Urban Edge Properties : Investor Presentation September 2021

Investor Presentation

September 2021

About Urban Edge

Portfolio overview: 76 properties with 15.1M sf retail GLA and 1.3M sf industrial GLA. ~80% of total portfolio value is located in the NY metropolitan area

Asset quality: our properties are anchored by high-performing essential retailers: ~60% of asset value anchored by grocers (~$900 psf in sales), 10% by Home Depot or Lowe's, and 6% are industrial assets

Demographics and geographic concentration: local sharp-shooter in the NY metropolitan area, the most densely-populated,supply-constrained region in the country. Our land values create opportunities to densify with other types of uses (industrial, residential, storage, medical office)

Open air format: well-positioned for consumers to access essential goods and services; locations facilitate last mile delivery and provide easy BOPIS and curbside pickup

Control of our assets: we wholly-own all properties other than two where we are the majority and controlling partner

Balance sheet: significant cash balance (~$379M), low leverage (6.1x net debt to EBITDA), debt consists entirely of single asset non-recourse mortgages; $3.9B total market cap

Opportunity for growth: 92% leased occupancy compared to peak of 98%; visible growth from lease negotiations under way; $146M of active redevelopment projects and a $1B+ redevelopment pipeline

Data as of June 30, 2021

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Highlights

1. Leasing activity is robust
2. • Approximately $15 million of future annual gross rent (7% increase to NOI) from leases executed, but not rent commenced, up $3 million from 2Q21 driven by anchor leases executed in the third quarter
   • Leasing pipeline includes over 1 million square feet of activity
   • Grocers, discounters, home improvement, home furnishings and off-price retailers in negotiation: Aldi, Target, TJX, Burlington, BJ's, Lowe's, Five Below
   • Shop space demand remains active in health/beauty, wireless, optical, mattress, and medical/urgent care
   • Restaurant and food service tenants continue to pursue new locations:
   • • In-line- Sweetgreen, Ani Ramen, Jersey Mike's, First Watch, & Pizza, Kura Sushi, Bluestone Lane, Crumbl Cookies
     • Pads - Starbucks, Shake Shack, Panda Express, Chick-fil-A, Jollibee, Texas Roadhouse
   • Stability of our tenant base has been enhanced as our top tenants have substantially increased sales and profits over the past two years. The stock prices of the 16 publicly listed companies included in our top 25 tenants have increased by an average of 57% since the pre-COVID stock market peak on Feb. 19, 2020. These 16 tenants account for over 40% of our total base rent
3. Development
4. • $146 million of active redevelopment projects under way, $98 million remains to be funded, expected to generate an 8% unlevered yield
   • Active projects are lower risk with average investments of only $10 million with anchor leases executed prior to construction
   • Largest projects under way at Huntington Commons, Broomall Commons, Lodi, Las Catalinas and Briarcliff Commons
   • Pipeline of projects expected to become active over the next 12 months includes Bergen, Bruckner, Hudson, and Yonkers ($75 - $100 million)
   • Significant value creation opportunity from entitling land for industrial and residential uses
5. Acquisitions
6. • During the third quarter, acquired two warehouses totaling 275,000 sf adjacent to our 943,000 sf warehouse park in East Hanover, NJ for $55.5 million
   • Targeting assets with potential for value creation through leasing, redevelopment, or repurposing

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Highlights (continued)

1. Cash flow stream is becoming stronger and more diversified
2. • ~60% of our estimated asset value is grocery-anchored - expected leasing activity will increase this ratio to 70%+
   • ~10% of our estimated asset value is anchored by Home Depot or Lowe's, offering comparable stability to grocery-anchored properties
   • ~6% of our estimated asset value is industrial and is expected to increase given the demand in our markets
   • Residential, office, and self-storage will likely account for an increasing percentage of our asset value as we densify our properties
3. Strong balance sheet provides foundation for future growth(1)
4. • Net debt to EBITDA of 6.1x; net debt to total market capitalization of 31%
   • Total liquidity of ~$1 billion; $379 million of cash and $600 million available under our line of credit
   • No debt maturing in 2021 and only $80 million of debt maturing in 2022; weighted average term to maturity of 5.0 years
5. Earnings Growth Drivers
6. • Short-term:rent commencements on signed leases and redevelopments coming online, and earnings from acquisitions
   • Medium-term:occupancy gains, acquisitions, rent commencements on signed leases and completing active redevelopment projects
   • Long-term:$1B of redevelopment projects, acquisitions and rent spreads on renewals
7. ESG
8. • Committed to maintaining sustainable operations and establishing long-term sustainability goals
   • Published first ESG report in July

1. Balance sheet metrics as of June 30, 2021 . Market capitalization based on the share price as of market close, June 30, 2021.

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Urban Edge Team

Jeff Olson	Chris Weilminster	Mark Langer	Herb Eilberg	Danielle De Vita
Chairman and Chief Executive Officer	EVP, Chief Operating Officer	EVP, Chief Financial Officer	Chief Investment Officer	EVP, Development

Rob Milton	Jen Holmes	Scott Auster	Kathy Crocco	Judy Knop	John Villapiano
EVP & General Counsel	Chief Accounting Officer	SVP, Head of Leasing	SVP, Deputy General Counsel	SVP, Development	SVP, Development
				& Construction

	Cecilia Li	Leigh Lyons	Sandi Danick	Paul Schiffer	Chad Bernstein	Dan Reilly
SVP, Chief Information Officer	SVP, Leasing	SVP, Leasing	SVP, Leasing	SVP, Portfolio Management	SVP, Property Accounting
					and Strategy

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