeemed for our common shares.

⁽²⁾Amount for the year ended December 31, 2019 reflects insurance proceeds for Hurricane Maria at our two malls in Puerto Rico and tornado damage at our shopping center in Wilkes-Barre, PA.

⁽³⁾Amount for the year ended December 31, 2019 reflects a write-off of the below-market intangible liability connected with the rejection of our Kmart lease in Huntington, NY.

⁽⁴⁾Amount for the year ended December 31, 2019 reflects a gain on the sale of our ground lease in Tysons Corner, VA.

Reconciliation of Net Income to Cash NOI and Same-Property Cash NOI

The following table reflects the reconciliation of net income to cash NOI, same-property cash NOI and same-property cash NOI including properties in redevelopment for the quarters and years ended December 31, 2019 and 2018, respectively. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a description of cash NOI and same-property cash NOI.



	Quarter Ended December 31,						Year Ended December 31,
(Amounts in thousands)	2019			2018			2019			2018
Net income	$	3,538		$	7,251		$	116,197		$	116,963
Management and development fee income from non-owned properties	(960		)	(405		)	(1,900		)	(1,469		)
Other expense (income)	266			(27		)	1,065			(146		)
Depreciation and amortization	28,223			25,878			94,116			99,422
General and administrative expense	9,277			9,405			38,220			34,984
Casualty and impairment loss, net⁽¹⁾	3,668			5,674			12,738			4,426
Gain on sale of real estate	(413		)	—			(68,632		)	(52,625		)
Gain on sale of lease	—			—			(1,849		)	—
Interest income	(2,104		)	(2,393		)	(9,774		)	(8,336		)
Interest and debt expense	16,770			16,809			66,639			64,868
Gain on extinguishment of debt	—			—			—			(2,524		)
Income tax expense	38			2,778			1,287			3,519
Non-cash revenue and expenses	(866		)	(3,522		)	(13,819		)	(32,117		)
Cash NOI	57,437			61,448			234,288			226,965
Adjustments:
Non-same property cash NOI⁽²⁾	(4,877		)	(6,635		)	(34,137		)	(38,731		)
Tenant bankruptcy settlement income and lease termination income	(90		)	(24		)	(1,643		)	(1,028		)
Environmental remediation costs	1,357			—			1,357			584
Construction rental abatement	—			127			—			291
Lease termination payment	—			—			—			15,500
Natural disaster related operating (gain) loss	—			(132		)	—			40
Same-property cash NOI	$	53,827		$	54,784		$	199,865		$	203,621
Cash NOI related to properties being redeveloped	2,838			1,954			23,049			20,431
Same-property cash NOI including properties in redevelopment	$	56,665		$	56,738		$	222,914		$	224,052

⁽¹⁾The quarter ended December 31, 2019 reflects an impairment loss recognized at one property. The year ended December 31, 2019 reflects real estate impairment losses at four properties, offset by insurance proceeds for Hurricane Maria at our two malls in Puerto Rico and for tornado damage at our shopping center in Wilkes-Barre, PA. The quarter ended December 31, 2018 reflects impairment losses recognized at two properties and hurricane-related expenses. The year ended December 31, 2018 reflects these items, partially offset by insurance proceeds, net of casualty-related expenses.

⁽²⁾Non-same property cash NOI includes cash NOI related to properties being redeveloped and properties acquired or disposed.

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, 2019 and 2018, respectively. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a description of EBITDAre and Adjusted EBITDAre.



	Quarter Ended December 31,						Year Ended December 31,
(Amounts in thousands)	2019			2018			2019			2018
Net income	$	3,538		$	7,251		$	116,197		$	116,963
Depreciation and amortization	28,223			25,878			94,116			99,422
Interest and debt expense	16,770			16,809			66,639			64,868
Income tax expense	38			2,778			1,287			3,519
Gain on sale of real estate	(413		)	—			(68,632		)	(52,625		)
Real estate impairment loss	3,668			5,574			26,321			5,574
EBITDAre	51,824			58,290			235,928			237,721
Adjustments for Adjusted EBITDAre:
Environmental remediation costs	1,357			—			1,357			584
Transaction, severance and other expenses	284			222			1,235			782
Tenant bankruptcy settlement income	(90		)	(24		)	(1,015		)	(329		)
Casualty gain, net⁽¹⁾	—			(86		)	(13,583		)	(777		)
Impact from tenant bankruptcies⁽¹⁾	—			6			(7,366		)	(5,075		)
Gain on sale of lease⁽¹⁾	—			—			(1,849		)	—
Executive transition costs	—			—			375			1,932
Gain on extinguishment of debt	—			—			—			(2,524		)
Adjusted EBITDAre	$	53,375		$	58,408		$	215,082		$	232,314

⁽¹⁾Refer to footnotes on page 5, Reconciliation of Net Income to FFO and FFO as Adjusted, for the adjustments included in these line items.

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.

ABOUT URBAN EDGE

Urban Edge Properties is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the New York metropolitan region. Urban Edge owns 79 properties totaling 15.2 million square feet of gross leasable area.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this Press Release 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 and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for 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 these and our other forward-looking statements are beyond our ability to control or predict; These factors include, among others, the impact of e-commerce; the loss of or bankruptcy of major tenants; general economic conditions and changes in the real estate market in particular; adverse economic conditions in the areas in which our properties are located; natural disasters; potentially higher costs related to our development, redevelopment and anchor repositioning projects, and our ability to lease these projects at projected rates; competition for acquisitions; the loss of key personnel; the availability of financing and changes in, and compliance with, tax law and REIT qualifications. 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 our Annual Report on Form 10-K for the year ended December 31, 2019 and the other documents filed by the Company with the Securities and Exchange Commission.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our 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.



URBAN EDGE PROPERTIES
ADDITIONAL DISCLOSURES
As of December 31, 2019

Basis of Presentation

The information contained in the Supplemental Disclosure Package does not purport to disclose all items required by GAAP and is unaudited information. 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, 2019. 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 3 and 8 of this Supplemental Disclosure Package.



URBAN EDGE PROPERTIES
SUMMARY FINANCIAL RESULTS AND RATIOS
For the quarter and year ended December 31, 2019 (unaudited)
(in thousands, except per share, sf, rent psf and financial ratio data)



	Quarter ended			Year ended
Summary Financial Results	December 31, 2019			December 31, 2019
Total revenue	$	95,927		$	387,649
General & administrative expenses (G&A)	$	9,277		$	38,220
Net income attributable to common shareholders	$	3,375		$	109,523
Earnings per diluted share	$	0.03		$	0.91
Adjusted EBITDAre⁽⁷⁾	$	53,375		$	215,082
Funds from operations (FFO)	$	34,773		$	167,123
FFO per diluted common share	$	0.27		$	1.31
FFO as Adjusted	$	36,324		$	147,388
FFO as Adjusted per diluted common share	$	0.29		$	1.16
Total dividends paid per share	$	0.22		$	0.88
Stock closing price low-high range (NYSE)	$18.66 to $21.68			$16.24 to $21.68
Weighted average diluted shares used in EPS computations⁽¹⁾	121,307			119,896
Weighted average diluted common shares used in FFO computations⁽¹⁾	127,191			127,202

Summary Property, Operating and Financial Data
# of Total properties / # of Retail properties	79 / 78
Gross leasable area (GLA) sf - retail portfolio⁽³⁾⁽⁵⁾	14,277,000
Weighted average annual rent psf - retail portfolio⁽³⁾⁽⁵⁾	$	19.22
Consolidated occupancy at end of period	92.9		%
Consolidated retail portfolio occupancy at end of period⁽⁵⁾	92.4		%
Same-property portfolio occupancy at end of period⁽²⁾	93.4		%
Same-property portfolio physical occupancyat end of period⁽⁴⁾⁽²⁾	92.6		%
Same-property cash NOI growth⁽²⁾	(1.7		)%	(1.8		)%
Same-property cash NOI growth, including redevelopment properties	(0.1		)%	(0.5		)%
Cash NOI margin - total portfolio	61.2		%	63.2		%
Expense recovery ratio - total portfolio	91.0		%	93.7		%
New, renewal and option rent spread - cash basis⁽⁸⁾	6.0		%	6.5		%
New, renewal and option rent spread - GAAP basis⁽⁸⁾	15.9		%	13.5		%
Net debt to total market capitalization⁽⁶⁾	26.8		%	26.8		%
Net debt to Adjusted EBITDAre⁽⁶⁾	5.0		x	5.0		x
Adjusted EBITDAre to interest expense⁽⁷⁾	3.3		x	3.4		x
Adjusted EBITDAre to fixed charges⁽⁷⁾	3.0		x	3.1		x

⁽¹⁾ Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the quarter ended December 31, 2019, 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. Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the year ended December 31, 2019 and December 31, 2018, respectively, are higher than the GAAP weighted average diluted shares as a result of the dilutive impact of LTIP units which may be redeemed for our common shares.

⁽²⁾ The same-property pool for both cash NOI and occupancy includes properties the Company consolidated, owned and operated for the entirety of both periods being compared and excludes properties under development and redevelopment and acquired or sold during the periods being compared.

⁽³⁾ GLA - retail portfolio excludes 943,000 square feet of warehouses and 133,000 square feet of self-storage. Weighted average annual rent per square foot for our retail portfolio and warehouses was $18.31.

⁽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 and excludes warehouses and self-storage.

⁽⁶⁾ See computation on page 16. Adjusted EBITDAre is annualized for purposes of calculating net debt to Adjusted EBITDAre.

⁽⁷⁾ See computation on page 14.

⁽⁸⁾ See computation on page 19.



URBAN EDGE PROPERTIES
CONSOLIDATED BALANCE SHEETS
As of December 31, 2019 (unaudited) and December 31, 2018
(in thousands, except share and per share amounts)



	December 31,			December 31,
	2019			2018
ASSETS
Real estate, at cost:
Land	$	515,621		$	525,819
Buildings and improvements	2,197,076			2,156,113
Construction in progress	28,522			80,385
Furniture, fixtures and equipment	7,566			6,675
Total	2,748,785			2,768,992
Accumulated depreciation and amortization	(671,946		)	(645,872		)
Real estate, net	2,076,839			2,123,120
Operating lease right-of-use assets	81,768			—
Cash and cash equivalents	432,954			440,430
Restricted cash	52,182			17,092
Tenant and other receivables, net of allowance for doubtful accounts of $6,486 as of December 31, 2018	21,565			28,563
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $134 as of December 31, 2018	73,878			84,903
Identified intangible assets, net of accumulated amortization of $30,942 and $39,526, respectively	48,121			68,422
Deferred leasing costs, net of accumulated amortization of $16,560 and $16,826, respectively	21,474			21,277
Deferred financing costs, net of accumulated amortization of $3,765 and $2,764, respectively	3,877			2,219
Prepaid expenses and other assets	33,700			12,968
Total assets	$	2,846,358		$	2,798,994

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net	$	1,546,195		$	1,550,242
Operating lease liabilities	79,913			—
Accounts payable, accrued expenses and other liabilities	76,644			98,517
Identified intangible liabilities, net of accumulated amortization of $62,610 and $65,058, respectively	128,830			144,258
Total liabilities	1,831,582			1,793,017
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 121,370,125 and 114,345,565 shares issued and outstanding, respectively	1,213			1,143
Additional paid-in capital	1,019,149			956,420
Accumulated deficit	(52,546		)	(52,857		)
Noncontrolling interests:
Operating partnership	46,536			100,822
Consolidated subsidiaries	424			449
Total equity	1,014,776			1,005,977
Total liabilities and equity	$	2,846,358		$	2,798,994



URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF INCOME
For the quarter and year ended December 31, 2019 and 2018 (unaudited)
(in thousands, except share and per share amounts)



	Quarter Ended December 31,						Year Ended December 31,
	2019			2018			2019			2018
REVENUE
Rental revenue	$	94,840		$	100,403		$	384,405		$	411,298
Management and development fees	960			405			1,900			1,469
Other income	127			115			1,344			1,393
Total revenue	95,927			100,923			387,649			414,160
EXPENSES
Depreciation and amortization	28,223			25,878			94,116			99,422
Real estate taxes	14,991			15,919			60,179			63,655
Property operating	18,510			16,364			64,062			78,360
General and administrative	9,277			9,405			38,220			34,984
Casualty and impairment loss, net	3,668			5,674			12,738			4,426
Lease expense	3,429			3,238			14,466			11,448
Total expenses	78,098			76,478			283,781			292,295
Gain on sale of real estate	413			—			68,632			52,625
Gain on sale of lease	—			—			1,849			—
Interest income	2,104			2,393			9,774			8,336
Interest and debt expense	(16,770		)	(16,809		)	(66,639		)	(64,868		)
Gain on extinguishment of debt	—			—			—			2,524
Income before income taxes	3,576			10,029			117,484			120,482
Income tax expense	(38		)	(2,778		)	(1,287		)	(3,519		)
Net income	3,538			7,251			116,197			116,963
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership	(164		)	(727		)	(6,699		)	(11,768		)
Consolidated subsidiaries	1			(11		)	25			(45		)
Net income attributable to common shareholders	$	3,375		$	6,513		$	109,523		$	105,150

Earnings per common share - Basic:	$	0.03		$	0.06		$	0.91		$	0.92
Earnings per common share - Diluted:	$	0.03		$	0.06		$	0.91		$	0.92
Weighted average shares outstanding - Basic	121,212			114,140			119,751			113,863
Weighted average shares outstanding - Diluted	121,307			114,314			119,896			114,051



URBAN EDGE PROPERTIES
SUPPLEMENTAL SCHEDULE OF NET OPERATING INCOME
For the quarter and year ended December 31, 2019 and 2018
(in thousands)



	Quarter Ended December 31,						Percent Change	Year Ended December 31,						Percent Change
	2019			2018			Percent Change	2019			2018			Percent Change
Total cash NOI⁽¹⁾
Total revenue	$	93,861		$	95,412		(1.6)%	$	370,784		$	377,264		(1.7)%
Total property operating expenses	(36,424		)	(33,964		)	7.2%	(136,496		)	(150,299		)	(9.2)%
Cash NOI - total portfolio	$	57,437		$	61,448		(6.5)%	$	234,288		$	226,965		3.2%

Cash NOI margin (Cash NOI / Total revenue)⁽²⁾	61.2		%	64.4		%		63.2		%	60.2		%


Same-property cash NOI⁽¹⁾
Property rentals	$	62,408		$	61,197			$	227,954		$	227,584
Tenant expense reimbursements	25,002			24,563				91,187			91,458
Bad debt expense⁽³⁾	(261		)	—				(1,135		)	—
Total revenue	87,149			85,760				318,006			319,042
Real estate taxes	(14,185		)	(13,790		)		(53,820		)	(53,986		)
Property operating⁽³⁾	(16,128		)	(14,227		)		(52,421		)	(49,604		)
Lease expense	(3,009		)	(2,959		)		(11,900		)	(11,831		)
Total property operating expenses	(33,322		)	(30,976		)		(118,141		)	(115,421		)
Same-property cash NOI⁽¹⁾	$	53,827		$	54,784		(1.7)%	$	199,865		$	203,621		(1.8)%

Cash NOI related to properties being redeveloped	$	2,838		$	1,954			$	23,049		$	20,431
Same-property cash NOIincluding properties in redevelopment⁽¹⁾	$	56,665		$	56,738		(0.1)%	$	222,914		$	224,052		(0.5)%

Same-property physical occupancy	92.6		%	93.3		%		92.5		%	93.3		%
Same-property leased occupancy	93.4		%	94.2		%		93.3		%	94.3		%
Number of properties included in same-property analysis	72							70

⁽¹⁾Refer to page 6 for a reconciliation of net income to cash NOI and same-property cash NOI.

⁽²⁾The cash NOI margin for the quarter and year ended December 31, 2019, respectively, includes $1.4 million in environmental remediation costs. Excluding these costs, the cash NOI margin for the quarter and year ended December 31, 2019 was 62.6% and 63.6%, respectively. The cash NOI margin for the year ended December 31, 2018 includes $15.5 million in lease termination payments for the Toys "R" Us leases at Bruckner Commons in the Bronx, NY and Hudson Mall in Jersey City, NJ. Excluding the lease termination payments, the cash NOI margin was 64.3% for the year ended December 31, 2018.

⁽³⁾ Bad debt expense of $0.8 million and $2.9 million is included in "Property operating expenses" for the quarter and year ended December 31, 2018, respectively. Bad debt expense for the quarter and year ended December 31, 2019 is included as an offset within total revenue.



URBAN EDGE PROPERTIES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION for REAL ESTATE (EBITDAre)
For the quarter and year ended December 31, 2019 and 2018
(in thousands)



	Quarter Ended December 31,							Year Ended December 31,
	2019			2018				2019			2018
Net income	$	3,538		$	7,251			$	116,197		$	116,963
Depreciation and amortization	28,223			25,878				94,116			99,422
Interest expense	16,084			16,089				63,783			61,989
Amortization of deferred financing costs	686			720				2,856			2,879
Income tax expense	38			2,778				1,287			3,519
Gain on sale of real estate	(413		)	—				(68,632		)	(52,625		)
Real estate impairment loss	3,668			5,574				26,321			5,574
EBITDAre	51,824			58,290			—	235,928			237,721
Adjustments for Adjusted EBITDAre:
Environmental remediation costs	1,357			—				1,357			584
Transaction, severance and other expenses	284			222				1,235			782
Tenant bankruptcy settlement income	(90		)	(24		)		(1,015		)	(329		)
Casualty gain, net⁽¹⁾	—			(86		)		(13,583		)	(777		)
Impact from tenant bankruptcies⁽¹⁾	—			6				(7,366		)	(5,075		)
Gain on sale of lease⁽¹⁾	—			—				(1,849		)	—
Executive transition costs	—			—				375			1,932
Gain on extinguishment of debt	—			—				—			(2,524		)
Adjusted EBITDAre	$	53,375		$	58,408			$	215,082		$	232,314

Interest expense	$	16,084		$	16,089			$	63,783		$	61,989

Adjusted EBITDAre to interest expense	3.3		x	3.6		x		3.4		x	3.7		x

Fixed charges
Interest expense	$	16,084		$	16,089			$	63,783		$	61,989
Scheduled principal amortization	1,672			1,133				5,579			4,290
Total fixed charges	$	17,756		$	17,222			$	69,362		$	66,279

Adjusted EBITDAre to fixed charges	3.0		x	3.4		x		3.1		x	3.5		x

⁽¹⁾Refer to footnotes on page 5, Reconciliation of Net Income to FFO and FFO as Adjusted, for the adjustments included in these line items.



URBAN EDGE PROPERTIES
FUNDS FROM OPERATIONS
For the quarter and year ended December 31, 2019
(in thousands, except per share amounts)



	Quarter Ended December 31, 2019					Year Ended December 31, 2019
	(in thousands)			(per share)⁽³⁾		(in thousands)			(per share)⁽³⁾
Net income	$	3,538		$	0.03	$	116,197		$	0.91
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership	(164		)	—		(6,699		)	(0.05		)
Consolidated subsidiaries	1			—		25			—
Net income attributable to common shareholders	3,375			0.03		109,523			0.86
Adjustments:
Rental property depreciation and amortization	27,979			0.22		93,212			0.73
Real estate impairment loss	3,668			0.03		26,321			0.21
Gain on sale of real estate	(413		)	—		(68,632		)	(0.54		)
Limited partnership interests in operating partnership⁽¹⁾	164			—		6,699			0.05
FFO applicable to diluted common shareholders	34,773			0.27		167,123			1.31

Environmental remediation costs	1,357			0.01		1,357			0.01
Transaction, severance and other expenses	284			—		1,235			0.01
Tenant bankruptcy settlement income	(90		)	—		(1,015		)	(0.01		)
Casualty gain, net⁽²⁾	—			—		(13,583		)	(0.11		)
Impact from tenant bankruptcies⁽²⁾	—			—		(7,366		)	(0.06		)
Tax impact from Hurricane Maria	—			—		1,111			0.01
Executive transition costs	—			—		375			—
Gain on sale of lease⁽²⁾	—			—		(1,849		)	(0.01		)
FFO as Adjusted applicable to diluted common shareholders	$	36,324		$	0.29	$	147,388		$	1.16

Weighted average diluted shares used to calculate EPS	121,307					119,896
Assumed conversion of OP and LTIP Units to common shares	5,884					7,306
Weighted average diluted common shares - FFO	127,191					127,202

⁽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⁾ Refer to footnotes on page 5, Reconciliation of Net Income to FFO and FFO as Adjusted, for the adjustments included in these line items.

⁽³⁾ Individual items may not add up due to total rounding.



URBAN EDGE PROPERTIES
MARKET CAPITALIZATION, DEBT RATIOS AND LIQUIDITY
As of December 31, 2019
(in thousands, except share amounts)



	December 31, 2019
Closing market price of common shares	$	19.18

Basic common shares	121,370,125
OP and LTIP units	5,833,318
Diluted common shares	127,203,443

Equity market capitalization	$	2,439,762


Total consolidated debt⁽¹⁾	$	1,556,248
Cash and cash equivalents including restricted cash	(485,136		)
Net debt	$	1,071,112

Net Debt to annualized Adjusted EBITDAre	5.0		x

Total consolidated debt⁽¹⁾	$	1,556,248
Equity market capitalization	2,439,762
Total market capitalization	$	3,996,010

Net debt to total market capitalization at applicable market price	26.8		%


Cash and cash equivalents including restricted cash	$	485,136
Available under unsecured credit facility	600,000
Total liquidity	$	1,085,136

⁽¹⁾ Total consolidated debt excludes unamortized debt issuance costs of $10.1 million.



URBAN EDGE PROPERTIES
ADDITIONAL DISCLOSURES
(in thousands)



	Quarter Ended December 31,						Year Ended December 31,
	2019			2018			2019			2018
Rental revenue:
Property rentals	$	68,061		$	72,374		$	280,530		$	302,591
Tenant expense reimbursements	27,057			28,029			105,260			108,707
Bad debt expense⁽⁷⁾	(278		)	—			(1,385		)	—
Total rental revenue	$	94,840		$	100,403		$	384,405		$	411,298

Certain non-cash items:
Straight-line rental income (expense)⁽¹⁾	$	(901	)	$	872		$	(712	)	$	1,307
Amortization of below-market lease intangibles, net⁽¹⁾	2,008			4,208			15,940			33,975
Lease expense GAAP adjustments⁽²⁾	(240		)	(761		)	(1,099		)	(1,544		)
Reserves on receivables from straight-line rents⁽⁵⁾	—			(796		)	(308		)	(1,621		)
Amortization of deferred financing costs⁽⁴⁾	(686		)	(720		)	(2,856		)	(2,879		)
Capitalized interest⁽⁴⁾	148			544			1,425			3,313
Share-based compensation expense⁽³⁾	(3,280		)	(3,247		)	(13,549		)	(9,741		)

Capital expenditures:⁽⁶⁾
Development and redevelopment costs	$	16,691		$	19,500		$	72,331		$	91,330
Maintenance capital expenditures	3,516			5,873			14,252			20,577
Leasing commissions	1,199			638			3,401			3,100
Tenant improvements and allowances	89			2,691			4,718			5,079
Total capital expenditures	$	21,495		$	28,702		$	94,702		$	120,086

	December 31, 2019			December 31, 2018
Accounts payable, accrued expenses and other liabilities:
Deferred tenant revenue	$	26,224		$	28,697
Accrued capital expenditures and leasing costs	7,893			29,754
Accrued interest payable	9,729			8,950
Security deposits	5,814			5,396
Deferred tax liability, net	5,137			5,532
Accrued payroll expenses	5,851			5,747
Other liabilities and accrued expenses	15,996			14,441
Total accounts payable and accrued expenses	$	76,644		$	98,517

⁽¹⁾ Amounts included in the financial statement line item "Rental revenue" in the consolidated statements of income.

⁽²⁾ GAAP adjustments consist of amortization of below-market ground lease intangibles and straight-line lease expense. Amounts are included in the financial statement line item "Lease expense" in the consolidated statements of income.

⁽³⁾ Amounts included in the financial statement line item "General and administrative" in the consolidated statements of income.

⁽⁴⁾ Amounts included in the financial statement line item "Interest and debt expense" in the consolidated statements of income.

⁽⁵⁾ Amounts included in the financial statement line item "Rental revenue" for the year ended December 31, 2019 and "Property operating expenses" for the year ended December 31, 2018 in the consolidated statements of income.

⁽⁶⁾ Amounts presented on a cash basis. Amounts for the quarter and year ended December 31, 2018 have been reclassified to conform with current period presentation.

⁽⁷⁾In adherence with ASC 842 Leases, the Company includes bad debt expense related to operating lease receivables in "Rental revenue" in the consolidated statements of income for the year ended December 31, 2019 and in "Property operating expenses" for all prior periods. Bad debt expense for the quarter and year ended December 31, 2018 was $1.6 million and $4.1 million, respectively.



URBAN EDGE PROPERTIES
TENANT CONCENTRATION - TOP TWENTY-FIVE TENANTS
As of December 31, 2019




Tenant	Number of stores	Square feet	% of total square feet	Annualized base rent ("ABR")		% of total ABR	Weighted average ABR per square foot		Average remaining term of ABR⁽¹⁾
The Home Depot, Inc.	7	920,226	6.0%	$	16,497,358	6.4%	$	17.93	14.3
The TJX Companies, Inc.⁽²⁾	19	645,822	4.2%	11,619,590		4.5%	17.99		4.7
Best Buy Co., Inc.	9	404,587	2.7%	8,937,577		3.5%	22.09		3.8
Lowe's Companies, Inc.	6	976,415	6.4%	8,575,004		3.3%	8.78		7.7
Walmart Inc.	5	727,376	4.8%	7,650,309		3.0%	10.52		7.2
Ahold Delhaize⁽³⁾	8	589,907	3.9%	7,437,099		2.9%	12.61		7.2
Burlington Stores, Inc.	7	415,828	2.7%	7,041,733		2.7%	16.93		9.1
PetSmart, Inc.	12	287,493	1.9%	6,863,524		2.7%	23.87		4.0
Kohl's Corporation	7	633,345	4.2%	6,355,374		2.5%	10.03		4.4
BJ's Wholesale Club	4	454,297	3.0%	5,691,184		2.2%	12.53		8.3
Wakefern (ShopRite)	4	296,018	1.9%	5,241,942		2.0%	17.71		12.5
LA Fitness International LLC	5	245,266	1.6%	4,452,055		1.7%	18.15		8.6
The Gap, Inc.⁽⁴⁾	10	151,226	1.0%	4,201,928		1.6%	27.79		3.1
Staples, Inc.	9	186,030	1.2%	4,110,980		1.6%	22.10		3.1
Whole Foods Market, Inc.	2	100,682	0.7%	3,655,898		1.4%	36.31		10.6
Target Corporation	2	297,856	2.0%	3,548,666		1.4%	11.91		12.2
Century 21	1	156,649	1.0%	3,394,181		1.3%	21.67		7.1
Sears Holdings Corporation⁽⁵⁾	2	321,917	2.1%	3,313,959		1.3%	10.29		25.3
Bob's Discount Furniture	4	170,931	1.1%	3,222,108		1.2%	18.85		6.5
24 Hour Fitness	1	53,750	0.4%	2,564,520		1.0%	47.71		12.0
URBN (Anthropologie)	1	31,450	0.2%	2,201,500		0.9%	70.00		8.8
Bed Bath & Beyond Inc.⁽⁶⁾	5	149,879	1.0%	2,098,009		0.8%	14.00		3.5
Raymour & Flanigan	3	179,370	1.2%	1,994,344		0.8%	11.12		8.8
Dick's Sporting Goods, Inc.	2	100,695	0.7%	1,941,672		0.8%	19.28		4.1
Petco Animal Supplies, Inc.	7	107,866	0.7%	1,940,450		0.7%	17.99		5.0

Total/Weighted Average	142	8,604,881	56.6%	$	134,550,964	52.2%	$	15.64	8.2

⁽¹⁾ In years excluding tenant renewal options. The weighted average is based on ABR.

⁽²⁾ Includes Marshalls (13), T.J. Maxx (3), HomeGoods (2) and Homesense (1).

⁽³⁾ Includes Stop & Shop (6) and Giant Food (2).

⁽⁴⁾ Includes Old Navy (7), Gap (2) and Banana Republic (1).

⁽⁵⁾Includes Kmart (2). Sears Holdings Corporation ("Sears") declared bankruptcy on October 15, 2018. Kmart previously generated approximately $8.5 million in annual gross rents, including tenant reimbursement income, for the Company under four leases. On April 30, 2019, our Kmart leases at Las Catalinas and Huntington, NY were rejected by ESL Investments (“ESL”) and ESL assumed the Company’s remaining two Kmart leases at Montehiedra and at Bruckner Commons.

⁽⁶⁾ Includes Harmon Face Values (3) and Bed Bath & Beyond (2).

Note: Amounts shown in the table above include all retail properties including those in redevelopment on a cash basis other than tenants in free rent periods which are shown at their initial cash rent.



URBAN EDGE PROPERTIES
LEASING ACTIVITY
For the quarter and year ended December 31, 2019



	Quarter Ended December 31, 2019						Year Ended December 31, 2019
	GAAP⁽²⁾			Cash⁽¹⁾			GAAP⁽²⁾			Cash⁽¹⁾
New leases
Number of new leases executed	8			8			39			39
Total square feet	58,108			58,108			368,779			368,779
Number of same space leases	5			5			31			31
Same space square feet	50,054			50,054			348,760			348,760
Prior rent per square foot	$	27.64		$	28.31		$	20.30		$	21.27
New rent per square foot	$	40.17		$	34.23		$	24.12		$	22.13
Same space weighted average lease term (years)	9.9			9.9			9.8			9.8
Same space TIs per square foot	N/A			$	59.40		N/A			$	24.73
Rent spread	45.3		%	20.9		%	18.8		%	4.0		%

Renewals & Options
Number of leases executed	19			19			78			78
Total square feet	210,000			210,000			1,118,810			1,118,810
Number of same space leases	19			19			78			78
Same space square feet	210,000			210,000			1,118,810			1,118,810
Prior rent per square foot	$	19.50		$	20.24		$	18.15		$	18.54
New rent per square foot	$	20.68		$	20.44		$	20.25		$	19.90
Same space weighted average lease term (years)	5.5			5.5			6.2			6.2
Same space TIs per square foot	N/A			$	—		N/A			$	0.02
Rent spread	6.1		%	1.0		%	11.6		%	7.3		%

Total New Leases and Renewals & Options
Number of leases executed	27			27			117			117
Total square feet	268,108			268,108			1,487,589			1,487,589
Number of same space leases	24			24			109			109
Same space square feet	260,054			260,054			1,467,570			1,467,570
Prior rent per square foot	$	21.07		$	21.79		$	18.66		$	19.19
New rent per square foot	$	24.43		$	23.09		$	21.17		$	20.43
Same space weighted average lease term (years)	6.4			6.4			7.0			7.0
Same space TIs per square foot	N/A			$	11.43		N/A			$	5.89
Rent spread	15.9		%	6.0		%	13.5		%	6.5		%

⁽¹⁾ Rents are not calculated on a straight-line (GAAP) basis. Previous/expiring rent is the rent at expiry and includes any percentage rent paid. New rent is the rent paid at commencement.

⁽²⁾Rents are calculated on a straight-line (GAAP) basis.



URBAN EDGE PROPERTIES
RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE
As of December 31, 2019



	ANCHOR TENANTS (SF>=10,000)						SHOP TENANTS (SF<10,000)					TOTAL TENANTS
Year⁽¹⁾	# of leases	Square Feet	% of Total SF		Weighted Avg ABR PSF⁽²⁾		# of leases	Square Feet	% of Total SF	Weighted Avg ABR PSF⁽²⁾		# of leases	Square Feet	% of Total SF		Weighted Avg ABR PSF⁽²⁾

M-T-M	1	11,000	0.1	%	$	20.93	25	66,000	2.9%	$	28.49	26	77,000	0.5	%	$	27.41
2020	14	442,000	3.7	%	14.15		86	225,000	9.8%	36.86		100	667,000	4.7	%	21.81
2021	23	572,000	4.8	%	21.89		74	239,000	10.4%	33.67		97	811,000	5.7	%	25.36
2022	23	935,000	7.8	%	13.96		62	165,000	7.2%	35.21		85	1,100,000	7.7	%	17.14
2023	36	1,475,000	12.3	%	17.08		53	164,000	7.1%	36.50		89	1,639,000	11.5	%	19.03
2024	33	1,253,000	10.5	%	17.91		69	242,000	10.6%	33.47		102	1,495,000	10.5	%	20.43
2025	22	956,000	8.0	%	13.82		37	135,000	5.9%	34.45		59	1,091,000	7.6	%	16.38
2026	8	450,000	3.7	%	10.07		55	176,000	7.7%	34.38		63	626,000	4.4	%	16.91
2027	12	532,000	4.4	%	16.32		39	174,000	7.6%	34.36		51	706,000	5.0	%	20.77
2028	11	370,000	3.1	%	23.53		32	121,000	5.3%	40.41		43	491,000	3.4	%	27.69
2029	27	1,367,000	11.4	%	18.36		32	123,000	5.4%	38.49		59	1,490,000	10.4	%	20.02
2030	13	807,000	6.7	%	13.99		13	55,000	2.4%	39.19		26	862,000	6.0	%	15.60
Thereafter	27	2,071,000	17.3	%	14.38		15	73,000	3.2%	32.69		42	2,144,000	15.0	%	15.00
Subtotal/Average	250	11,241,000	93.8	%	$	16.19	592	1,958,000	85.5%	$	36.15	842	13,199,000	92.4	%	$	19.16
Vacant	16	747,000	6.2	%	N/A		131	331,000	14.5%	N/A		147	1,078,000	7.6	%	N/A
Total/Average	266	11,988,000	100	%	N/A		723	2,289,000	100%	N/A		989	14,277,000	100	%	N/A

⁽¹⁾Year of expiration excludes tenant renewal options.

Note: Amounts shown in table above include both current leases and signed leases that have not commenced on vacant spaces for all retail properties (including properties in redevelopment). The average base rent for our 943,000 square-foot warehouse property (excluded from the table above) is $5.70 per square foot as of December 31, 2019. The table also excludes 133,000 square feet of self-storage space.



URBAN EDGE PROPERTIES
RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE ASSUMING EXERCISE OF ALL RENEWALS AND OPTIONS
As of December 31, 2019



	ANCHOR TENANTS (SF>=10,000)						SHOP TENANTS (SF<10,000)					TOTAL TENANTS
Year⁽¹⁾	# of leases	Square Feet	% of Total SF		Weighted Avg ABR PSF⁽²⁾		# of leases	Square Feet	% of Total SF	Weighted Avg ABR PSF⁽²⁾		# of leases	Square Feet	% of Total SF		Weighted Avg ABR PSF⁽²⁾

M-T-M	1	11,000	0.1	%	$	20.93	25	66,000	2.9%	$	28.49	26	77,000	0.5	%	$	27.41
2020	7	192,000	1.6	%	14.77		78	196,000	8.6%	39.04		85	388,000	2.7	%	27.03
2021	7	128,000	1.1	%	22.33		54	149,000	6.5%	36.35		61	277,000	1.9	%	29.87
2022	3	87,000	0.7	%	10.91		38	99,000	4.3%	41.62		41	186,000	1.3	%	27.26
2023	8	221,000	1.8	%	21.21		30	76,000	3.3%	42.90		38	297,000	2.1	%	26.76
2024	4	72,000	0.6	%	17.35		43	122,000	5.3%	36.64		47	194,000	1.4	%	29.49
2025	9	284,000	2.4	%	17.91		29	96,000	4.2%	33.27		38	380,000	2.7	%	21.79
2026	6	166,000	1.4	%	14.42		42	119,000	5.2%	40.33		48	285,000	2.0	%	25.24
2027	6	226,000	1.9	%	17.60		29	73,000	3.2%	29.72		35	299,000	2.1	%	20.56
2028	7	363,000	3.0	%	15.73		29	88,000	3.8%	38.50		36	451,000	3.2	%	20.18
2029	15	463,000	3.9	%	21.66		24	84,000	3.7%	41.19		39	547,000	3.8	%	24.66
2030	14	339,000	2.8	%	22.51		14	51,000	2.2%	42.81		28	390,000	2.7	%	25.16
Thereafter	163	8,689,000	72.5	%	22.61		157	739,000	32.3%	42.74		320	9,428,000	66.0	%	24.19
Subtotal/Average	250	11,241,000	93.8	%	$	21.71	592	1,958,000	85.5%	$	39.80	842	13,199,000	92.4	%	$	24.40
Vacant	16	747,000	6.2	%	N/A		131	331,000	14.5%	N/A		147	1,078,000	7.6	%	N/A
Total/Average	266	11,988,000	100	%	N/A		723	2,289,000	100%	N/A		989	14,277,000	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' in-place, contractual, cash-basis rent including ground rent and excludes tenant reimbursements, concessions, kiosks and storage rent and is adjusted assuming all option rents specified in the underlying leases are exercised. 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 (including properties in redevelopment). The average base rent for our 943,000 square-foot warehouse property (excluded from the table above) assuming exercise of all options at future tenant rent is $6.68 per square foot as of December 31, 2019. The table also excludes 133,000 square feet of self-storage space.



URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of December 31, 2019
(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

SHOPPING CENTERS AND MALLS:
California:
Signal Hill⁽⁶⁾	45,000	100.0%	$26.49	—	Best Buy
Vallejo (leased through 2043)⁽³⁾	45,000	100.0%	12.00	—	Best Buy
Walnut Creek (Olympic)	31,000	100.0%	70.00	—	Anthropologie
Walnut Creek (Mt. Diablo)⁽⁴⁾	7,000	—%	—	—
Connecticut:
Newington	189,000	100.0%	9.97	—	Walmart, Staples
Maryland:
Goucher Commons	155,000	98.6%	24.47	—	Staples, HomeGoods, Tuesday Morning, Five Below, Ulta, Kirkland's, Sprouts, DSW (lease not commenced)
Rockville	94,000	98.0%	27.17	—	Regal Entertainment Group
Wheaton (leased through 2060)⁽³⁾	66,000	100.0%	16.70	—	Best Buy
Massachusetts:
Cambridge (leased through 2033)⁽³⁾	48,000	100.0%	24.57	—	PetSmart, A.C. Moore
Revere (Wonderland Marketplace)⁽⁶⁾	140,000	100.0%	13.16	—	Big Lots, Planet Fitness, Marshalls, Get Air
Missouri:
Manchester	131,000	100.0%	11.22	$12,500	Academy Sports, Bob's Discount Furniture, Pan-Asia Market
New Hampshire:
Salem (leased through 2102)⁽³⁾	39,000	100.0%	10.51	—	Fun City (lease not commenced)
New Jersey:
Bergen Town Center - East, Paramus	253,000	97.5%	21.78	—	Lowe's, REI, Kirkland's, Best Buy
Bergen Town Center - West, Paramus	1,059,000	97.8%	32.83	$300,000	Target, Century 21, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Nieman Marcus Last Call Studio
Brick	278,000	94.7%	19.32	$50,000	Kohl's, ShopRite, Marshalls, Kirkland's
Carlstadt (leased through 2050)⁽³⁾	78,000	100.0%	23.79	—	Stop & Shop
Cherry Hill (Plaza at Cherry Hill)	422,000	73.0%	14.43	$28,930	LA Fitness, Aldi, Raymour & Flanigan, Restoration Hardware, Total Wine, Guitar Center, Sam Ash Music
East Brunswick	427,000	100.0%	14.52	$63,000	Lowe's, Kohl's, Dick's Sporting Goods, P.C. Richard & Son, T.J. Maxx, LA Fitness
East Hanover (200 - 240 Route 10 West)	343,000	99.2%	21.68	$63,000	The Home Depot, Dick's Sporting Goods, Saks Off Fifth, Marshalls, Paper Store
East Hanover (280 Route 10 West)	28,000	100.0%	34.71	—	REI
East Rutherford	197,000	98.3%	12.71	$23,000	Lowe's
Garfield	289,000	100.0%	15.22	$40,300	Walmart, Burlington, Marshalls, PetSmart, Ulta
Hackensack	275,000	99.4%	23.67	$66,400	The Home Depot, Staples, Petco, 99 Ranch
Hazlet	95,000	100.0%	3.70	—	Stop & Shop⁽⁵⁾
Jersey City (Hudson Mall)	382,000	80.8%	16.94	$23,625	Marshalls, Big Lots, Retro Fitness, Staples, Old Navy
Jersey City (Hudson Commons)	236,000	100.0%	12.62	$29,000	Lowe's, P.C. Richard & Son
Kearny	114,000	100.0%	21.86	—	LA Fitness, Marshalls, Ulta
Lawnside⁽⁶⁾	151,000	100.0%	16.31	—	The Home Depot, PetSmart
Lodi (Route 17 North)	171,000	—%	—	—
Lodi (Washington Street)	85,000	87.6%	22.06	—	Blink Fitness, Aldi



URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of December 31, 2019
(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
Manalapan	208,000	100.0%	19.10	—	Best Buy, Bed Bath & Beyond, Raymour & Flanigan, PetSmart, Avalon Flooring (lease not commenced)
Marlton	218,000	100.0%	15.96	$37,400	Kohl's, ShopRite, PetSmart
Middletown (Town Brook Commons)	231,000	96.9%	13.92	$31,400	Kohl's, Stop & Shop
Millburn	104,000	98.8%	26.41	$23,798	Trader Joe's, CVS, PetSmart
Montclair	21,000	100.0%	26.20	—	Whole Foods Market
Morris Plains (Briarcliff Commons)⁽⁶⁾	182,000	70.2%	25.59	—	Kohl's
North Bergen (Kennedy Blvd)	62,000	100.0%	14.36	—	Food Bazaar
North Bergen (Tonnelle Ave)	410,000	99.5%	21.73	$100,000	Walmart, BJ's Wholesale Club, PetSmart, Staples
North Plainfield (West End Commons)	241,000	100.0%	11.56	$25,100	Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis
Paramus (leased through 2033)⁽³⁾	63,000	100.0%	47.18	—	24 Hour Fitness
Rockaway	189,000	95.2%	14.71	$27,800	ShopRite, T.J. Maxx
South Plainfield (Stelton Commons) (leased through 2039)⁽³⁾	56,000	96.3%	21.36	—	Staples, Party City
Totowa	271,000	100.0%	17.45	$50,800	The Home Depot, Bed Bath & Beyond, buybuy Baby, Marshalls, Staples
Turnersville	98,000	100.0%	9.94	—	At Home, Verizon Wireless
Union (2445 Springfield Ave)	232,000	100.0%	17.85	$45,600	The Home Depot
Union (Route 22 and Morris Ave)	278,000	98.9%	17.11	—	Lowe's, Burlington, Office Depot
Watchung (Greenbrook Commons)	170,000	94.9%	18.15	$27,000	BJ's Wholesale Club
Westfield (One Lincoln Plaza)	22,000	89.9%	33.00	$4,730	Five Guys, PNC Bank
Woodbridge (Woodbridge Commons)	225,000	94.7%	13.04	$22,100	Walmart, Charisma Furniture
Woodbridge (Plaza at Woodbridge)	337,000	74.1%	18.88	$55,340	Best Buy, Raymour & Flanigan, Lincoln Tech, Harbor Freight, Retro Fitness
New York:
Bronx (1750-1780 Gun Hill Road)	81,000	100.0%	35.30	$24,500	Planet Fitness, Aldi
Bronx (Bruckner Commons)⁽⁶⁾	375,000	82.1%	27.09	—	Kmart, ShopRite, Burlington
Bronx (Shops at Bruckner)	115,000	100.0%	37.51	$10,978	Marshalls, Old Navy, LA Fitness (lease not commenced)
Buffalo (Amherst Commons)	311,000	98.1%	10.94	—	BJ's Wholesale Club, T.J. Maxx, Burlington, HomeGoods, LA Fitness
Commack (leased through 2021)⁽³⁾	47,000	100.0%	20.69	—	PetSmart, Ace Hardware
Dewitt (Marshall Plaza) (leased through 2041)⁽³⁾	46,000	100.0%	22.38	—	Best Buy
Freeport (Meadowbrook Commons) (leased through 2040)⁽³⁾	44,000	100.0%	22.31	—	Bob's Discount Furniture
Freeport (Freeport Commons)	173,000	100.0%	22.23	$43,100	The Home Depot, Staples
Huntington	204,000	43.8%	22.84	—	Marshalls, Old Navy, Petco
Inwood (Burnside Commons)	100,000	96.5%	19.42	—	Stop & Shop
Mt. Kisco	189,000	95.9%	16.74	$13,488	Target, Stop & Shop
New Hyde Park (leased through 2029)⁽³⁾	101,000	100.0%	21.93	—	Stop & Shop
Queens (Cross Bay Commons)	46,000	78.7%	41.64	—
Rochester (Henrietta) (leased through 2056)⁽³⁾	165,000	100.0%	4.62	—	Kohl's
Staten Island (Forest Commons)	165,000	96.3%	23.69	—	Western Beef, Planet Fitness, Mavis Discount Tire, NYC Public School



URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of December 31, 2019
(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
Yonkers Gateway Center	437,000	97.2%	17.15	$30,122	Burlington, Marshalls, Homesense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema
Pennsylvania:
Bensalem (Marten Commons)	185,000	96.6%	12.73	—	Kohl's, Ross Dress for Less, Staples, Petco
Bethlehem (Easton Commons)⁽⁶⁾	153,000	94.5%	8.50	—	Giant Food, Petco
Broomall	169,000	100.0%	10.31	—	Giant Food⁽⁵⁾, Planet Fitness, A.C. Moore, PetSmart
Glenolden (MacDade Commons)	102,000	100.0%	12.81	—	Walmart
Lancaster (Lincoln Plaza)	228,000	100.0%	4.94	—	Lowe's, Community Aid, Mattress Firm
Springfield (leased through 2025)⁽³⁾	41,000	100.0%	22.99	—	PetSmart
Wilkes-Barre (461 - 499 Mundy Street)⁽⁶⁾	179,000	82.9%	13.57	—	Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Tuesday Morning
Wyomissing (leased through 2065)⁽³⁾	76,000	100.0%	16.76	—	LA Fitness, PetSmart
South Carolina:
Charleston (leased through 2063)⁽³⁾	45,000	100.0%	15.10	—	Best Buy
Virginia:
Norfolk (leased through 2069)⁽³⁾	114,000	100.0%	7.08	—	BJ's Wholesale Club
Puerto Rico:
Las Catalinas	356,000	54.8%	45.34	$129,335	Forever 21, Old Navy
Montehiedra	539,000	95.3%	18.64	$113,202	Kmart, The Home Depot, Marshalls, Caribbean Cinemas, Tiendas Capri, Old Navy
Total Shopping Centers and Malls	14,277,000	92.4%	$19.22	$1,515,548
WAREHOUSES:
East Hanover Warehouses	943,000	100.0%	5.70	$40,700	J & J Tri-State Delivery, Foremost Groups, PCS Wireless, Fidelity Paper & Supply, Meyer Distributing, Consolidated Simon Distributors, Givaudan Flavors, Reliable Tire, LineMart
Total Urban Edge Properties	15,220,000	92.9%	$18.31	$1,556,248

⁽¹⁾ Percent leased is expressed as the percentage of gross leasable area subject to a lease. The Company excludes 133,000 sf of self-storage from the report above.

⁽²⁾ Weighted average annual base rent per square foot is the current base rent on an annualized basis. It includes executed leases for which rent has not commenced and excludes tenant expense reimbursements, free rent periods, concessions and storage rent. Excluding ground leases where the Company is the lessor, the weighted average annual rent per square foot for our retail portfolio is $21.18 per square foot.

⁽³⁾ The Company is a lessee under a ground or building lease. Ground and building lease terms include exercised options and options that may be exercised in future periods. For building leases, the total square feet disclosed for the building will revert to the lessor upon lease expiration. At Salem, the ground lease is for a portion of the parking area only.

⁽⁴⁾ Our ownership of Walnut Creek (Mt. Diablo) is 95%.

⁽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 cash NOI for the quarter ended December 31, 2019 and 2018, respectively.

⁽⁷⁾ Mortgage debt balances exclude unamortized debt issuance costs.



URBAN EDGE PROPERTIES
PROPERTY ACQUISITIONS AND DISPOSITIONS
For the year ended December 31, 2019
(dollars in thousands)



2019 Property Acquisitions:

Date Acquired	Property Name	City	State	GLA		Price⁽¹⁾
11/1/2019	25 East Spring Valley Ave	Maywood	NJ	43,800		$	7,100
11/8/2019	Wonderland Marketplace	Revere	MA	139,500		24,100
12/9/2019	150 Route 4 East	Paramus	NJ	12,000		7,000

2019 Property Dispositions:

Date Disposed	Property Name	City	State	GLA		Price
3/15/2019	Chicopee	Chicopee	MA	224,000		$	18,600
5/14/2019	Governor's Commons	Glen Burnie	MD	129,000		16,200
7/9/2019	Springfield Commons	Springfield	MA	182,000		10,210
8/6/2019	Hubbards Commons	West Babylon	NY	66,000		17,000
8/19/2019	Two Guys Commons	York	PA	111,000		13,150
8/29/2019	Tysons Corner	Tysons Corner	VA	38,000	⁽²⁾	6,950		⁽²⁾
8/30/2019	Cherry Hill Commons	Cherry Hill	NJ	263,000		29,000
9/24/2019	Oceanside	Oceanside	NY	16,000		7,120
9/26/2019	Rochester	Rochester	NY	205,000		8,300

⁽¹⁾ Excludes $0.3 million of transaction costs related to property acquisitions.

⁽²⁾ The property was subject to a ground lease and previously classified on the balance sheet as a right-of-use asset and lease liability prior to being sold.



URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of December 31, 2019
(in thousands, except square footage data)



ACTIVE PROJECTS	Estimated Gross Cost⁽¹⁾			Incurred as of 12/31/19		Target Stabilization⁽²⁾	Description and status
Shops at Bruckner⁽³⁾	$	22,600		$	400	2Q22	Retenant end-cap anchor space with LA Fitness, reposition small shops, facade renovations and common area improvements
Tonnelle Commons⁽³⁾	10,800			10,500		4Q21	102,000± sf, adding CubeSmart self-storage facility on excess land
Kearny Commons⁽³⁾	10,800			9,500		4Q20	Expanding by 22,000 sf to accommodate a 10,000 sf Ulta (open) and other tenants as well as adding a freestanding Starbucks
Huntington Commons⁽³⁾	5,900			4,400		4Q20	Converting 11,000± sf basement space into street-front retail
Garfield Commons - Phase II⁽³⁾	4,900			3,600		4Q20	18,000± sf of shops (Five Below open; balance of space under construction)
The Plaza at Woodbridge⁽³⁾	4,000			4,000		2Q22	Repurposing 82,000 sf of unused basement space into self-storage (open)
Mt. Kisco Commons⁽³⁾	3,000			2,700		4Q20	Converting former sit-down restaurant into a Chipotle and another quick service restaurant (under construction)
Wilkes-Barre	2,200			600		4Q20	New Panera Bread pad
Salem⁽³⁾	1,400			—		4Q20	Retenanting former Babies "R" Us with Fun City

Total	$	65,600	⁽⁴⁾	$	35,700

⁽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 cash 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 27. 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.

⁽⁴⁾ The estimated, unleveraged yield for total Active projects is 8% 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 as a result of bankruptcy is based on the total cash NOI directly attributable to the project and the estimated project costs.



URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of December 31, 2019
(in thousands, except square footage data)



COMPLETED PROJECTS	Estimated Gross Cost⁽¹⁾			Incurred as of 12/31/19		Stabilization⁽²⁾	Description and status
Bruckner Commons	$	74,600		$	72,600	1Q19	Renovated 3 buildings; retenanting 134,000± sf; Urban Health; Burlington, ShopRite, Boston Market, KicksUSA and T-Mobile (open), and Smashburger (executed)
Bergen Town Center-Phase I⁽³⁾	60,300			60,300		3Q19	Adding Burlington (open) to the main mall and 15,000± sf adjacent to REI (Kirkland’s open in 10,000 sf); expanding Kay (open): replacing bank with Cava Grill (open) and Sticky's Finger Joint (open); replacing east deck and upgrading west desk (complete)
Briarcliff Commons	7,900			7,000		3Q19	Renovated façade; tenant repositioning; added Chick-fil-A (open)
Yonkers Gateway Center⁽³⁾	7,500			7,400		1Q19	Repositioned vacant grocer box with Marshalls & Homesense (both are open)
West Branch Commons⁽³⁾	5,300			5,300		3Q19	Retenanting former Toys "R" Us with Burlington (open)
Amherst Commons⁽³⁾	4,900			4,900		3Q19	Retenanting former Toys "R" Us with Burlington (open)
Gun Hill Commons⁽³⁾	1,700			1,700		4Q19	Expanding Aldi (open)
Bergen Town Center-Phase IIC⁽³⁾	1,600			1,100		3Q19	Lands' End (open) and Chopt (open) replacing dressbarn
Bergen Town Center-Phase IIB⁽³⁾	1,300			1,300		1Q19	Replaced Pot Belly & Pei Wei with Ruth’s Chris Steakhouse
Woodbridge Commons⁽³⁾	1,300			1,300		2Q19	Charisma Furniture (open) replaced Syms
Rockaway River Commons - Phase III⁽³⁾	800			800		2Q19	Expanded ShopRite by 6,000± sf at its expense
Total	$	167,200	⁽⁴⁾	$	163,700



FUTURE REDEVELOPMENT⁽⁵⁾	Location	Opportunity
Lodi	Lodi, NJ	Redevelop entire center for retail and/or warehouse; develop outparcel building
Bergen Town Center	Paramus, NJ	Develop a mix of uses including residential, hotel, and/or office; common area improvements and enhancements to improve merchandising
The Plaza at Cherry Hill	Cherry Hill, NJ	Renovate center
The Outlets at Montehiedra	San Juan, PR	Develop 20,000± sf retail on excess land; marketing
Marlton Commons	Marlton, NJ	Develop new small shop space and renovate façade
Briarcliff Commons	Morris Plains, NJ	Retenant former ShopRite box, add pad site, common area improvements
The Plaza at Woodbridge	Woodbridge, NJ	Retenant former Toys "R" Us box with a national retailer (executed)
Hudson Mall	Jersey City, NJ	Develop a mix of uses surrounding Hudson Mall as well as redeveloping parts of the mall to create a retail destination and retenant former Toys "R" Us box
Wilkes-Barre	Wilkes-Barre, PA	Retenant former Babies "R" Us box
Brick Commons	Bricktown, NJ	Develop new pad
Huntington Commons	Huntington, NY	Retenant former Kmart box with ShopRite (executed)
Brunswick Commons	East Brunswick, NJ	Develop new pad
Las Catalinas Mall	Caguas, PR	Retenant former Kmart box

⁽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 cash 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.

⁽⁴⁾The estimated unleveraged yield for Completed projects is 7% based on the total estimated project costs of and the incremental unleveraged NOI expected from the projects. 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 cash 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 preliminary 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.



URBAN EDGE PROPERTIES
DEBT SUMMARY
As of December 31, 2019 and December 31, 2018
(in thousands)



	December 31, 2019			December 31, 2018
Fixed rate debt	$	1,386,748		$	1,392,659
Variable rate debt	169,500			169,500
Total debt	$	1,556,248		$	1,562,159

% Fixed rate debt	89.1		%	89.1		%
% Variable rate debt	10.9		%	10.9		%
Total	100		%	100		%


Secured mortgage debt	$	1,556,248		$	1,562,159
Unsecured debt	—			—
Total debt	$	1,556,248		$	1,562,159

% Secured mortgage debt	100		%	100		%
% Unsecured mortgage debt	N/A			N/A
Total	100		%	100		%

Weighted average remaining maturity on secured mortgage debt	5.7 years			6.7 years


Total market capitalization (see page 16)	$	3,996,010

% Secured mortgage debt	38.9		%
% Unsecured debt	—		%
Total debt : Total market capitalization	38.9		%


Weighted average interest rate on secured mortgage debt⁽¹⁾	4.04		%	4.12		%

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

⁽¹⁾ Weighted average interest rate is calculated based on balances outstanding at the respective dates.

No amounts are currently outstanding on our unsecured $600 million line of credit. During July 2019, the Company amended its revolving credit facility, extending the maturity date from March 2021 to January 2024 with two six-month extension options. To the extent borrowing occurs, our borrowing rate is LIBOR plus an applicable margin of 1.05% to 1.50% and an annual facility fee of 15 to 30 basis points. Both the spread over LIBOR and the facility fee are based on our then current leverage ratio.



URBAN EDGE PROPERTIES
MORTGAGE DEBT SUMMARY
As of December 31, 2019 (unaudited) and December 31, 2018
(dollars in thousands)



Debt Instrument	Maturity Date	Rate		December 31, 2019			December 31, 2018			Percent of Debt at December 31, 2019
Montehiedra (senior loan)	7/6/21	5.33	%	$	83,202		$	84,860		5.3	%
Montehiedra (junior loan)	7/6/21	3.00	%	30,000			30,000			1.9	%
Cherry Hill (Plaza at Cherry Hill)⁽⁴⁾	5/24/22	3.31	%	28,930			28,930			1.9	%
Westfield (One Lincoln Plaza)⁽⁴⁾	5/24/22	3.31	%	4,730			4,730			0.3	%
Woodbridge (Plaza at Woodbridge)⁽⁴⁾	5/25/22	3.31	%	55,340			55,340			3.6	%
Bergen Town Center - West, Paramus	4/8/23	3.56	%	300,000			300,000			19.3	%
Bronx (Shops at Bruckner)	5/1/23	3.90	%	10,978			11,582			0.7	%
Jersey City (Hudson Mall)⁽³⁾	12/1/23	5.07	%	23,625			24,326			1.5	%
Yonkers Gateway Center⁽⁵⁾	4/6/24	4.16	%	30,122			31,704			1.9	%
Las Catalinas	8/6/24	4.43	%	129,335			130,000			8.3	%
Jersey City (Hudson Commons)⁽¹⁾	11/15/24	3.61	%	29,000			29,000			1.9	%
Watchung⁽¹⁾	11/15/24	3.61	%	27,000			27,000			1.7	%
Bronx (1750-1780 Gun Hill Road)⁽¹⁾	12/1/24	3.61	%	24,500			24,500			1.6	%
Brick	12/10/24	3.87	%	50,000			50,000			3.2	%
North Plainfield	12/10/25	3.99	%	25,100			25,100			1.6	%
Middletown	12/1/26	3.78	%	31,400			31,400			2.0	%
Rockaway	12/1/26	3.78	%	27,800			27,800			1.8	%
East Hanover (200 - 240 Route 10 West)	12/10/26	4.03	%	63,000			63,000			4.0	%
North Bergen (Tonnelle Ave)	4/1/27	4.18	%	100,000			100,000			6.4	%
Manchester	6/1/27	4.32	%	12,500			12,500			0.8	%
Millburn	6/1/27	3.97	%	23,798			24,000			1.5	%
Totowa	12/1/27	4.33	%	50,800			50,800			3.3	%
Woodbridge (Woodbridge Commons)	12/1/27	4.36	%	22,100			22,100			1.5	%
East Brunswick	12/6/27	4.38	%	63,000			63,000			4.0	%
East Rutherford	1/6/28	4.49	%	23,000			23,000			1.5	%
Hackensack	3/1/28	4.36	%	66,400			66,400			4.3	%
Marlton	12/1/28	3.86	%	37,400			37,400			2.4	%
East Hanover Warehouses	12/1/28	4.09	%	40,700			40,700			2.6	%
Union (2445 Springfield Ave)	12/10/28	4.01	%	45,600			45,600			2.9	%
Freeport (Freeport Commons)	12/10/29	4.07	%	43,100			43,100			2.8	%
Garfield	12/1/30	4.14	%	40,300			40,300			2.6	%
Mt Kisco⁽²⁾	11/15/34	6.40	%	13,488			13,987			0.9	%
Total mortgage debt		4.04	%	$	1,556,248		$	1,562,159		100	%
Unamortized debt issuance costs				(10,053		)	(11,917		)
Total mortgage debt, net				$	1,546,195		$	1,550,242


⁽¹⁾	Bears interest at one month LIBOR plus 190 bps.


⁽²⁾	The mortgage payable balance on the loan secured by Mt Kisco includes $0.9 million and $1.0 million of unamortized debt discount as of December 31, 2019 and December 31, 2018, respectively. The effective interest rate including amortization of the debt discount is 7.37% as of December 31, 2019.


⁽³⁾	The mortgage payable balance on the loan secured by Hudson Mall includes $1.0 million and $1.2 million of unamortized debt premium as of December 31, 2019 and December 31, 2018, respectively. The effective interest rate including amortization of the debt premium is 3.90% as of December 31, 2019.


⁽⁴⁾	Bears interest at one month LIBOR plus 160 bps.


⁽⁵⁾	The mortgage payable balance on the loan secured by Yonkers Gateway Center includes $0.6 million and $0.7 million of unamortized debt premium as of both December 31, 2019 and December 31, 2018, respectively. The effective interest rate including amortization of the debt premium is 3.80% as of December 31, 2019.



URBAN EDGE PROPERTIES
DEBT MATURITY SCHEDULE
As of December 31, 2019 (unaudited) and December 31, 2018
(dollars in thousands)



Year	Amortization		Balloon Payments		Premium/(Discount) Amortization			Total			Weighted Average Interest rate at maturity	Percent of Debt Maturing
2020	$	7,184	$	—	$	331		$	7,515		4.3%	0.5	%
2021	9,095		113,202		331			122,628			4.7%	7.9	%
2022	12,339		87,041		331			99,711			3.4%	6.4	%
2023	14,627		329,432		308			344,367			3.7%	22.1	%
2024	12,976		261,366		(26		)	274,316			4.1%	17.6	%
2025	9,107		23,260		(61		)	32,306			4.1%	2.1	%
2026	8,888		115,104		(61		)	123,931			3.9%	8.0	%
2027	5,877		259,525		(61		)	265,341			4.3%	17.1	%
2028	5,147		199,322		(61		)	204,408			4.2%	13.1	%
Thereafter	9,948		72,133		(356		)	81,725			4.3%	5.2	%
Total	$	95,188	$	1,460,385	$	675		$	1,556,248		4.0%	100	%
	Unamortized debt issuance costs							(10,053		)
	Mortgage debt, net							$	1,546,195

Urban Edge Properties - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 12, 2020

Attached files

Urban Edge Properties Reports