What changed in this filing

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Item 2. Properties

2023-02-14 compared with 2022-02-16 · 50 added, 50 removed, 144 unchanged (41% of the section changed)

As of December 31, 2021, our portfolio is comprised of 68 shopping centers, five malls and two industrial parks totaling approximately 17.0 million sf.

As of December 31, 2022, our portfolio was comprised of 69 shopping centers, five malls and two industrial parks totaling approximately 17.2 million sf.

We own our four malls, two industrial parks and 54 shopping centers 100% in fee simple.

We own a 95% interest in Walnut Creek (Mt.

Diablo), an 82.5% interest in Sunrise Mall in Massapequa, NY and lease 14 of our shopping center properties under ground and/or building leases.

Diablo), an 82.5% interest in Sunrise Mall in Massapequa, NY and lease 14 of our shopping centers under ground and/or building leases.

As of December 31, 2022, we had $1.7 billion of outstanding mortgage indebtedness which is secured by our properties.

4 unchanged sentences

Major Tenants

SHOPPING CENTERS AND MALLS:

RETAIL PORTFOLIO:

Walnut Creek (Olympic) 31,000 100.0% $80.50 Anthropologie

Walnut Creek (Mt.

7,000 43.8% 72.00 Sweetgreen (lease not commenced)

7,000 43.8% 72.00 Sweetgreen

Newington 189,000 90.0% 9.55 Walmart, Staples

Towson (Goucher Commons) 155,000 92.5% 24.25 Staples, HomeGoods, Five Below, Ulta, Kirkland's, Sprouts, DSW

Towson (Goucher Commons) 155,000 90.0% 23.82 Sprouts, HomeGoods, Five Below, Ulta, Kirkland's, DSW, Golf Galaxy (lease not commenced)

Rockville 94,000 98.0% 27.07 Regal Entertainment Group

5 unchanged sentences

Cambridge (leased through 2033) (3)

48,000 62.1% 31.46 PetSmart

48,000 100.0% 28.06 PetSmart, Central Rock Gym (lease not commenced)

Hyde Park (The Shops at Riverwood) (6)

76,000 100.0% 24.42 Price Rite, Planet Fitness, Goodwill

Revere (Wonderland Marketplace) 140,000 100.0% 13.45 Big Lots, Planet Fitness, Marshalls, Get Air

Manchester 131,000 100.0% 11.55 Academy Sports, Bob's Discount Furniture, Pan-Asia Market

Manchester 131,000 100.0% 11.82 Pan-Asia Market, Academy Sports, Bob's Discount Furniture

New Hampshire:

2 unchanged sentences

Bergen Town Center - East, Paramus 253,000 93.8% 22.39 Lowe's, REI, Best Buy

Bergen Town Center - West, Paramus 1,058,000 90.6% 30.82 Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's (lease not commenced)

Brick 278,000 97.0% 19.95 Kohl's, ShopRite, Marshalls, Old Navy

Bergen Town Center - West, Paramus 1,051,000 91.0% 31.26 Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's

Brick 273,000 98.7% 20.62 ShopRite, Kohl's, Marshalls, Old Navy

Carlstadt (leased through 2050) (3)

78,000 98.3% 24.04 Stop & Shop

Cherry Hill (Plaza at Cherry Hill) 422,000 73.0% 14.40 LA Fitness, Aldi, Raymour & Flanigan, Restoration Hardware, Total Wine, Guitar Center, Sam Ash Music

Cherry Hill (Plaza at Cherry Hill) 422,000 82.1% 15.32 Aldi, LA Fitness, Raymour & Flanigan, Total Wine, Guitar Center, Sam Ash Music

East Brunswick 427,000 100.0% 14.89 Lowe's, Kohl's, Dick's Sporting Goods, P.C.

1 unchanged sentence

Maxx, LA Fitness

East Hanover (200 - 240 Route 10 West) 343,000 99.2% 21.73 The Home Depot, Dick's Sporting Goods, Saks Off Fifth, Marshalls, Paper Store

East Hanover (200 - 240 Route 10 West) 343,000 99.3% 21.60 The Home Depot, Dick's Sporting Goods, Saks Off 5th, Marshalls

East Rutherford 197,000 98.2% 12.94 Lowe's

2 unchanged sentences

Hazlet 95,000 100.0% 3.96 Stop & Shop (5)

Jersey City (Hudson Mall) 382,000 85.4% 18.14 Marshalls, Big Lots, Retro Fitness, Staples, Old Navy, National retailer (lease not commenced)

Jersey City (Hudson Mall) 382,000 84.9% 18.17 Marshalls, Big Lots, Retro Fitness, Staples, Old Navy

Jersey City (Hudson Commons) 236,000 100.0% 13.99 Lowe's, P.C.

1 unchanged sentence

Kearny 120,000 100.0% 23.96 LA Fitness, Marshalls, Ulta

Lodi (Washington Street) (6)

43,000 100.0% 20.08 Dollar Tree

Manalapan 208,000 87.7% 20.44 Best Buy, Bed Bath & Beyond, Raymour & Flanigan, PetSmart, Avalon Flooring

Marlton 218,000 100.0% 16.49 Kohl's, ShopRite, PetSmart

Middletown (Town Brook Commons) 231,000 98.9% 13.92 Kohl's, Stop & Shop

Lodi (Washington Street) 43,000 100.0% 20.20 Dollar Tree

Manalapan 208,000 87.7% 20.80 Best Buy, Raymour & Flanigan, PetSmart, Avalon Flooring

Marlton 214,000 100.0% 16.58 ShopRite, Kohl's, PetSmart

Middletown (Town Brook Commons) 231,000 97.0% 13.39 Stop & Shop, Kohl's

Millburn 104,000 89.5% 28.96 Trader Joe's, CVS, PetSmart

Montclair 18,000 100.0% 32.00 Whole Foods Market

Morris Plains (Briarcliff Commons) 179,000 94.8% 23.08 Kohl's, Uncle Giuseppe's

Morris Plains (Briarcliff Commons) (6)

176,000 94.7% 23.72 Uncle Giuseppe's, Kohl's

North Bergen (Kennedy Commons) 62,000 100.0% 14.65 Food Bazaar

North Bergen (Tonnelle Commons) 408,000 100.0% 21.89 Walmart, BJ's Wholesale Club, PetSmart

North Plainfield (West End Commons) 241,000 99.1% 11.58 Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis

North Bergen (Tonnelle Commons) 410,000 100.0% 21.95 BJ's Wholesale Club, Walmart, PetSmart

North Plainfield (West End Commons) 241,000 100.0% 11.91 Costco, The Tile Shop, La-Z-Boy, Petco,

DaVita Dialysis

Paramus (leased through 2033) (3)

3 unchanged sentences

56,000 100.0% 22.34 Staples, Party City

Totowa 271,000 100.0% 18.30 The Home Depot, Bed Bath & Beyond, buybuy Baby, Marshalls, Staples

Totowa 271,000 83.4% 18.04 The Home Depot, Bed Bath & Beyond, buybuy Baby, Staples

Union (2445 Springfield Ave) 232,000 100.0% 17.85 The Home Depot

Union (West Branch Commons) 278,000 98.7% 16.12 Lowe's, Burlington

Watchung (Greenbrook Commons) 170,000 100.0% 18.54 BJ's Wholesale Club

Watchung (Greenbrook Commons) 170,000 100.0% 18.83 BJ's Wholesale Club, Aldi (lease not commenced)

Woodbridge (Woodbridge Commons) 225,000 100.0% 13.51 Walmart, Charisma Furniture

Woodbridge (Plaza at Woodbridge) 332,000 91.6% 19.04 Best Buy, Raymour & Flanigan, Lincoln Tech, Retro Fitness, Bed Bath & Beyond and buybuy Baby

Bronx (Gun Hill Commons) 81,000 100.0% 36.85 Planet Fitness, Aldi

Bronx (Gun Hill Commons) 81,000 100.0% 37.62 Aldi, Planet Fitness

Bronx (Bruckner Commons) (6)

396,000 39.4% 44.96 ShopRite, Burlington

Bronx (Shops at Bruckner) 115,000 85.2% 38.73 Marshalls, Old Navy, Aldi (lease not commenced), Five Below (lease not commenced)

396,000 74.6% 33.92 ShopRite, Burlington, Target (lease not commenced)

Bronx (Shops at Bruckner) 115,000 100.0% 38.36 Marshalls, Old Navy, Five Below, Aldi (lease not commenced)

Brooklyn (Kingswood Center) 129,000 90.6% 30.92 T.J.

8 unchanged sentences

Freeport (Freeport Commons) 173,000 100.0% 26.32 The Home Depot, Staples

Huntington 216,000 71.6% 19.70 Marshalls, ShopRite (lease not commenced), Old Navy, Petco

Inwood (Burnside Commons) 100,000 29.3% 27.96

Huntington 207,000 81.3% 21.04 ShopRite, Marshalls, Old Navy, Petco

Inwood (Burnside Commons) 100,000 90.7% 17.39 Bingo Wholesale (lease not commenced)

Kisco 189,000 100.0% 17.59 Target, Stop & Shop

9 unchanged sentences

Bensalem (Marten Commons) 185,000 96.6% 14.83 Kohl's, Ross Dress for Less, Staples, Petco

169,000 64.1% 16.56 National retailer (lease not commenced), Planet Fitness, PetSmart

168,000 75.8% 16.40 Amazon Fresh, Planet Fitness, PetSmart, Nemours Children's Hospital

Glenolden (MacDade Commons) 102,000 100.0% 12.93 Walmart

2 unchanged sentences

41,000 100.0% 25.29 PetSmart

Wilkes-Barre 184,000 88.1% 12.89 Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Wren Kitchen (lease not commenced)

Wilkes-Barre 184,000 92.5% 13.12 Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Wren Kitchens

Wyomissing (leased through 2065) (3)

7 unchanged sentences

Montehiedra (6)

540,000 69.0% 20.80 The Home Depot, Marshalls, Caribbean Cinemas, Tiendas Capri, Old Navy

Total Shopping Centers and Malls 14,469,000 91.1% $19.70

514,000 94.7% 20.02 The Home Depot, Marshalls, Caribbean Cinemas, Tiendas Capri, Old Navy, Ralph's Food Warehouse (lease not commenced), T.J.

Maxx (lease not commenced)

Total Retail Portfolio 14,495,000 94.3% $19.89

East Hanover Warehouses (8)

1,218,000 100.0% 5.63 J & J Tri-State Delivery, Foremost Groups, PCS Wireless, Fidelity Paper & Supply, Meyer Distributing, Givaudan Flavors, Reliable Tire, LineMart, Nutra-Med

1,218,000 100.0% 8.46 J & J Tri-State Delivery, Foremost Groups, PCS Wireless, Fidelity Paper & Supply, Decker Tape, Givaudan Flavors, Reliable Tire, Nutra-Med, Bestway Trucking (lease not commenced)

Lodi (Route 17 North) 127,000 100.0% 12.97 AAA Wholesale Group

1 unchanged sentence

Massapequa, NY (Sunrise Mall) (portion leased through 2069) (4)(6)(7)

1,217,000 49.2% 8.50 Macy's, Dick's Sporting Goods, Dave & Busters, Raymour & Flanigan

1,228,000 33.4% 8.37 Macy's, Dick's Sporting Goods, Dave & Buster's, Raymour & Flanigan, Home Goods

Total Urban Edge Properties 17,068,000 90.3% $18.62

9 unchanged sentences

(6) Not included in the same-property pool for the purposes of calculating same-property NOI for the quarter ended December 31, 2022 and 2021.

(7) Includes acquisitions of 151 Ridgedale Avenue and 601 Murray Road.

These properties are included in our non-same property pool for the quarter and year ended December 31, 2021.

(7) Includes the acquisition of 40 Carmans Road.

(8) Includes 151 Ridgedale Avenue and 601 Murray Road which were acquired in August 2021.

These properties are included in our non-same property pool for the year ended December 31, 2022.

As of December 31, 2022, we had approximately 900 leases.

8 unchanged sentences

Average annual base rent per sf $19.89 $19.70 $18.97 $19.22 $17.90

(1) Excludes Sunrise Mall for the year ended December 31, 2021.

(1) Excludes Sunrise Mall for the years ended December 31, 2022 and 2021.

The following table sets forth the occupancy rate, square footage and weighted average annual base rent per square foot of our industrial properties as of December 31 for the last five years:

8 unchanged sentences

% of Total Revenues

The TJX Companies, Inc.

22 714,731 4.2% $20,589 4.8%

The Home Depot, Inc.

6 808,926 4.8% 19,904 4.7%

Lowe's Companies, Inc.

6 976,415 5.7% 13,570 3.2%

5 708,435 4.2% 12,692 3.0%

Burlington Stores, Inc.

7 415,828 2.4% 10,106 2.4%

Best Buy Co., Inc.

The Home Depot 6 808,926 4.7% $21,447 5.4%

The TJX Companies (2)

21 671,521 3.9% 19,027 4.8%

Kohl's Corporation 7 633,345 3.7% 9,087 2.1%

Lowe's Companies 6 976,415 5.7% 14,264 3.6%

Walmart 5 708,435 4.2% 13,663 3.4%

Best Buy 8 359,551 2.1% 10,682 2.7%

Burlington 7 415,828 2.4% 10,476 2.6%

Kohl's 8 767,345 4.5% 10,391 2.6%

BJ's Wholesale Club 4 454,297 2.7% 8,667 2.2%

Wakefern (ShopRite) 4 296,018 1.7% 7,284 1.7%

PetSmart, Inc.

10 228,869 1.3% 7,137 1.7%

Ahold Delhaize (Stop & Shop) 5 362,696 2.1% 8,090 2.0%

ShopRite 5 361,058 2.1% 7,870 2.0%

(1) Based on contractual revenues as determined by the tenants’ operating lease agreements.

24 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties