What changed in this filing

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Item 2. Properties

2024-02-14 compared with 2023-02-14 · 84 added, 87 removed, 107 unchanged (62% of the section changed)

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.

As of December 31, 2023, our portfolio was comprised of 71 shopping centers, two outlet centers, two malls and one industrial building totaling approximately 17.1 million sf.

We own our two outlet centers, one mall, one industrial building and 56 shopping centers 100% in fee simple.

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

7 unchanged sentences

RETAIL PORTFOLIO:

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

Walnut Creek (Mt.

7,000 100.0% $69.26 Sweetgreen

Newington 189,000 90.0% 9.55 Walmart, Staples

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

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

Newington Commons 189,000 90.0% 9.50 Walmart, Staples

Goucher Commons 155,000 92.5% 26.52 Sprouts, HomeGoods, Five Below, Ulta, Kirkland's, DSW, Golf Galaxy

Rockville Town Center 98,000 100.0% 16.51 Regal Entertainment Group

Wheaton (leased through 2060) (3)

66,000 100.0% 18.35 Best Buy

Woodmore Towne Centre (6)

712,000 97.0% 17.72 Costco, Wegmans, At Home, Best Buy, LA Fitness, Nordstrom Rack

Woodmore Towne Centre 712,000 97.7% 18.07 Costco, Wegmans, At Home, Best Buy, LA Fitness, Nordstrom Rack

Massachusetts:

Cambridge (leased through 2033) (3)

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% 11.82 Pan-Asia Market, Academy Sports, Bob's Discount Furniture

48,000 100.0% 28.06 PetSmart, Central Rock Gym

Gateway Center (6)

640,000 100.0% 9.69 Costco, Target, Home Depot, Total Wine

Shoppers World (6)

752,000 100.0% 22.50 T.J.

Maxx, Marshalls, Home Sense, Sierra Trading, Public Lands, Golf Galaxy, Nordstrom Rack, Hobby Lobby, AMC, Kohl's, Best Buy

The Shops at Riverwood 79,000 100.0% 24.95 Price Rite, Planet Fitness, Goodwill

Wonderland Marketplace 140,000 100.0% 14.05 Big Lots, Planet Fitness, Marshalls, Get Air

Manchester Plaza 131,000 100.0% 11.91 Pan-Asia Market, Academy Sports, Bob's Discount Furniture

New Hampshire:

1 unchanged sentence

39,000 100.0% 10.40 Fun City

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

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 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.

Bergen Town Center - East 253,000 92.1% 21.97 Lowe's, Best Buy, REI

Bergen Town Center - West 1,018,000 96.3% 32.05 Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's

Briarcliff Commons 180,000 94.8% 24.65 Uncle Giuseppe's, Kohl's

Brick Commons 273,000 98.7% 21.07 ShopRite, Kohl's, Marshalls, Old Navy

Brunswick Commons 427,000 100.0% 15.16 Lowe's, Kohl's, Dick's Sporting Goods, P.C.

Richard & Son, T.J.

Maxx, LA Fitness

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

Garfield 298,000 100.0% 16.01 Walmart, Burlington, Marshalls, PetSmart, Ulta

Hackensack 275,000 99.4% 24.32 The Home Depot, Staples, Petco, 99 Ranch

Carlstadt Commons (leased through 2050) (3)

78,000 98.3% 24.26 Stop & Shop

Garfield Commons 298,000 100.0% 16.28 Walmart, Burlington, Marshalls, PetSmart, Ulta

Greenbrook Commons 170,000 95.9% 18.64 BJ's Wholesale Club, Aldi

Hackensack Commons 275,000 99.2% 25.89 The Home Depot, 99 Ranch, Staples, Petco

Hanover Commons 343,000 99.3% 21.86 The Home Depot, Dick's Sporting Goods, Saks Off Fifth, Marshalls

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

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.

Hudson Mall 381,000 83.0% 18.34 Marshalls, Big Lots, Retro Fitness, Staples, Old Navy

Hudson Commons 236,000 100.0% 14.02 Lowe's, P.C.

Richard & Son

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

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

Kearny Commons 121,000 100.0% 24.47 LA Fitness, Marshalls, Ulta

Kennedy Commons 62,000 100.0% 15.56 Food Bazaar

Lodi Commons 43,000 100.0% 20.69 Dollar Tree

Manalapan Commons 200,000 93.7% 23.17 Best Buy, Raymour & Flanigan, PetSmart, Avalon Flooring, Atlantic Health (lease not commenced), national apparel retailer (lease not commenced)

Marlton Commons 214,000 100.0% 16.69 ShopRite, Kohl's, PetSmart

Millburn 104,000 89.5% 29.05 Trader Joe's, CVS, PetSmart

Montclair 18,000 100.0% 32.00 Whole Foods Market

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) 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)

63,000 100.0% 49.97 24 Hour Fitness

Rockaway 189,000 96.8% 15.16 ShopRite, T.J.

South Plainfield (Stelton Commons) (leased through 2039) (3)

Plaza at Cherry Hill 417,000 83.1% 13.42 Aldi, Total Wine, LA Fitness, Raymour & Flanigan, Guitar Center, Sam Ash Music

Plaza at Woodbridge 331,000 81.2% 20.36 Best Buy, Raymour & Flanigan, Lincoln Tech, UFC Gym (lease not commenced), and buybuy Baby

Rockaway River Commons 189,000 96.8% 15.25 ShopRite, T.J.

Rutherford Commons 196,000 100.0% 13.32 Lowe's

Stelton Commons (leased through 2039) (3)

56,000 100.0% 21.77 Staples, Party City

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% 18.83 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% 37.62 Aldi, Planet Fitness

Bronx (Bruckner Commons) (6)

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.

Maxx, Visiting Nurse Service of NY

Brooklyn (Kingswood Crossing) 107,000 69.5% 41.86 Target, Marshalls, Maimonides Medical

Buffalo (Amherst Commons) 311,000 98.1% 11.06 BJ's Wholesale Club, T.J.

Maxx, Burlington, HomeGoods, LA Fitness

Dewitt (Marshall Plaza) (leased through 2041) (3)

Tonnelle Commons 410,000 100.0% 22.04 BJ's Wholesale Club, Walmart, PetSmart

Totowa Commons 272,000 93.4% 21.74 The Home Depot, Staples, national tenant (lease not commenced)

Town Brook Commons 231,000 97.0% 13.45 Stop & Shop, Kohl's

Union (Vauxhall) 232,000 100.0% 17.85 The Home Depot

West Branch Commons 279,000 96.1% 16.07 Lowe's, Burlington

West End Commons 241,000 100.0% 11.80 Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis

Woodbridge Commons 225,000 100.0% 13.59 Walmart, Dollar Tree, Advance Auto Parts

Amherst Commons 312,000 90.1% 10.74 BJ's Wholesale Club, Burlington, LA Fitness

Bruckner Commons (6)

351,000 85.5% 35.55 ShopRite, Burlington

Shops at Bruckner (6)

113,000 100.0% 39.04 Aldi, Marshalls, Five Below, Old Navy

Burnside Commons 100,000 89.3% 17.40 Bingo Wholesale (leased not commenced)

Cross Bay Commons 44,000 95.8% 40.80 Northwell Health

Dewitt (leased through 2041) (3)

46,000 100.0% 19.36 Best Buy

Freeport (Meadowbrook Commons) (leased through 2040) (3)

Forest Commons 165,000 96.6% 25.02 Western Beef, Planet Fitness, Advance Auto Parts, NYC Public School

Gun Hill Commons 81,000 100.0% 38.03 Aldi, Planet Fitness

Henrietta Commons(leased through 2056) (3)

165,000 97.9% 4.69 Kohl's

Huntington Commons 208,000 96.5% 21.81 ShopRite, Marshalls, Old Navy, Petco, Burlington

Kingswood Crossing 107,000 84.4% 44.42 Target, Marshalls, Maimonides Medical, Visiting Nurse Services (lease not commenced)

Meadowbrook Commons (leased through 2040) (3)

44,000 100.0% 22.31 Bob's Discount Furniture

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

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

Mount Kisco Commons 189,000 100.0% 17.63 Target, Stop & Shop

New Hyde Park (leased through 2029) (3)

101,000 100.0% 21.93 Stop & Shop

Queens (Cross Bay Commons) 45,000 87.1% 42.17 Northwell Health

Rochester (Henrietta) (leased through 2056) (3)

165,000 97.9% 4.62 Kohl's

Staten Island (Forest Commons) 165,000 96.6% 24.84 Western Beef, Planet Fitness, Mavis Discount Tire, NYC Public School

Yonkers Gateway Center

Yonkers Gateway

448,000 94.9% 20.16 Burlington, Marshalls, Homesense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema

Pennsylvania:

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

Broomall Commons (6)

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

Lancaster (Lincoln Plaza) 228,000 100.0% 5.27 Lowe's, Community Aid, Mattress Firm

Lincoln Plaza 228,000 100.0% 5.27 Lowe's, Community Aid, Mattress Firm

MacDade Commons 102,000 100.0% 12.96 Walmart

Marten Commons 185,000 100.0% 15.14 Kohl's, Ross Dress for Less, Staples, Petco

Springfield (leased through 2025) (3)

41,000 100.0% 25.29 PetSmart

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

Wilkes-Barre Commons 184,000 100.0% 13.12 Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Wren Kitchen

Wyomissing (leased through 2065) (3)

5 unchanged sentences

114,000 100.0% 7.79 BJ's Wholesale Club

Las Catalinas 355,000 86.2% 29.75 Sector Sixty6 (lease not commenced), Forever 21, Old Navy

Montehiedra (6)

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)

Shops at Caguas 356,000 90.6% 30.02 Sector Sixty6, Forever 21, Old Navy

The Outlets at Montehiedra (6)

531,000 95.4% 21.75 The Home Depot, Marshalls, Caribbean Cinemas, Old Navy, Ralph's Food Warehouse (lease not commenced), T.J.

Maxx (lease not commenced), Burlington (lease not commenced)

Total Retail Portfolio 15,522,000 95.9% $19.93

East Hanover Warehouses (8)

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

Lodi Route 17 127,000 100.0% 13.35 AAA Wholesale Group

Total Industrial 127,000 100.0% $13.35

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

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

Kingswood Center (6)

129,000 73.5% 26.61 T.J.

Maxx, Visiting Nurse Service of NY

Sunrise Mall (4)(6)(7)

1,228,000 30.5% 10.55 Macy's, Dick's Sporting Goods, Dave & Busters, Home Goods

Total Urban Edge Properties 17,006,000 91.0% $19.69

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, 2023 and 2022.

(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.

(7) A portion of the property is under a ground lease through 2069.

As of December 31, 2023, we had approximately 1,000 leases.

4 unchanged sentences

The following table sets forth the consolidated retail portfolio leased occupancy rate (excluding industrial and self-storage space), square footage and weighted average annual base rent per square foot of properties in our retail portfolio as of December 31 for the last five years:

2020 2019 2018

Total square feet 15,522,000 14,495,000 14,469,000 15,221,000 14,277,000

1 unchanged sentence

Average annual base rent per sf $19.93 $19.89 $19.70 $18.97 $19.22

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

(1) Excludes Sunrise Mall and Kingswood Center for the year ended December 31, 2023, and also 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:

13 unchanged sentences

Walmart 5 708,435 4.2% 12,915 3.1%

Kohl’s 9 855,561 5.1% 11,910 2.9%

Best Buy 9 409,641 2.4% 11,026 2.6%

Burlington 8 441,270 2.6% 10,639 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%

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

ShopRite 5 361,683 2.1% 9,926 2.4%

BJ's Wholesale Club 4 454,297 2.7% 8,719 2.1%

PetSmart 12 278,451 1.6% 8,044 1.9%

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

22 unchanged sentences

1,104 15,522,000 100.0% $ 296,538,470 N/A

(1) Total lease count excludes industrial tenant leases, temporary tenant leases, cart and kiosk leases and Sunrise Mall.

(1) Total lease count excludes industrial tenant leases, temporary tenant leases, cart and kiosk leases, Sunrise Mall and Kingswood Center.

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