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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 Third Quarter 2021 Results NEW YORK , NY , November 3 , 2021 - Urban Edge Properties ( NYSE : UE ) ( the " Company " ) today announced its results for the quarter ended September 30 , 2021 . " Urban Edge had a great third quarter reflecting strong execution across all departments , " said Jeff Olson , Chairman and CEO . " Our occupancy growth came from both new anchor tenants and record shop leasing activity while our external growth opportunities are more visible based on our increasing acquisition pipeline . " Financial Results ( 1 ) ( 2 ) Generated net income attributable to common shareholders of $ 27.8 million , or $ 0.24 per diluted share , for the third quarter of 2021 compared to a net loss of $ 5.6 million , or $ ( 0.05 ) per diluted share , for the third quarter of 2020 and $ 60.2 million , or $ 0.51 per diluted share , for the nine months ended September 30 , 2021 compared to $ 74.6 million , or $ 0.63 per diluted share , for the nine months ended September 30 , 2020 . Generated Funds from Operations applicable to diluted common shareholders ( " FFO " ) of $ 45.3 million , or $ 0.37 per share , for the quarter compared to $ 16.9 million , or $ 0.14 per share , for the third quarter of 2020 and $ 112.5 million , or $ 0.92 per share , for the nine months ended September 30 , 2021 compared to $ 107.3 million , or $ 0.87 per share , for the nine months ended September 30 , 2020 . Generated FFO as Adjusted of $ 33.6 million , or $ 0.28 per share , for the quarter compared to $ 22.8 million , or $ 0.19 per share , for the third quarter of 2020 and $ 100.4 million , or $ 0.82 per share , for the nine months ended September 30 , 2021 compared to $ 79.5 million , or $ 0.65 per share , for the nine months ended September 30 , 2020 . Operating Results ( 1 ) ( 3 ) • • . • • Increased same - property Net Operating Income ( " NOI " ) , including properties in redevelopment by 26.4 % compared to the third quarter of 2020. The increase was driven by $ 11.4 million lower rental revenue deemed uncollectible . Increased same - property NOI , excluding properties in redevelopment by 26.7 % compared to the third quarter of 2020. The increase was driven by $ 11.4 million lower rental revenue deemed uncollectible . Reported same - property portfolio leased occupancy of 92.8 % , an increase of 80 basis points compared to June 30 , 2021 . Reported consolidated portfolio leased occupancy of 90.7 % , an increase of 90 basis points compared to June 30 , 2021 . Executed 46 new leases , renewals and options totaling 448,000 sf during the quarter . Same - space leases totaled 436,000 sf and generated average rent spreads of 17.3 % on a GAAP basis and 9.7 % on a cash basis . Collected 98 % of third quarter base rents as of October 29 , 2021 . 1