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INVESTOR PRESENTATION FEBRUARY 2026
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INVESTOR PRESENTATION | FEBRUARY 2026 THE URBAN EDGE – POINTS OF DIFFERENTIATION 2 Our portfolio is concentrated in the DC to Boston corridor, the most densely populated region in the U.S, with an average 3-mile population density of 200,000 people - the highest in the sector. Grocers anchor 80% of our assets, generating sales of ~$950/ft With a ~$2.75B equity market cap, our moderate company size enables us to grow per-share earnings more efficiently from internal and external sources compared to larger-cap peers $1 billion of liquidity available through our undrawn $700 million line of credit and two $125 million delayed draw term loans to fund growth opportunities Achieved FFO as Adjusted 3-year CAGR of 6% through 2025. We are targeting a long-term, annual growth rate of 4-5% per share. Our growth drivers include: A strong pipeline of signed but not opened leases accounting for 8% of net operating income More than 80% of SP NOI growth expected from executed leases, LOIs and contractual rent increases through 2027 Redevelopment initiatives totaling $166M, expected to deliver a 14% return Strategic capital recycling – Since October 2023, we have acquired $591M of high-quality shopping centers at a 7.1% cap rate and sold $493M of non-core, low growth assets at a 5.2% cap rate Rent growth from below-market leases and contractual rent increases - new rent spreads exceeded 20% for four consecutive years Data as of December 31, 2025, except where noted. Our experienced management team and board provide strong leadership and strategic direction Our current stock price implies a ~7% cap rate on our portfolio, or $250 per square foot, a significant discount compared to recent private market transactions and to replacement cost
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INVESTOR PRESENTATION | FEBRUARY 2026 3 UE OVERVIEW $21.50 RETAIL ABR PSF > $1 Billion $2.75B MARKET CAP $4.4B ENTERPRISE VALUE 5.8x Net Debt to EBITDA 17.2M SF GROSS LEASABLE SPACE 96.7% SP LEASED OCCUPANCY 80% OF PORTFOLIO VALUE GROCERY ANCHORED 2015 UE FORMED VIA SPIN-OFF FROM VORNADO TOTAL LIQUIDITY Data as of December 31, 2025 except for total liquidity proforma which reflects the new unsecured credit facility closed in January 2026 73 PROPERTIES (as of Feb 2026)
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INVESTOR PRESENTATION | FEBRUARY 2026 PROVEN TRACK RECORD DELIVERING GROWTH 4 Actual ResultsProjections 2023 - 2025 $1.43 per share$1.352025 FFO as Adjusted(1) 6% 3-Yr CAGR3% - 5% avg annual growthFFO as Adjusted Growth(1) 97%Increase from 95% to 98%Leased Occupancy $114M avg$100M - $125M per yearRedevelopment / Re-tenanting CapEx 14% avg11% - 13%Unleveraged Return on Redevelopment $591M at 7.1% cap rate$0M - $100MAcquisitions $493M at 5.2% cap rate$0MDispositions 5.8x~6.5x in 2025Net Debt to Forward EBITDA ~6% 3-Yr CAGR3% - 5% avg annual growthDividends (1) FFO as Adjusted excludes items that imp act FFO comparability, including gains and/or losses on extinguishment of debt, transaction, severance, litigation, or any one-time items outside of the ordinary course of business. We held an investor day in April 2023 outlining three-year growth targets. Our team delivered results exceeding expectations. What We Said What We Did
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INVESTOR PRESENTATION | FEBRUARY 2026 $16 $17 $18 $19 $20 $21 $22 2015 2025 Portfolio ABR FINANCIAL HIGHLIGHTS 5 2025 Fourth Quarter Results $0.36/shFFO as Adjusted 2.4%SP NOI Growth 2.9%SP NOI with Redev Growth 96.7%Retail Leased Occupancy 97.5%Anchor Leased Occupancy 92.6%Shop Leased Occupancy $22.3MSNO Pipeline $166MActive Redevelopment Projects $86MRemaining Cost to Complete 14%Unleveraged Yield +30% 96.6% 96.6% 96.7% 96.6% 96.7% 94.3% 94.1% 94.7% 94.7% 95.4% 4Q24 1Q25 2Q25 3Q25 4Q25 SP Occupancy Leased Physical 5.1% 5.0% 3.8% 7.4% 4.7% 2.9% FY24 FY25 1Q25 2Q25 3Q25 4Q25 NOI SP Growth with Redev $1.35 $1.43 $0.35 $0.36 $0.36 $0.36 FY24 FY25 1Q25 2Q25 3Q25 4Q25 FFO as Adjusted
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INVESTOR PRESENTATION | FEBRUARY 2026 PORTFOLIO CONCENTRATED IN D.C. TO BOSTON CORRIDOR Most heavily urbanized region in the U.S. 6 90% portfolio NOI generated from properties situated in the D.C. to Boston corridor 2x peer average for 3-mile population density for total portfolio 10x higher population than US average
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INVESTOR PRESENTATION | FEBRUARY 2026 DOMINANT OWNER WITHIN FIRST-RING SUBURBS OF NY METRO 43 Properties; ~70% of total portfolio value 7 Supply constraints and population density drive demand from retailers seeking to expand their physical presence, incorporating omnichannel initiatives Population in first-ring NYC suburbs is stable as people remain rooted to NY metro Local sharp-shooter in the most densely-populated, supply constrained region in the country
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INVESTOR PRESENTATION | FEBRUARY 2026 PORTFOLIO SITUATED IN DENSE, AFFLUENT U.S. SUBMARKETS 8 BRX FRT KIMKRG PECO REG CURB $90 $95 $100 $105 $110 $115 $120 $125 $130 60 80 100 120 140 160 180 200 220 3-MILE MEDIAN HOUSEHOLD INCOME (000S) 3-MILE POPULATION (000s) Source: Analyst research report November 2025
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INVESTOR PRESENTATION | FEBRUARY 2026 Source: Bank of America Global Research May 2023 PORTFOLIO HAS SIGNIFICANT DENSITY WITH LIMITED RETAIL SUPPLY 9 FRT REGKIM KRG BRX PECO 30 35 40 45 50 55 60 65 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 RETAIL GLA PER HOUSEHOLD (SUPPLY) HOUSEHOLDS PER SQUARE MILE (DEMAND)
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INVESTOR PRESENTATION | FEBRUARY 2026 NECESSITY-BASED TENANCY RESULTS IN STABLE CASH FLOWS Note: Percentages shown reflect estimated portfolio value by asset type HOME IMPROVEMENT ASSETS 10 10% GROCERY ANCHORED ASSETS 80% OTHER ASSETS (VALUE-ORIENTED ANCHORS) 10% WOODMORE TOWNE CENTRE WEST BRANCH COMMONS HERITAGE SQUARE
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INVESTOR PRESENTATION | FEBRUARY 2026 Grocer 19% Other Necessities(2) 15% Value-Oriented (TJX, Burlington, etc.) 13% Apparel & Department Stores 12% Restaurants 11% Home Improvement 6% Health & Fitness 7% Home Furnishings 6% Other Discretionary(3) 5% Electronics 4% Sporting Goods 2% 11 STRONG AND RESILIENT TENANT MIX Strong anchor mix of grocers (~$950 psf in sales), home improvement and value- oriented retailers Shops consist of vibrant restaurants, apparel, and other necessity goods and services ~90% of ABR made up of national and regional tenants Data as of December 31, 2025 (1) Excludes Sunrise Mall (2) Includes financial services, pet st ores, auto, salons, pharmacies, etc. (3) Includes entertainment, accessories , health & beauty, nutrition, etc. RESILIENT AND DIVERSIFIED TENANT BASE(1)
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INVESTOR PRESENTATION | FEBRUARY 2026 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% TOP 15 TENANTS – DOMINANT OPERATORS WITH FINANCIAL STRENGTH By Annualized Base Rent Data as of 12/31/25. Excludes leases that have not yet rent commenced (1) Weighted based on ABR of S&P rated companies BBB Weighted Avg. Credit Rating(1) 38% Of Portfolio ABR 12 1.6%1.7%1.7%1.8%1.9%2.0%2.0%2.1%2.7%2.8%2.8%2.9%3.0%3.0%5.6%% of Total ABR 64144411105556991128# of Stores BABB+AABB+B+BBBNRAAABBB+BBB+B+BB+AS&P Credit Rating
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Business Update
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INVESTOR PRESENTATION | FEBRUARY 2026 RETAILERS INCREASING BRICK-AND-MORTAR PRESENCE 14 Physical stores have proven valuable in growing online sales and remain the most cost-effective channel of distribution Brick-and-mortar stores support ‘buy online, pick-up in store’, online fulfillment, returns and in-person customer service Stores act as billboards in high-traffic areas, increasing brand awareness and consumer confidence Retailers use physical stores to increase market share in new geographic areas Physical store increases online sales of local area by ~7% (1) Plan to open ~130 new stores Plan to add 25 – 30 new clubs over next two fiscal years. 75 – 100 House of Sports, 16 Dick’s Field House and 8 Golf Galaxy Performance locations to open by 2027 Plan to open 200 stores over the next three years Plan to open ~30 new warehouses annually Planning to build or convert >150 stores the next 5 years Aim to open 10 to 15 stores annually Source: Company filings, conference calls, Global Data research, UBS, and ICSC Goal of opening 500 new stores in 2024 - 2028 Plan to grow to at least 2,900 Ross stores and 700 dd’s DISCOUNTS locations over time (1) Per ICSC
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INVESTOR PRESENTATION | FEBRUARY 2026 LEASING ACTIVITY FOCUSED ON LEADING BRANDS Leases executed with top national and regional retailers over the past four years have strengthened our cash flows 15 ANCHORS SHOPS +20% 32% New lease cash spreads for 4 consecutive years Record new lease cash spread in 2025 92.6% Record shop occupancy in 4Q25
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INVESTOR PRESENTATION | FEBRUARY 2026 LEASING ACTIVITY During the past four years, leasing activity has been at the highest levels in company history based on volume, square footage, and leasing spreads 16 2025202420232022 58796469# of New Leases Signed 162165174159# of New and Renewal Leases Signed 0.4M0.5M0.5M1MNew Leases Executed SF 1.5M2.4M2.0M2.1MTotal Leases and Renewals Executed SF 32%26%24%22%New Lease Cash Spread 14%12%12%12%Blended Cash Spread Note: Pipeline represents deals with executed LOIs or active LOI negotiations on vacant spaces as of December 2025 Anchors160K sf Shops70K sf PIPELINE: ~230K sf ~150 bps occ. +20% est. mark-to-market
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INVESTOR PRESENTATION | FEBRUARY 2026 $22 million of future annual gross rent (8% of NOI) from the SNO pipeline will provide significant earnings and cash flow growth Anchor leases in the SNO pipeline reflect a blended ABR of $28 psf vs $18 psf in-place portfolio rent, highlighting significant embedded mark-to-market upside National and regional tenants represent +90% of the SNO pipeline 3.9 13.9 18.3 2.3 3.5 4.0 $0 $4 $8 $12 $16 $20 $24 2026 2027 2028 ($ MILLIONS) SNO Pipeline (Incremental Gross Rent)(1) Leases included in redevelopment projects Other leases $17.4M $6.2M (1) Represents the incremental gross rent expected to be recognized in the respective periods. LEASES SIGNED NOT YET OPEN DRIVING NOI GROWTH 17 $22.3M
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INVESTOR PRESENTATION | FEBRUARY 2026 Shops Anchors STRUCTURAL TAILWINDS ARE IMPROVING LEASING ECONOMICS 18 Near record low market vacancy rate (<6%) and historically low levels of new construction, especially in the Northeast (0.2% of total SF) are driving improved lease terms Retailers are showing more flexibility in format size and new concepts are increasingly willing to accept non-prototype spaces to support expansion in a supply-constrained environment The competition for shopping center retail space is most prevalent among anchors greater than 20K sf, where new supply is primarily only available through bankruptcies We estimate anchor rents will need to increase ~40% to make ground-up development economically feasible in our target markets Our infill portfolio in dense, supply constrained markets continues to draw leading retailers, resulting in better economic and noneconomic terms +60% blended spread ~$65/sf blended capex at ~$25 ABR/sf +90% blended spread ~$50 ABR/sf Recent 2025 Deals
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INVESTOR PRESENTATION | FEBRUARY 2026 19 Source: JLL Research, CoStar (Neighborhood center, Power center, and strip center) NEW RETAIL CONSTRUCTION IN THE NORTHEAST IS VIRTUALLY NON-EXISTENT 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 0 1 2 3 4 5 6 7 8 9 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20 4Q20 2Q21 4Q21 2Q22 4Q22 2Q23 4Q23 2Q24 4Q24 2Q25 4Q25 S.F. Millions Deliveries SF Under construction SF Occupancy %
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INVESTOR PRESENTATION | FEBRUARY 2026 THE UE PORTFOLIO – VALUE DRIVERS 20 ACCRETIVE INVESTMENTS Over the last 12 months, we delivered $55M of completed redevelopments at a ~19% unleveraged yield Current pipeline includes $166M of gross investment at a 14% unleveraged return Opportunities include expansion, renovation, pad creation, and non-retail uses ANCILLARY BENEFITS Improved assets Better leasing / renewals / traffic Greater ROI BELOW MARKET LAND BASIS, BUILDING BASIS AND RENT BASIS Building implied value is only $250/sf Average property is ~20 acres In-place rents are below market Over the past four years spreads on new leases have averaged +20% Note: As of 12/31/25
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INVESTOR PRESENTATION | FEBRUARY 2026 ACTIVE REDEVELOPMENT PIPELINE 21 $166M of active projects, with $86M remaining to be funded Upgrading large vacant spaces with grocers, discounters, and medical uses New anchor tenants stimulating shop demand and higher quality co-tenancy StatusTarget Stabilization Incurred as of 12/31/25 Est Gross Cost ($000s)Active Project Retenanting a portion of the former Kmart box with BJ's Wholesale Club 2Q27$ 40,700$ 51,300Bruckner Commons (Phase A) Redeveloping Toys "R" Us box with 20,000 sf of retail and restaurant pads 4Q264,10018,400Bruckner Commons (Phase B) Retenanting remainder of the former Kmart box with national off- price retailers 3Q271,50017,200Bruckner Commons (Phase C) Retenanting former Toys "R" Us box with Burlington2Q2611,30011,500Hudson Mall (Phase A) Redemising multiple suites for national grocer and Hallmark relocation 1Q271,8008,400Yonkers Gateway Center (Phase C) Backfilling vacant Bed Bath & Beyond with Nordstrom Rack (open) and Fidelity 3Q266,2007,500Manalapan Commons (Phase B) Developing new 10,000± sf pad for full service restaurant2Q277007,500Bergen Town Center (Phase F) Developing new 8,000± sf multi-tenant pad for Cava and small shops 1Q281005,900Plaza at Woodbridge (Phase C) Adding 17,000± sf Emblem Health (open)4Q264,9005,300Kingswood Crossing (Phase A) 8,60032,500All others less than $5M $ 79,900$ 165,500Total 14% Unleveraged yield ~90% Pre-leased projects
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INVESTOR PRESENTATION | FEBRUARY 2026 HIGHLY VISIBLE NOI GROWTH 22 Contractual Rent Steps & Other 1.3% Leasing/Development/Expansions/Pads 1.2% Projected 2-Year NOI CAGR: ~4.5% 2025 – 2027 NOI Growth Components(1) 80% of growth from executed leases, LOIs and contractual rent bumps SNO and Leasing Pipeline(2) 2% (1) Represents 2026 same-property pool including assets in redevelopment (2) Includes incremental growth from tenants who have rent commenced in 2025, signed and not open pipeline, and tenants in LOI and lease negotiations and is net of vacates and downtime Our growth is highly visible with a significant portion coming from six repositioning projects, including Bruckner Commons, Bergen Town Center, Plaza at Cherry Hill, Hudson, Plaza at Woodbridge, and Yonkers Gateway, which is expect to contributes $15M (~70% of total SNO) in annualized gross rent.
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INVESTOR PRESENTATION | FEBRUARY 2026 42% 37% 35% 28% <20% <15% 0% 10% 20% 30% 40% 50% 2024 2025 2026P 2027P 2028P L/T Projection Capex(1) as % of NOI By 2027, we expect approximately 70% of our portfolio will have undergone redevelopment or repositioning since our spin from Vornado in 2015. Anchor leased occupancy increased from 92% to ~98% since 2021. Upfront investments to improve property condition in conjunction with new anchors greatly reduces the need for substantial capital investment at these properties over the next ten years. These investments have attracted higher quality shop tenants driving shop occupancy from 85% in 1Q23 to 92.6% in 4Q25 Declining CapexAnchor Upgrades • Maintenance capex to decline to $15M - $20M a year as property improvements were made with anchor projects • Improved property condition and appeal greatly enhances future leasing • Higher NOI • Better tenant credit quality • Higher foot traffic • Lower cap rates • Lower recurring capex 23 Note: Excludes Sunrise Mall and future first generation development (1) Includes development and redevelopment, main tenance capex, tenant improvements, leasing commissions and capitalized interest, taxes, insurance and personnel costs (2) Projection assumes current stabilized portfolio (2) ANCHOR REPOSITIONING FUELING FUTURE GROWTH WHILE REDUCING FUTURE CAPEX Grocers added since 2020 Other Anchors added since 2020
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Acquisitions & Dispositions
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INVESTOR PRESENTATION | FEBRUARY 2026 ACCRETIVE ACQUISITIONS 25 THE VILLAGE AT WAUGH CHAPEL GATEWAY CENTERHERITAGE SQUARE SHOPPERS WORLD Since October 2023, we acquired six high-quality properties for $591 million at a weighted average cap rate of 7%. We continue to prioritize these efforts, focusing on additional accretive transactions. LEDGEWOOD COMMONSBRIGHTON MILLS ABR/sf: $26 Occupancy: 100% Closed Oct. 2025 Anchors: Star Market, Petco $39M purchase price Allston, MA Acres: 6.9 GLA: 91K sf $126M purchase price Gambrills, MD Acres: 56 GLA: 382K sf ABR/sf: $24 Occupancy: 98% Closed Oct. 2024 Anchors: Safeway, Marshalls, HomeGoods, T.J. Maxx $83M purchase price Roxbury Township, NJ Acres: 52 GLA: 448K sf ABR/sf: $15 Occupancy: 99% Closed April 2024 Anchors: Walmart, Burlington, Marshalls $34M purchase price Watchung, NJ Acres: 12 GLA: 87K sf ABR/sf: $31 Occupancy: 100% Closed Feb. 2024 Anchors: Home Sense, Sierra Trading, Ulta $241M purchase price Framingham, MA Acres: 144 GLA: 752K sf ABR/sf: $23 Occupancy: 100% Closed Oct. 2023 Anchors: T.J. Maxx, Marshalls, Home Sense, Sierra Trading $68M purchase price Everett, MA Acres: 89 GLA: 640K sf ABR/sf: $10 Occupancy: 100% Closed Oct. 2023 Anchors: Costco, Target, Home Depot
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INVESTOR PRESENTATION | FEBRUARY 2026 $39 million acquisition in October 2025, funded using proceeds from the sales of Kennedy Commons and MacDade Commons via 1031 exchange 91K sf grocery-anchored shopping center located along rapidly densifying Western Avenue, less than one mile from Harvard Business School Located in an in-fill neighborhood of Boston that has seen extensive growth driven by new multi- family developments. Our price of ~$5 million per acre is well below $9 - $10 million per acre land value in the immediate area In-place zoning overlay at property provide long- term optionality to redevelop into mixed-use or multifamily, consistent with recently adopted Western Avenue corridor master plan 3-mile population of 449K and average household incomes of $170K RECENT ACQUISITION: BRIGHTON MILLS | ALLSTON, MA 26
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INVESTOR PRESENTATION | FEBRUARY 2026 RECENT DISPOSITIONS 27 KENNEDY COMMONS BTC EAST PARCEL GLA: 44K sf (8 acres) Sold April 2025 Since October 2023, we disposed of non-core and single-tenant assets aggregating $493 million at a weighted average cap rate of ~5%. These dispositions have served as an accretive source of funding for recent acquisitions. GLA: 62K sf Sold June 2025 GLA: 102K sf Sold June 2025 MACDADE COMMONS Dispositions generated $41M of gross proceeds at a weighted average 5.4% cap rate Disposition generated $25M of gross proceeds at a 4.0% cap rate
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INVESTOR PRESENTATION | FEBRUARY 2026 RECENT DISPOSITIONS 28 GLA: 127K sf Gross proceeds: $29M Cap rate: 5.4% Sold April 2024 LODI RT 17 GLA: 1.2M sf Gross proceeds: $218M Cap rate: 4.9% Sold October 2023 GLA: 75K sf Gross proceeds: $22M Cap rate: 5.5% Sold December 2023 HANOVER WAREHOUSE GLA: 173K sf Gross proceeds: $79M Cap rate: 5.9% Sold December 2023 FREEPORT COMMONS CUBESMART AT NORTH BERGEN Since October 2023, we disposed of non-core and single-tenant assets aggregating $493 million at a weighted average cap rate of ~5%. These dispositions have served as an accretive source of funding for recent acquisitions. GLA: 95K sf Gross proceeds: $9M Cap rate: 3.7% Sold March 2024 HAZLET GLA: 232K sf Gross proceeds: $71M Cap rate: 5.4% Sold October 2024 UNION
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Financial Update
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INVESTOR PRESENTATION | FEBRUARY 2026 BALANCE SHEET AND FINANCING UPDATE 30 Total liquidity of ~$1 billion, comprised of $79M of cash and $950M of undrawn unsecured credit facilities closed in January 2026 Unsecured credit facilities comprised of $700M line of credit maturing in June 2030 and two $125 million 12-month delayed draw term loans with 5-year and 7-year maturities Based on current leverage ratios, the line of credit is priced at SOFR+100 bps, and the 5-year and 7-year term loans are priced at SOFR+115bps and 150bps, respectively Outstanding indebtedness is made up of 30 individual non-recourse mortgages aggregating $1.6B Data above as of 12/31/25, proforma for availability on amended line of credit and DDTL (1) Our amended LOC matures in 6/2030 with two six-month extension options $111 $260 $122 $349 $372 $181 $117 $13 $30 $0 $700 $125 $125 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter DDTL LOC Current Debt Debt Maturity Profile(1) (Balloon payments only, $ in millions) 5.5%6.0%3.4%5.1%5.8%5.7%4.2%4.3%3.9%Wtd. Avg Rate at Maturity 1.9%0.9%7.3%11.2%23.4%22.2%8.3%16.8%7.8%% of debt o/s Weighted Avg. Maturity: 3.7 years Weighted Avg. Debt Rate: 5.03% $1,072 $306 $138
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INVESTOR PRESENTATION | FEBRUARY 2026 2026 GUIDANCE 31 2026 Guidance $1.47 to $1.522026 FFO as Adjusted per diluted share(1) Full year outlook is based on the following assumptions 2.75% to 3.75%Same-Property NOI growth including properties in redevelopment $34.5M to $36.5MRecurring G&A $78.9M to $80.9MInterest & Debt Expense $54MAcquisitions(2) (1) Excludes items that impact FFO comparability, including gains and/or losses on extinguishment of debt, transaction, severance, litigation, or any one-time items outside of the ordinary course of business. (2) Represents acquisition under contract as of February 11, 2026 Issued guidance for fiscal year 2026 as part of our fourth quarter earnings release
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Corporate Responsibility
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INVESTOR PRESENTATION | FEBRUARY 2026 Achieved goal of reducing Scope 1 and Scope 2 emissions from a 2015 base year by 30% before 2025 and are committed to a reduction of 50% by 2030 100% of parking lot lights upgraded to LED for properties under operational control Over 100 EV charging stations installed or deals executed More than 70% of property roof areas have been upgraded with energy-efficient roof systems Investing in health and wellness programs, new diversity, equity and inclusion policies and professional and personal development Investing in local communities including Paramus, Hackensack, the Bronx and Puerto Rico Governance improved with continued refreshment of our Board of Trustees adding four new members in the past two years Published 5 th annual Corporate Responsibility report and completed GRESB submission CORPORATE RESPONSIBILITY STRATEGY 33
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INVESTOR PRESENTATION | FEBRUARY 2026 34 FORWARD-LOOKING STATEMENTS Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as am ended (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 repres ent 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 dif fer materially from those ex pressed 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 presentation. Many of the factors that will determine th e outcome of forward-looking statements are beyond our ability to contro l or predict and include, among others: (i) macroeconomic conditions, including geopoliti cal 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, p olitical 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 lease s 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 th e event of non-renewal or in the event t he Company exercises its right to re place an existing tenant; (v) the impact of e- commerce on our tenants’ business; (vi) the Company’s success in implementi ng its business strategy and its ability to identify, underwrite, financ e, 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, restru cture or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under i ts 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 rep ositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for envir onmental matters; (xii) damage to the Company’s properties from catastrop hic 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, t ax 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 collab orate towards reporting CR metrics and meeting CR goals and targets, and th e 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"). 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 presentation. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation. 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 presentation.
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INVESTOR PRESENTATION | FEBRUARY 2026 NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP performance mea sures, in addition to the primary GAAP presentations, as we believe these measures improve the unde rstanding of the Company's operational results. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determ ine how best to provide relevant information to the investing public, and thus such reported measures are subject to change. The Company's non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should alway s be considered as supplemental financial results. Additionally, the Company's computation of no n-GAAP metrics may not be comparable to similarly titled non-GAAP metrics reported by other real estate investment trusts ("REITs" ) or real estate companies that define these metrics differently and, as a r esult, it is important to understand the manner in which the Company defines and calculates each of its non-GAAP metrics. The following non-GAAP measures are commonly used by the Company and investing publi c to understand and evaluate our operating results and performance: • FFO: The Company believes FFO is a useful, supplemental measure of its operating performance that is a recognized metric used extensively by the real estate industry and, in particular REITs. FFO, as defined by the National Association of Real Estate Investment Trusts ("Nareit") and the Company, is net income (computed in accordance with GAAP), ex cluding 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 b usiness, earnings from consolidated partially owned entities and rental prop erty depreciation and amortization expense. The Company believes that financial analysts, investors and shareholde rs are better served by the presentation of comparable period operating results generated from FFO primarily because it excludes the assumption that the value of real estate assets diminishes predictably. FFO does not represent cash flows from operating activities in accordance with GAA P, should not be considered an alternative to net inc o m ea sa ni n d i c a t i o no fo u rp e r f o r m a n c e ,a n di sn ot indicative of cash flow as a measure of liquidity or our ability to make cash distributions. • FFO as Adjusted: The Company provides disclosure of FFO as Adjusted because it believes it is a useful supplemental measure of its core operating perfo rmance that facilitates comparability of historical financial periods. FFO as Adjusted is calculated by making certain adjustments to FFO to account for items the Company does not believe are representative of ongoing core operating results, including non-comparable revenues and expenses. The Company's me thod of calculating FFO as Adjusted may be different from methods used by o ther REITs and, accordingly, may not be comparable to such other REITs. • NOI: The Company uses NOI internally to make investment and capital allocati on decisions and to compare the unlevered performance of our properties t o our peers. The Company believes NOI is useful to investors as a performance measure because, when compared across p eriods, NOI reflects the impact on operations from trends in occupancy ra tes, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis, providing p erspective not immediately apparent from net income. The Company calcula tes NOI using net income as defined by GAAP reflecting only those income and expense items that are incurred at the prop erty level and through the Company's captive insurance program, adjusted for non-cash rental income and expense, impairments on depreciable real estate or land, a nd income or expenses that we do not believe are representative of ongoing operating results, if any. In addition, the Company uses NOI margin, calculated as NOI divided by total property revenue, which the Company believes is useful to investors for similar reasons 35
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INVESTOR PRESENTATION | FEBRUARY 2026 NON-GAAP FINANCIAL MEASURES • Same-property NOI: The Company provi des disclosure of NOI on a same-property basis, which includes the results of properties that were owned and oper ated for the entirety of the reporting periods being compared, which total 65 and 63 properties for the quarters and years ended December 31, 2025 and 2024, respectively. Information provided on a s ame-property basis excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area ("GLA") is taken out of service and also excludes properties acquired, sold, or that are in the foreclosure process during the per iods being compared, and results of our captive insurance program. As such, same-property NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition, dis position, or foreclosure of properties and results of our captive insurance program during the pe riods presented, and thus provides a more consistent performance measure for the comparison of the operating performance of the Company's properties. While there is judgment surrounding changes in designations, a property is removed from the same- property pool when it is designated as a redevelopment property because it i s undergoing significant renovation or retenanting pursuant to a formal p lan that is expected to have a significant impact on its operating income. A development or redevelopment property is moved back to the same-property pool once a substantial portion of the NOI growth exp ected from the development or redevelopment is reflected in both the current and comparable prior year pe riod, generally one year after at least 80% of the expected NOI from the proj ect is realized on a cash basis. Acquisitions are moved into the same-property pool once we have own ed the property for the entirety of the comparable periods and the property is not under significant d evelopment or redevelopment. The Company has also provided disclosure of NOI on a same-proper ty basis adjusted to include redevelopment prope rties. Same- property NOI may include other adju s t m e n t sa sd e t a i l e di nt h eR e c o n c i l i a t i o no fN e t Income to NOI and same-property NOI included in the tables accompanying this presentation. • EBITDAre and Adjusted EBITDAre: EBITDAre and Adjusted EBITDAre are supplemental, non-GAAP measures utilized by us in various financial ratios. The White Paper on EBITDAre, approved by Nareit's Board of Governors in September 2017, defines EBITDAre as net income (comp uted in accordance with GAAP), adjusted for interest expense, income tax (b enefit) expense, depreciation and amortization, losses and gains on the disposition of depreciated property , impairment write-downs of depreciated property and investments in unco nsolidated joint ventures, and adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. EBITDAre and Adjusted EBITDAre are presented to assist investors in the evaluation of REITs, as a measure of the Company's operational performance as they exclude various items that do not relate to or are not indicative of our operating performance and because they approximate key per formance measures in our debt covenants. Accordingly, the Company believes that the use of EBITDAre and Adjusted EBITDAre, as opposed to income before income taxes, in various ratios provide s meaningful performance measures related to the Company's ability to meet various coverage tests for the stated periods. Adjusted EBITDAre may include other adjustments not indicative of opera ting results as detailed in the Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre included in the tables accompanying this presentation. The Company also presents the ratio of net debt (net o f cash) to annualized Adjusted EBITDAre as of December 31, 2025, and net debt (net of cash) to total market capitalization, which it believes is useful to investors as a supplemental measure in eval uating the Company's balance sheet leverage. The presentation of EBITDAre and Adjusted EBITDAre is consistent with EBITDA and Adjusted EBITDA as presented in prior periods. The Company believes net income is the most directly comparable GAAP financ ial measure to the non-GAAP performance measures outlined above. Reconci liations of these measures to net income have been provided in the tables accompanying this presentation. 36
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INVESTOR PRESENTATION | FEBRUARY 2026 NON-GAAP FINANCIAL MEASURES Operating Metrics The Company presents certain operating metrics related to our properties, including occupancy, leasing activity and rental rates. Operating metri cs used by the Company are useful to investors in facilitating an understanding of the operational performance for our properties. Recovery ratios represent the percentage of operating expenses recuperat ed through tenant reimbursements. This metric is presented on a same-prop erty and same-property including redevelopment basis and is calculated by dividing tenant expense reimbursements (adjusted to exclude any ancillary income) by the sum of real estate taxes and property operating expenses. Occupancy metrics represent the percentage of occupied gross leasable are a based on executed leases (including properties in development and redev elopment) and include leases signed, but for which rent has not yet commenced. Same-property portfolio leased occupancy includes properties that have been owned and operated for the entirety of the re porting periods being compared, which total 65 and 63 properties for the quarters and years ended December 31, 2025 and 2024, respectively. Occupancy metrics presented for the Company's same-prop erty portfolio exclude properties under development, redevelopment or that involve anchor repositioning where a s ubstantial portion of the gross leasable area is taken out of service and al so excludes properties acquired within the past 12 months or properties sold, and properties that are in the foreclosure process during the periods being compared. Executed new leases, renewals and exercised options are presented on a same-space basis. Same-space leases represent those leases signed on spaces for which there was a previous lease. The Company occasionally provides disclosures by tenant categories which include anchors, shops and industrial/self-storage. Anchors and shops a re further broken down by local, regional, and national tenants. We define anchor tenants as those who have a leased area of >10,000 sf. Local tenants are defined as those with less than five locations. Region al tenants are those with five or more locations in a single region. National tenants are defined as those with five or more locations and operate in two or more regions. 37
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INVESTOR PRESENTATION | FEBRUARY 2026 ADDITIONAL INFORMATION For a copy of the Company’s supplemental disclosure package, please access the "Investors" section of our website at www.uedge.com. Our website also includes other financial information, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports. The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.uedge.com, as a means of disclosing mate rial nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor p resentations that may include material nonpublic information. Accordingly, investors should monitor the “Inves tors” page, in addition to following the Company's presentations, SEC fil ings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. 38
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INVESTOR PRESENTATION | FEBRUARY 2026 Per Diluted Share(1)Guidance 2026E HighLowHighLow(in thousands, except per share amounts) $0.54$0.49$70,800$64,300Net income Less net (income) loss attributable to noncontrolling interests in: (0.03)(0.03)(3,600)(3,300)Operating partnership 0.010.01800800Consolidated subsidiaries 0.520.4768,00061,800Net income attributable to common shareholders Adjustments: 0.970.97127,100127,100Rental property depreciation and amortization 0.030.033,6003,300Limited partnership interests in operating partnership $1.52$1.47$198,700$192,200FFO Applicable to diluted common shareholders Adjustments to FFO --600600Transaction, severance, litigation and other expenses $1.52$1.47$199,300$192,800FFO as Adjusted applicable to diluted common shareholders (1) Amounts may not foot due to rounding The Company is providing a projection of anticipated net income solely to satisfy the disclosure requirements of the Securities and Exchange Commission ("SEC"). The Company's projections are based on management’s current beliefs and assumptions about the Company's business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that our actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2026 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Forward-Looking Statements” disclosures on page 34 of this presentation and “Risk Factors” disclosed in the Company's annual and quarterly reports filed with the SEC for more information. RECONCILIATION: 2026 NET INCOME TO FFO AS ADJUSTED 39