What changed in this filing

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Item 2. Properties

2025-02-12 compared with 2024-02-14 · 37 added, 34 removed, 157 unchanged (31% of the section changed)

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.

As of December 31, 2024, our portfolio was comprised of 71 shopping centers, two outlet centers and two malls totaling approximately 17.4 million sf.

We own our two outlet centers, one mall and 55 shopping centers 100% in fee simple.

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

13 unchanged sentences

Rockville Town Center 98,000 100.0% 16.41 Regal Entertainment Group

The Village at Waugh Chapel (5)

382,000 97.9% 24.09 Safeway, LA Fitness, Marshalls, Home Goods, T.J.

Wheaton (leased through 2060) (3)

15 unchanged sentences

39,000 100.0% 10.61 Fun City

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

Bergen Town Center - East (7)

253,000 92.1% 22.56 Lowe's, Best Buy, REI

Bergen Town Center - West 1,018,000 95.5% 33.58 Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's, World Market (lease not commenced)

Briarcliff Commons 180,000 100.0% 25.03 Uncle Giuseppe's, Kohl's

4 unchanged sentences

Carlstadt Commons (leased through 2050) (3)

78,000 98.3% 24.26 Stop & Shop

78,000 98.3% 21.69 Food Bazaar

Garfield Commons 298,000 100.0% 16.38 Walmart, Burlington, Marshalls, PetSmart, Ulta

2 unchanged sentences

Hanover Commons 343,000 100.0% 23.30 The Home Depot, Dick's Sporting Goods, Saks Off Fifth, Marshalls

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

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

Heritage Square (5)

87,000 100.0% 31.19 HomeSense, Sierra Trading Post, Ulta

Hudson Commons 236,000 100.0% 14.33 Lowe's, P.C.

Richard & Son

Hudson Mall 381,000 73.5% 17.57 Marshalls, Big Lots, Retro Fitness, Staples, Old Navy

Kearny Commons 123,000 100.0% 25.33 LA Fitness, Marshalls, Ulta

1 unchanged sentence

Lodi Commons 43,000 100.0% 20.94 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)

Ledgewood Commons (5)

447,000 99.3% 15.30 Walmart, Ashley Furniture, At Home, Barnes & Noble, Burlington, DSW, Marshalls, Old Navy, Ulta

Manalapan Commons 200,000 93.7% 23.44 Best Buy, Raymour & Flanigan, PetSmart, Avalon Flooring, Atlantic Health (lease not commenced), Nordstrom Rack (lease not commenced)

Marlton Commons 214,000 100.0% 17.50 ShopRite, Kohl's, PetSmart

4 unchanged sentences

Plaza at Cherry Hill 417,000 80.7% 13.86 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

Plaza at Woodbridge 293,000 96.7% 21.54 Best Buy, Raymour & Flanigan, Lincoln Tech, UFC Gym, national grocer (lease not commenced)

Rockaway River Commons 189,000 96.8% 15.40 ShopRite, T.J.

Rutherford Commons 196,000 100.0% 13.32 Lowe's

Rutherford Commons (leased through 2099) (3)

196,000 100.0% 13.98 Lowe's

Stelton Commons (leased through 2039) (3)

1 unchanged sentence

Tonnelle Commons 410,000 100.0% 23.29 BJ's Wholesale Club, Walmart, PetSmart

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

Totowa Commons 272,000 100.0% 21.49 The Home Depot, Staples, Tesla (lease not commenced), Lidl (lease not commenced), Boot Barn (lease not commenced)

Town Brook Commons 231,000 98.7% 14.45 Stop & Shop, Kohl's

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

West Branch Commons 279,000 98.7% 16.74 Lowe's, Burlington

1 unchanged sentence

Woodbridge Commons 225,000 100.0% 14.04 Walmart, Dollar Tree, Advance Auto Parts

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

Amherst Commons 311,000 98.1% 11.35 BJ's Wholesale Club, Burlington, LA Fitness, Bob's Discount Furniture, Ross (lease not commenced)

Bruckner Commons (5)

351,000 85.5% 35.55 ShopRite, Burlington

335,000 82.0% 43.76 ShopRite, Burlington, BJ's Wholesale Club (lease not commenced)

Shops at Bruckner (5)

113,000 100.0% 39.72 Aldi, Marshalls, Five Below, Old Navy

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

Burnside Commons 100,000 91.4% 17.90 Bingo Wholesale

Cross Bay Commons 44,000 95.8% 41.62 Northwell Health

6 unchanged sentences

Huntington Commons 208,000 98.0% 22.19 ShopRite, Marshalls, Old Navy, Petco, Burlington

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

Kingswood Crossing 107,000 84.4% 47.58 Target, Marshalls, Maimonides Medical, Visiting Nurse Services

Meadowbrook Commons (leased through 2040) (3)

4 unchanged sentences

Yonkers Gateway

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

448,000 95.5% 20.55 Burlington, Marshalls, HomeSense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema, Wren Kitchens

Pennsylvania:

Broomall Commons (5)

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

170,000 100.0% 15.43 Amazon Fresh, Planet Fitness, PetSmart, Nemours Children's Hospital, Picklr (lease not commenced)

Lincoln Plaza 228,000 100.0% 5.35 Lowe's, Community Aid, Mattress Firm

13 unchanged sentences

The Outlets at Montehiedra (5)

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)

531,000 97.1% 24.21 The Home Depot, Marshalls, Caribbean Cinemas, Old Navy, Ralph's Food Warehouse, T.J.

Maxx, Burlington (lease not commenced)

Total Retail Portfolio 16,064,000 96.8% $20.79

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

Total Industrial 127,000 100.0% $13.35

Kingswood Center (6)

129,000 73.5% 26.61 T.J.

Maxx, Visiting Nurse Service of NY

Sunrise Mall (4)(5)(6)

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

1,228,000 25.6% 7.35 Macy's, Dick's Sporting Goods

Total Urban Edge Properties 17,292,000 91.7% $20.52

7 unchanged sentences

Diablo) and 82.5% of Sunrise Mall with the remaining portions in each case owned by joint venture partners.

(5) The tenant never commenced operations at this location but continues to pay rent.

(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.

(5) Not included in the same-property pool for the purposes of calculating same-property metrics for the quarters ended December 31, 2024 and 2023.

See “Non-GAAP Financial Measures” included in Part II, Item 7 of this Annual Report on Form 10-K for more information.

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

(7) A portion of the property is classified as held for sale as of December 31, 2024.

As of December 31, 2024, we had approximately 1,100 leases.

7 unchanged sentences

Average annual base rent per sf $20.79 $19.93 $19.89 $19.70 $18.97

(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.

(1) Excludes Sunrise Mall for the years ended December 31, 2024, 2023, 2022, and 2021 and excludes Kingswood Center for the year ended December 31, 2023.

In June 2024, Kingswood Center was foreclosed on, and the lender took possession of the property.

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 Home Depot 6 770,742 4.6% $21,513 5.2%

The TJX Companies (2)

28 873,159 5.0% $22,338 5.0%

Lowe's Companies 6 976,415 5.8% 14,200 3.4%

Walmart 6 872,522 5.0% 17,403 3.9%

1 unchanged sentence

Best Buy 9 409,641 2.4% 15,069 3.4%

Lowe’s Companies 6 976,415 5.6% 13,731 3.1%

The Home Depot 5 538,742 3.1% 13,200 3.0%

Burlington 9 468,606 2.7% 12,077 2.7%

PetSmart 12 278,451 1.6% 11,390 2.6%

ShopRite 5 361,053 2.1% 9,459 2.1%

BJ's Wholesale Club 4 454,297 2.6% 9,422 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.

(2) Includes Marshalls (16), T.J.

Maxx (3), HomeGoods (3) and Homesense (2).

Maxx (5), HomeGoods (3), HomeSense (3), and Sierra Trading Post (1).

Lease Expirations

19 unchanged sentences

1,192 16,064,000 100.0% $ 323,263,710 N/A

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

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

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