[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","npo0x9uqk90dwu9vau48o1bfl","revision",2,"title","Urban Edge Properties及Urban Edge Properties LP提交截至2026年9月30日季度的10-Q","originalTitle","10-Q - Urban Edge Properties LP (0001681169) (Filer)","summary","Urban Edge Properties与其运营合伙企业Urban Edge Properties LP提交了截至2026年9月30日季度的10-Q。节选显示，第三季度总收入为1.196亿美元、净利润为5,380.1万美元，归属普通股股东净利润为5,144万美元，基本及稀释每股收益均为0.41美元；九个月总收入为3.750亿美元，归属普通股股东净利润为9,200.7万美元。","reason","节选披露了截至2026年9月30日的季度及九个月业绩、现金流、融资与风险信息，但未包含完整文件。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-28T11:01:00.000Z","discoveredAt","2026-10-28T16:59:07.164Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",52,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":72},"hasTranslation","bodyLanguage","zh","factId","ffgISsK7T6sU",{"_73":74,"_16":75},"reportCount","additionalSourceCount",0,"developmentCount",1,"publicId","742f3a73-6543-4b6b-9361-02cfa01e4874","Urban Edge Properties公布2026年第三季度及九个月业绩",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表


☒		根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026年9月30日的季度

或


☐		根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡期报告

过渡期：从 __________至__________

委员会档案编号：001-36523 (Urban Edge Properties)

委员会档案编号：333-212951-01 (Urban Edge Properties LP)

URBAN EDGE PROPERTIES

URBAN EDGE PROPERTIES LP

（注册人在其章程中指定的确切名称）

马里兰州

(Urban Edge Properties)

47-6311266

特拉华州

(Urban Edge Properties LP)

36-4791544

（注册成立或组织所在的州或其他司法管辖区）

（美国国税局雇主识别号码）

12 East 49th Street,

纽约

10017

（主要行政办公室地址）

（邮政编码）


注册人电话号码（含区号）：	(212)	956-0082

根据该法第 12(b) 条注册的证券：
类别名称	交易代码	上市交易所名称
每股面值 $0.01 的实益权益普通股	UE	纽约证券交易所

_______________________________

请勾选以表明注册人是否：(1) 已在此前 12 个月内（或注册人须提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条要求提交的所有报告；且 (2) 在过去 90 天内一直受此类申报要求约束。

Urban Edge Properties 是 x 否 o Urban Edge Properties LP 是 x 否 o

请勾选以表明注册人是否已在此前 12 个月内（或注册人须提交此类文件的较短期间内），以电子方式提交了根据 S-T 条例第 405 条（本章第 §232.405 条）要求提交的每一份交互式数据文件。

Urban Edge Properties 是 x 否 o Urban Edge Properties LP 是 x 否 o

请勾选以表明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小报告公司还是新兴成长型公司。参见《交易法》第 12b-2 条中“大型加速申报公司”“加速申报公司”“较小报告公司”和“新兴成长型公司”的定义。

Urban Edge Properties：

大型加速申报公司

加速申报公司

☐

非加速申报公司

☐

较小报告公司

☐

新兴成长型公司

☐

Urban Edge Properties LP：

大型加速申报公司

☐

加速申报公司

☐

非加速申报公司

较小报告公司

☐

新兴成长型公司

☐

如果属于新兴成长型公司，请勾选说明注册人是否已选择不采用《交易法》第13(a)条规定的延长过渡期，以遵守任何新的或修订后的财务会计准则。

Urban Edge Properties o Urban Edge Properties LP o

请勾选说明注册人是否为空壳公司（定义见《交易法》规则12b-2）。

Urban Edge Properties 是 ☐ 否 x Urban Edge Properties LP 是 ☐ 否 x

截至2026年10月23日，Urban Edge Properties拥有 126,259,755 股普通股已发行在外。

URBAN EDGE PROPERTIES 与 URBAN EDGE PROPERTIES LP

10-Q表季度报告

截至2026年9月30日的季度

第一部分

第1项。

财务报表

Urban Edge Properties的合并财务报表：

截至2026年9月30日（未经审计）和2025年12月31日的合并资产负债表

截至2026年和2025年9月30日止三个月和九个月的合并收益及综合收益表（未经审计）

截至2026年和2025年9月30日止三个月和九个月的合并权益变动表（未经审计）

截至2026年和2025年9月30日止九个月的合并现金流量表（未经审计）

Urban Edge Properties LP的合并财务报表：

截至2026年9月30日（未经审计）和2025年12月31日的合并资产负债表

截至2026年和2025年9月30日止三个月和九个月的合并收益及综合收益表（未经审计）

截至2026年和2025年9月30日止三个月和九个月的合并权益变动表（未经审计）

截至2026年和2025年9月30日止九个月的合并现金流量表（未经审计）

Urban Edge Properties和Urban Edge Properties LP

合并财务报表附注（未经审计）

第2项。

管理层对财务状况和经营业绩的讨论与分析

第3项。

有关市场风险的定量和定性披露

第 4 项。

控制与程序

第二部分

第 1 项。

法律诉讼

第 1A 项。

风险因素

第 2 项。

未注册股权证券的销售及所得款项用途

第 3 项。

优先证券违约

第 4 项。

矿山安全披露

第 5 项。

其他信息

第 6 项。

附件

签名

说明性注释

本报告合并了 Urban Edge Properties 和 Urban Edge Properties LP 截至 2026 年 9 月 30 日期间的 10-Q 表季度报告。除非另有说明或上下文另有要求，“UE”、“Urban Edge”和“REIT”均指 Urban Edge Properties（一家马里兰州房地产投资信托基金（“REIT”））；“UELP”和“经营合伙企业”均指 Urban Edge Properties LP（一家特拉华州有限合伙企业）。“公司”、“我们”、“我方”和“我们的”统称 UE、UELP 以及由 UE 合并报表的这些实体/子公司。

UELP 是我们开展几乎全部业务并直接或通过子公司拥有几乎全部资产的实体。UE 是 UELP 的唯一普通合伙人，同时也是有限合伙人。作为 UELP 的唯一普通合伙人，UE 对 UELP 的日常管理拥有专属控制权。

截至 2026 年 9 月 30 日，UE 持有 UELP 约 94.7% 的权益。其余约 5.3% 的权益由其他有限合伙人持有。UELP 的其他有限合伙人包括管理层成员、董事会成员以及所收购物业权益的出资方。根据 UELP 的有限合伙协议，单位持有人可随时提交其 UELP 普通单位以供赎回（但须遵守单位发行时商定的限制，这些限制可能在一段时间内限制该权利）。提交普通单位赎回时，UELP 必须以现金赎回该单位，金额等于当时 UE 普通股一股的价值，具体定义见有限合伙协议。但 UE 可选择以 UE 普通股换取所提交的任何普通单位，而非由 UELP 以现金赎回。若 UE 作此选择，其普通股将按一比一的比例换取普通单位。该一比一换股比例须进行特定调整以防止稀释。UE 通常预计，在每次提交赎回时选择发行普通股，而不是由 UELP 支付现金。每次此类换股或赎回都会提高 UE 在 UELP 中的持股比例。此外，每当 UE 发行普通股（用于收购 UELP 普通单位除外）时，UE 必须将其收到的任何净收益出资给 UELP，而 UELP 必须向 UE 发行等量的 UELP 普通单位。这种结构通常称为伞式合伙制 REIT，或 UPREIT。

公司认为，将 UE 和 UELP 的 10-Q 表季度报告合并为本单一报告可带来以下益处：

•使投资者能够以管理层看待和运营业务的同样方式审视整体业务，从而加深投资者对 UE 和 UELP 的了解；

•消除了重复披露，并使呈现更加精简、易读，因为大部分披露内容同时适用于 UE 和 UELP；并且

•通过编制一份合并报告，而不是两份单独的报告，提高了整个编制过程的时间和成本效率。

管理层将 Urban Edge Properties 和 Operating Partnership 作为一个整体经营。Urban Edge Properties 的管理层与 Operating Partnership 的管理层由同一批人员组成。这些人员是 Urban Edge Properties 的高管，也是 Operating Partnership 的员工。

公司认为，了解 UE 和 UELP 之间的少数差异，对于理解 UE 和 UELP 作为一家合并公司如何运营十分重要。UELP 的财务业绩纳入 UE 的合并财务报表。除对 UELP 的投资外，UE 没有其他重大资产、负债或运营，也没有自己的员工。除涉及 UE 证券的交易外，通常由 UELP 而非 UE 执行所有重大业务关系。UELP 持有 UE 几乎所有资产，并保留公司合资企业的所有权权益。UELP 负责开展业务运营，其架构为有限合伙企业，没有公开交易的股权。除 UE 股权发行所得净款项（视情况而定，这些款项将作为资本投入 UELP，以换取 UELP 的有限合伙单位）外，公司业务所需的所有其余资金均由 UELP 生成。这些资金来源可能包括营运资金、经营活动提供的净现金、无担保信贷额度和定期贷款项下的借款、发行有担保和无担保债务及权益证券，以及处置某些物业所得款项。

股东权益、合伙人资本和非控股权益（“NCI”）是 UE 与 UELP 合并财务报表之间的主要差异所在。UELP 的有限合伙人在 UELP 财务报表中作为合伙人资本核算，在 UE 财务报表中则作为非控股权益核算。UELP 财务报表中的非控股权益包括非关联方在合并实体中的权益。UE 财务报表中的非控股权益包括 UELP 层面的相同非控股权益以及 UELP 的有限合伙人。股东权益与合伙人资本之间的差异源于 UE 和 UELP 层面发行的权益不同。

为帮助投资者更好地了解 UE 与 UELP 之间的主要差异，本报告将 UE 和 UELP 的某些信息分别列示，具体如下：项目 1. 财务报表（未经审计），其中包含针对 UE 和 UELP 的具体披露，附注 14，权益和非控股权益，以及附注 16，每股及每单位收益。

本报告还分别包含第一部分第4项“控制与程序”章节，以及 UE 和 UELP 各自的第31号和第32号附件认证，以证明已作出必要认证，且 UE 和 UELP 符合《1934年证券交易法》第13a-15条或第15d-15条以及《美国法典》第18编第1350条的规定。

第一部分 - 财务信息

第1项. 财务报表

URBAN EDGE PROPERTIES

合并资产负债表

（未经审计）

（千美元，股份及每股金额除外）


	9月30日		12月31日
	2026		2025
资产
房地产，按成本计价：
土地	$	686,497			$	669,078
建筑物及改良	2,905,146			2,835,540
在建工程	388,936			327,413
家具、固定装置及设备	14,508			13,059
总计	3,995,087			3,845,090
累计折旧和摊销	(989,591)			(935,548)
房地产，净额	3,005,496			2,909,542
经营租赁使用权资产	56,887			58,917
现金及现金等价物	62,644			48,881
受限现金	23,531			29,984
租户及其他应收款	21,873			26,658
直线法租金确认产生的应收款	63,013			63,842
已确认无形资产，扣除累计摊销74,553美元和70,514美元后，分别为	83,583			87,591
递延租赁成本，扣除累计摊销22,940美元和21,982美元后，分别为	29,266			31,220
预付费用及其他资产	76,959			55,236
资产总额	$	3,423,252			$	3,311,871

负债和权益
负债：
应付抵押贷款，净额	$	1,629,867			$	1,606,774
无担保信贷额度	75,000			—

经营租赁负债	54,509			56,329
应付账款、应计费用及其他负债	90,644			97,397
已确认无形负债，扣除累计摊销60,593美元和59,668美元后，分别为	161,995			174,899
负债总额	2,012,015			1,935,399
承诺和或有事项（附注10）
股东权益：
普通股：面值0.01美元；授权发行500,000,000股，已发行并流通在外126,259,755股和125,912,647股，分别为	1,261			1,257
额外实收资本	1,173,491			1,163,939
累计其他综合收益（亏损）	6,830			(703)
累计收益	137,078			124,566
非控股权益：
经营合伙企业	73,503			69,140
合并子公司	19,074			18,273
权益总额	1,411,237			1,376,472
负债和权益总额	$	3,423,252			$	3,311,871

请参阅未经审计合并财务报表附注。

URBAN EDGE PROPERTIES

合并收益及综合收益表

（未经审计）

（千美元，每股金额除外）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
收入
租金收入	$	119,249			$	119,196		$	366,079	$	351,200
其他收入	307			930			8,882		1,175
收入总额	119,556			120,126			374,961		352,375
费用
折旧和摊销	32,906			36,831			100,254		106,628
房地产税	16,011			16,791			49,488		49,731
物业运营费用	20,612			19,401			68,867		62,334
一般及行政费用	8,776			8,976			27,592		30,224

租赁费用	3,171			3,320			9,619		9,981
其他费用	—			349			—		349
费用总额	81,476			85,668			255,820		259,247
出售房地产收益	36,006			233			36,006		49,695
利息收入	549			824			1,541		2,098
利息及债务费用	(19,962)			(19,374)			(58,482)		(58,666)
债务清偿（损失）收益	—			—			(212)		323
所得税前收入	54,673			16,141			97,994		86,578
所得税费用	(872)			(600)			(1,999)		(1,862)
净收入	53,801			15,541			95,995		84,716
减：归属于以下非控股权益的净（收入）亏损：
经营合伙企业	(2,596)			(836)			(4,703)		(4,326)
合并子公司	235			230			715		721
归属于普通股股东的净利润	$	51,440			$	14,935		$	92,007	$	81,111

每股普通股收益 - 基本：	$	0.41			$	0.12		$	0.73	$	0.65
每股普通股收益 - 摊薄：	$	0.41			$	0.12		$	0.73	$	0.64
加权平均流通股数 - 基本	126,182			125,729			126,044		125,643
加权平均流通股数 - 摊薄	131,532			125,803			131,436		125,869

净利润	$	53,801			$	15,541		$	95,995	$	84,716
衍生工具公允价值变动的有效部分	4,955			(578)			7,956		(964)
综合收益	58,756			14,963			103,951		83,752
减：归属于非控股权益（NCI）的综合（收益）亏损：
经营合伙企业	(261)			30			(423)		49
减：归属于非控股权益（NCI）的净（收益）亏损：
经营合伙企业	(2,596)			(836)			(4,703)		(4,326)
合并子公司	235			230			715		721
归属于普通股股东的综合收益	$	56,134			$	14,387		$	99,540	$	80,196

参见未经审计的合并财务报表附注。

URBAN EDGE PROPERTIES

合并权益变动表

（未经审计）

（单位：千，股份和每股金额除外）


	普通股							非控股权益（“NCI”）
	股份	金额		额外实缴资本			累计其他综合亏损	累计留存收益（亏损）		经营合伙企业		合并子公司	权益总额
2025年6月30日余额	125,791,099	$	1,256		$	1,159,588				$	(190)		$	145,043	$	68,620		$	18,287	$	1,392,604
归属于普通股股东的净利润	—		—		—				—			14,935		—	—		14,935
归属于非控股权益的净利润（亏损）	—		—		—				—			—		836	(230)		606
其他综合亏损	—		—		—				(548)			—		(30)	—		(578)
有限合伙权益：
以普通股赎回的单位	21,418		—		227				—			—		227	—		454

非控股权益重新分配	—		—		1,459				—			—		(1,913)	—		(454)
发行普通股，净额	1,157		—		(401)				—			(25)		—	—		(426)

向普通股股东派发股息（每股$0.19）	—		—		—				—			(23,886)		—	—		(23,886)
向可赎回非控股权益派发分配款（每单位$0.19）	—		—		—				—			—		(1,229)	—		(1,229)
非控股权益出资	—		—		—				—			—		—	512		512
股份薪酬费用	—		—		185				—			—		2,541	—		2,726
发行LTIP单位	—		—		(405)				—			—		742	—		337

2025年9月30日余额	125,813,674	$	1,256		$	1,160,653				$	(738)		$	136,067	$	69,794		$	18,569	$	1,385,601


	普通股						非控股权益（“NCI”）
	股份	金额		额外实缴资本	累计其他综合收益		累计留存收益（亏损）		经营合伙企业		合并子公司	权益总额
2026年6月30日余额	126,224,466	$	1,261		$	1,168,529			$	2,136		$	112,159	$	73,982		$	19,309	$	1,377,376
归属于普通股股东的净利润	—		—		—			—			51,440		—	—		51,440
归属于非控股权益的净利润（亏损）	—		—		—			—			—		2,596	(235)		2,361
其他综合收益	—		—		—			4,694			—		261	—		4,955
有限合伙权益：
以普通股赎回的单位	34,000		—		351			—			—		(351)	—		—
非控股权益重新分配	—		—		5,155			—			—		(5,155)	—		—
发行普通股，净额	1,289		—		(51)			—			(25)		—	—		(76)
向普通股股东派发股息（每股$0.21）	—		—		—			—			(26,496)		—	—		(26,496)
向可赎回非控股权益派发分配款（每单位$0.21）	—		—		—			—			—		(1,587)	—		(1,587)

股份薪酬费用	—		—		237			—			—		2,694	—		2,931
发行LTIP单位	—		—		(730)			—			—		1,063	—		333

2026年9月30日余额	126,259,755	$	1,261		$	1,173,491			$	6,830		$	137,078	$	73,503		$	19,074	$	1,411,237

参见未经审计的合并财务报表附注。


	普通股							非控股权益（“NCI”）
	股份	金额		额外实缴资本			累计其他综合收益（亏损）	累计留存收益（亏损）		经营合伙企业		合并子公司	权益总额
2024年12月31日余额	125,450,684		$	1,253		$	1,149,981				$	177		$	126,670		$	65,069			$	18,574		$	1,361,724
归属于普通股股东的净利润	—		—		—				—			81,111		—		—			81,111
归属于非控股权益的净利润（亏损）	—		—		—				—			—		4,326		(721)			3,605
其他综合损失	—		—		—				(915)			—		(49)		—			(964)
有限合伙权益：
赎回单位以换取普通股	352,346		3		3,521				—			—		3,524		—			7,048
非控股权益重新分配	—		—		3,688				—			—		(10,736)		—			(7,048)
发行普通股，净额	22,410		—		5,132				—			(73)		—		—			5,059
向普通股股东派发股息（每股$0.57）	—		—		—				—			(71,641)		—		—			(71,641)
向可赎回非控股权益派发分配款（每单位$0.57）	—		—		—				—			—		(4,122)		—			(4,122)
非控股权益出资	—		—		—				—			—		—		716			716
股份薪酬费用	—		—		423				—			—		8,576		—			8,999
发行LTIP单位	—		—		(1,819)				—			—		3,206		—			1,387
为缴税而扣留的股份薪酬奖励	(11,766)		—		(273)				—			—		—		—			(273)
2025年9月30日余额	125,813,674	$	1,256		$	1,160,653				$	(738)		$	136,067		$	69,794			$	18,569		$	1,385,601


	普通股						非控股权益（“NCI”）
	股数	金额		额外实收资本	累计其他综合（损失）收益		累计留存收益（赤字）		经营合伙企业		合并子公司	权益总额
2025年12月31日余额	125,912,647		$	1,257		$	1,163,939			$	(703)		$	124,566		$	69,140			$	18,273		$	1,376,472
归属于普通股股东的净利润	—		—		—			—			92,007		—		—			92,007
归属于非控股权益的净利润（亏损）	—		—		—			—			—		4,703		(715)			3,988
其他综合收益	—		—		—			7,533			—		423		—			7,956
有限合伙权益：
赎回单位以换取普通股	313,454		3		3,278			—			—		(3,281)		—			—
非控股权益重新分配	—		—		4,204			—			—		(4,204)		—			—
发行普通股，净额	45,174		1		3,817			—			(77)		—		—			3,741
向普通股股东派发股息（每股$0.63）	—		—		—			—			(79,418)		—		—			(79,418)
向可赎回非控股权益派发分配款（每单位$0.63）	—		—		—			—			—		(5,237)		—			(5,237)
非控股权益出资	—		—		—			—			—		—		1,516			1,516
股份薪酬费用	—		—		633			—			—		8,862		—			9,495
发行LTIP单位	—		—		(2,099)			—			—		3,097		—			998
为缴税而扣留的股份薪酬奖励	(11,520)		—		(281)			—			—		—		—			(281)
2026年9月30日余额	126,259,755	$	1,261		$	1,173,491			$	6,830		$	137,078		$	73,503			$	19,074		$	1,411,237

请参阅未经审计合并财务报表附注。

URBAN EDGE PROPERTIES

合并现金流量表

（未经审计）

（单位：千）


	截至9月30日的九个月
	2026		2025
经营活动产生的现金流量
净利润	$	95,995			$	84,716
将净利润调节至经营活动提供的现金净额的调整项：
折旧和摊销	100,341			106,915
房地产出售收益	(36,006)			(49,695)

债务清偿损失（收益）	212			(323)
递延融资成本及债务义务溢折价摊销	4,601			4,184
高于和低于市场租赁的摊销，净额	(9,920)			(12,467)
租赁激励摊销	283			294
非现金租赁费用	4,896			5,005
直线法确认租金	(863)			(1,870)
股份薪酬费用	9,495			8,999
被视为无法收回的租金收入	3,199			2,027
经营性资产和负债变动：
租户及其他应收款	1,586			(5,581)
递延租赁成本	(3,200)			(6,816)
预付费用及其他资产	2,687			902
租赁负债	(4,686)			(4,765)
应付账款、应计费用及其他负债	2,463			209
经营活动提供的现金净额	171,083			131,734
投资活动产生的现金流量
房地产开发和资本改良	(106,986)			(74,122)
收购房地产	(105,842)			(1,500)
收购租赁权益	(10,675)			—
出售房地产所得款项	26,416			64,474
投资活动使用的现金净额	(197,087)			(11,148)
融资活动产生的现金流量


抵押贷款借款所得款项	62,500			123,600


无担保信贷额度借款	95,000			75,000
非控股权益出资	1,516			716
发行普通股相关成本	(152)			(410)
已扣缴的归属受限股份税款	(281)			(273)
向可赎回非控股权益分配	(5,237)			(4,122)
债务发行成本	(8,208)			(2,776)
偿还债务	(32,406)			(186,526)
向普通股股东派发股息	(79,418)			(71,641)
融资活动提供（使用）的现金净额	33,314			(66,432)
现金及现金等价物和受限现金净增加额	7,310			54,154
期初现金及现金等价物和受限现金	78,865			90,640
期末现金及现金等价物和受限现金	$	86,175			$	144,794

参见未经审计的合并财务报表附注。


	截至9月30日的九个月
	2026		2025
现金流量信息补充披露
利息现金支出（扣除资本化金额，分别为$11,634和$9,160）	$	53,533			$	54,441
所得税现金支出	633			731
非现金投资和融资活动
因处置房地产而由买方承担的债务	30,000			—
计入应付账款和应计费用的应计资本支出	18,771			21,559
全额折旧资产的核销	11,778			38,595
发行LTIP单位	3,893			5,470

作为非控股权益资本出资而使用的应收票据发行	3,791			—








现金及现金等价物和受限现金的调节
期初现金及现金等价物	$	48,881			$	41,373
期初受限现金	29,984			49,267
期初现金及现金等价物和受限现金	$	78,865			$	90,640

期末现金及现金等价物	$	62,644			$	77,796
期末受限现金	23,531			66,998
期末现金及现金等价物和受限现金	$	86,175			$	144,794

参见未经审计的合并财务报表附注。

URBAN EDGE PROPERTIES LP

合并资产负债表

（未经审计）

（单位：千，单位金额除外）


	9月30日，		12月31日，
	2026		2025
资产
房地产，按成本计价：
土地	$	686,497			$	669,078
建筑物及改良	2,905,146			2,835,540
在建工程	388,936			327,413
家具、固定装置及设备	14,508			13,059
总计	3,995,087			3,845,090
累计折旧和摊销	(989,591)			(935,548)
房地产净额	3,005,496			2,909,542
经营租赁使用权资产	56,887			58,917
现金及现金等价物	62,644			48,881
受限现金	23,531			29,984
租户及其他应收款	21,873			26,658
因租金直线摊销产生的应收款	63,013			63,842
已识别无形资产，扣除累计摊销后的净额（分别为$74,553和$70,514）	83,583			87,591
递延租赁成本，扣除累计摊销后的净额（分别为$22,940和$21,982）	29,266			31,220
预付费用及其他资产	76,959			55,236
资产总额	$	3,423,252			$	3,311,871

负债和权益
负债：
应付抵押贷款净额	$	1,629,867			$	1,606,774
无担保信贷额度	75,000			—

经营租赁负债	54,509			56,329
应付账款、应计费用及其他负债	90,644			97,397
已识别无形负债，扣除累计摊销后的净额（分别为$60,593和$59,668）	161,995			174,899
负债总额	2,012,015			1,935,399
承诺和或有事项（附注10）
权益：
合伙人资本：
普通合伙人：分别有126,259,755和125,912,647个单位发行在外	1,174,752			1,165,196
有限合伙人：分别有7,037,824和6,753,481个单位发行在外	68,399			63,925
累计其他综合收益（亏损）	6,830			(703)
累计收益	142,182			129,781
合伙人资本总额	1,392,163			1,358,199
合并子公司的非控股权益	19,074			18,273
权益总额	1,411,237			1,376,472
负债和权益总额	$	3,423,252			$	3,311,871

请参阅未经审计的合并财务报表附注。

URBAN EDGE PROPERTIES LP

合并收益及综合收益表

（未经审计）

（单位：千美元，每单位金额除外）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
收入
租金收入	$	119,249			$	119,196		$	366,079	$	351,200
其他收入	307			930			8,882		1,175
收入总额	119,556			120,126			374,961		352,375
费用
折旧和摊销	32,906			36,831			100,254		106,628
房地产税	16,011			16,791			49,488		49,731
物业运营费用	20,612			19,401			68,867		62,334
一般及行政费用	8,776			8,976			27,592		30,224

租赁费用	3,171			3,320			9,619		9,981
其他费用	—			349			—		349
费用总额	81,476			85,668			255,820		259,247
出售房地产收益	36,006			233			36,006		49,695
利息收入	549			824			1,541		2,098
利息及债务费用	(19,962)			(19,374)			(58,482)		(58,666)
债务清偿（损失）收益	—			—			(212)		323
税前收入	54,673			16,141			97,994		86,578
所得税费用	(872)			(600)			(1,999)		(1,862)
净收入	53,801			15,541			95,995		84,716
减：归属于合并子公司非控股权益的净亏损	235			230			715		721
归属于单位持有人的净收入	$	54,036			$	15,771		$	96,710	$	85,437

每单位收益 - 基本：	$	0.41			$	0.12		$	0.73	$	0.65
每单位收益 - 稀释：	$	0.41			$	0.12		$	0.73	$	0.65
加权平均流通单位数 - 基本	131,428			130,591			131,271		130,396
加权平均流通单位数 - 稀释	131,532			130,665			131,436		130,621

净收入	$	53,801			$	15,541		$	95,995	$	84,716
衍生品公允价值变动的有效部分	4,955			(578)			7,956		(964)
综合收益	58,756			14,963			103,951		83,752
减：归属于合并子公司非控股权益的净亏损	235			230			715		721
归属于单位持有人的综合收益	$	58,991			$	15,193		$	104,666	$	84,473

请参阅未经审计的合并财务报表附注。

URBAN EDGE PROPERTIES LP

合并权益变动表

（未经审计）

（单位：千美元，单位数及每单位金额除外）


	股份总数	普通合伙人		单位总数	有限合伙人(1)			累计其他综合亏损		累计收益（亏损）	合并子公司的非控股权益	权益总额
2025年6月30日余额	125,791,099		$	1,160,844		6,610,906		$	62,439			$	(190)	$	151,224		$	18,287	$	1,392,604
归属于单位持有人的净收入	—		—		—		—				—		15,771	—		15,771
归属于非控股权益的净亏损	—		—		—		—				—		—	(230)		(230)
其他综合亏损	—		—		—		—				(548)		(30)	—		(578)
因Urban Edge发行普通股而发行的普通单位，扣除净额	1,157		(401)		179,496		—				—		(25)	—		(426)
OP单位权益赎回	21,418		227		(21,418)		227				—		—	—		454


非控股权益重新分配	—		1,459		—		(1,913)				—		—	—		(454)
向合伙人分配（每单位$0.19）	—		—		—		—				—		(25,115)	—		(25,115)
非控股权益出资	—		—		—		—				—		—	512		512
股份薪酬费用	—		185		—		2,541				—		—	—		2,726
发行LTIP单位	—		(405)		—		742				—		—	—		337

2025年9月30日余额	125,813,674		$	1,161,909		6,768,984		$	64,036			$	(738)	$	141,825		$	18,569	$	1,385,601

(1)截至2025年9月30日，有限合伙人持有运营合伙企业5.1%的普通有限合伙权益，形式为运营合伙企业单位（“OP单位”）和长期激励计划单位（“LTIP单位”）。


	股份总数	普通合伙人		单位总数	有限合伙人(2)		累计其他综合收益		累计收益（亏损）		合并子公司的非控股权益	权益总额
2026年6月30日余额	126,224,466		$	1,169,790		7,272,372			$	70,148		$	2,136	$	115,993		$	19,309	$	1,377,376
归属于单位持有人的净利润	—		—		—			—			—		54,036	—		54,036
归属于非控股权益的净亏损	—		—		—			—			—		—	(235)		(235)
其他综合收益	—		—		—			—			4,694		261	—		4,955
因 Urban Edge 发行普通股而发行的普通单位，净额	1,289		(51)		(200,548)			—			—		(25)	—		(76)
赎回 OP Units 的权益	34,000		351		(34,000)			(351)			—		—	—		—

非控股权益重新分配	—		5,155		—			(5,155)			—		—	—		—
向合伙人分配（每单位 $0.21）	—		—		—			—			—		(28,083)	—		(28,083)

股份薪酬费用	—		237		—			2,694			—		—	—		2,931
发行 LTIP Units	—		(730)		—			1,063			—		—	—		333

余额，2026 年 9 月 30 日	126,259,755		$	1,174,752		7,037,824			$	68,399		$	6,830	$	142,182		$	19,074	$	1,411,237

(2)截至 2026 年 9 月 30 日，有限合伙人以 OP Units 和 LTIP Units 形式持有 Operating Partnership 5.3% 的普通有限合伙权益。

参见合并财务报表附注（未经审计）。


	股份总数	普通合伙人		单位总数	有限合伙人(1)			累计其他综合收益（亏损）		累计留存收益（亏损）	合并子公司的非控股权益	权益总额
余额，2024 年 12 月 31 日	125,450,684		$	1,151,234		6,386,837		$	59,466			$	177	$	132,273		$	18,574	$	1,361,724
归属于单位持有人的净利润	—		—		—		—				—		85,437	—		85,437
归属于非控股权益的净亏损	—		—		—		—				—		—	(721)		(721)
其他综合亏损	—		—		—		—				(915)		(49)	—		(964)
因 Urban Edge 发行普通股而发行的普通单位，净额	22,410		5,132		734,493		—				—		(73)	—		5,059
赎回 OP Units 的权益	352,346		3,524		(352,346)		3,524				—		—	—		7,048


非控股权益重新分配	—		3,688		—		(10,736)				—		—	—		(7,048)
向合伙人分配（每单位 $0.57）	—		—		—		—				—		(75,763)	—		(75,763)
非控股权益出资	—		—		—		—				—		—	716		716
股份薪酬费用	—		423		—		8,576				—		—	—		8,999
发行 LTIP Units	—		(1,819)		—		3,206				—		—	—		1,387
为缴纳税款而保留的股份薪酬奖励	(11,766)		(273)		—		—				—		—	—		(273)
余额，2025 年 9 月 30 日	125,813,674		$	1,161,909		6,768,984		$	64,036			$	(738)	$	141,825		$	18,569	$	1,385,601

(1)截至 2025 年 9 月 30 日，有限合伙人以 OP Units 和 LTIP Units 形式持有 Operating Partnership 5.1% 的普通有限合伙权益。


	股份总数	普通合伙人		单位总数	有限合伙人(2)		累计其他综合（亏损）收益		累计留存收益（亏损）		合并子公司的非控股权益	权益总额
余额，2025 年 12 月 31 日	125,912,647		$	1,165,196		6,753,481			$	63,925		$	(703)	$	129,781		$	18,273	$	1,376,472
归属于单位持有人的净利润	—		—		—			—			—		96,710	—		96,710
归属于非控股权益的净亏损	—		—		—			—			—		—	(715)		(715)
其他综合收益	—		—		—			—			7,533		423	—		7,956
因 Urban Edge 发行普通股而发行的普通单位，净额	45,174		3,818		597,797			—			—		(77)	—		3,741
赎回 OP Units 的权益	313,454		3,281		(313,454)			(3,281)			—		—	—		—


非控股权益重新分配	—		4,204		—			(4,204)			—		—	—		—
向合伙人分配（每单位 $0.63）	—		—		—			—			—		(84,655)	—		(84,655)
非控股权益出资	—		—		—			—			—		—	1,516		1,516
股份薪酬费用	—		633		—			8,862			—		—	—		9,495
发行 LTIP Units	—		(2,099)		—			3,097			—		—	—		998
为缴纳税款而保留的股份薪酬奖励	(11,520)		(281)		—			—			—		—	—		(281)
余额，2026 年 9 月 30 日	126,259,755		$	1,174,752		7,037,824			$	68,399		$	6,830	$	142,182		$	19,074	$	1,411,237

(2)截至 2026 年 9 月 30 日，有限合伙人以 OP Units 和 LTIP Units 形式持有 Operating Partnership 5.3% 的普通有限合伙权益。

参见合并财务报表附注（未经审计）。

URBAN EDGE PROPERTIES LP

合并现金流量表

（未经审计）

（千美元）


	截至 9 月 30 日的九个月
	2026		2025
经营活动产生的现金流量
净利润	$	95,995			$	84,716
将净利润调节为经营活动提供的净现金的调整项：
折旧和摊销	100,341			106,915
出售房地产的收益	(36,006)			(49,695)

债务清偿损失（收益）	212			(323)
债务义务融资成本及溢价/折价的摊销	4,601			4,184
高于和低于市场租赁的摊销，净额	(9,920)			(12,467)
租赁激励摊销	283			294
非现金租赁费用	4,896			5,005
租金直线法调整	(863)			(1,870)
股份支付薪酬费用	9,495			8,999
被视为无法收回的租金收入	3,199			2,027
经营资产和负债变动：
租户及其他应收款	1,586			(5,581)
递延租赁成本	(3,200)			(6,816)
预付费用及其他资产	2,687			902
租赁负债	(4,686)			(4,765)
应付账款、应计费用及其他负债	2,463			209
经营活动提供的现金净额	171,083			131,734
投资活动产生的现金流量
房地产开发及资本性改良	(106,986)			(74,122)
收购房地产	(105,842)			(1,500)
收购租赁权益	(10,675)			—
出售房地产所得款项	26,416			64,474
投资活动使用的现金净额	(197,087)			(11,148)
融资活动产生的现金流量


抵押贷款借款所得款项	62,500			123,600

无担保信贷额度借款	95,000			75,000
非控股权益出资	1,516			716
普通股发行相关成本	(152)			(410)
已归属限制性单位的预扣税款	(281)			(273)
债务发行成本	(8,208)			(2,776)

偿还债务	(32,406)			(186,526)
向合伙人分配款项	(84,655)			(75,763)
融资活动提供（使用）的现金净额	33,314			(66,432)
现金及现金等价物和受限现金净增加额	7,310			54,154
期初现金及现金等价物和受限现金	78,865			90,640
期末现金及现金等价物和受限现金	$	86,175			$	144,794

请参阅未经审计的合并财务报表附注。


	截至9月30日的九个月
	2026		2025
现金流量信息补充披露
利息现金支付额，扣除资本化金额11,634和9,160后，分别为	$	53,533			$	54,441
所得税现金支付额	633			731
非现金投资和融资活动
与房地产处置相关、由买方承担的债务	30,000			—
计入应付账款和应计费用的应计资本性支出	18,771			21,559
全额折旧资产的核销	11,778			38,595

发行LTIP单位	3,893			5,470
发行用作非控股权益资本出资的应收票据	3,791			—








现金及现金等价物和受限现金的调节
期初现金及现金等价物	$	48,881			$	41,373
期初受限现金	29,984			49,267
期初现金及现金等价物和受限现金	$	78,865			$	90,640

期末现金及现金等价物	$	62,644			$	77,796
期末受限现金	23,531			66,998
期末现金及现金等价物和受限现金	$	86,175			$	144,794

请参阅未经审计的合并财务报表附注。

URBAN EDGE PROPERTIES 和 URBAN EDGE PROPERTIES LP

合并财务报表附注

（未经审计）

1.组织架构

Urban Edge Properties（“UE”、“Urban Edge”或“公司”）（NYSE: UE）是一家马里兰州房地产投资信托基金，专注于在城市社区拥有、管理、收购、开发和再开发零售房地产，主要位于华盛顿特区至波士顿走廊。Urban Edge Properties LP（“UELP”或“经营合伙企业”）是一家在特拉华州成立的有限合伙企业，旨在作为 UE 的控股合伙企业子公司，并通过关联方持有公司的全部房地产及其他资产。除非上下文另有要求，“我们”、“我们的”均指 Urban Edge Properties、UELP 及其合并实体/子公司。

经营合伙企业的资本包括普通合伙权益和普通有限合伙权益（“OP Units”）。截至 2026 年 9 月 30 日，Urban Edge 持有已发行普通 OP Units 的约 94.7%，其余有限 OP Units 由管理层成员、Urban Edge 董事会成员以及所收购物业权益的出资方持有。Urban Edge 是经营合伙企业的唯一普通合伙人。第三方单位持有人对经营合伙企业的权利有限，因此不具备控制性财务权益的特征。因此，经营合伙企业被视为可变利益实体（“VIE”），公司是其主要受益人并对其进行合并。公司的唯一投资是经营合伙企业。VIE 的资产可用于清偿 VIE 义务以外的用途，且公司的合伙权益被视为多数表决权权益。

截至 2026 年 9 月 30 日，我们的投资组合包括 70 个购物中心、两个奥特莱斯中心和两座购物商场，总面积约 1,600 万平方英尺（“sf”）；其中包括我们对位于加利福尼亚州核桃溪的物业（Mt. Diablo）持有的 95% 控股权益，以及对位于纽约州马萨佩夸的 Sunrise Mall 持有的 82.5% 控股权益。

2.列报基础和合并原则

随附的合并财务报表按照美国公认会计原则（“GAAP”）关于中期财务信息的规定以及 Form 10-Q 的指示编制。我们年度财务报表中包含的某些信息和脚注披露已予以简化或省略。管理层认为，合并财务报表包含所有必要调整（包括正常的经常性应计项目），能够公允列报公司和经营合伙企业的财务状况，以及所列中期期间的经营业绩和现金流量。截至 2026 年 9 月 30 日止三个月和九个月的经营业绩不一定能代表截至 2026 年 12 月 31 日止财政年度的预期业绩。因此，应结合我们截至 2025 年 12 月 31 日止年度的 Form 10-K 年度报告（已向美国证券交易委员会（“SEC”）提交）中所载的合并财务报表及其附注阅读本合并财务报表。

根据 ASC 205 财务报表列报，为与本期列报方式保持一致，已对某些上年度余额进行重新分类。

截至 2026 年 9 月 30 日和 2025 年 12 月 31 日的合并资产负债表，反映了全资子公司以及我们拥有控制性财务权益的实体的合并情况。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，不包括运营合伙企业在内，我们合并了两个 VIE，其总资产分别为 48.7 百万美元和 43.5 百万美元，总负债分别为 5.6 百万美元和 9.5 百万美元。截至 2026 年和 2025 年 9 月 30 日止三个月和九个月的合并收益及综合收益表，包括公司、运营合伙企业和两个 VIE 的合并账目。所有公司间交易均已在合并时抵销。

我们的主营业务是拥有、管理、收购、开发和重新开发零售购物中心及商场。为衡量业绩和分配资源，我们不会区分主营业务或按地域对业务进行分组。公司的首席运营决策者（“CODM”）按单个运营分部审阅运营和财务信息。鉴于各物业、租户和运营的性质与经济特征相似，且长期平均财务表现相近，我们将所有物业合并为一个可报告分部。有关可报告分部的更多信息，请参阅本季度报告 10-Q 表格第一部分第 1 项中的附注 17“分部报告”。

截至 2026 年 9 月 30 日，我们没有任何租户的收入占总收入超过 10%。

3. 重要会计政策摘要

房地产— 房地产按成本计量，扣除累计折旧和摊销。日常维护和维修支出在发生时计入运营费用。能够改善资产或延长资产使用寿命的重大翻新支出予以资本化。在房地产进行重新开发活动期间，与重新开发直接相关且可归属于重新开发的所有物业运营费用（包括利息）均予以资本化，但资本化后的物业成本不得超过该物业完工时的估计公允价值。如果重新开发物业的成本（包括现有物业的账面净值）超过重新开发物业的估计公允价值，超出部分计入减值费用。资本化期间自重新开发活动开始时起，至项目基本完工并可投入预定用途时止。折旧按直线法在估计使用寿命内计提，使用寿命从一年至 40 年不等。

收购房地产时，我们会评估所收购资产（包括土地、建筑物及改良设施、已识别无形资产，例如所收购的高于和低于市场水平的租赁、所收购的已签约租赁及租户关系）的公允价值，以及所承担负债的公允价值，并根据这些评估按相对公允价值分配购买价款。我们根据采用适当折现率和资本化率的预计现金流量，以及包括市场租金收入在内的可用市场信息评估公允价值。未来现金流量估算基于多项因素，包括历史经营业绩、已知趋势以及市场和经济状况。我们按估计公允价值确认所收购的无形资产（包括所收购的高于市场水平的租赁、已签约租赁及租户关系）和所收购的无形负债（包括低于市场水平的租赁）。对于使用寿命有限的已识别无形资产，我们在其预计直接或间接为所收购物业或业务的未来现金流量作出贡献的期间内进行摊销。

我们每季度以及在发生事件或情况变化表明账面价值可能无法收回时，都会对各项物业和开发项目单独进行减值评估。此类事件和变化包括宏观经济状况、经营业绩以及环境和监管变化，这些因素可能导致物业运营中断，并可能表明账面价值无法收回。当一项资产的账面价值超过其预计持有期间内预计未来现金流量总额（按未折现基础计算，并在确定未来终值时考虑适当的资本化率）时，即存在减值。减值损失按物业账面价值超过其估计公允价值的部分计量。估计公允价值可能基于采用适当折现率和资本化率的未来折现现金流量、未来市场租金率，以及可用市场信息、第三方评估、经纪人出售估值或正在协商的销售协议。减值评估依据评估编制时我们的当前计划、预期持有期限及可用市场信息。如果由于市场状况不确定，我们对预计未来现金流量的估算发生变化，我们对减值损失的评估可能有所不同，此类差异可能对我们的合并财务报表产生重大影响。

待售房地产资产按其账面价值与估计公允价值减出售成本两者中的较低者列报，并分类为持有待售房地产，计入公司合并资产负债表中的预付费用及其他资产。如果估计公允价值减出售成本低于账面价值，差额将确认为减值费用，并计入合并收益及综合收益表中的房地产减值损失。房地产资产一旦分类为持有待售，即不再计提折旧费用。

公司在满足以下所有条件的期间将房地产资产分类为持有待售：(i) 公司承诺出售该资产的计划并有权出售该资产；(ii) 该资产以其当前状态可供出售；(iii) 公司已启动积极营销计划，以为该资产寻找买家；(iv) 该资产的出售很可能在12个月内完成，并预计符合全部销售确认条件；(v) 该资产正以与其当前公允价值相称的合理价格积极营销出售；以及(vi) 公司预计不会改变出售该资产的计划，也不会撤回该计划。

租户及其他应收款项和可收回性评估变动 — 租户应收款项包括向租户开具账单但尚未收取的款项、有争议且可强制执行的收费，以及因物业费用而应向租户收取、用于未来开票的应计收入。我们按租约和投资组合两个层面评估应收租户款项及有争议且可强制执行收费的可收回性；这些款项无法收回是因为租户无法按照经营租赁协议支付所需款项。我们根据 ASC 842 租赁，将经营租赁可收回性评估的变动确认为租金收入调整。管理层在评估可收回性时运用判断，并考虑付款历史、当前信用状况以及有关租户财务状况的公开信息等因素。若管理层认为从特定租约收取几乎所有未来租赁付款已不再很可能，则直接核销租户应收款项及因租金直线法确认而产生的应收款项；此时，公司将开始前瞻性地按实际收款金额确认此类租约的收入。此项核销实质上减少了自租约开始以来因租金直线法确认的累计非现金租金收入。如果公司随后

认定在租赁期限内收取承租人几乎所有剩余租赁付款很可能，则公司将恢复应收款项余额，包括因租金直线法确认而产生的应收款项。

近期发布的会计文献

下表简要说明近期发布的会计准则更新（“ASU”）及其对公司合并财务报表的预期影响：

准则

说明

采用日期

对合并财务报表的影响或其他重大事项

近期已采用：

ASU 2023-09 所得税（主题740）：所得税披露改进

要求上市企业提供与税率调节、已缴所得税分项披露及其他披露相关的额外信息。

2025年12月31日

除增加年度披露外，采用该 ASU 未对公司的合并财务报表产生重大影响。

近期发布：

ASU 2024-03 损益表——报告综合收益——费用分项披露（主题分项 220-40）：损益表费用的分项

要求上市商业实体对包含某些自然费用类别（包括存货采购、员工薪酬、折旧和无形资产摊销）的相关费用项目进行分项披露。

自2027年1月1日开始的财年，以及自2028年1月1日开始的财年的中期期间

公司已评估本 ASU 的影响，预计除披露内容增强外，不会对公司的合并财务报表产生重大影响。公司将在截至2027年12月31日的年度 Form 10-K 报告中采用所要求的披露。该 ASU 应采用前瞻性方式应用，并可选择追溯应用。允许提前采用。

上文未披露的任何其他近期发布的会计准则或公告，因与公司或经营合伙企业无关，或预计不会对我们的合并财务报表或披露产生重大影响，故未予列示。

4. 收购与处置

收购

截至2026年9月30日的九个月内，公司完成了以下收购：

购买日期

物业名称

城市

州

平方英尺

购买价格(1)

（千元）

2026年3月30日

The Village at Bridgewater Commons

Bridgewater

92,000

54,312

2026年7月17日

The Shops at West Falls Church

Falls Church

85,000

40,530

2026年合计

177,000

94,842

(1) 截至2026年9月30日的九个月内收购物业的总购买价格包括扣除抵免额后的0.1 million美元交易成本。

2026年3月30日，公司完成收购位于NJ州Bridgewater的The Village at Bridgewater Commons，购买价格为54.3 million美元，其中包括扣除交易成本后的抵免额。该中心占地92,000 sf，收购资金来自手头现金。

2026年7月17日，公司完成收购位于VA州Falls Church的The Shops at West Falls Church，购买价格为40.5 million美元，其中包括交易成本。该以杂货店为主力店的中心占地85,000 sf，收购资金来自公司无担保信贷额度的所得款项。

截至2025年9月30日的九个月内，公司未完成任何收购。

上述物业收购的购买价格总额分配如下：


（金额以千计）物业名称	土地		建筑物及改良		已识别无形资产(1)		已识别无形负债(1)					购买价格总额
The Village at Bridgewater Commons	$	6,859			$	43,477		$	8,638	$	(4,662)			$	54,312
The Shops at West Falls Church	17,305			27,114			3,964		(7,853)				40,530
2026年合计	$	24,164			$	70,591		$	12,602	$	(12,515)			$	94,842

(1) 截至2026年9月30日，2026年收购的已识别无形资产和已识别无形负债的剩余加权平均摊销期限分别为5.9年和11.4年。

2026年5月21日，公司与位于马萨诸塞州弗雷明汉 Shoppers World 的某些租赁土地物业的土地出租方签订了购买和出售协议（“PSA”），以取得其在土地租赁中的权益，从而接替成为相关租户的出租方。根据PSA条款，公司同意支付1070万美元（含交易成本），并已于2026年6月25日支付。

2026年10月14日，公司完成收购位于佛罗里达州博卡拉顿的 Regency Court，交易总价为9030万美元。该购物中心以杂货店为核心，面积为140,000平方英尺；收购资金来自公司无担保信贷额度借款及贷款修改所得的抵押贷款资金。

资产处置

截至2026年9月30日的九个月内，公司处置了一处物业，扣除出售成本后的所得款项为2640万美元，因此确认房地产出售收益3600万美元。

2026年9月2日，公司完成出售位于新泽西州莫里斯普莱恩斯的 Briarcliff Commons，出售总价为6050万美元，并确认房地产出售收益3600万美元。物业抵押的未偿还3000万美元贷款由买方在交割时承接。此次出售作为反向《国内税收法典》第1031条交换的一部分进行，该交换涉及于2026年3月30日完成收购的 The Village at Bridgewater Commons，以及于2026年6月25日完成的 Shoppers World 出租方权益收购，从而可为所得税目的递延出售产生的资本利得。

截至2026年9月30日，公司已签订合同，拟以7590万美元出售其位于纽约州马萨佩夸的 Sunrise Mall 物业的一块地块。该交易须满足若干交割条件并获得监管批准。截至2026年9月30日，该物业不符合划分为持有待售资产的标准。

截至2025年9月30日的九个月内，公司处置了两处物业和一块物业地块，扣除出售成本后的所得款项为6450万美元，因此确认房地产出售收益4970万美元。

2025年6月23日，公司完成出售位于宾夕法尼亚州格伦奥尔登的 MacDade Commons，出售总价为1800万美元，并确认房地产出售收益1610万美元。此次出售作为正向《国内税收法典》第1031条交换的一部分进行，该交换涉及于2025年10月23日完成收购的 Brighton Mills，从而可为所得税目的递延出售产生的资本利得。

2025年6月9日，公司完成了 Kennedy Commons 的出售。该物业位于新泽西州 North Bergen，毛销售价格为$23.2 million，公司确认房地产出售收益$20.4 million。此次出售作为远期 Section 1031 交换的一部分进行，并与收购 Brighton Mills 配套；该收购于2025年10月23日完成，从而可为所得税目的递延出售产生的资本利得。

2025年4月25日，公司完成了其 Bergen Town Center East 物业一块地的出售。该物业位于新泽西州 Paramus，毛销售价格为$25.0 million，公司确认房地产出售收益$13.1 million。此次出售作为反向 Section 1031 交换的一部分进行，并与收购 The Village at Waugh Chapel 配套；该收购于2024年10月29日完成，从而可为所得税目的递延出售产生的资本利得。

5. 已识别无形资产和负债

下表汇总了我们的无形资产和负债：


（金额以千计）	2026年9月30日		2025年12月31日
在租租约	$	148,083			$	147,827
累计摊销	(69,347)			(65,696)
高于市场租金的租约	10,053			10,278
累计摊销	(5,206)			(4,818)
已识别无形资产，扣除累计摊销后	83,583			87,591
低于市场租金的租约	222,588			234,567
累计摊销	(60,593)			(59,668)
已识别无形负债，扣除累计摊销后	$	161,995			$	174,899

收购的低于市场租金租约的摊销（扣除收购的高于市场租金租约的摊销后），使截至2026年9月30日的三个月和九个月分别增加租金收入$2.6 million和$9.9 million；2025年同期分别增加$7.1 million和$12.2 million。

Amortization of acquired in-place leases inclusive of customer relationships resulted in additional depreciation and amortization expense of $5.2 million and $15.3 million for the three and nine months ended September 30, 2026, respectively, and $7.3 million and $21.2 million for the same periods in 2025.

The following table sets forth the estimated annual amortization (expense) and income related to acquired intangible assets and liabilities for the remainder of 2026 and the five succeeding years:


(Amounts in thousands)	Below-Market		Above-Market		In-Place Lease
Year	Operating Lease Amortization		Operating Lease Amortization		Amortization
2026(1)	$	2,981			$	(369)		$	(5,142)
2027	11,846			(1,292)			(17,155)
2028	11,684			(1,220)			(12,977)
2029	11,366			(1,121)			(10,937)
2030	11,066			(444)			(7,911)
2031	10,916			(181)			(6,086)

(1) Remainder of 2026.

6. MORTGAGES PAYABLE

The following is a summary of mortgages payable as of September 30, 2026 and December 31, 2025.


(Amounts in thousands)	Maturity		Interest Rate at September 30, 2026		September 30, 2026		December 31, 2025
Mortgages secured by:
Town Brook Commons	12/1/2026		3.78%		$	28,468			$	28,965
Rockaway River Commons	12/1/2026		3.78%		25,204			25,645
Hanover Commons	12/10/2026		4.03%		57,987			58,935
Tonnelle Commons	4/1/2027		4.18%		91,893			93,377
Manchester Plaza	6/1/2027		4.32%		12,500			12,500
Millburn Gateway Center	6/1/2027		3.97%		20,614			21,013
Totowa Commons	12/1/2027		4.33%		50,800			50,800
Woodbridge Commons	12/1/2027		4.36%		22,100			22,100
Brunswick Commons	12/6/2027		4.38%		63,000			63,000
Rutherford Commons	1/6/2028		4.49%		23,000			23,000
Hackensack Commons	3/1/2028		4.36%		66,400			66,400
Marlton Commons	12/1/2028		3.86%		34,730			35,295
Yonkers Gateway Center	4/10/2029		6.30%		50,000			50,000
Ledgewood Commons	5/5/2029		6.03%		50,000			50,000
The Shops at Riverwood	6/24/2029		4.25%		20,281			20,577
Shops at Bruckner	7/1/2029		6.00%		36,452			36,848
Shoppers World(1)	8/15/2029		5.12%		123,600			123,600
Greenbrook Commons	9/1/2029		6.03%		31,000			31,000
Huntington Commons	12/5/2029		6.29%		43,326			43,704
Bergen Town Center	4/10/2030		6.30%		285,167			287,779
The Outlets at Montehiedra	6/1/2030		5.00%		69,739			71,412
Montclair(2)	8/15/2030		3.15%		7,091			7,201
Garfield Commons	12/1/2030		4.14%		37,548			38,134
Shops at Caguas	1/31/2031		6.15%		78,784			79,983
The Village at Waugh Chapel(3)	12/1/2031		3.76%		56,318			55,784
Brick Commons	12/10/2031		5.20%		50,000			50,000
Woodmore Towne Centre	1/6/2032		3.39%		117,200			117,200
Plaza at Woodbridge(4)	3/18/2033		5.03%		62,500			—
Newington Commons	7/1/2033		6.00%		15,335			15,505
Briarcliff Commons(5)	10/1/2034		—%		—			30,000
Mount Kisco Commons(6)	11/15/2034		6.40%		9,027			9,631
Total mortgages payable					1,640,064			1,619,388
Total unamortized debt issuance costs	(10,197)			(12,614)

Total mortgages payable, net	$	1,629,867			$	1,606,774

(1)Bears interest at SOFR plus 170 bps. The variable component of the debt is hedged with an interest rate swap agreement, fixing the rate at 5.12%, which expires at the maturity of the loan.

(2)Bears interest at SOFR plus 257 bps. The fixed and variable components of the debt are hedged with an interest rate swap agreement, fixing the rate at 3.15%, which expires at the maturity of the loan.

(3)The mortgage payable balance includes unamortized debt mark-to-market discount of $3.7 million.

(4)Bears interest at SOFR plus 155 bps. The variable component of the debt is hedged with an interest rate swap agreement, fixing the rate at 5.03%, which expires on March 18, 2031.

(5)On September 2, 2026, the Company sold the property and the outstanding $30 million mortgage was assumed by the buyer at closing.

(6)The mortgage payable balance includes unamortized debt mark-to-market discount of $0.5 million.

The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.6 billion as of September 30, 2026. Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and in certain circumstances require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. As of September 30, 2026, we were in compliance with all debt covenants.

As of September 30, 2026, the principal repayments of the Company’s total outstanding debt for the remainder of 2026, the five succeeding years, and thereafter are as follows:


(Amounts in thousands)
Year Ending December 31,
2026(1)	$	115,174
2027	272,360
2028	135,165
2029	360,269
2030	378,147
2031	256,530
Thereafter	197,419

(1) Remainder of 2026.

Unsecured Line of Credit

On January 15, 2015, we entered into a $500 million credit agreement for an unsecured line of credit with certain financial institutions. On March 7, 2017, we amended and extended the agreement which increased the credit facility size by $100 million to $600 million and extended the maturity date to March 7, 2021, with two six-month extension options. On July 29, 2019, we entered into a second amendment to the agreement to extend the maturity date to January 29, 2024, with two six-month extension options. On June 3, 2020, we entered into a third amendment to the credit agreement, which included modifications to certain definitions and the measurement period for certain financial covenants to a trailing four-quarter period instead of the most recent quarter period annualized. On August 9, 2022, we amended and restated the credit agreement to increase the facility size by $200 million to $800 million and extend the maturity date to February 9, 2027, with two six-month extension options.

On January 22, 2026, we entered into a second amendment and restatement of the credit agreement for our unsecured line of credit to reduce the facility size by $100 million to $700 million, and extend the maturity date to June 28, 2030, with two six-month extension options. Borrowings under the unsecured line of credit are subject to interest at SOFR plus 1.00% with an annual facility fee of 0.15% based on the Company’s current leverage ratio as defined in the agreement.

The Company has obtained seven letters of credit issued under the unsecured line of credit, aggregating $20.5 million. The letters of credit were provided to mortgage lenders and other entities to secure the Company’s obligations in relation to certain reserves and capital requirements and have reduced the amount available under the facility commensurate with their face values. As of September 30, 2026, the letters of credit remain undrawn and no separate liability has been recorded in association with them.

As of September 30, 2026, there was $75 million outstanding under the unsecured line of credit which had an available capacity of $604.5 million under the facility, net of undrawn letters of credit. On October 9, 2026, the Company borrowed an additional $63 million under its unsecured line of credit, increasing the outstanding balance to $138 million.

Term Loans

On January 22, 2026, the Company executed agreements for two term loans aggregating $250 million. The term loans are $125 million each consisting of a 5-year maturity and a 7-year maturity, both of which have a 12-month delayed-draw feature, with rates of SOFR plus 1.15% and SOFR plus 1.50%, respectively, and a ticking fee of 0.15% for any amounts undrawn beginning 90 days after closing. The 5-year loan and 7-year loan have maturity dates of June 30, 2031 and January 22, 2033, respectively. As of September 30, 2026, there was no balance outstanding under either the 5-year or 7-year term loans.

Financing costs associated with executing the credit agreement for our unsecured line of credit and the term loan agreements of $7.4 million and $1.8 million as of September 30, 2026 and December 31, 2025, respectively, are included in the prepaid expenses and other assets line item of the consolidated balance sheets, as deferred financing costs, net.

Mortgage on Plaza at Woodbridge

On March 18, 2026, the Company obtained a 7-year, $62.5 million interest-only mortgage loan secured by its property, Plaza at Woodbridge, located in Woodbridge, NJ. The loan bears interest at a rate of SOFR plus 1.55%, of which the variable component is hedged with an interest rate swap agreement, fixing the interest rate at 5.03%. The mortgage has a maturity date of March 18, 2033.

Mortgage on The Outlets at Montehiedra

In connection with the refinancing of the loan secured by The Outlets at Montehiedra in the second quarter of 2020, the Company provided a $12.5 million limited corporate guarantee which was reduced commensurate with the loan amortization schedule and was terminated as of October 8, 2026.

On October 6, 2026, the Company modified its existing mortgage loan (the “A-note”) to obtain $17 million of additional proceeds through a new interest-only B-note and extend the maturity date from June 2030 to October 2033. The B-note bears interest at a fixed rate of 6.95% through maturity of October 2033. The A-note continues to bear interest at a fixed rate of 5.0% through June 2030, at which time the rate will reset to a fixed rate of the 3-year U.S. Treasury yield plus 250 bps for the remainder of the term. The Company accounted for the transaction as a debt modification in accordance with ASC 470 Debt Modifications and Extinguishments, and capitalized $0.4 million of lender fees which will be amortized to interest expense over the remaining term of the loan.

7. INCOME TAXES

The Company elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the filing of its 2015 tax return for its tax year ended December 31, 2015. So long as the Company qualifies as a REIT under the Code, the Company will not be subject to U.S. federal income tax on net taxable income that it distributes annually to its shareholders. If we fail to qualify as a REIT for any taxable year, we will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. The Company is subject to certain foreign and state and local income taxes, in particular income taxes arising from its operating activities in Puerto Rico, which are included in income tax expense on the consolidated statements of income and comprehensive income. In addition, the Company’s taxable REIT subsidiaries (“TRSs”) are subject to income tax at regular corporate rates.

For U.S. federal income tax purposes, the REIT and other minority members are partners in the Operating Partnership. As such, the partners are required to report their share of taxable income on their respective tax returns. However, during the nine months ended September 30, 2026 and 2025, certain non-real estate operating activities that could not be performed by the REIT, occurred through the Company’s TRSs, which are subject to federal, state and local income taxes. These income taxes are included in income tax expense on the consolidated statements of income and comprehensive income.

During the nine months ended September 30, 2026 and 2025, the REIT was subject to Puerto Rico corporate income taxes on its allocable share of Puerto Rico operating activities. The Puerto Rico corporate income tax consists of a flat 18.5% tax rate plus a graduated income surcharge tax for a maximum corporate income tax rate of 37.5%. In addition, the REIT is subject to a 10% branch profits tax on the earnings and profits generated from its allocable share of Puerto Rico operating activities and such tax is included in income tax expense on the consolidated statements of income and comprehensive income.

For the three and nine months ended September 30, 2026, the Puerto Rico income tax expense was $0.8 million and $1.7 million, respectively, and $0.5 million and $1.6 million for the same periods in 2025. The REIT was not subject to any material state and local income tax expense or benefit for the three and nine months ended September 30, 2026 and 2025. For the three and nine months ended September 30, 2026, the Company’s TRSs were subject to federal income tax of $0.1 million and $0.3 million, respectively, and $0.1 million and $0.2 million for the same periods in 2025. All amounts for the three and nine months ended September 30, 2026 and 2025 are included in income tax expense on the consolidated statements of income and comprehensive income.

8. LEASES

All rental revenue was generated from operating leases for the three and nine months ended September 30, 2026 and 2025. The components of rental revenue for the three and nine months ended September 30, 2026 and 2025 were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(Amounts in thousands)	2026		2025		2026		2025
Rental Revenue
Fixed lease revenue	$	90,427			$	90,285		$	267,887	$	260,943
Variable lease revenue(1)	28,822			28,911			98,192		90,257
Total rental revenue	$	119,249			$	119,196		$	366,079	$	351,200

(1) Percentage rents for the three and nine months ended September 30, 2026 were $0.8 million and $2.2 million, respectively, and $1.0 million and $2.1 million for the same periods in 2025.

9. FAIR VALUE MEASUREMENTS

ASC 820 Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of three interest rate swaps as of September 30, 2026 and two interest rate swaps as of December 31, 2025. We rely on third-party valuations that use market observable inputs, such as credit spreads, yield curves and discount rates, to assess the fair value of these instruments. In accordance with the fair value hierarchy established by ASC 820, these financial instruments have been classified as Level 2 as quoted market prices are not readily available for valuing the assets. The tables below summarize the recorded amount of assets and liabilities measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025:


	As of September 30, 2026
(Amounts in thousands)	Level 1		Level 2	Level 3		Total
Assets:
Interest rate swaps(1)	$	—		$	8,386		$	—	$	8,386


	As of December 31, 2025
	Level 1		Level 2	Level 3		Total
Assets:
Interest rate swap(1)	$	—		$	877		$	—	$	877
Liabilities:
Interest rate swap(2)	$	—		$	(448)		$	—	$	(448)

(1) Included in Prepaid expenses and other assets on the consolidated balance sheets.

(2) Included in Accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.

Derivatives and Hedging

When we designate a derivative as a hedge, depending on the nature of the hedge, changes in the fair value of the instrument will be recognized in Other Comprehensive Income (“OCI”) until the gains or losses are reclassified to earnings. Derivatives that are not designated as hedges are adjusted to fair value through earnings. Cash flows from the derivative are included in the prepaid expenses and other assets, or accounts payable, accrued expenses and other liabilities line item in the statement of cash flows, depending on whether the hedged item is recognized as an asset or a liability. As of September 30, 2026, the Company was a counterparty to three interest rate derivative agreements which have been designated as cash flow hedges.

The tables below summarize our derivative instruments, which are used to hedge the corresponding variable rate debt, as of September 30, 2026 and December 31, 2025:


(Amounts in thousands)	As of September 30, 2026
Hedged Instrument	Fair Value		Notional Amount		Spread		Interest Rate	Effective Interest Rate	Expiration
Shoppers World interest rate swap	$	4,260			$	123,600		SOFR + 1.70%	5.58%	5.12%	8/15/2029
Montclair interest rate swap	1,038			7,091			SOFR + 2.57%	6.52%	3.15%	8/15/2030
Plaza at Woodbridge interest rate swap	3,088			62,500			SOFR + 1.55%	5.45%	5.03%	3/18/2031


	As of December 31, 2025
Hedged Instrument	Fair Value		Notional Amount		Spread		Interest Rate	Effective Interest Rate	Expiration
Shoppers World interest rate swap	$	(448)			$	123,600		SOFR + 1.70%	5.36%	5.12%	8/15/2029
Montclair interest rate swap	877			7,201			SOFR + 2.57%	6.39%	3.15%	8/15/2030

The table below summarizes the effect of our derivative instruments on our consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2026 and 2025:


	Unrealized Gain (Loss) Recognized in OCI on Derivatives
(Amounts in thousands)	Three Months Ended September 30,		Nine Months Ended September 30,
Hedged Instrument	2026		2025		2026		2025
Shoppers World interest rate swap	$	2,636			$	(517)		$	4,708	$	(517)
Montclair interest rate swap	139			(61)			160		(342)
Plaza at Woodbridge interest rate swap(1)	2,180			—			3,088		—
Plaza at Woodbridge interest rate cap(2)	—			—			—		(105)
Total	$	4,955			$	(578)		$	7,956	$	(964)

(1) On March 18, 2026, the Company financed the property and obtained an interest rate swap to hedge the variable component of the debt.

(2) The instrument has expired and the corresponding loan was repaid on June 26, 2025.

Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

There were no financial assets or liabilities measured at fair value on a non-recurring basis as of September 30, 2026 and December 31, 2025.

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on the consolidated balance sheets include cash and cash equivalents, mortgages payable and borrowings under the unsecured line of credit and term loans. Cash and cash equivalents are carried at cost, which approximates fair value. The fair value of mortgages payable and borrowings under the unsecured line of credit and term loans are calculated based on current market prices and discounted cash flows at the current rate at which similar loans would be made to borrowers with similar credit ratings for the remaining term of such debt, which is provided by a third-party specialist. The fair value of cash and cash equivalents is classified as Level 1 and the fair value of mortgages payable and borrowings under the unsecured line of credit and term loans are classified as Level 3. The table below summarizes the carrying amounts and fair value of our Level 3 financial instruments as of September 30, 2026 and December 31, 2025:


	As of September 30, 2026		As of December 31, 2025
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgages payable(1)	$	1,640,064			$	1,543,785		$	1,619,388	$	1,546,082
Unsecured line of credit(2)	75,000			68,387			—		—

(1) Carrying amounts exclude unamortized debt issuance costs of $10.2 million and $12.6 million as of September 30, 2026 and December 31, 2025, respectively.

(2) Debt issuance costs related to our unsecured line of credit and term loans are included within prepaid expenses and other assets on the consolidated balance sheets.

Nonfinancial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

We assess the carrying value of our properties for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Such events and changes include macroeconomic conditions, operating performance, and environmental and regulatory changes, which may result in property operational disruption and could indicate that the carrying amount may not be recoverable.

No impairment charges were recognized during the three and nine months ended September 30, 2026 or 2025.

10. COMMITMENTS AND CONTINGENCIES

Legal Matters

From time to time, we are a party to various legal proceedings, claims or regulatory inquiries and investigations arising out of, or incident to, our ordinary course of business. While we are unable to predict with certainty the outcome of any particular

matter, management does not currently expect, when such matters are resolved, that our resulting exposure to loss contingencies, if any, will have a material adverse effect on our results of operations or consolidated financial position.

Redevelopment and Anchor Repositioning

The Company has 18 active development, redevelopment or anchor repositioning projects with total estimated costs of $151.6 million, of which $56.6 million remains to be funded as of September 30, 2026. We continue to monitor the stabilization dates of these projects, which can be impacted from economic conditions affecting our tenants, vendors and supply chains. We have identified future projects in our development pipeline, but we are under no obligation to execute and fund any of these projects and each of these projects is being further evaluated based on market conditions.

Insurance

On January 1, 2025, the Company established SC Risk Solutions LLC (“the Captive”), a wholly-owned captive insurance company, which provides excess flood and general liability insurance for our properties. The Captive establishes annual premiums based on projections derived from past loss experience, actuarial analysis of future projected claims and market rates. The actuarial analysis is also used to assist in projecting funding requirements for losses. The Company has issued a guaranty of performance and payment related to the general liability policy under the Captive. All operating expenses incurred by the Captive, including estimated insurance losses, both reported and unreported, are included in property operating expenses on the consolidated statements of income and comprehensive income. As of September 30, 2026 and December 31, 2025, the Company has accrued estimated unpaid loss reserves of $7.2 million and $3.9 million, respectively, related to its insurance policies under the Captive which are included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.

The Company also maintains numerous insurance policies provided by third-parties including for general liability, property, pollution, acts of terrorism, trustees’ and officers’, cyber, workers’ compensation and automobile-related liabilities. However, all such policies are subject to terms, conditions, exclusions, deductibles and sub-limits, amongst other limiting factors.

Insurance premiums are typically charged directly to each of the properties but not all of the cost of such premiums are recovered. The Company is responsible for deductibles, losses in excess of insurance coverage, and the portion of premiums not reimbursable by tenants at our properties, which could be material.

We continue to monitor the state of the insurance market and the scope and costs of available coverage. Certain insurance premiums have increased significantly and may continue to do so in the future. We cannot anticipate what coverage will be available on commercially reasonable terms and expect premiums across most coverage lines to continue to increase in light of recent events including hurricanes and flooding in our core markets. The incurrence of uninsured losses, costs or uncovered premiums could materially and adversely affect our business, results of operations and consolidated financial position.

Certain of our loans and other agreements contain customary covenants requiring the maintenance of insurance coverage. Although we believe that we currently have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders or other counterparties insist on greater coverage than we are able to obtain, such requirement could materially and adversely affect our ability to finance our properties and expand our portfolio.

Environmental Matters

Each of our properties has been subjected to varying degrees of environmental assessment at various times. Based on these assessments, we have accrued costs of $1.0 million on our consolidated balance sheets as of September 30, 2026 and December 31, 2025, for remediation costs for environmental contamination at certain properties. While this accrual reflects our best estimates of the potential costs of remediation at these properties, there can be no assurance that the actual costs will not exceed these amounts. Although we are not aware of any other material environmental contamination, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us.

During the first quarter of 2026, the Company received a reimbursement of $8.1 million pursuant to the Brownfields Redevelopment Incentive Program. The reimbursement is related to previously incurred environmental remediation costs and is included in other income on the consolidated statements of income and comprehensive income.

Bankruptcies

Although our rental revenue is supported by long-term leases, leases may be rejected in a bankruptcy proceeding and the related tenant stores may permanently vacate prior to lease expiration. In the event a tenant with a significant number of leases or square footage in our shopping centers files for bankruptcy and rejects its leases with us, we could experience a reduction in our

revenues. We monitor the operating performance and rent collections of all tenants in our shopping centers, especially those tenants in arrears or operating retail formats that are experiencing significant changes in competition, business practice, or store closings in other locations.

Letters of Credit

As of September 30, 2026, the Company had seven letters of credit issued under our unsecured line of credit aggregating $20.5 million. These letters were provided to mortgage lenders and other entities to secure the Company’s obligations in relation to certain reserves and capital requirements. If a lender or other entity were to draw on a letter of credit, the Company would have the option to pay the capital commitment directly to the holder of the letter or to record the draw as a liability on its unsecured line of credit, bearing interest at SOFR plus an applicable margin per the credit agreement. As of September 30, 2026, the letters of credit remain undrawn and there is no separate liability recorded in connection with their issuance.

Lease Termination

On January 2, 2026, the Company entered into a termination agreement with a tenant to regain possession of a leased premises. Under the terms of the agreement, the Company agreed to pay the tenant a termination fee totaling $25 million, payable in two equal installments of $12.5 million. The first installment was paid on January 7, 2026. On April 30, 2026, the tenant returned possession of the premises and the final installment of $12.5 million was paid on May 4, 2026. The total payment of $25 million is included in construction in progress on the consolidated balance sheets.

11. PREPAID EXPENSES AND OTHER ASSETS

The following is a summary of the composition of the prepaid expenses and other assets on the consolidated balance sheets:


	Balance at
(Amounts in thousands)	September 30, 2026		December 31, 2025
Deferred tax asset, net	$	22,563			$	22,486
Deposits for assets under contract	11,000			—
Other assets	10,394			13,800
Derivative instruments	8,386			877
Deferred financing costs, net of accumulated amortization of $1,259 and $12,221, respectively	7,407			1,796
Finance lease right-of-use asset	2,724			2,724

Prepaid expenses:
Real estate taxes	8,581			10,738
Insurance	4,104			1,420
Licenses/fees	1,800			1,395
Total prepaid expenses and other assets	$	76,959			$	55,236

12. ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES

The following is a summary of the composition of accounts payable, accrued expenses and other liabilities on the consolidated balance sheets:


	Balance at
(Amounts in thousands)	September 30, 2026		December 31, 2025
Deferred tenant revenue	$	25,868			$	29,043
Accrued capital expenditures and leasing costs	20,620			25,187
Accrued interest payable	6,275			6,187
Security deposits	6,779			6,150
Other liabilities and accrued expenses	20,232			16,074
Finance lease liability	3,053			3,054

Accrued payroll expenses	7,817			11,702
Total accounts payable, accrued expenses and other liabilities	$	90,644			$	97,397

13. INTEREST AND DEBT EXPENSE

The following table sets forth the details of interest and debt expense on the consolidated statements of income and comprehensive income:


	Three Months Ended September 30,		Nine Months Ended September 30,
(Amounts in thousands)	2026		2025		2026		2025
Interest expense	$	18,623			$	18,110		$	54,461	$	55,062
Amortization of deferred financing costs	1,339			1,264			4,021		3,604
Total interest and debt expense	$	19,962			$	19,374		$	58,482	$	58,666

14. EQUITY AND NONCONTROLLING INTEREST

At-The-Market Program

On August 11, 2025, the Company and the Operating Partnership entered into an equity distribution agreement (the “Equity Distribution Agreement”) with various financial institutions acting as agents, forward sellers, and forward purchasers. Pursuant to the Equity Distribution Agreement, the Company may from time to time offer and sell, through the agents and forward sellers, the Company’s common shares, par value $0.01 per share, having an aggregate offering price of up to $250 million (the “ATM Program”). Concurrently with the Equity Distribution Agreement, the Company entered into separate master forward confirmations (each a “Master Confirmation” and collectively, the “Master Confirmations”) with each of the forward purchasers. Sales under the ATM Program may be made from time to time, as needed, by means of ordinary brokers’ transactions or other transactions that are deemed to be “at the market” offerings, in privately negotiated transactions, which may include block trades, or as otherwise agreed with the sales agents. The ATM Program replaced the Company’s previous at-the-market program established on August 15, 2022.

The Equity Distribution Agreement provides that the Company may also enter into forward sale agreements pursuant to any Master Confirmation and related supplemental confirmations with the forward purchasers. In connection with any forward sale agreement, a forward purchaser will, at the Company’s request, borrow from third parties, through its forward seller, and sell a number of shares equal to the amount provided in such agreement.

During the nine months ended September 30, 2026 and 2025, the Company did not issue any common shares under the current or prior ATM Program, however, we incurred $0.3 million and $0.7 million, respectively, of offering expenses related to fees for potential issuance. Actual future sales will depend on a variety of factors including, but not limited to, market conditions, the trading price of our common shares, and our capital needs. The Company has no obligation to sell any shares under the ATM Program.

Share Repurchase Program

The Company has a share repurchase program for up to $200 million, under which the Company may repurchase its shares from time to time in the open market or in privately negotiated transactions in compliance with SEC Rule 10b-18. The amount and timing of the purchases will depend on a number of factors including the price and availability of the Company’s shares, trading volume and general market conditions. The share repurchase program does not obligate the Company to acquire any particular amount of common shares and may be suspended or discontinued at any time at the Company’s discretion.

During the nine months ended September 30, 2026 and 2025, no shares were repurchased by the Company. As of September 30, 2026, there was approximately $145.9 million remaining for share repurchases under this program.

Units of the Operating Partnership

The Operating Partnership’s capital includes general and common limited partnership interests in the Operating Partnership. As of September 30, 2026, Urban Edge owned approximately 94.7% of the outstanding common OP Units with the remaining limited OP Units held by members of management, Urban Edge’s Board of Trustees and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership. The third-party unitholders have limited rights over the Operating Partnership such that they do not have characteristics of a controlling financial interest. As such, the Operating Partnership is considered a VIE, and the Company is the primary beneficiary which consolidates it. The Company’s only investment is the Operating Partnership. The VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest.

Dividends and Distributions

During the three months ended September 30, 2026 and 2025, the Company declared distributions on common shares and OP Units of $0.21 and $0.19 per share/unit, respectively. During the nine months ended September 30, 2026 and 2025, the Company declared distributions on common shares and OP Units of $0.63 and $0.57 per share/unit, respectively.

Noncontrolling Interests in Operating Partnership

Noncontrolling interests in the Operating Partnership reflected on the consolidated balance sheets of the Company are comprised of OP Units and limited partnership interests in the Operating Partnership in the form of LTIP Unit awards. LTIP Unit awards were granted to certain executives pursuant to our 2024 Omnibus Share Plan and 2015 Omnibus Share Plan (collectively the “Omnibus Share Plans”), as well as the 2018 Inducement Equity Plan. OP Units were issued to contributors in exchange for their property interests in connection with the Company’s property acquisitions in 2017.

The total of the OP Units and LTIP Units together represent a 5.3% weighted-average interest in the Operating Partnership for each of the three and nine months ended September 30, 2026. Holders of outstanding vested LTIP Units may, from and after two years from the date of issuance, redeem their LTIP Units for cash, or for the Company’s common shares on a one-for-one basis, solely at our election. Holders of outstanding OP Units may redeem their units for cash or the Company’s common shares on a one-for-one basis, solely at our election. During the nine months ended September 30, 2026 and 2025, 313,454 and 352,346 units, respectively, were redeemed for an equivalent amount of common shares of the Company.

Noncontrolling Interests in Consolidated Subsidiaries

The Company’s noncontrolling interests relate to the 5% interest held by others in our property in Walnut Creek, CA (Mt. Diablo) and 17.5% held by others in our property in Massapequa, NY. The net income attributable to noncontrolling interests is presented separately on our consolidated statements of income and comprehensive income.

During the three months ended June 30, 2026, the Company issued a $3.8 million note receivable to a joint venture partner, secured by a 12.5% equity interest in the joint venture, in a non-cash exchange for the Company funding the joint venture partner's portion of required capital contribution in cash. The note receivable was recorded as a reduction to noncontrolling interests in consolidated subsidiaries on the consolidated balance sheets as of September 30, 2026.

15. SHARE-BASED COMPENSATION

Share-Based Compensation Expense

Share-based compensation expense, which is included in general and administrative expenses on our consolidated statements of income and comprehensive income, is summarized as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(Amounts in thousands)	2026		2025		2026		2025
Share-based compensation expense components:
Time-based LTIP expense(1)	$	1,634			$	1,533		$	4,987	$	5,484
Performance-based LTIP expense(2)	1,061			1,009			3,876		3,093
Restricted share expense	174			184			532		380
Deferred share unit (“DSU”) expense	62			—			100		42

Total Share-based compensation expense	$	2,931			$	2,726		$	9,495	$	8,999

(1) Expense for the three and nine months ended September 30, 2026 includes the 2026, 2025, 2024, 2023, and 2022 LTI Plans.

(2) Expense for the three and nine months ended September 30, 2026 includes the 2026, 2025, 2024, 2023, 2022, and 2021 LTI Plans.

Equity award activity during the nine months ended September 30, 2026 included: (i) 784,052 LTIP Units vested, (ii) 550,476 LTIP Units granted, (iii) 360,306 LTIP Units earned upon completion of the 2023 LTI Plan, (iv) 41,246 restricted shares vested, (v) 33,366 restricted shares granted, and (vi) 1,916 restricted shares forfeited.

2026 Long-Term Incentive Plan

On January 27, 2026, the Company established the 2026 Long-Term Incentive Plan (“2026 LTI Plan”) under the 2024 Omnibus Share Plan. The plan is a multi-year, equity compensation program under which participants, including our Chairman and Chief Executive Officer, receive awards in the form of LTIP Units that, with respect to one half of the program, vest based solely on the passage of time. With respect to the other half of the program, the awards are earned and vest if certain relative and absolute

total shareholder return (“TSR”) and/or funds from operations (“FFO”) and same-property net operating income (“SP NOI”) growth targets are achieved by the Company over a three-year performance period. As part of the 2026 LTI Plan, participants other than our named executive officers may receive restricted stock awards or LTIP Unit awards subject to a three-year vesting period. The total grant date fair value under the 2026 LTI Plan was $9.0 million, comprising both performance-based and time-based awards as described further below:

Performance-based awards

For the performance-based awards under the 2026 LTI Plan, participants have the opportunity to earn awards in the form of LTIP Units if Urban Edge’s absolute and/or relative TSR meets certain criteria over the three-year performance measurement period beginning on January 27, 2026 and ending on January 26, 2029. Participants also have the opportunity to earn awards in the form of LTIP Units if Urban Edge’s FFO growth component and SP NOI growth component meet certain criteria over the three-year performance measurement period beginning January 1, 2026 and ending on December 31, 2028. The Company granted performance-based awards under the 2026 LTI Plan representing 285,874 units. The fair value of the performance-based award portion of the 2026 LTI Plan on the grant date was $3.9 million using a Monte Carlo simulation to estimate the fair value of the Absolute and Relative components through a risk-neutral premise. Assumptions include historical volatility (24.2%), risk-free interest rates (3.7%), and historical daily return as compared to certain peer companies.

Time-based awards

The time-based awards granted under the 2026 LTI Plan, also granted in the form of LTIP Units, vest ratably over three years except in the case of our Chairman and Chief Executive Officer, where the vesting is ratable over four years. As of September 30, 2026, the Company granted time-based awards under the 2026 LTI Plan that represent 259,208 LTIP Units with a grant date fair value of $4.6 million.

Restricted stock awards

The restricted stock awards granted under the 2026 LTI Plan for participants other than our named executive officers vest ratably over three years. As of September 30, 2026, the Company granted restricted stock awards under the 2026 LTI Plan that represent 27,656 restricted shares with a grant date fair value of $0.5 million.

2025 Equity Matching Award

The Compensation Committee approved a matching award pursuant to which officers of the Company may elect to forgo all or a portion (in 25% increments) of their 2025 cash bonuses, and instead, receive LTIP Units with a grant date fair value equal to the cash forgone, 20% of which are matched by the Company and all of which vest ratably over three years. The program is designed to enhance retention and increase employee ownership in the Company to further align with shareholder interests. On January 27, 2026, the Compensation Committee approved the grant of $6.6 million under the matching award, which reflects both the cash bonus forgone and the portion matched by the Company.

16. EARNINGS PER SHARE AND UNIT

Urban Edge Earnings per Share

We calculate earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of Urban Edge common shares and participating securities is calculated according to dividends declared and participating rights in undistributed earnings. Restricted shares issued pursuant to our share-based compensation program are considered participating securities, and as such have non-forfeitable rights to receive dividends.

The computation of diluted EPS reflects potential dilution of securities by adding potential common shares, including stock options and unvested restricted shares, to the weighted average number of common shares outstanding for the period. The effect of the redemption of OP and vested LTIP Units is not reflected in the computation of basic EPS, as they are redeemable for common shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. The assumed redemption of OP and vested LTIP Units is included in the determination of diluted earnings per share when they have a dilutive effect on the calculation.

The following table sets forth the computation of our basic and diluted EPS:


	Three Months Ended September 30,		Nine Months Ended September 30,
(Amounts in thousands, except per share amounts)	2026		2025		2026		2025
Numerator:
Net income attributable to common shareholders	$	51,440			$	14,935		$	92,007	$	81,111
Less: earnings allocated to unvested participating securities	(26)			(9)			(48)		(51)
Net income available for common shareholders - basic	$	51,414			$	14,926		$	91,959	$	81,060
Impact of assumed conversions:
LTIP Units	1,959			—			3,531		71
Net income available for common shareholders - dilutive	$	53,373			$	14,926		$	95,490	$	81,131

Denominator:
Weighted average common shares outstanding - basic	126,182			125,729			126,044		125,643
Effect of dilutive securities(1):

Restricted share awards	64			74			67		81
Assumed conversion of LTIP Units	5,286			—			5,325		145
Weighted average common shares outstanding - diluted	131,532			125,803			131,436		125,869

Earnings per share available to common shareholders:
Earnings per common share - Basic	$	0.41			$	0.12		$	0.73	$	0.65
Earnings per common share - Diluted	$	0.41			$	0.12		$	0.73	$	0.64

(1) For the three and nine months ended September 30, 2026 and 2025, the effect of the redemption of certain OP and LTIP Units for Urban Edge common shares would have an anti-dilutive effect on the calculation of diluted EPS. Accordingly, the impact of such redemptions has not been included in the determination of diluted EPS for these periods.

Operating Partnership Earnings per Unit

The following table sets forth the computation of basic and diluted earnings per unit:


	Three Months Ended September 30,		Nine Months Ended September 30,
(Amounts in thousands, except per unit amounts)	2026		2025		2026		2025
Numerator:
Net income attributable to unitholders	$	54,036			$	15,771		$	96,710	$	85,437
Less: net income attributable to participating securities	(386)			(325)			(1,161)		(1,003)
Net income available for unitholders	$	53,650			$	15,446		$	95,549	$	84,434

Denominator:
Weighted average units outstanding - basic	131,428			130,591			131,271		130,396
Effect of dilutive securities issued by Urban Edge	104			74			165		225

Weighted average units outstanding - diluted	131,532			130,665			131,436		130,621

Earnings per unit available to unitholders:
Earnings per unit - Basic	$	0.41			$	0.12		$	0.73	$	0.65
Earnings per unit - Diluted	$	0.41			$	0.12		$	0.73	$	0.65

17. SEGMENT REPORTING

Our primary business is the ownership, management, acquisition, development, and redevelopment of retail shopping centers and malls. Substantially all of our revenues are derived from contractual rents and tenant expense reimbursements as outlined within individual lease agreements. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance and allocating resources. We review operating and financial information for each property on an individual basis and therefore each property represents an individual operating segment. Our properties are aggregated into a single reportable segment due to the similarities with regard to the nature and economics of the properties, tenants and operations, as well as long-term average financial performance and the fact that they are operated using consistent business strategies.

The Company’s CODM, its Chief Executive Officer, reviews operating and financial information at the individual operating segment using property net operating income (“Property NOI”) as the key measure to assess performance and allocate resources. Property NOI is defined as all revenues and expenses incurred at the property level excluding non-cash rental income and expenses, impairments on depreciable real estate, lease termination income, interest and debt expense, and gains or losses from sale of real estate and debt extinguishments. Property NOI excludes corporate level transactions. The CODM also uses Property NOI and its components to monitor budget versus actual results, perform variance analysis of current results to prior period results, and forecast future performance. Company resources are allocated by evaluating the operating results of the individual segments and business as a whole as well as considering capital needs and future projections, and deploying them across the various business functions as deemed necessary while ensuring the uses align with the Company’s overall business strategy. The CODM does not review asset information as a measure to assess performance.

The following table provides the components of Property NOI related to our single reportable segment for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,		Nine Months Ended September 30,
(Amounts in thousands)	2026		2025		2026		2025
REVENUE
Property rentals	$	84,885			$	80,516		$	249,622	$	240,505
Tenant expense reimbursements	31,985			30,899			104,400		97,053
Total property revenues	116,870			111,415			354,022		337,558
EXPENSES
Real estate taxes	16,408			17,270			50,809		51,138
Property operating	21,087			19,848			70,126		63,791
Lease expense	2,078			2,048			6,229		6,193
Total property operating expenses	39,573			39,166			127,164		121,122
Property net operating income	$	77,297			$	72,249		$	226,858	$	216,436
Reconciliation of Property NOI to income before income taxes
Depreciation and amortization	(32,906)			(36,831)			(100,254)		(106,628)
Interest and debt expense	(19,962)			(19,374)			(58,482)		(58,666)
General and administrative expense	(8,776)			(8,976)			(27,592)		(30,224)
(Loss) gain on extinguishment of debt	—			—			(212)		323

Interest income	273			538			643		1,390
Straight-line rents, amortization of above and below-market leases, and other	2,692			7,761			10,287		13,795
Gain on sale of real estate	36,006			233			36,006		49,695
Other income and expenses(1)	49			541			10,740		457
Income before income taxes	$	54,673			$	16,141		$	97,994	$	86,578

(1) Includes intercompany eliminations, lease termination income and other income and expenses related to corporate activities, including the captive insurance program.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition, business and targeted occupancy may differ materially from those expressed in these forward-looking statements. You can identify many of these statements by words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Quarterly Report on Form 10-Q. 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) macroeconomic conditions, including geopolitical conditions and instability, and international trade disputes, including any related tariffs, which may lead to rising inflation, adverse impacts to supply chains, and disruption of, or lack of access to, the capital markets, as well as potential volatility in the Company’s share price; (ii) the economic, political and social impact of, and uncertainty relating to, epidemics and pandemics; (iii) the loss or bankruptcy of major tenants; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration and 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; (v) the impact of e-commerce on our tenants’ business; (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, rising inflation, and other factors; (ix) the Company’s ability to pay down, refinance, hedge, 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; (xv) the loss of key executives; and (xvi) the accuracy of methodologies and estimates regarding our environmental, social and governance (collectively, our Corporate Responsibility or “CR”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting CR metrics and meeting CR goals and targets, and the impact of governmental regulation on our CR efforts. 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, 2025 and the other documents filed by the Company with the Securities and Exchange Commission (the “SEC”), including the information contained in this Quarterly Report on Form 10-Q.

We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for any forward-looking statements included in this Quarterly Report on Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. 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 Quarterly Report on Form 10-Q.

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Overview

Urban Edge Properties (“UE”, “Urban Edge” or the “Company”) (NYSE: UE) is a Maryland real estate investment trust that owns, manages, acquires, develops, and redevelops retail real estate, primarily in the Washington, D.C. to Boston corridor. Urban Edge Properties LP (“UELP” or the “Operating Partnership”) is a Delaware limited partnership formed to serve as UE’s majority-owned partnership subsidiary and to own, through affiliates, all of the Company’s real estate properties and other assets. Unless the context otherwise requires, references to “we”, “us” and “our” refer to Urban Edge Properties and UELP and their consolidated entities/subsidiaries.

The Operating Partnership’s capital includes general and common limited partnership interests (“OP Units”). As of September 30, 2026, Urban Edge owned approximately 94.7% of the outstanding common OP Units with the remaining limited OP Units held by members of management and the Board of Trustees, and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership.

As of September 30, 2026, our portfolio consisted of 70 shopping centers, two outlet centers and two malls totaling approximately 16.0 million square feet of gross leasable area with a consolidated occupancy of 96.4%.

Critical Accounting Estimates

The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 contains a description of our critical accounting estimates, including valuing acquired assets and liabilities, and impairments. For the nine months ended September 30, 2026, there were no material changes to these estimates.

Recent Accounting Pronouncements

Refer to Note 3 to the unaudited consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for information regarding recent accounting pronouncements that may affect us.

Results of Operations

We derive substantially all of our revenue from rents received from tenants under existing leases on each of our properties. This revenue includes fixed base rents, recoveries of expenses that we have incurred and that we pass through to the individual tenants and percentage rents that are based on specified percentages of tenants’ revenue, in each case as provided in the respective leases.

Our primary cash expenditures consist of property operating and capital costs, general and administrative expenses, and interest and debt expense. Property operating expenses include: real estate taxes, repairs and maintenance, management expenses, insurance and utilities; general and administrative expenses include payroll, professional fees, information technology, office expenses and other administrative expenses; and interest and debt expense primarily consists of interest on our mortgage debt, unsecured line of credit and term loans. In addition, we incur substantial non-cash charges for depreciation and amortization on our properties. We also capitalize certain expenses, such as taxes, interest and salaries related to properties under development or redevelopment until the property is ready for its intended use.

Our consolidated results of operations often are not comparable from period to period due to the impact of property acquisitions, dispositions, developments, redevelopments and changes in accounting policies. The results of operations of any acquired properties are included in our financial statements as of the date of acquisition.

Our results of operations are affected by national, regional and local economic conditions, which are at times subject to volatility and uncertainty. During 2026, these conditions have included evolving U.S. trade policy, including tariffs implemented or modified during the year and the possibility of additional tariffs; geopolitical conflict and resulting elevated energy prices; renewed inflationary pressure; and rising interest rates.

Inflation remained elevated during the three months ended September 30, 2026 and may continue to remain elevated. On September 16, 2026, the Federal Reserve announced that it was increasing its target range for the federal funds rate to 3.75% to 4.00%, its first increase since 2023. Higher interest rates may increase our borrowing costs on our variable-rate debt and upon the refinancing of fixed-rate debt. They may also affect the availability and cost of debt and equity capital and the pricing of real estate transactions, which could adversely affect our acquisition, disposition and redevelopment activity.

These conditions may also impact our results of operations by affecting the financial condition of our tenants, including as a result of tariffs on imported goods and materials or tempering or shifting consumer spending, which may result in bankruptcies, store closures and reduced percentage rent. While most of our leases require tenants to pay their share of operating expenses, including common area maintenance, utilities, real estate taxes and insurance, thereby reducing our exposure to cost increases, there is no guarantee that we will recoup all such amounts, and some larger tenants have capped the amount of these expenses they are responsible for under their leases. Additionally, the costs of our development and redevelopment projects may be materially increased.

We occasionally utilize interest rate derivative agreements to hedge the effect of changing interest rates on our variable rate debt. As of September 30, 2026, all of our outstanding mortgage debt is fixed rate or hedged with interest rate derivative agreements, and our only variable rate exposure is related to our unsecured line of credit which had an outstanding balance of $75 million and is indexed to SOFR plus an applicable margin per the credit agreement. There were no amounts drawn on either of the 5-year or 7-year term loans. As of September 30, 2026, we were counterparty to three interest rate swap agreements, all of which qualify for, and are designated as, hedging instruments to manage our exposure to changes in the interest rate environment.

We are actively managing our business to respond to any economic and social impacts from events and circumstances such as those described above, however, the extent and duration of these impacts remain uncertain and could adversely affect our operating results, financial condition and liquidity. See “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The following provides an overview of our key financial metrics, including non-GAAP measures, based on our consolidated results of operations (refer to Net Operating Income (“NOI”), same-property NOI and Funds From Operations (“FFO”) applicable to diluted common shareholders described later in this section):


	Three Months Ended September 30,		Nine Months Ended September 30,
(Amounts in thousands)	2026		2025		2026		2025
Net income	$	53,801			$	15,541		$	95,995	$	84,716
FFO applicable to diluted common shareholders(1)	50,435			51,951			159,487		141,188
NOI(1)	77,464			72,464			229,463		217,067
Same-property NOI(1)	70,879			67,847			197,049		190,374

(1) Refer to pages 35-36 for a reconciliation to the most directly comparable generally accepted accounting principles (“GAAP”) measure.

Comparison of the Three Months Ended September 30, 2026 to the Three Months Ended September 30, 2025

Net income for the three months ended September 30, 2026 was $53.8 million, compared to net income of $15.5 million for the three months ended September 30, 2025. The following table summarizes certain line items from our consolidated statements of income and comprehensive income that we believe are important in understanding our operations and/or those items that significantly changed in the three months ended September 30, 2026 as compared to the same period in 2025:


	Three Months Ended September 30,
(Amounts in thousands)	2026		2025		$ Change
Total revenue	$	119,556			$	120,126		$	(570)
Depreciation and amortization	32,906			36,831			(3,925)
Real estate taxes	16,011			16,791			(780)
Property operating expenses	20,612			19,401			1,211
General and administrative expenses	8,776			8,976			(200)


Gain on sale of real estate	36,006			233			35,773
Interest and debt expense	19,962			19,374			588

Income tax expense	872			600			272

Total revenue decreased by $0.6 million to $119.6 million in the third quarter of 2026 from $120.1 million in the third quarter of 2025. The decrease is primarily attributable to:

•$5.9 million decrease in non-cash revenues driven by the accelerated amortization of below-market lease intangibles in the third quarter of 2025;

•$0.7 million decrease in other income and lease termination income; and

•$0.2 million decrease in percentage rent primarily due to the timing of recognition as compared to the third quarter of 2025; offset by

•$3.2 million increase as a result of property acquisitions, net of dispositions since the third quarter of 2025; and

•$3.0 million increase in property rentals and tenant reimbursements due to rent commencements and contractual rent increases.

Depreciation and amortization decreased by $3.9 million to $32.9 million in the third quarter of 2026 from $36.8 million in the third quarter of 2025. The decrease is primarily attributable to:

•$5.6 million decrease primarily related to the accelerated depreciation and write-off of in-place leases and tenant improvements since the third quarter of 2025; offset by

•$1.7 million increase as a result of property acquisitions, net of dispositions since the third quarter of 2025.

Real estate tax expense decreased by $0.8 million to $16.0 million in the third quarter of 2026 from $16.8 million in the third quarter of 2025. The decrease is primarily attributable to:

•$1.0 million decrease as a result of successful tax appeals and lower assessments; and

•$0.1 million increase in capitalized real estate taxes due to the commencement of development, redevelopment, and anchor repositioning projects since the third quarter of 2025, net of project completions; offset by

•$0.3 million increase as a result of property acquisitions, net of dispositions since the third quarter of 2025.

Property operating expenses increased by $1.2 million to $20.6 million in the third quarter of 2026 from $19.4 million in the third quarter of 2025. The increase is primarily attributable to:

•$0.9 million increase due to higher insurance premiums, utilities expense and common area maintenance due to the timing of repairs as compared to the third quarter of 2025; and

•$0.3 million increase as a result of property acquisitions, net of dispositions since the third quarter of 2025.

General and administrative expenses decreased by $0.2 million to $8.8 million in the third quarter of 2026 from $9.0 million in the third quarter of 2025. The decrease is primarily attributable to lower professional fees.

We recognized a gain on sale of real estate of $36.0 million in the third quarter of 2026 related to the sale of Briarcliff Commons.

Interest and debt expense increased by $0.6 million to $20.0 million in the third quarter of 2026 from $19.4 million in the third quarter of 2025. The increase is primarily attributable to:

•$0.7 million increase as a result of new financings since the third quarter of 2025, net of loan repayments;

•$0.6 million increase due to a higher average balance on our unsecured line of credit; and

•$0.1 million increase in amortization of deferred financing costs; offset by

•$0.8 million increase in capitalized interest expense due to the commencement of development, redevelopment, and anchor repositioning projects, net of project completions.

Income tax expense increased by $0.3 million to $0.9 million in the third quarter of 2026 from $0.6 million in the third quarter of 2025. The increase is primarily attributable to the performance of the Puerto Rico properties.

Comparison of the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025

Net income for the nine months ended September 30, 2026 was $96.0 million, compared to net income of $84.7 million for the nine months ended September 30, 2025. The following table summarizes certain line items from our consolidated statements of income and comprehensive income that we believe are important in understanding our operations and/or those items that significantly changed in the nine months ended September 30, 2026 as compared to the same period in 2025:


	Nine Months Ended September 30,
(Amounts in thousands)	2026		2025		$ Change
Total revenue	$	374,961			$	352,375		$	22,586
Depreciation and amortization	100,254			106,628			(6,374)
Real estate taxes	49,488			49,731			(243)
Property operating expenses	68,867			62,334			6,533
General and administrative expenses	27,592			30,224			(2,632)


Gain on sale of real estate	36,006			49,695			(13,689)
Interest and debt expense	58,482			58,666			(184)
(Loss) gain on extinguishment of debt	(212)			323			(535)
Income tax expense	1,999			1,862			137

Total revenue increased by $22.6 million to $375.0 million in the nine months ended September 30, 2026 from $352.4 million in the nine months ended September 30, 2025. The increase is primarily attributable to:

•$14.1 million increase in property rentals and tenant reimbursements due to rent commencements, contractual rent increases and higher operating expenses;

•$7.7 million increase in other income primarily related to the reimbursement of environmental remediation costs received in the first quarter of 2026;

•$5.1 million increase as a result of property acquisitions, net of dispositions;

•$2.1 million increase in lease termination income; and

•$0.1 million increase in percentage rent primarily due to the timing of recognition as compared to 2025; offset by

•$5.3 million decrease in non-cash revenues driven by the accelerated amortization of below-market lease intangibles in the third quarter of 2025; and

•$1.2 million increase in rental revenue deemed uncollectible.

Depreciation and amortization decreased by $6.4 million to $100.3 million in the nine months ended September 30, 2026 from $106.6 million in the nine months ended September 30, 2025. The decrease is primarily attributable to:

•$9.8 million decrease primarily related to accelerated depreciation of in-place leases and tenant improvements in the first nine months of 2025, net of accelerated depreciation of tenant improvements in the first nine months of 2026; offset by

•$3.4 million increase as a result of property acquisitions, net of dispositions.

Real estate tax expense decreased by $0.2 million to $49.5 million in the nine months ended September 30, 2026 from $49.7 million in the nine months ended September 30, 2025. The decrease is primarily attributable to:

•$0.1 million increase in capitalized real estate taxes due to the commencement of development, redevelopment, and anchor repositioning projects, offset by project completions; and

•$0.1 million decrease for successful appeals, lower assessments and real estate tax refunds in the first nine months of 2026, net of real estate tax increases.

Property operating expenses increased by $6.5 million to $68.9 million in the nine months ended September 30, 2026 from $62.3 million in the nine months ended September 30, 2025. The increase is primarily attributable to:

•$5.9 million increase in insurance premiums, utilities and common area maintenance expenses, primarily driven by snow removal in the first quarter of 2026; and

•$0.6 million increase as a result of property acquisitions, net of dispositions.

General and administrative expenses decreased by $2.6 million to $27.6 million in the nine months ended September 30, 2026 from $30.2 million in the nine months ended September 30, 2025. The decrease is primarily attributable to severance expenses and professional fees incurred in the first nine months of 2025.

We recognized a $36.0 million gain on sale of real estate during the nine months ended September 30, 2026 related to the sale of Briarcliff Commons. We recognized a $49.7 million gain on sale of real estate during the nine months ended September 30, 2025 related to the sale of two non-core properties and one property parcel.

Interest and debt expense decreased by $0.2 million to $58.5 million in the nine months ended September 30, 2026 from $58.7 million in the nine months ended September 30, 2025. The decrease is primarily attributable to:

•$2.5 million increase in capitalized interest expense due to the commencement of development, redevelopment, and anchor repositioning projects, net of project completions; and

•$0.5 million decrease due to a lower average balance and lower interest rate on our unsecured line of credit; offset by

•$2.4 million increase as a result of new financings and refinancings, net of loan repayments; and

•$0.4 million increase in amortization of deferred financing costs.

We recognized a $0.2 million loss on extinguishment of debt for the nine months ended September 30, 2026 related to the write-off of deferred financing fees for the amendment and restatement of our unsecured line of credit. During the nine months ended September 30, 2025, we recognized a $0.5 million gain on extinguishment of debt for the return of escrow funds related to the Kingswood Center foreclosure, partially offset by a $0.2 million loss on extinguishment of debt related to the prepayment of the mortgage loan secured by the Plaza at Woodbridge.

Income tax expense increased by $0.1 million to $2.0 million in the nine months ended September 30, 2026 from $1.9 million in the nine months ended September 30, 2025. The increase is primarily attributable to the performance of the Puerto Rico properties and higher taxable income on the Company’s taxable REIT subsidiaries.

Non-GAAP Financial Measures

We use NOI internally to make investment and capital allocation decisions and to compare the unlevered performance of our properties to our peers. Further, we believe 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 most directly comparable GAAP financial measure to NOI is net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. We calculate NOI by adjusting net income to add back depreciation and amortization expense, general and administrative expenses, casualty and real estate impairment losses, interest and debt expense, income tax expense and non-cash lease expense, and deduct management and development fee income from non-owned properties, gains on sale of real estate, interest income, non-cash rental income resulting from the straight-lining of rents and amortization of acquired below market leases net of above market leases. NOI should not be considered a substitute for net income and may not be comparable to similarly titled measures employed by others.

We calculate same-property NOI using net income as defined by GAAP reflecting only those income and expense items that are reflected in NOI (as described above) and excluding properties that were under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service, and also excluding properties acquired, sold, held for sale, or that are in the foreclosure process during the periods being compared, and results of our captive insurance program. We also exclude the following items in calculating same-property NOI: lease termination fees, bankruptcy settlement income, and income and expenses that we do not believe are representative of ongoing operating results, if any. As such, same-property NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition,

disposition or foreclosure of properties, and results of our captive insurance program during the periods presented, and thus provides a more consistent performance measure for the comparison of the operating performance of the Company’s properties, which the Company believes to be useful to investors. Same-property NOI should not be considered a substitute for net income and may not be comparable to similarly titled measures employed by others.

Throughout this section, we have provided certain information on a “same-property” basis which includes the results of operations that were owned and operated for the entirety of the reporting periods being compared, totaling 67 and 65 properties for the three and nine months ended September 30, 2026 and 2025, respectively. Information provided on a same-property basis excludes properties that were 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, sold, held for sale, or that are in the foreclosure process during the periods being compared, and results of our captive insurance program. While there is judgment surrounding changes in designations, a property is removed from the same-property pool when a property is considered to be a redevelopment property because it is undergoing significant renovation or retenanting pursuant to a formal plan and is expected to have a significant impact on property operating income based on the retenanting that is occurring. 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.

Same-property NOI increased by $3.0 million, or 4.5%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 and increased by $6.7 million, or 3.5%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. Same-property NOI including properties in redevelopment increased by $3.3 million, or 4.6%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 and increased by $7.5 million, or 3.6%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

The following table reconciles net income to NOI, same-property NOI, and same-property NOI including properties in redevelopment for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,		Nine Months Ended September 30,
(Amounts in thousands)	2026		2025		2026		2025
Net income	$	53,801			$	15,541		$	95,995	$	84,716

Depreciation and amortization	32,906			36,831			100,254		106,628
Interest and debt expense	19,962			19,374			58,482		58,666
General and administrative expense	8,776			8,976			27,592		30,224
Gain on sale of real estate	(36,006)			(233)			(36,006)		(49,695)
Loss (gain) on extinguishment of debt	—			—			212		(323)
Other expense (income)	394			(40)			(7,237)		882
Income tax expense	872			600			1,999		1,862
Interest income	(549)			(824)			(1,541)		(2,098)

Non-cash revenue and expenses	(2,692)			(7,761)			(10,287)		(13,795)
NOI	77,464			72,464			229,463		217,067
Adjustments:
Sunrise Mall net operating loss	165			134			689		769
Tenant bankruptcy settlement income and lease termination income	—			(98)			(2,315)		(167)
Non-same property NOI and other(1)	(6,750)			(4,653)			(30,788)		(27,295)
Same-property NOI	$	70,879			$	67,847		$	197,049	$	190,374
NOI related to properties being redeveloped	3,736			3,507			20,180		19,317
Same-property NOI including properties in redevelopment	$	74,615			$	71,354		$	217,229	$	209,691

(1) Non-same property NOI includes NOI related to properties being redeveloped and properties acquired, disposed, held for sale, or that are in the foreclosure process during the periods being compared, and results of the Company’s captive insurance program.

Funds From Operations

FFO applicable to diluted common shareholders was $50.4 million for the three months ended September 30, 2026 compared to $52.0 million for the three months ended September 30, 2025, and $159.5 million for the nine months ended September 30, 2026 compared to $141.2 million for the nine months ended September 30, 2025.

We calculate FFO in accordance with the National Association of Real Estate Investment Trusts’ (“Nareit”) definition. Nareit defines FFO as 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, earnings from consolidated partially owned entities, and rental property depreciation and amortization expense. We believe FFO is a meaningful non-GAAP financial measure useful in comparing our levered operating performance from period to period both internally and among our peers because this non-GAAP measure excludes net gains on sales of depreciable real estate, real estate impairment losses, rental property depreciation and amortization expense which implicitly assumes that the value of real estate diminishes predictably over time rather than fluctuating based on market conditions. We believe the presentation of comparable period operating results generated from FFO provides useful information to investors because the definition excludes items included in net income that do not relate to, or are not, indicative of our operating and financial performance, such as depreciation and amortization related to real estate, and items which can make periodic and peer analyses of operating and financial performance more difficult, such as gains (or losses) from sales of depreciable real estate and land when connected to the main business of a REIT and impairments on depreciable real estate or land related to a REIT's main business. 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 may not be comparable to similarly titled measures employed by others.

The following table reflects the reconciliation of net income to FFO for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,		Nine Months Ended September 30,
(Amounts in thousands)	2026		2025		2026		2025
Net income	$	53,801			$	15,541		$	95,995	$	84,716
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	235			230			715		721
Operating partnership	(2,596)			(836)			(4,703)		(4,326)
Net income attributable to common shareholders	51,440			14,935			92,007		81,111
Adjustments:
Rental property depreciation and amortization	32,405			36,413			98,783		105,446
Limited partnership interests in operating partnership(1)	2,596			836			4,703		4,326
Gain on sale of real estate	(36,006)			(233)			(36,006)		(49,695)
FFO applicable to diluted common shareholders	$	50,435			$	51,951		$	159,487	$	141,188

(1) Represents earnings allocated to LTIP and OP unitholders for unissued common shares. LTIP and OP Units are excluded for purposes of calculating earnings per diluted share when their effect is anti-dilutive.

Liquidity and Capital Resources

Due to the nature of our business, the cash generated from operations is primarily paid to our shareholders and unitholders of the Operating Partnership in the form of distributions. Our status as a REIT requires that we generally distribute at least 90% of our REIT’s ordinary taxable income each year. Our Board of Trustees declared a quarterly dividend of $0.21 per common share and OP Unit for the first three quarters of 2026, or an annual rate of $0.84. Historically, we have paid regular cash dividends; however, the timing, declaration, amount and payment of distributions to shareholders and unitholders of the Operating Partnership fall within the discretion of our Board of Trustees. Our Board of Trustees’ decisions regarding the payment of dividends depend on many factors, such as maintaining our REIT status, our financial condition, earnings, capital requirements, debt service obligations, limitations under our financing arrangements, industry practice, legal requirements, regulatory constraints, and other factors.

Property rental income is our primary source of cash flow and is dependent on a number of factors, including our occupancy level and rental rates, as well as our tenants’ ability to pay rent. Our properties have historically provided us with a relatively consistent stream of cash flow that enables us to pay operating expenses, debt service and recurring capital expenditures. Other sources of liquidity to fund cash requirements include proceeds from financings, equity offerings and asset sales.

On January 22, 2026, we amended and restated the credit agreement for our unsecured line of credit which reduced the facility size by $100 million to $700 million and extended the maturity date to June 28, 2030, with two six-month extension options. In conjunction with the amendment and restatement of the unsecured line of credit we executed agreements for two term loans aggregating $250 million which includes a 5-year maturity and a 7-year maturity of $125 million each, both of which have a 12-month delayed-draw feature (collectively, the “term loans”). As of September 30, 2026, there was $75 million outstanding under the unsecured line of credit bearing interest at SOFR plus an applicable margin per the credit agreement and no amounts drawn on either of the 5-year or 7-year term loans. The Company has obtained seven letters of credit issued under the unsecured line of credit, aggregating $20.5 million. The letters of credit were provided to mortgage lenders and other entities to secure its obligations in relation to certain reserves and capital requirements and have reduced the amount available under the facility commensurate with their face values. As of September 30, 2026, the letters of credit remain undrawn and no separate liability has been recorded in association with them. As of September 30, 2026, we had an available remaining capacity of $604.5 million under the unsecured line of credit, net of undrawn letters of credit, and $250 million available under the term loans, aggregating $854.5 million of capacity under the unsecured line of credit and term loans. See Note 6 to the consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding the unsecured line of credit and delayed-draw term loans.

In August 2025, in connection with the launch of the ATM Program, the Company entered into an equity distribution agreement with various financial institutions acting as agents, forward sellers, and forward purchasers (the “Equity Distribution Agreement”). Pursuant to the Equity Distribution Agreement, the Company may from time to time offer and sell, through the agents and forward sellers, the Company’s common shares, par value $0.01 per share, having an aggregate offering price of up to $250 million (the “ATM Program”). The ATM Program replaced the Company’s previous at-the-market program established on August 15, 2022. During the nine months ended September 30, 2026 and 2025, the Company did not issue any common shares under the current or prior ATM Program. See Note 14, Equity and Noncontrolling Interest in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding the ATM Program.

Our short-term cash requirements consist of normal recurring operating expenses, lease obligations, regular debt service requirements, general and administrative expenses, expenditures related to leasing activity and distributions to shareholders and unitholders of the Operating Partnership. Our long-term capital requirements consist primarily of maturities under our long-term debt agreements, development and redevelopment costs and potential acquisitions. As of the date of this filing, we have approximately $236.7 million of debt maturing within the next 12 months related to mortgage loans encumbering six of our properties and are actively exploring our options to repay or refinance the loans.

At September 30, 2026, we had cash and cash equivalents, including restricted cash, of $86.2 million and approximately $854.5 million available under our unsecured line of credit and term loans. The available balance under our unsecured line of credit, term loans and cash on hand are readily available to fund the debt obligations discussed above which are coming due within the next year.

Summary of Cash Flows

Cash and cash equivalents, including restricted cash, was $86.2 million at September 30, 2026, compared to $78.9 million at December 31, 2025 and $144.8 million at September 30, 2025, an increase of $7.3 million and a decrease of $58.6 million, respectively. Our cash flow activities are summarized as follows:


	Nine Months Ended September 30,
(Amounts in thousands)	2026		2025		$ Change
Net cash provided by operating activities	$	171,083			$	131,734		$	39,349
Net cash used in investing activities	(197,087)			(11,148)			(185,939)
Net cash provided by (used in) financing activities	33,314			(66,432)			99,746

Operating Activities

Net cash flow provided by operating activities primarily consists of cash inflows from rental revenue and cash outflows for property operating expenses, general and administrative expenses and interest and debt expense.

Net cash provided by operating activities of $171.1 million for the nine months ended September 30, 2026 increased by $39.3 million from $131.7 million for the nine months ended September 30, 2025. The increase is due to higher rental revenues for tenant rent commencements, reimbursement for previously incurred environmental remediation costs, lease termination income, real estate tax refunds received during 2026, and the timing of cash receipts and payments related to tenant collections and operating expenses.

Investing Activities

Net cash flow used in investing activities is impacted by the timing and extent of our real estate development, capital improvements, and acquisition and disposition activities during the period.

Net cash used in investing activities of $197.1 million for the nine months ended September 30, 2026 increased by $185.9 million from cash used in investing activities of $11.1 million for the nine months ended September 30, 2025. The change in investing activity cash flows is primarily due to:

•$115.0 million increase in cash used for the acquisition of real estate and the purchase of a leasehold interest in the first nine months of 2026;

•$38.0 million decrease in cash provided by the sale of real estate driven by dispositions in the second quarter of 2025, partially offset by a disposition in the third quarter of 2026; and

•$32.9 million increase in cash used for real estate development and capital improvements in the first nine months of 2026.

The Company had 18 active development, redevelopment or anchor repositioning projects with total estimated costs of $151.6 million, of which $95.0 million had been incurred and $56.6 million remained to be funded as of September 30, 2026.

The following summarizes capital expenditures presented on a cash basis for the nine months ended September 30, 2026 and 2025:


	Nine Months Ended September 30,
(Amounts in thousands)	2026		2025
Capital expenditures:
Redevelopment and repositioning	$	41,905			$	34,843
New development and outparcels	44,724			11,350
Maintenance capital expenditures	6,065			13,736
Tenant improvements and leasing landlord work	14,292			14,194
Total capital expenditures	$	106,986			$	74,123

Financing Activities

Net cash flow provided by or used in financing activities is impacted by the timing and extent of issuances of debt and equity securities, distributions paid to common shareholders and unitholders of the Operating Partnership, as well as principal and other payments associated with our outstanding indebtedness.

Net cash provided by financing activities of $33.3 million for the nine months ended September 30, 2026 increased by $99.7 million from cash used in financing activities of $66.4 million for the nine months ended September 30, 2025. The change in financing activity cash flows is primarily due to:

•$154.1 million decrease in debt repayments;

•$0.8 million increase in cash contributed by noncontrolling interests; and

•$0.2 million decrease in costs for the potential issuance of common shares; offset by

•$41.1 million decrease in mortgage proceeds, net of credit facility borrowings;

•$8.9 million increase in distributions to shareholders and unitholders of the Operating Partnership; and

•$5.4 million increase in debt issuance costs driven by the amendment and extension of our unsecured line of credit and the Plaza at Woodbridge mortgage financing in the first nine months of 2026.

Contractual Obligations

We have contractual obligations related to our mortgage loans, unsecured line of credit and term loans that are both fixed and variable. As of September 30, 2026, our only variable rate exposure was related to our unsecured line of credit that bears interest at a floating rate based on SOFR plus an applicable margin of 1.00%. Further information on our mortgage loans, unsecured line of credit and term loans can be found in Note 6 to the consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

In addition, we have contractual obligations for certain properties that are subject to long-term ground and building leases where a third party owns and has leased the underlying land to us. We also have non-cancelable operating leases pertaining to office space from which we conduct our business.

Additional contractual obligations that are not considered to be long-term, fixed in amount or easily determinable include:

•Obligations related to construction and development contracts. Such contracts or obligations will generally be due over the next two years;

•Obligations related to maintenance contracts, which can typically be canceled upon 30 to 60 days’ notice without penalty;

•Obligations related to employment contracts with certain executive officers which are subject to cancellation by either the Company or the executive without cause upon notice;

•Obligations related to letters of credit issued under our unsecured line of credit; and

•Recorded debt premiums or discounts.

We believe that cash flows from our current operations, cash on hand, unsecured line of credit, term loans, the potential to refinance our loans and our general ability to access the capital markets will be sufficient to finance our operations and fund our obligations in both the short-term and long-term.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

We have exposure to fluctuations in interest rates, which are sensitive to many factors that are beyond our control. The following table discusses our exposure to hypothetical changes in market rates of interest on interest expense for our variable rate debt and fixed rate debt. This analysis does not take into account all of the factors that may affect our debt, such as the effect that a changing interest rate environment could have on the overall level of economic activity or the action that our management might take to reduce our exposure to the change. This analysis assumes no change in our financial structure. As of September 30, 2026, our variable rate debt outstanding had rates indexed to SOFR.


	2026		2025
(Amounts in thousands)	September 30, Balance		Weighted Average Interest Rate		Effect of 1% Change in Base Rates		December 31, Balance		Weighted Average Interest Rate

Variable rate debt	$	75,000			4.88%		$	750		$	—		N/A
Fixed rate debt	1,640,064		(3)	5.02%		—		(2)	1,619,388		5.03%
	$	1,715,064		(1)			$	750		$	1,619,388	(1)

(1) Excludes unamortized debt issuance costs of $10.2 million and $12.6 million as of September 30, 2026 and December 31, 2025, respectively. Debt issuance costs related to our unsecured line of credit and term loans are included within prepaid expenses and other assets on the consolidated balance sheets.

(2) If the weighted average interest rate of our fixed rate debt increased by 1% (i.e. due to refinancing at higher rates), annualized interest expense would have increased by approximately $16.4 million based on outstanding balances as of September 30, 2026.

(3) Includes the Shoppers World, Montclair, and Plaza at Woodbridge mortgage loans that are hedged with interest rate swap agreements, fixing the interest rates at 5.12%, 3.15%, and 5.03%, respectively.

We may utilize various financial instruments to mitigate the impact of interest rate fluctuations on our cash flows and earnings, including hedging strategies, depending on our analysis of the interest rate environment and the costs and risks of such strategies. We do not enter into any financial instrument agreements, such as derivative agreements, for speculation or trading purposes. As of September 30, 2026, the Company was a counterparty to three interest rate derivative agreements which have been designated as cash flow hedges. These derivative instruments are assessed quarterly and as of September 30, 2026, all meet the criteria of an effective hedge.

Fair Value of Debt

The estimated fair value of our consolidated debt is calculated based on current market prices and discounted cash flows at the current rate at which similar loans would be made to borrowers with similar credit ratings for the remaining term of such debt. As of September 30, 2026, the estimated fair value of our consolidated debt was $1.6 billion.

Other Market Risks

As of September 30, 2026, we had no material exposure to any other market risks (including foreign currency exchange risk or commodity price risk).

In making this determination and for purposes of the SEC’s market risk disclosure requirements, we have estimated the fair value of our financial instruments at September 30, 2026 based on pertinent information available to management as of that date. Although management is not aware of any factors that would significantly affect the estimated amounts as of September 30, 2026, future estimates of fair value and the amounts which may be paid or realized in the future may differ significantly from amounts presented.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures (Urban Edge Properties)

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures. Because of inherent limitations, disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of disclosure controls and procedures are met.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective.

There have not been any changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that occurred during the three months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Evaluation of Disclosure Controls and Procedures (Urban Edge Properties LP)

The Operating Partnership’s management maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer of our general partner, as appropriate to allow timely decisions regarding required disclosures. Because of inherent limitations, disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of disclosure controls and procedures are met.

The Operating Partnership’s management, with the participation of the Chief Executive Officer and Chief Financial Officer of our general partner, evaluated the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer of our general partner concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are party to various legal actions that arise in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not expected to have a material adverse effect on our financial position, results of operations or cash flows.

ITEM 1A. RISK FACTORS

Except to the extent additional factual information disclosed elsewhere in this Quarterly Report on Form 10-Q relates to such risk factors (including, without limitation, the matters discussed in Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations”), there were no material changes to the risk factors disclosed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 11, 2026.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Urban Edge Properties

(a) Recent Sales of Unregistered Securities: Not applicable.

(b) Use of Proceeds from Sales of Registered Securities: Not applicable.


Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs(1)
July 1, 2026 - July 31, 2026	—		$	—		—		$	145,900,000
August 1, 2026 - August 31, 2026	—		—		—		$	145,900,000
September 1, 2026 - September 30, 2026	—		—		—		$	145,900,000
Total	—		$	—		—

(1) In March 2020, the Board of Trustees authorized a share repurchase program for up to $200 million of the Company’s common shares. Under the program, the Company may repurchase its shares from time to time in the open market or in privately negotiated transactions in compliance with SEC Rule 10b-18. The share repurchase program does not obligate the Company to acquire any particular amount of common shares and may be suspended or discontinued at any time at the Company’s discretion.

Urban Edge Properties LP

(a) Recent Sales of Unregistered Securities: Not applicable.

(b) Use of Proceeds from Sales of Registered Securities: Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the three months ended September 30, 2026, none of the Company’s trustees or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

ITEM 6. EXHIBITS

The exhibits listed below are included in, or incorporated by reference into, this Quarterly Report on Form 10-Q.

INDEX TO EXHIBITS

The following exhibits are included as part of this Quarterly Report on Form 10-Q:


Exhibit Number		Exhibit Description
31.1*		Certification by the Chief Executive Officer for Urban Edge Properties pursuant to rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification by the Chief Financial Officer for Urban Edge Properties pursuant to rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.3*		Certification by the Chief Executive Officer for Urban Edge Properties LP pursuant to rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.4*		Certification by the Chief Financial Officer for Urban Edge Properties LP pursuant to rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification by the Chief Executive Officer and Chief Financial Officer for Urban Edge Properties pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification by the Chief Executive Officer and Chief Financial Officer for Urban Edge Properties LP pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.SCH*		Inline XBRL Taxonomy Extension Schema
101.CAL*		Inline XBRL Extension Calculation Linkbase
101.LAB*		Inline XBRL Extension Labels Linkbase
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase
104*		Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*)

* Filed herewith

** In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.


	URBAN EDGE PROPERTIES
	(Registrant)

	/s/ Mark Langer
	Mark Langer, Chief Financial Officer

	Date: October 28, 2026

	URBAN EDGE PROPERTIES LP
	By: Urban Edge Properties, General Partner

	/s/ Mark Langer
	Mark Langer, Chief Financial Officer

	Date: October 28, 2026

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