Urban Edge Properties : 2nd Quarter 2023 Earnings and Supplemental Disclosure

FOR IMMEDIATE RELEASE:

Urban Edge Properties Reports Second Quarter 2023 Results

-- Raises Outlook for Full-Year FFO as Adjusted --

NEW YORK, NY, August 2, 2023 - Urban Edge Properties (NYSE: UE) (the "Company") today announced its results for the quarter ended June 30, 2023 and updated its outlook for full-year 2023.

"We are pleased to report strong second quarter results that reflect continued progress towards our targeted FFO of $1.35 per share in 2025," said Jeff Olson, Chairman and CEO. "During the quarter, leases representing $6 million of expected annual gross rent were commenced. Additionally, we have a signed pipeline of executed leases that we expect will generate an additional $28 million in annual gross rent, which accounts for 11% of our annualized net operating income. Overall, we remain excited about the significant opportunities embedded in our portfolio to continue to drive long-term earnings growth."

FFO for the six months ended June 30, 2023, benefited from rent commencements on new leases, higher net recovery income, and lower operating and general and administrative expenses, offset by higher interest and debt expense. The net loss for the six months ended June 30, 2023 was driven by a non-cash impairment charge of $34.1 million in the first quarter of 2023, or $0.29 per diluted share, reducing the carrying value of Kingswood Center, an office and retail property located in Brooklyn, NY.

The increases in our same-property NOI metrics for the three and six months ended June 30, 2023 were primarily driven by rent commencements on new leases, higher net recovery income and lower operating expenses.

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Operating Results(1)

• Reported same-property portfolio leased occupancy of 95.5%, an increase of 170 basis points compared to June 30, 2022 and an increase of 10 basis points compared to March 31, 2023.
• Reported consolidated portfolio leased occupancy, excluding Sunrise Mall, of 94.7%, an increase of 280 basis points compared to June 30, 2022 and an increase of 10 basis points compared to March 31, 2023.
• Executed 35 new leases, renewals and options totaling 362,000 sf during the quarter. Same-space leases totaled 355,000 sf and generated an average rent spread of 6.8% on a cash basis.
• Issued our 2022 Environmental, Social and Governance ("ESG") report, highlighting progress on our ESG initiatives including the completion of our first materiality assessment.

Balance Sheet and Liquidity(1)(4)(5)

Balance sheet highlights as of June 30, 2023 include:

• $93.4 million of cash and cash equivalents, including restricted cash, and no amounts drawn under our $800 million revolving credit agreement.
• Mortgages payable of $1.7 billion, with a weighted average term to maturity of 5 years. Approximately 92% of our outstanding debt is fixed rate.
• Total market capitalization of approximately $3.6 billion, comprised of 122.7 million fully-diluted common shares valued at $1.9 billion and $1.7 billion of debt.
• Net debt to total market capitalization of 45%.

Financing Activity

On April 6, 2023, the Company successfully refinanced the mortgage secured by its property, Bergen Town Center, with a 7-year fixed rate, $290 million loan. The proceeds from the loan were used to pay down the Company's previous mortgage on the property which had an outstanding balance of $300 million.

On June 7, 2023, the Company obtained a 10-year, $16 million non-recourse mortgage secured by its property Newington Commons, located in Newington, CT. The loan bears interest at a fixed rate of 6.0%.

On June 23, 2023, the Company refinanced the mortgage secured by its property, Shops at Bruckner, with a new 6-year, $38 million loan bearing interest at a fixed rate of 6.0%. The proceeds from the new loan were used to pay down the Company's previous mortgage on the property which had an outstanding balance of approximately $8.7 million. The remaining funds were used to pay off the $29 million variable rate mortgage loan secured by the Plaza at Cherry Hill which had a maturity date of June 15, 2025 and an interest rate of 8.75% on the payoff date of June 23, 2023.

Leasing, Development and Redevelopment

During the quarter, the Company executed 28,000 sf of new leases, including leases with Puma at Las Catalinas and Bluestone Lane at Bergen Town Center. Subsequent to the quarter, the Company executed an 18,000 sf lease with a medical user at Manalapan Commons. Including this lease, the average rent spread for new leases during the quarter would have been 11% on a cash basis and 15% for the six months ended June 30, 2023.

The Company commenced one redevelopment project with an estimated cost of $1.5 million during the quarter and now has $196.5 million of active redevelopment projects under way, with estimated remaining costs to complete of $128.2 million. The active redevelopment projects are expected to generate an approximate 12% unleveraged yield.

During the quarter, the Company stabilized three redevelopment projects with aggregate estimated costs of $17.5 million. Nemours Children's Health at Broomall and Walgreens at the Outlets at Montehiedra both rent commenced in April 2023, and the relocation of Total Wine at the Plaza at Cherry Hill was completed in June 2023.

As of June 30, 2023, the Company has signed leases that have not yet rent commenced that are expected to generate an additional $27.9 million of future annual gross rent, representing approximately 11% of current annualized NOI. Approximately $2.7 million of this amount is expected to be recognized in the remainder of 2023.

2023 Earnings Guidance

The Company has updated its 2023 full-year guidance ranges, estimating FFO of $1.13 to $1.16 per diluted share, and FFO as Adjusted of $1.16 to $1.19 per diluted share. A reconciliation of the range of estimated earnings, FFO and FFO as Adjusted, as well as the assumptions used in our forecasting can be found on page 4 of this release.

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Earnings Conference Call Information

The Company will host an earnings conference call and audio webcast on August 2, 2023 at 8:30am ET. All interested parties can access the earnings call by dialing 1-877-407-9716 (Toll Free) or 1-201-493-6779 (Toll/International) using conference ID 13739356. The call will also be webcast and available in listen-only mode on the investors page of our website: www.uedge.com. A replay will be available at the webcast link on the investors page for one year following the conclusion of the call. A telephonic replay of the call will also be available starting August 2, 2023 at 11:30am ET through August 16, 2023 at 11:59pm ET by dialing 1-844-512-2921 (Toll Free) or 1-412-317-6671 (Toll/International) using conference ID 13739356.

1. Refer to "Non-GAAP Financial Measures" and "Operating Metrics" for definitions and additional detail.
2. Refer to page 7 for a reconciliation of net income to FFO and FFO as Adjusted for the quarter ended June 30, 2023.
3. Refer to page 8 for a reconciliation of net income to NOI and Same-Property NOI for the quarter ended June 30, 2023.
4. Net debt as of June 30, 2023 is calculated as total consolidated debt of $1.7 billion less total cash and cash equivalents, including restricted cash, of $93 million.
5. Refer to page 18 for the calculation of market capitalization as of June 30, 2023.

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