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Urban Edge Properties 888 Seventh Avenue New York , NY 10019 212-956-2556 URBAN EDGE PROPERTIES For additional information : Mark Langer , EVP and Chief Financial Officer FOR IMMEDIATE RELEASE : Urban Edge Properties Reports Second Quarter 2021 Results NEW YORK , NY , August 4 , 2021 - Urban Edge Properties ( NYSE : UE ) ( the " Company " ) today announced its results for the quarter ended June 30 , 2021 . " We are very pleased with our results this quarter and the positive momentum in leasing activity , " said Jeff Olson , Chairman and CEO . “ The strength of the retail industry is driving higher leasing volumes and fueling our redevelopment pipeline . " Financial Results ( 1 ) ( 2 ) • Generated net income attributable to common shareholders of $ 12.5 million , or $ 0.11 per diluted share , for the second quarter of 2021 compared to $ 31.3 million , or $ 0.27 per diluted share , for the second quarter of 2020 and $ 32.5 million , or $ 0.28 per diluted share , for the six months ended June 30 , 2021 compared to $ 80.2 million , or $ 0.67 per diluted share , for the six months ended June 30 , 2020 . Generated Funds from Operations applicable to diluted common shareholders ( " FFO " ) of $ 35.4 million , or $ 0.29 per share , for the quarter compared to $ 55.7 million , or $ 0.46 per share , for the second quarter of 2020 and $ 67.2 million , or $ 0.55 per share , for the six months ended June 30 , 2021 compared to $ 90.5 million , or $ 0.73 per share , for the six months ended June 30 , 2020 . Generated FFO as Adjusted of $ 34.5 million , or $ 0.28 per share , for the quarter compared to $ 21.7 million , or $ 0.18 per share , for the second quarter of 2020 and $ 66.8 million , or $ 0.55 per share , for the six months ended June 30 , 2021 compared to $ 56.7 million , or $ 0.46 per share , for the six months ended June 30 , 2020 . Operating Results ( 1 ) ( 3 ) • • • • Reported an increase of 23.9 % in same - property Net Operating Income ( " NOI " ) , including properties in redevelopment , compared to the second quarter of 2020. The increase was driven by $ 14.6 million lower rental revenue deemed uncollectible . Reported an increase of 24.8 % in same - property NOI , excluding properties in redevelopment , compared to the second quarter of 2020. The increase was driven by $ 14.6 million lower rental revenue deemed uncollectible . Reported same - property portfolio leased occupancy of 92.0 % , an increase of 90 basis points compared to March 31 , 2021 and a decrease of 40 basis points compared to June 30 , 2020. The increase in the quarter was driven by the execution of a 123,000 square foot ( " sf " ) lease with Sector Sixty6 , an interactive , entertainment venue incorporating K1 racing , bowling , and ropes courses , at Las Catalinas Mall in Puerto Rico . Reported consolidated portfolio leased occupancy of 89.8 % , an increase of 90 basis points compared to March 31 , 2021 and a decrease of 260 basis points compared to June 30 , 2020. The decrease compared to prior year includes a 200 basis points negative impact from the acquisition of Sunrise Mall in December 2020 , which was 66 % occupied as of June 30 , 2021 , and is included in our future redevelopment pipeline . Executed 37 new leases , renewals and options totaling 317,000 sf during the quarter . Same - space leases totaled 298,000 sf and generated average rent spreads of 8.8 % on a GAAP basis and ( 0.2 ) % on a cash basis . The Company has signed leases that have not yet rent commenced that will generate an additional $ 12 million of future annual gross rent , representing approximately 5 % of NOI . Collected 97 % of second quarter base rents as of July 30 , 2021 . Issued first annual Environmental , Social and Governance ( " ESG " ) Report outlining the Company's ESG strategies , policies , and environmental performance metrics . 1