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

Attached files

file	filename
EX-99.1 - EX-99.1 - Urban Edge Properties	exhibit991-earningsrelease.htm
8-K - 8-K - Urban Edge Properties	ue-20210804.htm

Exhibit 99.2




URBAN EDGE PROPERTIES

SUPPLEMENTAL DISCLOSURE
PACKAGE

June 30, 2021






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


URBAN EDGE PROPERTIES
SUPPLEMENTAL DISCLOSURE
June 30, 2021
(unaudited)

TABLE OF CONTENTS
			Page
Press Release
Second Quarter 2021 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

COVID-19 Disclosure			31





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 Second Quarter 2021 Results

NEW YORK, NY, August 4, 2021 - Urban Edge Properties (NYSE: UE) (the "Company") today announced its results for the quarter ended June 30, 2021.

“We are very pleased with our results this quarter and the positive momentum in leasing activity,” said Jeff Olson, Chairman and CEO. “The strength of the retail industry is driving higher leasing volumes and fueling our redevelopment pipeline."

Financial Results(1)(2)

•Generated net income attributable to common shareholders of $12.5 million, or $0.11 per diluted share, for the second quarter of 2021 compared to $31.3 million, or $0.27 per diluted share, for the second quarter of 2020 and $32.5 million, or $0.28 per diluted share, for the six months ended June 30, 2021 compared to $80.2 million, or $0.67 per diluted share, for the six months ended June 30, 2020.

•Generated Funds from Operations applicable to diluted common shareholders ("FFO") of $35.4 million, or $0.29 per share, for the quarter compared to $55.7 million, or $0.46 per share, for the second quarter of 2020 and $67.2 million, or $0.55 per share, for the six months ended June 30, 2021 compared to $90.5 million, or $0.73 per share, for the six months ended June 30, 2020.

•Generated FFO as Adjusted of $34.5 million, or $0.28 per share, for the quarter compared to $21.7 million, or $0.18 per share, for the second quarter of 2020 and $66.8 million, or $0.55 per share, for the six months ended June 30, 2021 compared to $56.7 million, or $0.46 per share, for the six months ended June 30, 2020.

Operating Results(1)(3)

•Reported an increase of 23.9% in same-property Net Operating Income ("NOI"), including properties in redevelopment, compared to the second quarter of 2020. The increase was driven by $14.6 million lower rental revenue deemed uncollectible.

•Reported an increase of 24.8% in same-property NOI, excluding properties in redevelopment, compared to the second quarter of 2020. The increase was driven by $14.6 million lower rental revenue deemed uncollectible.

•Reported same-property portfolio leased occupancy of 92.0%, an increase of 90 basis points compared to March 31, 2021 and a decrease of 40 basis points compared to June 30, 2020. The increase in the quarter was driven by the execution of a 123,000 square foot ("sf") lease with Sector Sixty6, an interactive entertainment venue incorporating K1 racing, bowling, and ropes courses, at Las Catalinas Mall in Puerto Rico.

•Reported consolidated portfolio leased occupancy of 89.8%, an increase of 90 basis points compared to March 31, 2021 and a decrease of 260 basis points compared to June 30, 2020. The decrease compared to prior year includes a 200 basis points negative impact from the acquisition of Sunrise Mall in December 2020, which was 66% occupied as of June 30, 2021, and is included in our future redevelopment pipeline.

•Executed 37 new leases, renewals and options totaling 317,000 sf during the quarter. Same-space leases totaled 298,000 sf and generated average rent spreads of 8.8% on a GAAP basis and (0.2)% on a cash basis.

•The Company has signed leases that have not yet rent commenced that will generate an additional $12 million of future annual gross rent, representing approximately 5% of NOI.

•Collected 97% of second quarter base rents as of July 30, 2021.

•Issued first annual Environmental, Social and Governance ("ESG") Report outlining the Company’s ESG strategies, policies, and environmental performance metrics.

Balance Sheet and Liquidity(1)(4)

Balance sheet highlights as of June 30, 2021 include:

•Total liquidity of approximately $1 billion, comprised of $379 million of cash on hand and $600 million available under our revolving credit.

•Weighted average term to maturity on our outstanding debt is 5 years.

•Total market capitalization of approximately $3.9 billion, comprised of 122.5 million fully-diluted common shares valued at $2.3 billion and $1.6 billion of debt.

•Net debt to total market capitalization of 31%.

•Net debt to Adjusted Earnings before interest, tax, depreciation and amortization for real estate ("EBITDAre") of 6.1x.

Leasing, Development and Redevelopment

The Company has commenced $16.4 million of redevelopment projects in connection with the execution of leases with Sector Sixty6 at Las Catalinas Mall and Sweetgreen at Walnut Creek.

During the quarter, the Company completed its $3.4 million development project at its property in Wilkes-Barre, PA to accommodate a new Panera Bread pad.

The Company has $134.1 million of active redevelopment projects under way, of which $89.7 million remains to be funded. These projects are expected to generate an approximate 8% unleveraged yield.

Acquisition and Disposition Activity

The Company is under contract to acquire two industrial properties totaling 275,000 sf for $55.5 million, that are located near our existing 943,000 sf warehouse park in East Hanover, NJ.

In July, the Company sold its property in Westfield, NJ, for $5.5 million, generating proceeds of $0.8 million, net of the repayment of the $4.7 million loan secured by the property.

(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 June 30, 2021.

(3) Refer to page 6 for a reconciliation of net income to NOI and Same-Property NOI for the quarter ended June 30, 2021.

(4) Net debt as of June 30, 2021 is calculated as total consolidated debt of $1.6 billion less total cash and cash equivalents, including restricted cash, of $379 million.

Non-GAAP Financial Measures

The Company uses certain non-GAAP performance measures, in addition to the primary GAAP presentations, as we believe these measures improve the understanding of the Company's operational results. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the investing public, and thus such reported measures are subject to change. The Company's non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results. Additionally, the Company's computation of non-GAAP metrics may not be comparable to similarly titled non-GAAP metrics reported by other REITs or real estate companies that define these metrics differently and, as a result, it is important to understand the manner in which the Company defines and calculates each of its non-GAAP metrics. The following non-GAAP measures are commonly used by the Company and investing public to understand and evaluate our operating results and performance:

•FFO: The Company believes FFO is a useful, supplemental measure of its operating performance that is a recognized metric used extensively by the real estate industry and, in particular real estate investment trusts ("REITs"). FFO, as defined by the National Association of Real Estate Investment Trusts ("Nareit") and the Company, is net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable real estate and land when connected to the main business of a REIT, impairments on depreciable real estate or land related to a REIT's main business and rental property depreciation and amortization expense. The Company believes that financial analysts, investors and shareholders are better served by the presentation of comparable period operating results generated from FFO primarily because it excludes the assumption that the value of real estate assets diminishes predictably. FFO does not represent cash flows from operating activities in accordance with GAAP, should not be considered an alternative to net income as an indication of our performance, and is not indicative of cash flow as a measure of liquidity or our ability to make cash distributions.

•FFO as Adjusted: The Company provides disclosure of FFO as Adjusted because it believes it is a useful supplemental measure of its core operating performance that facilitates comparability of historical financial periods. FFO as Adjusted is calculated by making certain adjustments to FFO to account for items the Company does not believe are representative of ongoing core operating results, including non-comparable revenues and expenses. The Company's method of calculating FFO as Adjusted may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

•NOI: The Company uses NOI internally to make investment and capital allocation decisions and to compare the unlevered performance of our properties to our peers. The Company believes NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis, providing perspective not immediately apparent from net income. The Company calculates NOI using net income as defined by GAAP reflecting only those income and expense items that are incurred at the property level, adjusted for non-cash rental income and expense, and income or expenses that we do not believe are representative of ongoing operating results, if any. In addition, the Company uses NOI margin, calculated as NOI divided by total revenue, which the Company believes is useful to investors for similar reasons. The Company has historically defined this metric as "Cash NOI." There have been no changes to the calculation of this metric. However, the Company has decided to refer to this metric as "NOI" instead of "Cash NOI" to further clarify that, consistent with the definition of this metric, the revenue and expenses reflected in this metric include some accrued amounts and are not limited to amounts for which the Company actually received or made cash payment during the applicable period.

•Same-property NOI: The Company provides disclosure of NOI on a same-property basis, which includes the results of properties that were owned and operated for the entirety of the reporting periods being compared, which total 72 and 70 properties for the three and six months ended June 30, 2021 and 2020, respectively. 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 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 NOI on a same-property basis adjusted to include redevelopment properties. Same-property NOI may include other adjustments as detailed in the Reconciliation of Net Income to NOI and same-property NOI included in the tables accompanying this press release. The Company has historically defined this metric as "same-property Cash NOI." There have been no changes to the calculation of this metric. The Company has decided to refer to this metric as "same-property NOI" for the same reasons discussed above under "NOI," which we had historically defined as "Cash NOI."

•EBITDAre and Adjusted EBITDAre: EBITDAre and Adjusted EBITDAre are supplemental, non-GAAP measures utilized by us in various financial ratios. The White Paper on EBITDAre, approved by Nareit's Board of Governors in September 2017, defines EBITDAre as net income (computed in accordance with GAAP), adjusted for interest expense, income tax (benefit) expense, depreciation and amortization, losses and gains on the disposition of depreciated property, impairment write-downs of depreciated property and investments in unconsolidated joint ventures, and adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. EBITDAre and Adjusted EBITDAre are presented to assist investors in the evaluation of REITs, as a measure of the Company's operational performance as they exclude various items that do not relate to or are not indicative of our operating performance and because they approximate key performance measures in our debt covenants. Accordingly, the Company believes that the use of EBITDAre and Adjusted EBITDAre, as opposed to income before income taxes, in various ratios provides meaningful performance measures related to the Company's ability to meet various coverage tests for the stated periods. Adjusted EBITDAre may include other adjustments not indicative of operating results as detailed in the Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre included in the tables accompanying this press release. The Company also presents the ratio of net debt (net of cash) to annualized Adjusted EBITDAre as of June 30, 2021, and net debt (net of cash) to total market capitalization, which it believes is useful to investors as a supplemental measure in evaluating the Company's balance sheet leverage. The presentation of EBITDAre and Adjusted EBITDAre is consistent with EBITDA and Adjusted EBITDA as presented in prior periods.

The Company believes net income is the most directly comparable GAAP financial measure to the non-GAAP performance measures outlined above. Reconciliations of these measures to net income have been provided in the tables accompanying this press release.

Operating Metrics

The Company presents certain operating metrics related to our properties, including occupancy, leasing activity and rental rates. Operating metrics are used by the Company and are useful to investors in facilitating an understanding of the operational performance for our properties.

Occupancy metrics represent the percentage of occupied gross leasable area based on executed leases (including properties in development and redevelopment) and include leases signed, but for which rent has not yet commenced. Same-property portfolio leased occupancy includes properties that have been owned and operated for the entirety of the reporting periods being compared, which total 72 and 70 properties for the three and six months ended June 30, 2021 and 2020, respectively. 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 three and six months ended June 30, 2021 and 2020, 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.


	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in thousands)	2021		2020		2021		2020
Net income	$	12,981	$	32,545	$	33,697	$	83,833
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership	(584)		(1,290)		(1,459)		(3,598)
Consolidated subsidiaries	150		—		229		—
Net income attributable to common shareholders	12,547		31,255		32,467		80,235
Adjustments:
Rental property depreciation and amortization	22,272		23,111		44,958		46,392
Gain on sale of real estate	—		—		(11,722)		(39,775)
Limited partnership interests in operating partnership	584		1,290		1,459		3,598
FFO Applicable to diluted common shareholders	35,403		55,656		67,162		90,450
FFO per diluted common share(1)	0.29		0.46		0.55		0.73
Adjustments to FFO:
Gain on extinguishment of debt	—		(34,908)		—		(34,908)
(Reinstatement)/write-off of receivables arising from the straight-lining of rents, net	(239)		6,048		634		6,048
Tax impact of Puerto Rico transactions	(490)		(13,366)		(490)		(13,366)
Executive transition costs	—		7,152		—		7,152
Tenant bankruptcy settlement income	(286)		—		(286)		—
Transaction, severance and other expenses (income), net	120		1,165		(257)		1,291
FFO as Adjusted applicable to diluted common shareholders	$	34,508	$	21,747	$	66,763	$	56,667
FFO as Adjusted per diluted common share(1)	$	0.28	$	0.18	$	0.55	$	0.46

Weighted Average diluted common shares(1)	122,485		121,408		122,327		124,082

(1) Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the three months ended June 30, 2021 and 2020 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.

Reconciliation of Net Income to NOI and Same-Property NOI

The following table reflects the reconciliation of net income to NOI, same-property NOI and same-property NOI including properties in redevelopment for the three and six months ended June 30, 2021 and 2020, respectively. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a description of NOI and same-property NOI.


	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in thousands)	2021		2020		2021		2020
Net income	$	12,981	$	32,545	$	33,697	$	83,833
Management and development fee income from non-owned properties	(266)		(285)		(631)		(599)
Other (income) expense	427		201		181		456
Depreciation and amortization	22,488		23,299		45,363		46,770
General and administrative expense	9,484		18,053		18,152		27,900
Gain on sale of real estate	—		—		(11,722)		(39,775)
Interest income	(90)		(422)		(226)		(2,105)
Interest and debt expense	14,728		18,573		29,555		35,748
Gain on extinguishment of debt	—		(34,908)		—		(34,908)
Income tax (benefit) expense	(34)		(13,662)		201		(13,562)
Non-cash revenue and expenses	(2,482)		3,938		(3,755)		1,243
NOI(1)	57,236		47,332		110,815		105,001
Adjustments:
Non-same property NOI and other(2)	(528)		(1,624)		(3,857)		(6,605)
Tenant bankruptcy settlement income and lease termination income	(286)		(504)		(762)		(507)
Same-property NOI	$	56,422	$	45,204	$	106,196	$	97,889
NOI related to properties being redeveloped	889		1,062		1,758		2,340
Same-property NOI including properties in redevelopment	$	57,311	$	46,266	$	107,954	$	100,229

(1) The Company has historically defined this metric as “Cash NOI.” There have been no changes to the calculation.

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

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 three and six months ended June 30, 2021 and 2020, 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.


	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in thousands)	2021		2020		2021		2020
Net income	$	12,981	$	32,545	$	33,697	$	83,833
Depreciation and amortization	22,488		23,299		45,363		46,770
Interest and debt expense	14,728		18,573		29,555		35,748
Income tax (benefit) expense	(34)		(13,662)		201		(13,562)
Gain on sale of real estate	—		—		(11,722)		(39,775)
EBITDAre	50,163		60,755		97,094		113,014
Adjustments for Adjusted EBITDAre:
Gain on extinguishment of debt	—		(34,908)		—		(34,908)
Executive transition costs	—		7,152		—		7,152
Tenant bankruptcy settlement income	(286)		—		(286)		—
(Reinstatement)/write-off of receivables arising from the straight-lining of rents, net	(239)		6,048		634		6,048
Transaction, severance and other expenses (income)	120		1,165		(257)		1,291
Adjusted EBITDAre	$	49,758	$	40,212	$	97,185	$	92,597

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 77 properties totaling 16.2 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 actual 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 forward-looking statements are beyond our ability to control or predict and include, among others: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to individuals adversely impacted by the COVID-19 pandemic, and to large and small businesses, particularly our retail tenants, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, (b) the duration of any such orders or other formal recommendations for social distancing, and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) the rate and efficacy of COVID-19 vaccines; (e) the potential adverse impact on returns from redevelopment projects, and (f) the broader impact of the economic contraction and increase in unemployment that has occurred in the short term, and negative consequences that will occur if these trends are not reversed; (ii) the loss or bankruptcy of major tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (iii) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic and the significant uncertainty as to when and under which conditions potential tenants will be able to operate physical retail locations in the future; (iv) the impact of e-commerce on our tenants’ business; (v) macroeconomic conditions, such as a disruption of, or lack of access to the capital markets, as well as potential volatility in the Company’s share price as compared to prices prior to the spread of the COVID-19 pandemic; (vi) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (vii) changes in general economic conditions or economic conditions in the markets in which the Company competes, and their effect on the Company’s revenues, earnings and funding sources, and on those of its tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR; (ix) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under its existing credit facility as a result of covenants relating to the Company’s financial results; (x) potentially higher costs associated with the Company’s development, redevelopment and anchor repositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches; and (xv) the loss of key executives. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 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 June 30, 2021

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, 2020 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. 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 three and six months ended June 30, 2021 (unaudited)
(in thousands, except per share, sf, rent psf and financial ratio data)


	Three months ended			Six months ended
Summary Financial Results	June 30, 2021			June 30, 2021
Total revenue	$	94,006		$	189,667
General & administrative expenses (G&A)	$	9,484		$	18,152
Net income attributable to common shareholders	$	12,547		$	32,467
Earnings per diluted share	$	0.11		$	0.28
Adjusted EBITDAre(7)	$	49,758		$	97,185
Funds from operations (FFO)	$	35,403		$	67,162
FFO per diluted common share	$	0.29		$	0.55
FFO as Adjusted	$	34,508		$	66,763
FFO as Adjusted per diluted common share	$	0.28		$	0.55
Total dividends declared per share	$	0.15		$	0.30
Stock closing price low-high range (NYSE)	$16.88 to $20.27			$12.61 to $20.27
Weighted average diluted shares used in EPS computations(1)	117,034			122,327
Weighted average diluted common shares used in FFO computations(1)	122,485			122,327

Summary Property, Operating and Financial Data
# of Total properties / # of Retail properties	77 / 75
Gross leasable area (GLA) sf - retail portfolio(3)(5)	15,116,000
Weighted average annual rent psf - retail portfolio(3)(5)	$	18.67
Consolidated portfolio leased occupancy at end of period	89.8		%
Consolidated retail portfolio leased occupancy at end of period(5)	89.1		%
Same-property portfolio leased occupancy at end of period(2)	92.0		%
Same-property physical occupancy at end of period(4)(2)	89.2		%
Same-property NOI growth(2)	24.8		%	8.5		%
Same-property NOI growth, including redevelopment properties	23.9		%	7.7		%
NOI margin - total portfolio	62.7		%	60.0		%
Expense recovery ratio - total portfolio	84.9		%	85.3		%
New, renewal and option rent spread - cash basis(8)	(0.2)		%	1.8		%
New, renewal and option rent spread - GAAP basis(8)	8.8		%	7.6		%
Net debt to total market capitalization(6)	30.8		%	30.8		%
Net debt to Adjusted EBITDAre(6)	6.1		x	6.2		x
Adjusted EBITDAre to interest expense(7)	3.6		x	3.5		x
Adjusted EBITDAre to fixed charges(7)	2.9		x	2.9		x

(1) Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the three months ended June 30, 2021 are higher than the GAAP weighted average diluted shares as a result of the dilutive impact of LTIP and OP units which may be redeemed for our common shares.

(2) The same-property pool for both NOI and occupancy includes properties the Company consolidated, owned and operated for the entirety of both periods being compared and excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the GLA is taken out of service and also excludes properties acquired or sold during the periods being compared.

(3) GLA - retail portfolio excludes 1.1 million square feet of industrial properties and 132,000 square feet of self-storage. The weighted average annual rent per square foot for our retail portfolio and industrial was $17.79.

(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 industrial and self-storage.

(6) See computation for the quarter ended June 30, 2021 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 June 30, 2021 (unaudited) and December 31, 2020
(in thousands, except share and per share amounts)


	June 30,		December 31,
	2021		2020
ASSETS
Real estate, at cost:
Land	$	556,850	$	568,662
Buildings and improvements	2,325,577		2,326,450
Construction in progress	55,461		44,689
Furniture, fixtures and equipment	7,432		7,016
Total	2,945,320		2,946,817
Accumulated depreciation and amortization	(755,833)		(730,366)
Real estate, net	2,189,487		2,216,451
Right-of-use assets	77,428		80,997
Cash and cash equivalents	321,200		384,572
Restricted cash	57,833		34,681
Tenant and other receivables	15,823		15,673
Receivable arising from the straight-lining of rents	61,240		62,106
Identified intangible assets, net of accumulated amortization of $35,995 and $37,009, respectively	51,536		56,184
Deferred leasing costs, net of accumulated amortization of $16,512 and $16,419, respectively	18,203		18,585
Prepaid expenses and other assets	73,184		70,311
Total assets	$	2,865,934	$	2,939,560

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net	$	1,577,413	$	1,587,532
Lease liabilities	71,708		74,972
Accounts payable, accrued expenses and other liabilities	74,993		132,980
Identified intangible liabilities, net of accumulated amortization of $76,513 and $71,375, respectively	142,830		148,183
Total liabilities	1,866,944		1,943,667
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,137,337 and 117,014,317 shares issued and outstanding, respectively	1,170		1,169
Additional paid-in capital	990,255		989,863
Accumulated deficit	(42,157)		(39,467)
Noncontrolling interests:
Operating partnership	43,568		38,456
Consolidated subsidiaries	6,154		5,872
Total equity	998,990		995,893
Total liabilities and equity	$	2,865,934	$	2,939,560


URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF INCOME
For the three and six months ended June 30, 2021 and 2020 (unaudited)
(in thousands, except share and per share amounts)


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
REVENUE
Rental revenue	$	93,653	$	73,265	$	188,272	$	166,265
Management and development fees	266		285		631		599
Other income	87		69		764		115
Total revenue	94,006		73,619		189,667		166,979
EXPENSES
Depreciation and amortization	22,488		23,299		45,363		46,770
Real estate taxes	15,363		14,896		31,964		29,862
Property operating	15,891		11,894		36,182		26,431
General and administrative	9,484		18,053		18,152		27,900
Lease expense	3,195		3,351		6,501		6,785
Total expenses	66,421		71,493		138,162		137,748
Gain on sale of real estate	—		—		11,722		39,775
Interest income	90		422		226		2,105
Interest and debt expense	(14,728)		(18,573)		(29,555)		(35,748)
Gain on extinguishment of debt	—		34,908		—		34,908
Income before income taxes	12,947		18,883		33,898		70,271
Income tax benefit (expense)	34		13,662		(201)		13,562
Net income	12,981		32,545		33,697		83,833
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership	(584)		(1,290)		(1,459)		(3,598)
Consolidated subsidiaries	150		—		229		—
Net income attributable to common shareholders	$	12,547	$	31,255	$	32,467	$	80,235

Earnings per common share - Basic:	$	0.11	$	0.27	$	0.28	$	0.68
Earnings per common share - Diluted:	$	0.11	$	0.27	$	0.28	$	0.67
Weighted average shares outstanding - Basic	116,981		116,522		116,969		118,744
Weighted average shares outstanding - Diluted	117,034		116,595		122,327		119,607


URBAN EDGE PROPERTIES
SUPPLEMENTAL SCHEDULE OF NET OPERATING INCOME
For the three and six months ended June 30, 2021 and 2020
(in thousands)


	Three Months Ended June 30,						Percent Change	Six Months Ended June 30,						Percent Change
	2021			2020				2021			2020
Total NOI(1)
Total revenue	$	91,327		$	77,056		18.5%	$	184,673		$	167,169		10.5%
Total property operating expenses	(34,091)			(29,724)			14.7%	(73,858)			(62,168)			18.8%
NOI - total portfolio	$	57,236		$	47,332		20.9%	$	110,815		$	105,001		5.5%

NOI margin (NOI / Total revenue)	62.7		%	61.4		%		60.0		%	62.8		%


Same-property NOI(1)
Property rentals	$	63,443		$	64,593			$	123,228		$	125,749
Tenant expense reimbursements	22,349			22,372				48,267			45,958
Rental revenue deemed uncollectible	2,268			(12,300)				974			(13,336)
Total revenue	88,060			74,665				172,469			158,371
Real estate taxes	(14,526)			(14,916)				(28,847)			(29,386)
Property operating	(14,173)			(11,648)				(31,563)			(25,299)
Lease expense	(2,939)			(2,897)				(5,863)			(5,797)
Total property operating expenses	(31,638)			(29,461)				(66,273)			(60,482)
Same-property NOI(1)	$	56,422		$	45,204		24.8%	$	106,196		$	97,889		8.5%

NOI related to properties being redeveloped	$	889		$	1,062			$	1,758		$	2,340
Same-property NOI including properties in redevelopment(1)	$	57,311		$	46,266		23.9%	$	107,954		$	100,229		7.7%

Same-property physical occupancy	89.2		%	91.1		%		89.4		%	91.3		%
Same-property leased occupancy	92.0		%	92.4		%		92.3		%	92.6		%
Number of properties included in same-property analysis	72							70

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


URBAN EDGE PROPERTIES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION for REAL ESTATE (EBITDAre)
For the three and six months ended June 30, 2021 and 2020
(in thousands)


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net income	$	12,981		$	32,545		$	33,697		$	83,833
Depreciation and amortization	22,488			23,299			45,363			46,770
Interest expense	13,983			17,869			28,053			34,338
Amortization of deferred financing costs	745			704			1,502			1,410
Income tax (benefit) expense	(34)			(13,662)			201			(13,562)
Gain on sale of real estate	—			—			(11,722)			(39,775)
EBITDAre	50,163			60,755			97,094			113,014
Adjustments for Adjusted EBITDAre:
Gain on extinguishment of debt	—			(34,908)			—			(34,908)
Executive transition costs	—			7,152			—			7,152
Tenant bankruptcy settlement income	(286)			—			(286)			—
(Reinstatement)/write-off of receivables arising from the straight-lining of rents, net	(239)			6,048			634			6,048
Transaction, severance and other expenses (income)	120			1,165			(257)			1,291
Adjusted EBITDAre	$	49,758		$	40,212		$	97,185		$	92,597

Interest expense	$	13,983		$	17,869		$	28,053		$	34,338

Adjusted EBITDAre to interest expense	3.6		x	2.3		x	3.5		x	2.7		x

Fixed charges
Interest expense	$	13,983		$	17,869		$	28,053		$	34,338
Scheduled principal amortization	2,958			1,280			5,631			3,108
Total fixed charges	$	16,941		$	19,149		$	33,684		$	37,446

Adjusted EBITDAre to fixed charges	2.9		x	2.1		x	2.9		x	2.5		x


URBAN EDGE PROPERTIES
FUNDS FROM OPERATIONS
For the three and six months ended June 30, 2021
(in thousands, except per share amounts)


	Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
	(in thousands)		(per share)(2)		(in thousands)		(per share)(2)
Net income	$	12,981	$	0.11	$	33,697	$	0.28
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership	(584)		—		(1,459)		(0.01)
Consolidated subsidiaries	150		—		229		—
Net income attributable to common shareholders	12,547		0.11		32,467		0.27
Adjustments:
Rental property depreciation and amortization	22,272		0.18		44,958		0.37
Gain on sale of real estate	—		—		(11,722)		(0.10)
Limited partnership interests in operating partnership(1)	584		—		1,459		0.01
FFO applicable to diluted common shareholders	35,403		0.29		67,162		0.55

(Reinstatement)/write-off of receivables arising from the straight-lining of rents	(239)		—		634		0.01
Tax impact of Puerto Rico transactions	(490)		—		(490)		—
Tenant bankruptcy settlement income	(286)		—		(286)		—
Transaction, severance and other expenses (income), net	120		—		(257)		—
FFO as Adjusted applicable to diluted common shareholders	$	34,508	$	0.28	$	66,763	$	0.55

Weighted average diluted shares used to calculate EPS	117,034				122,327
Assumed conversion of OP and LTIP Units to common shares	5,451				—
Weighted average diluted common shares - FFO	122,485				122,327

(1) Represents earnings allocated to LTIP and OP unitholders for unissued common shares, which have been excluded for purposes of calculating earnings per diluted share for the periods presented because they are anti-dilutive.

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


URBAN EDGE PROPERTIES
MARKET CAPITALIZATION, DEBT RATIOS AND LIQUIDITY
As of June 30, 2021
(in thousands, except share amounts)


	June 30, 2021
Closing market price of common shares	$	19.10

Basic common shares	117,137,337
OP and LTIP units	5,376,145
Diluted common shares	122,513,482

Equity market capitalization	$	2,340,008


Total consolidated debt(1)	$	1,591,160
Cash and cash equivalents including restricted cash	(379,033)
Net debt	$	1,212,127

Net Debt to annualized Adjusted EBITDAre	6.1		x

Total consolidated debt(1)	$	1,591,160
Equity market capitalization	2,340,008
Total market capitalization	$	3,931,168

Net debt to total market capitalization at applicable market price	30.8		%


Cash and cash equivalents including restricted cash	$	379,033
Available under unsecured credit facility	600,000
Total liquidity	$	979,033

(1) Total consolidated debt excludes unamortized debt issuance costs of $9.0 million.


URBAN EDGE PROPERTIES
ADDITIONAL DISCLOSURES
(in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Rental revenue:
Property rentals	$	68,323	$	62,883	$	136,356	$	132,173
Tenant expense reimbursements	23,871		22,846		53,092		47,980
Rental revenue deemed uncollectible	1,459		(12,464)		(1,176)		(13,888)
Total rental revenue	$	93,653	$	73,265	$	188,272	$	166,265

Certain non-cash items:
Straight-line rental (expense) income(1)	$	274	$	(5,938)	$	(690)	$	(5,264)
Amortization of below-market lease intangibles, net(1)	2,342		2,205		4,754		4,454
Lease expense GAAP adjustments(2)	(134)		(205)		(308)		(433)
Amortization of deferred financing costs(4)	(745)		(704)		(1,502)		(1,410)
Capitalized interest(4)	266		156		347		281
Share-based compensation expense(3)	(2,726)		(8,611)		(5,409)		(11,859)

Capital expenditures: (5)
Development and redevelopment costs	$	8,406	$	2,101	$	13,729	$	6,289
Maintenance capital expenditures	1,626		2,182		3,831		3,651
Leasing commissions	459		414		778		687
Tenant improvements and allowances	1,519		349		1,791		1,230
Total capital expenditures	$	12,010	$	5,046	$	20,129	$	11,857

	June 30, 2021		December 31, 2020
Accounts payable, accrued expenses and other liabilities:
Dividend payable	$	—	$	55,905
Deferred tenant revenue	24,480		26,594
Accrued interest payable	9,395		11,095
Accrued capital expenditures and leasing costs	11,628		7,797
Security deposits	6,719		5,884
Finance lease liability	2,999		2,993
Accrued payroll expenses	4,365		5,797
Other liabilities and accrued expenses	10,693		16,915
Liabilities held for sale	4,714		—
Total accounts payable, accrued expenses and other liabilities	$	74,993	$	132,980

(1) Amounts included in the financial statement line item "Rental revenue" in the consolidated statements of income. The Company reinstated $0.2 million of receivables arising from the straight-lining of rents, net of write-offs during the quarter ended June 30, 2021.

(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 presented on a cash basis.


URBAN EDGE PROPERTIES
TENANT CONCENTRATION - TOP TWENTY-FIVE TENANTS
As of June 30, 2021



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.	6	808,926	5.0%	$	15,731,153	6.1%	$	19.45	14.3
The TJX Companies, Inc.(2)	22	714,731	4.4%	14,320,938		5.5%	20.04		5.2
Lowe's Companies, Inc.	6	976,415	6.0%	8,925,004		3.5%	9.14		6.5
Best Buy Co., Inc.	8	359,476	2.2%	8,173,456		3.2%	22.74		4.3
Walmart Inc.	5	708,435	4.4%	7,479,449		2.9%	10.56		7.2
Burlington Stores, Inc.	7	415,828	2.6%	7,163,233		2.8%	17.23		7.8
Kohl's Corporation	7	633,345	3.9%	6,570,371		2.5%	10.37		4.1
BJ's Wholesale Club	4	454,297	2.8%	5,771,563		2.2%	12.70		7.1
PetSmart, Inc.	10	228,869	1.4%	5,709,400		2.2%	24.95		4.1
Ahold Delhaize (Stop & Shop)	5	362,696	2.2%	5,429,430		2.1%	14.97		7.5
Target Corporation	3	335,937	2.1%	5,290,952		2.0%	15.75		11.6
Wakefern (ShopRite)	4	296,018	1.8%	5,241,942		2.0%	17.71		11.2
LA Fitness International LLC	5	245,266	1.5%	4,275,983		1.7%	17.43		7.3
The Gap, Inc.(3)	10	151,239	0.9%	4,255,138		1.6%	28.14		4.4
Whole Foods Market, Inc.	2	100,682	0.6%	3,759,050		1.5%	37.34		9.6
Staples, Inc.	8	167,832	1.0%	3,607,035		1.4%	21.49		2.3
Sears Holdings Corporation(4)	3	522,089	3.2%	3,388,959		1.3%	6.49		24.5
Bob's Discount Furniture	4	170,931	1.1%	3,222,108		1.2%	18.85		6.0
Bed Bath & Beyond Inc.(5)	7	205,673	1.3%	3,046,507		1.2%	14.81		4.6
Dick's Sporting Goods, Inc.	3	153,910	1.0%	2,686,682		1.0%	17.46		3.9
24 Hour Fitness	1	53,750	0.3%	2,400,000		0.9%	44.65		10.7
Raymour & Flanigan	4	215,254	1.3%	2,370,497		0.9%	11.01		7.6
URBN (Anthropologie)	1	31,450	0.2%	2,201,500		0.9%	70.00		7.5
Visiting Nurse Services	1	58,387	0.4%	2,060,539		0.8%	35.29		1.0
Planet Fitness	4	84,911	0.5%	1,859,354		0.7%	21.90		8.4

Total/Weighted Average	140	8,456,347	52.1%	$	134,940,243	52.1%	$	15.96	7.8

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

(2) Includes Marshalls (14), T.J. Maxx (4), HomeGoods (3) and Homesense (1).

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

(4) Includes Sears (1) and Kmart (2). Kmart has closed the location at The Outlets at Montehiedra; however, they will continue to be dark and paying until lease expiration in 2023. The lease generates approximately $1.8 million in annual gross rents, including tenant reimbursement income.

(5) Includes Harmon Face Values (3), Bed Bath & Beyond (3) and buybuy Baby (1).

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 three and six months ended June 30, 2021


	Three Months Ended June 30, 2021						Six Months Ended June 30, 2021
	GAAP(2)			Cash(1)			GAAP(2)			Cash(1)
New leases
Number of new leases executed	15			15			22			22
Total square feet	249,243			249,243			268,281			268,281
Number of same space leases	10			10			16			16
Same space square feet	235,098			235,098			252,667			252,667
Prior rent per square foot	$	10.84		$	11.25		$	12.09		$	12.64
New rent per square foot	$	12.17		$	11.44		$	14.29		$	13.07
Same space weighted average lease term (years)	8.7			8.7			9.0			9.0
Same space TIs per square foot	N/A			$	44.79		N/A			$	44.52
Rent spread	12.3		%	1.7		%	18.2		%	3.4		%

Renewals & Options
Number of leases executed	22			22			59			59
Total square feet	67,554			67,554			405,334			405,334
Number of same space leases	19			19			56			56
Same space square feet	63,284			63,284			401,064			401,064
Prior rent per square foot	$	32.89		$	34.59		$	26.72		$	27.53
New rent per square foot	$	34.39		$	33.76		$	27.97		$	27.92
Same space weighted average lease term (years)	5.0			5.0			3.7			3.7
Same space TIs per square foot	N/A			$	—		N/A			$	—
Rent spread	4.6		%	(2.4)		%	4.7		%	1.4		%

Total New Leases and Renewals & Options
Number of leases executed	37			37			81			81
Total square feet	316,797			316,797			673,615			673,615
Number of same space leases	29			29			72			72
Same space square feet	298,382			298,382			653,731			653,731
Prior rent per square foot	$	15.51		$	16.20		$	21.07		$	21.78
New rent per square foot	$	16.88		$	16.17		$	22.68		$	22.18
Same space weighted average lease term (years)	7.9			7.9			5.7			5.7
Same space TIs per square foot	N/A			$	35.29		N/A			$	17.21
Rent spread	8.8		%	(0.2)		%	7.6		%	1.8		%

(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 June 30, 2021


	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	2	45,000	0.4	%	$	14.82	31	73,000	2.8%	$	26.30	33	118,000	0.8	%	$	21.92
2021	2	34,000	0.3	%	15.94		38	102,000	3.9%	27.81		40	136,000	0.9	%	24.84
2022	24	874,000	7.0	%	14.15		88	228,000	8.7%	29.11		112	1,102,000	7.3	%	17.25
2023	34	1,333,000	10.7	%	17.75		72	219,000	8.3%	34.83		106	1,552,000	10.3	%	20.16
2024	34	1,248,000	10.0	%	18.15		71	234,000	8.9%	34.33		105	1,482,000	9.8	%	20.70
2025	29	1,246,000	10.0	%	13.23		53	192,000	7.3%	35.81		82	1,438,000	9.5	%	16.24
2026	18	635,000	5.1	%	18.37		65	223,000	8.5%	34.18		83	858,000	5.7	%	22.48
2027	12	388,000	3.1	%	13.03		47	194,000	7.4%	32.03		59	582,000	3.9	%	19.36
2028	10	449,000	3.6	%	22.06		36	122,000	4.6%	42.07		46	571,000	3.8	%	26.33
2029	31	1,483,000	11.9	%	18.66		36	141,000	5.4%	42.37		67	1,624,000	10.7	%	20.72
2030	13	923,000	7.4	%	13.66		27	97,000	3.7%	39.09		40	1,020,000	6.7	%	16.08
2031	12	682,000	5.5	%	15.50		18	62,000	2.3%	34.40		30	744,000	4.9	%	17.07
Thereafter	27	2,140,000	17.0	%	13.37		19	100,000	3.7%	34.70		46	2,240,000	14.8	%	14.33
Subtotal/Average	248	11,480,000	92.0	%	$	15.92	601	1,987,000	75.5%	$	34.52	849	13,467,000	89.1	%	$	18.67
Vacant	32	1,005,000	8.0	%	N/A		244	644,000	24.5%	N/A		276	1,649,000	10.9	%	N/A
Total/Average	280	12,485,000	100.0	%	N/A		845	2,631,000	100.0%	N/A		1,125	15,116,000	100.0	%	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 1.1 million square-foot industrial properties (excluded from the table above) is $6.73 per square foot as of June 30, 2021. The table also excludes 132,000 square feet of self-storage space.


URBAN EDGE PROPERTIES
RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE ASSUMING EXERCISE OF ALL RENEWALS AND OPTIONS
As of June 30, 2021


	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	2	45,000	0.4	%	$	14.82	31	73,000	2.8%	$	26.30	33	118,000	0.8	%	$	21.92
2021	1	24,000	0.2	%	14.76		34	89,000	3.4%	27.82		35	113,000	0.8	%	25.05
2022	6	141,000	1.1	%	11.19		69	179,000	6.8%	30.26		75	320,000	2.1	%	21.85
2023	7	187,000	1.5	%	21.77		49	130,000	4.9%	38.48		56	317,000	2.1	%	28.63
2024	4	69,000	0.6	%	12.72		45	123,000	4.7%	36.97		49	192,000	1.3	%	28.25
2025	12	321,000	2.6	%	19.46		35	110,000	4.2%	38.89		47	431,000	2.9	%	24.42
2026	5	84,000	0.7	%	23.73		37	99,000	3.8%	38.01		42	183,000	1.2	%	31.45
2027	7	153,000	1.2	%	16.97		35	100,000	3.8%	27.46		42	253,000	1.7	%	21.12
2028	8	375,000	3.0	%	16.00		34	92,000	3.5%	39.57		42	467,000	3.1	%	20.65
2029	13	390,000	3.1	%	24.28		27	94,000	3.6%	46.02		40	484,000	3.2	%	28.50
2030	10	281,000	2.3	%	20.86		22	80,000	3.0%	38.33		32	361,000	2.4	%	24.74
2031	10	265,000	2.1	%	24.53		24	85,000	3.2%	34.66		34	350,000	2.3	%	26.99
Thereafter	163	9,145,000	73.2	%	21.32		159	733,000	27.9%	43.99		322	9,878,000	65.3	%	23.00
Subtotal/Average	248	11,480,000	92.0	%	$	21.04	601	1,987,000	75.5%	$	38.69	849	13,467,000	89.1	%	$	23.65
Vacant	32	1,005,000	8.0	%	N/A		244	644,000	24.5%	N/A		276	1,649,000	10.9	%	N/A
Total/Average	280	12,485,000	100.0	%	N/A		845	2,631,000	100.0%	N/A		1,125	15,116,000	100.0	%	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 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 1.1 million square-foot industrial properties (excluded from the table above) assuming exercise of all options at future tenant rent is $8.67 per square foot as of June 30, 2021. The table also excludes 132,000 square feet of self-storage space.


URBAN EDGE PROPERTIES

As of June 30, 2021
(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:
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	44.0%	72.00	—	Sweetgreen (lease not commenced)
Connecticut:
Newington	189,000	90.0%	9.75	—	Walmart, Staples
Maryland:
Towson (Goucher Commons)	155,000	92.5%	24.25	—	Staples, HomeGoods, Five Below, Ulta, Kirkland's, Sprouts, DSW
Rockville	94,000	98.0%	27.56	—	Regal Entertainment Group
Wheaton (leased through 2060)(3)	66,000	100.0%	18.27	—	Best Buy
Massachusetts:
Cambridge (leased through 2033)(3)	48,000	62.1%	31.46	—	PetSmart
Revere (Wonderland Marketplace)	140,000	100.0%	13.31	—	Big Lots, Planet Fitness, Marshalls, Get Air
Missouri:
Manchester	131,000	100.0%	11.26	$12,500	Academy Sports, Bob's Discount Furniture, Pan-Asia Market
New Hampshire:
Salem (leased through 2102)(3)	39,000	100.0%	10.00	—	Fun City (lease not commenced)
New Jersey:
Bergen Town Center - East, Paramus	253,000	93.8%	22.01	—	Lowe's, REI, Best Buy
Bergen Town Center - West, Paramus	1,058,000	78.1%	34.01	$300,000	Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy
Brick (Brick Commons)	278,000	95.4%	19.61	$50,000	Kohl's, ShopRite, Marshalls, Old Navy
Carlstadt (leased through 2050)(3)	78,000	98.5%	24.41	—	Stop & Shop
Cherry Hill (Plaza at Cherry Hill)	422,000	73.0%	14.42	$28,834	LA Fitness, Aldi, Raymour & Flanigan, Restoration Hardware, Total Wine, Guitar Center, Sam Ash Music
East Brunswick (Brunswick Commons)	427,000	100.0%	14.76	$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	95.3%	21.84	$63,000	The Home Depot, Dick's Sporting Goods, Saks Off Fifth, Marshalls, Paper Store
East Rutherford	197,000	98.2%	12.40	$23,000	Lowe's
Garfield (Garfield Commons)	298,000	100.0%	15.56	$40,300	Walmart, Burlington, Marshalls, PetSmart, Ulta
Hackensack	275,000	98.5%	23.85	$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	75.7%	16.90	$22,531	Marshalls, Big Lots, Retro Fitness, Staples, Old Navy
Jersey City (Hudson Commons)	236,000	100.0%	13.90	$28,310	Lowe's, P.C. Richard & Son
Kearny (Kearny Commons)	116,000	100.0%	23.17	—	LA Fitness, Marshalls, Ulta
Lodi (Washington Street)(6)	43,000	100.0%	19.87	—	Dollar Tree
Manalapan	208,000	87.7%	20.44	—	Best Buy, Bed Bath & Beyond, Raymour & Flanigan, PetSmart, Avalon Flooring
Marlton (Marlton Commons)	218,000	100.0%	16.49	$37,400	Kohl's, ShopRite, PetSmart
Middletown (Town Brook Commons)	231,000	98.9%	13.91	$31,400	Kohl's, Stop & Shop
Millburn	104,000	98.8%	27.47	$23,163	Trader Joe's, CVS, PetSmart


URBAN EDGE PROPERTIES

As of June 30, 2021
(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
Montclair	18,000	100.0%	32.00	$7,250	Whole Foods Market
Morris Plains (Briarcliff Commons)(6)	179,000	94.9%	22.36	—	Kohl's, Uncle Giuseppe's (lease not commenced)
North Bergen (Kennedy Commons)	62,000	100.0%	14.55	—	Food Bazaar
North Bergen (Tonnelle Commons)	408,000	99.5%	21.84	$100,000	Walmart, BJ's Wholesale Club, PetSmart
North Plainfield (West End Commons)	241,000	99.1%	11.45	$25,100	Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis
Paramus (leased through 2033)(3)	63,000	100.0%	44.56	—	24 Hour Fitness
Rockaway (Rockaway River Commons)	189,000	93.1%	14.49	$27,800	ShopRite, T.J. Maxx
South Plainfield (Stelton Commons) (leased through 2039)(3)	56,000	100.0%	21.77	—	Staples, Party City
Totowa	271,000	100.0%	18.30	$50,800	The Home Depot, Bed Bath & Beyond, buybuy Baby, Marshalls, Staples
Turnersville	98,000	100.0%	10.08	—	At Home, Verizon Wireless
Union (2445 Springfield Ave)	232,000	100.0%	17.85	$45,600	The Home Depot
Union (West Branch Commons)	278,000	95.0%	16.45	—	Lowe's, Burlington, Office Depot
Watchung (Greenbrook Commons)	170,000	100.0%	18.86	$26,355	BJ's Wholesale Club
Westfield (One Lincoln Plaza)(6)	22,000	89.9%	32.46	$4,714	Five Guys, PNC Bank
Woodbridge (Woodbridge Commons)	225,000	94.7%	13.27	$22,100	Walmart, Charisma Furniture
Woodbridge (Plaza at Woodbridge)	332,000	90.0%	18.79	$55,180	Best Buy, Raymour & Flanigan, Lincoln Tech, Retro Fitness, Bed Bath & Beyond and buybuy Baby
New York:
Bronx (Gun Hill Commons)	81,000	90.9%	36.86	$24,926	Planet Fitness, Aldi
Bronx (Bruckner Commons)	375,000	82.4%	27.46	—	Kmart, ShopRite, Burlington
Bronx (Shops at Bruckner)	115,000	61.3%	35.96	$10,027	Marshalls, Old Navy
Brooklyn (Kingswood Center)	129,000	84.3%	35.83	$71,255	T.J. Maxx, Visiting Nurse Service of NY
Brooklyn (Kingswood Crossing)	107,000	69.5%	41.72	—	Target, Marshalls, Maimonides Medical
Buffalo (Amherst Commons)	311,000	98.1%	10.94	—	BJ's Wholesale Club, T.J. Maxx, Burlington, HomeGoods, LA Fitness
Dewitt (Marshall Plaza) (leased through 2041)(3)	46,000	100.0%	24.62	—	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%	26.32	$43,100	The Home Depot, Staples
Huntington (Huntington Commons)	216,000	71.9%	19.80	—	Marshalls, ShopRite (lease not commenced), Old Navy, Petco
Inwood (Burnside Commons)	100,000	29.3%	26.99	—
Massapequa, NY (Sunrise Mall) (leased through 2069)(3)(4)(6)	1,215,000	66.2%	6.63	—	Macy's, Sears, Dick's Sporting Goods, Dave & Busters, Raymour & Flanigan
Mt. Kisco (Mt. Kisco Commons)	189,000	98.0%	17.07	$12,671	Target, Stop & Shop
New Hyde Park (leased through 2029)(3)	101,000	100.0%	21.93	—	Stop & Shop
Queens (Cross Bay Commons)	46,000	80.5%	41.44	—	Northwell Health
Rochester (Henrietta) (leased through 2056)(3)	165,000	100.0%	4.65	—	Kohl's
Staten Island (Forest Commons)	165,000	97.8%	24.89	—	Western Beef, Planet Fitness, Mavis Discount Tire, NYC Public School
Yonkers Gateway Center	448,000	92.3%	15.88	$27,634	Burlington, Marshalls, Homesense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema


URBAN EDGE PROPERTIES

As of June 30, 2021
(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
Pennsylvania:
Bensalem (Marten Commons)	185,000	96.6%	14.55	—	Kohl's, Ross Dress for Less, Staples, Petco
Broomall(6)	169,000	64.1%	16.34	—	National retailer (lease not commenced), Planet Fitness, PetSmart
Glenolden (MacDade Commons)	102,000	100.0%	12.88	—	Walmart
Lancaster (Lincoln Plaza)	228,000	100.0%	5.17	—	Lowe's, Community Aid, Mattress Firm
Springfield (leased through 2025)(3)	41,000	100.0%	22.99	—	PetSmart
Wilkes-Barre (461-499 Mundy Street)	184,000	69.3%	13.54	—	Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco
Wyomissing (leased through 2065)(3)	76,000	100.0%	14.70	—	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%	7.79	—	BJ's Wholesale Club
Puerto Rico:
Las Catalinas	356,000	85.2%	27.45	$125,828	Sector Sixty6 (lease not yet commenced), Forever 21, Old Navy
Montehiedra	539,000	93.6%	17.65	$80,282	Kmart, The Home Depot, Marshalls, Caribbean Cinemas, Tiendas Capri, Old Navy
Total Shopping Centers and Malls	15,116,000	89.1%	$18.67	$1,550,460
INDUSTRIAL:
East Hanover Warehouses	943,000	100.0%	6.30	$40,700	J & J Tri-State Delivery, Foremost Groups, PCS Wireless, Fidelity Paper & Supply, Meyer Distributing, Givaudan Flavors, Reliable Tire, LineMart
Lodi (Route 17 North)	127,000	100.0%	9.95	—	AAA Wholesale Group (lease not commenced)
Total Industrial	1,070,000	100.0%	$6.73	$40,700

Total Urban Edge Properties	16,186,000	89.8%	$17.79	$1,591,160

(1) Percent leased is expressed as the percentage of gross leasable area subject to a lease, excluding temporary tenants. The Company excludes 132,000 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 $21.06 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. At Massapequa, the ground lease pertains to the land occupied by Sears and Macy's.

(4) We own 95% of Walnut Creek (Mt. Diablo) and 82.5% of Sunrise Mall with the remaining portions in each case owned by joint venture partners.

(5) The tenant never commenced operations at this location but continues to pay rent.

(6) Not included in the same-property pool for the purposes of calculating same-property NOI for the quarter ended June 30, 2021 and 2020, respectively.

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


URBAN EDGE PROPERTIES
PROPERTY ACQUISITIONS AND DISPOSITIONS
For the six months ended June 30, 2021
(dollars in thousands)

2021 Property Acquisitions:

None.

2021 Property Dispositions:

Date Disposed

Property Name

City

State

GLA

Price

1/8/2021

Lodi (Washington Street)(1)

Lodi

42,000

7,200

3/9/2021

East Hanover (280 Route 10 West)

East Hanover

28,000

16,550

(1) Disposed of a portion of the property.


URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of June 30, 2021
(in thousands, except square footage data)


ACTIVE PROJECTS	Estimated Gross Cost(1)			Incurred as of 6/30/21		Target Stabilization(2)	Description and status
Huntington Commons(3)	$	31,200		$	2,400	3Q22	Retenanting former Kmart Box with ShopRite, tenant repositioning and facade renovations
Broomall Commons	17,500			4,100		3Q22	Retenanting former 85,000± sf Giant Food space with national retailers and repositioning center (45,000± sf executed)
Lodi (Route 17 North)(3)	15,400			2,800		1Q22	Converting former National Wholesale Liquidator space into 127,000± sf industrial space for AAA Wholesale Group and constructing a new 3,000 sf retail pad
Las Catalinas(3)	12,900			100		3Q22	Retenant 123,000± sf Kmart box with Sector Sixty6
Kearny Commons(3)	11,600			10,500		1Q22	Expanding by 22,000 sf to accommodate a 10,000 sf Ulta (open) and other tenants as well as adding a freestanding Starbucks (open)
Tonnelle Commons(3)	10,800			10,700		4Q21	Adding 102,000± sf CubeSmart self-storage facility on excess land (open)
Briarcliff Commons	10,500			3,600		1Q22	Retenanting former ShopRite with Uncle Giuseppe's, adding new 3,000± sf pad in parking lot
Outlets at Montehiedra(3)	9,200			2,700		2Q22	Constructing new 14,000± sf building for Walgreens and Global Mattress and a new 3,000± sf pad
Plaza at Woodbridge(3)	4,100			4,100		2Q22	Repurposing 82,000± sf of unused basement space into Extra Space self-storage facility (open)
Walnut Creek(3)	3,500			100		2Q23	Retenanting former Z Gallerie with Sweetgreen and remaining 4,000 sf
Tonnelle Commons(3)	3,000			100		2Q22	Retenant former Staples with Five Below and Skechers
Mt. Kisco Commons(3)	3,000			2,800		2Q22	Converting former sit-down restaurant into a Chipotle (open) and another quick service restaurant
Salem(3)	1,400			400		4Q21	Retenanting anchor with Fun City

Total	$	134,100	(4)	$	44,400

(1) Estimated gross cost includes the allocation of internal costs such as labor, interest and taxes.

(2) Target Stabilization reflects the first quarter in which at least 80% of the expected NOI from the project has commenced. A project achieving Target Stabilization is classified as Completed whether or not all costs have been expended and remains listed as a Completed project for one year in the table on page 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 NOI directly attributable to the project and the estimated project costs.


URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of June 30, 2021
(in thousands, except square footage data)


COMPLETED PROJECTS	Estimated Gross Cost(1)			Incurred as of 6/30/21		Stabilization(2)	Description and status
Wilkes-Barre(3)	3,400			3,200		2Q21	Adding new Panera Bread pad
Plaza at Woodbridge(3)	8,900			8,300		1Q21	Backfill former Toys "R" Us space with Bed Bath & Beyond and buybuy Baby
Huntington(3)	5,400			5,300		1Q21	Deliver 11,000 sf +/- under Astoria Bank/Outback - Emmis Communication
Garfield - Phase II(3)	3,900			3,900		3Q20	Add additional 18,000± sf for Five Below and Autozone

Total	$	21,600	(4)	$	20,700


FUTURE REDEVELOPMENT(5)	Location	Opportunity
Shops at Bruckner	Bronx, NY	Backfill former Fallas. Re-leasing of Jimmy Jazz and Danice spaces and new shop tenants. Facade Renovation (excluding Marshalls, Gap, Old Navy) and minor upgrade of common areas
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 Outlets at Montehiedra	San Juan, PR	Develop new pad
The Plaza at Cherry Hill	Cherry Hill, NJ	Renovating center
Marlton Commons	Marlton, NJ	Develop new small shop space and renovate facade
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
Brick Commons	Bricktown, NJ	Develop new pad
Brunswick Commons	East Brunswick, NJ	Develop new pad

(1) Estimated gross cost includes the allocation of internal costs such as labor, interest and taxes.

(2) Stabilization reflects the first quarter in which at least 80% of the expected NOI from the project has commenced. A project achieving Stabilization is classified as Completed whether or not all costs have been expended and remains listed as a Completed project for one year in the table above.

(3) Results from these properties are included in our same-property metrics.

(4) The estimated unleveraged yield for Completed projects is 9% 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 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. The execution of these projects is discretionary and we are under no current obligation to fund these projects.


URBAN EDGE PROPERTIES
DEBT SUMMARY
As of June 30, 2021 and December 31, 2020
(in thousands)


	June 30, 2021			December 31, 2020
Secured fixed rate debt	$	1,422,841		$	1,428,026
Secured variable rate debt	168,319			169,371
Total debt	$	1,591,160		$	1,597,397

% Secured fixed rate debt	89.4		%	89.4		%
% Secured variable rate debt	10.6		%	10.6		%
Total	100		%	100		%


Secured mortgage debt	$	1,591,160		$	1,597,397
Unsecured debt(1)	—			—
Total debt	$	1,591,160		$	1,597,397

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

Weighted average remaining maturity on secured mortgage debt	5 years			5.5 years
Weighted average remaining maturity on unsecured debt	N/A			N/A


Total market capitalization (see page 16)	$	3,931,168

% Secured mortgage debt	40.5		%
% Unsecured debt	—		%
Total debt: Total market capitalization	40.5		%


Weighted average interest rate on secured mortgage debt(2)	3.91		%	3.92		%

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

(1) The agreement has a maturity date of January 29, 2024 with two six-month extension options. Borrowings under the agreement bear interest at LIBOR plus an applicable margin of 1.05% to 1.50% and an annual facility fee of 15 to 30 basis points based on our current leverage ratio.

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


URBAN EDGE PROPERTIES
MORTGAGE DEBT SUMMARY
As of June 30, 2021 and December 31, 2020
(dollars in thousands)


Debt Instrument	Maturity Date	Rate		June 30, 2021		December 31, 2020		Percent of Mortgage Debt at June 30, 2021
Cherry Hill (Plaza at Cherry Hill)(2)	5/24/22	1.69	%	$	28,834	$	28,930	1.8	%
Westfield (One Lincoln Plaza)(2)	5/24/22	1.69	%	4,714		4,730		0.3	%
Woodbridge (Plaza at Woodbridge)(2)	5/25/22	1.69	%	55,180		55,340		3.5	%
Bergen Town Center - West, Paramus	4/8/23	3.56	%	300,000		300,000		18.9	%
Bronx (Shops at Bruckner)	5/1/23	3.90	%	10,027		10,351		0.6	%
Jersey City (Hudson Mall)	12/1/23	5.07	%	22,531		22,904		1.4	%
Yonkers Gateway Center	4/6/24	4.16	%	27,634		28,482		1.7	%
Jersey City (Hudson Commons)(1)	11/15/24	1.99	%	28,310		28,586		1.8	%
Watchung(1)	11/15/24	1.99	%	26,355		26,613		1.7	%
Bronx (1750-1780 Gun Hill Road)(1)	12/1/24	1.99	%	24,926		25,172		1.6	%
Brick	12/10/24	3.87	%	50,000		50,000		3.1	%
North Plainfield	12/10/25	3.99	%	25,100		25,100		1.6	%
Las Catalinas	2/1/26	4.43	%	125,828		127,669		7.9	%
Middletown	12/1/26	3.78	%	31,400		31,400		2.0	%
Rockaway	12/1/26	3.78	%	27,800		27,800		1.7	%
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		6.3	%
Manchester	6/1/27	4.32	%	12,500		12,500		0.8	%
Millburn	6/1/27	3.97	%	23,163		23,381		1.5	%
Totowa	12/1/27	4.33	%	50,800		50,800		3.2	%
Woodbridge (Woodbridge Commons)	12/1/27	4.36	%	22,100		22,100		1.4	%
East Brunswick	12/6/27	4.38	%	63,000		63,000		4.0	%
East Rutherford	1/6/28	4.49	%	23,000		23,000		1.4	%
Brooklyn (Kingswood Center)	2/6/28	5.07	%	71,255		71,696		4.5	%
Hackensack	3/1/28	4.36	%	66,400		66,400		4.2	%
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		2.7	%
Montehiedra	6/1/30	5.00	%	80,282		81,141		5.0	%
Montclair	8/15/30	3.15	%	7,250		7,250		0.5	%
Garfield	12/1/30	4.14	%	40,300		40,300		2.5	%
Mt Kisco	11/15/34	6.40	%	12,671		12,952		0.8	%
Total mortgage debt		3.91	%	$	1,591,160	$	1,597,397	100.0	%
Westfield (One Lincoln Plaza - held for sale)(3)				(4,714)		—
Unamortized debt issuance costs				(9,033)		(9,865)
Total mortgage debt, net (excluding held for sale)				$	1,577,413	$	1,587,532

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

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

(3) Loan repaid in July in connection with the disposition of the property


URBAN EDGE PROPERTIES
DEBT MATURITY SCHEDULE
As of June 30, 2021
(dollars in thousands)



Year	Amortization		Balloon Payments		Premium/(Discount) Amortization		Total		Weighted Average Interest rate at maturity	Percent of Debt Maturing
2021(1)	$	7,635	$	—	$	600	$	8,235	3.7%	0.5	%
2022	16,883		80,826		1,206		98,915		2.1%	6.5	%
2023	19,196		329,436		1,182		349,814		3.7%	22.0	%
2024	19,165		143,706		849		163,720		3.1%	10.3	%
2025	16,872		23,260		814		40,946		4.2%	2.6	%
2026	11,758		218,122		814		230,694		4.2%	14.5	%
2027	8,390		259,525		814		268,729		4.3%	16.9	%
2028	7,783		264,822		12		272,617		4.4%	17.1	%
2029	5,553		38,186		(60)		43,679		4.2%	2.7	%
Thereafter	8,352		101,042		(297)		109,097		4.7%	6.9	%
Total	$	121,587	$	1,458,925	$	5,934	$	1,586,446	3.9%	100	%
	Unamortized debt issuance costs						(9,033)
	Total outstanding debt, net						$	1,577,413

(1) Remainder of 2021.


URBAN EDGE PROPERTIES
COVID-19 DISCLOSURE

Composition of Rental Revenue for the quarter ended June 30, 2021



	Quarter Ended June 30, 2021
(in thousands)
Collected property rentals and tenant expense reimbursements from second quarter billings	$	81,332
Uncollected property rentals and tenant expense reimbursements from second quarter billings
Reserved	2,673
Accrued - unreserved	765
Total property rentals and tenant expense reimbursements before non-cash adjustments from second quarter billings(1)	84,770
Non-cash adjustments(2)	7,425
Rental revenue deemed uncollectible	1,458
Total rental revenue recognized	$	93,653

(1) Total second quarter billings include $11.5 million of gross amounts billed for leases with rental revenue being recognized on a cash-basis. The Company had 228 leases with rental revenue being recognized on a cash-basis as of June 30, 2021, which represented approximately 12.7% of total portfolio ABR.

(2) Amount comprises straight-line rental (expense) income, amortization of lease intangibles, credits for tenant abatements and accrued unbilled amounts during the second quarter.

Composition of Rental Revenue Deemed Uncollectible


(in thousands)	Quarter Ended June 30, 2021
Rental revenue deemed uncollectible
Amounts billed in second quarter deemed uncollectible	$	2,673
Amounts billed prior to second quarter now deemed uncollectible	520
Recovery of amounts deemed uncollectible in prior periods(1)	(4,651)
Total rental revenue deemed uncollectible	$	(1,458)

(1) $2.8 million pertains to tenants on a cash basis.

Tenant and other receivables


	As of June 30, 2021
(in thousands)
Tenant and other receivables	$	33,886
Revenue deemed uncollectible	(18,063)
Tenant and other receivables, net	$	15,823

Status of Rent Deferrals

As of July 30, 2021, the Company has executed or approved deferral agreements amounting to $10.2 million with a weighted average remaining payback period of 26 months. As of July 30, 2021, the Company has collected 91% of the deferral payments due:


	As of June 30, 2021
(in thousands)	Unbilled		Rebilled and Collected		Rebilled and Uncollected		Total
Accrual basis	$	1,807	$	3,836	$	88	$	5,731
Cash basis	4,016		155		305		4,476
Total	$	5,823	$	3,991	$	393	$	10,207

Status of Rent Collections as of July 30, 2021

The status of base rent collections by property type as of July 30, 2021 were as follows:


		% Collected
	% of Portfolio ABR	2Q 2021	1Q 2021	4Q 2020	3Q 2020	2Q 2020
Strips	75%	99%	99%	96%	92%	89%
Malls(1)	22%	90%	90%	93%	89%	69%
Industrial	3%	100%	100%	100%	100%	100%
Total portfolio	100%	97%	96%	96%	92%	84%

(1) Collection rates through 2020 include Bergen Town Center, Hudson Mall, The Outlets at Montehiedra, and Las Catalinas Mall. 1Q21 and 2Q21 also include Sunrise Mall which was acquired on December 31, 2020

Urban Edge Properties - FORM 8-K - EX-99.2 - August 4, 2021

Attached files

Urban Edge Properties Reports