On August 9, 2022 Urban Edge Properties and Urban Edge Properties LP (Operating Partnership) entered into the First Amended and Restated Revolving Credit Agreement, by and among the Operating Partnership, as borrower, Wells Fargo Bank, National Association, as administrative agent, Wells Fargo Securities, LLC and PNC Capital Markets LLC, as joint bookrunners, Wells Fargo Securities, LLC, PNC Capital Markets LLC, U.S. Bank National Associati on, Truist Securities Inc. and TD Bank, N.A., as joint lead arrangers, PNC Bank, National Association, as syndication agent, U.S. Bank National Association, Truist Bank and TD Bank, N.A., as documentation agents, and the lender parties thereto. The Restated Credit Agreement amends and restates the Operating Partnership's Revolving Credit Agreement entered into on January 15, 2015, as subsequently amended. The Restated Credit Agreement increases the available amount under the Operating Partnership's revolving credit facility (the “Revolving Credit Facility”) from $600 million to $800 million, extends the term from January 29, 2024 to February 9, 2027 with two 6-month extension options, adjusts the applicable interest rates, and makes certain other modifications.

The Revolving Credit Facility also contains an accordion feature, which allows the Operating Partnership to increase the total amount of unsecured indebtedness under the Revolving Credit Facility to $1.0 billion. Borrowings under the Revolving Credit Facility may be used to finance pre-development costs, development costs, acquisitions, working capital, equity investments, debt investments, capital expenditures and repayment of indebtedness, to pay fees and expenses incurred in connection with the Restated Credit Agreement and for other general corporate purposes. No amounts are currently drawn on the facility.

The Restated Credit Agreement includes a series of financial and other covenants that the Operating Partnership must comply with, including that the percentage of “Total Outstanding Indebtedness” to “Capitalization Value,” which is based on a 6.25% capitalization rate, each measured as of the last day of the most recently ended fiscal quarter, may not exceed 60% (or 65% for up to four consecutive fiscal quarters following any material acquisition); the ratio of “Combined EBITDA” to “Fixed Charges,” each measured as of the last day of the most recently ended fiscal quarter, may not be less than 1.50 to 1.00; the ratio of “Unencumbered Combined EBITDA” to “Unsecured Interest Expense,” each measured as of the last day of the most recently ended fiscal quarter, may not be less than 1.50 to 1.00; the percentage of “Unsecured Indebtedness” to “Capitalization Value of Unencumbered Assets,” each measured as of the last day of the most recently ended fiscal quarter, may not exceed 60% (or 65% for up to four consecutive fiscal quarters following any material acquisition); and the ratio of “Secured Indebtedness” to “Capitalization Value,” each measured as of the last day of the most recently ended fiscal quarter, may not exceed 60%. The Restated Credit Agreement also contains standard representations and warranties and other covenants. The Operating Partnership is not required to repay any loans under the Revolving Credit Facility prior to maturity.

The Operating Partnership may prepay all or any portion of the loans under the Revolving Credit Facility prior to maturity without premium or penalty, subject to reimbursement of certain costs of the lenders, and may reborrow loans that it has repaid. The Revolving Credit Facility includes usual and customary events of default for facilities of this nature (with applicable customary grace periods) and provides that, upon the occurrence and continuation of an event of default, payment of all amounts outstanding under the credit facility may be accelerated and the lenders' commitments may be terminated.