Item 2. Properties
ITEM 2. PROPERTIES
As of December 31, 2025, our portfolio was comprised of 69 shopping centers, two outlet centers and two malls totaling approximately 17.2 million sf. We own our two outlet centers, one mall 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 centers under ground and/or building leases. As of December 31, 2025, we had $1.6 billion of outstanding mortgage indebtedness which is secured by our properties. The following pages provide details of our properties as of December 31, 2025.
Property Total Square Feet (1)
Percent Leased (1)
Weighted Average Annual Rent per sq ft (2)
Major Tenants
RETAIL PORTFOLIO:
California:
Walnut Creek (Mt. Diablo) (4)
7,000 100.0% $70.56 Sweetgreen
Walnut Creek (Olympic) 31,000 100.0% 80.50 Anthropologie
Connecticut:
Newington Commons 189,000 90.0% 10.52 Walmart, Bob's Discount Furniture
Maryland:
Goucher Commons 155,000 100.0% 26.53 Sprouts, HomeGoods, Five Below, Ulta, Kirkland's, DSW, Golf Galaxy, La-Z-Boy
Rockville Town Center 98,000 100.0% 13.37 Regal Entertainment Group
The Village at Waugh Chapel (5)
382,000 95.7% 24.62 Safeway, Marshalls, HomeGoods, T.J. Maxx, LA Fitness
Wheaton (leased through 2060) (3)
66,000 100.0% 18.35 Best Buy
Woodmore Towne Centre 712,000 98.5% 17.99 Costco, Wegmans, At Home, Best Buy, LA Fitness, Nordstrom Rack
Massachusetts:
Brighton Mills (5)
91,000 100.0% 26.50 Star Market, Petco
Cambridge (leased through 2033) (3)
48,000 100.0% 28.58 PetSmart, Central Rock Gym
Gateway Center 640,000 99.6% 9.66 Costco, Target, Home Depot, Total Wine, Boot Barn (lease not commenced)
Shoppers World 754,000 100.0% 23.07 T.J. Maxx, Marshalls, HomeSense, Sierra Trading, Public Lands, Golf Galaxy, Nordstrom Rack, Hobby Lobby, AMC, Kohl's, Best Buy
The Shops at Riverwood 79,000 100.0% 27.45 Price Rite, Planet Fitness, Goodwill
Wonderland Marketplace 140,000 100.0% 14.44 Planet Fitness, Marshalls, Burlington, Get Air
Missouri:
Manchester Plaza 131,000 100.0% 12.18 Pan-Asia Market, Academy Sports, Bob's Discount Furniture
New Hampshire:
Salem (leased through 2102) (3)
39,000 100.0% 10.82 Fun City
New Jersey:
Bergen Town Center - East (5)
209,000 100.0% 20.40 Lowe's, Best Buy
Bergen Town Center - West 1,011,000 97.3% 34.30 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
Briarcliff Commons 180,000 100.0% 25.13 Uncle Giuseppe's, Kohl's
Brick Commons 281,000 100.0% 22.62 ShopRite, Kohl's, Marshalls, Old Navy
Brunswick Commons 427,000 100.0% 16.17 Lowe's, Kohl's, Dick's Sporting Goods, P.C. Richard & Son, T.J. Maxx, LA Fitness
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Carlstadt Commons (leased through 2050) (3)
78,000 98.3% 21.78 Food Bazaar
Garfield Commons 298,000 100.0% 16.75 Walmart, Burlington, Marshalls, PetSmart, Ulta
Greenbrook Commons 170,000 100.0% 20.20 BJ's Wholesale Club, Aldi
Hackensack Commons 275,000 100.0% 26.53 The Home Depot, 99 Ranch, Staples, Petco
Hanover Commons 343,000 100.0% 24.00 The Home Depot, Dick's Sporting Goods, Saks Off 5th, Marshalls
Heritage Square 87,000 100.0% 31.74 HomeSense, Sierra Trading Post, Ulta
Hudson Commons 236,000 96.1% 14.88 Lowe's, P.C. Richard & Son, Boot Barn
Hudson Mall 359,000 80.8% 21.18 Marshalls, Retro Fitness, Staples, Old Navy, Burlington (lease not commenced), national off-price retailer (lease not commenced)
Kearny Commons 123,000 100.0% 25.53 LA Fitness, Marshalls, Ulta
Ledgewood Commons 447,000 80.0% 17.30 Walmart, Ashley Furniture, Barnes & Noble, Burlington, DSW, Marshalls, Old Navy, Ulta
Lodi Commons 43,000 96.3% 23.23 Dollar Tree
Manalapan Commons 194,000 99.0% 23.77 Best Buy, Raymour & Flanigan, PetSmart, Avalon Flooring, Atlantic Health, Nordstrom Rack
Marlton Commons 224,000 100.0% 19.32 ShopRite, Kohl's, PetSmart
Millburn Gateway Center 104,000 92.2% 32.22 Trader Joe's, CVS, PetSmart
Montclair 18,000 100.0% 35.20 Whole Foods Market
Paramus (leased through 2033) (3)
63,000 100.0% 49.97 24 Hour Fitness
Plaza at Cherry Hill 414,000 67.3% 16.28 Aldi, Total Wine, LA Fitness, Raymour & Flanigan, Guitar Center
Plaza at Woodbridge 294,000 97.1% 21.92 Best Buy, Raymour & Flanigan, Lincoln Tech, UFC Gym, Trader Joe's, national off-price retailer (lease not commenced)
Rockaway River Commons 189,000 100.0% 15.88 ShopRite, T.J. Maxx
Rutherford Commons (leased through 2099) (3)
196,000 100.0% 13.96 Lowe's
Stelton Commons (leased through 2039) (3)
56,000 100.0% 22.22 Staples, Party City
Tonnelle Commons 410,000 100.0% 23.47 BJ's Wholesale Club, Walmart, PetSmart
Totowa Commons 272,000 100.0% 22.58 The Home Depot, Staples, Tesla, Lidl (lease not commenced), Boot Barn (lease not commenced)
Town Brook Commons 232,000 87.0% 14.94 Stop & Shop, Kohl's
West Branch Commons 279,000 98.7% 17.50 Lowe's, Burlington
West End Commons 241,000 100.0% 11.99 Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis
Woodbridge Commons 225,000 100.0% 14.38 Walmart, Dollar Tree, Advance Auto Parts
New York:
Amherst Commons 311,000 98.1% 11.35 BJ's Wholesale Club, Burlington, LA Fitness, Ross Dress for Less, Bob's Discount Furniture
Bruckner Commons (5)
335,000 90.2% 42.18 ShopRite, Burlington, BJ's Wholesale Club (lease not commenced), national off-price retailer (lease not commenced)
Burnside Commons 100,000 90.2% 18.55 Bingo Wholesale
Cross Bay Commons 44,000 100.0% 43.08 Northwell Health
Dewitt (leased through 2041) (3)
46,000 100.0% 19.36 Best Buy
Forest Commons 165,000 92.6% 26.94 Western Beef, Planet Fitness, Advance Auto Parts, NYC Public School
Gun Hill Commons 81,000 100.0% 40.82 Aldi, Planet Fitness
Henrietta Commons (leased through 2056) (3)
165,000 97.9% 4.76 Kohl's
Huntington Commons 208,000 99.7% 23.01 ShopRite, Marshalls, Old Navy, Petco, Burlington
Kingswood Crossing 108,000 100.0% 48.15 Target, Marshalls, Maimonides Medical, Visiting Nurse Services, Emblem Health
Meadowbrook Commons (leased through 2040) (3)
44,000 100.0% 24.54 Bob's Discount Furniture
Mount Kisco Commons 189,000 100.0% 18.15 Target, Stop & Shop
New Hyde Park (leased through 2029) (3)
101,000 100.0% 23.41 Stop & Shop
Shops at Bruckner (5)
113,000 100.0% 40.01 Aldi, Marshalls, Five Below, Old Navy
Yonkers Gateway
448,000 98.6% 22.09 Burlington, Marshalls, HomeSense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema, Wren Kitchens, national grocer (lease not commenced)
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Pennsylvania:
Broomall Commons (5)
170,000 100.0% 15.86 Amazon Fresh, Planet Fitness, PetSmart, Nemours Children's Hospital, Picklr (lease not commenced)
Lincoln Plaza 228,000 100.0% 5.67 Lowe's, Community Aid, Mattress Firm
Marten Commons 185,000 100.0% 15.98 Kohl's, Ross Dress for Less, Staples, Petco
Wilkes-Barre Commons 184,000 100.0% 13.55 Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Wren Kitchens
Wyomissing (leased through 2065) (3)
76,000 100.0% 16.58 LA Fitness, PetSmart
South Carolina:
Charleston (leased through 2063) (3)
45,000 100.0% 15.96 Best Buy
Virginia:
Norfolk (leased through 2069) (3)
114,000 100.0% 8.56 BJ's Wholesale Club
Puerto Rico:
Shops at Caguas 356,000 96.9% 33.07 Sector Sixty6, Old Navy, Foot Locker
The Outlets at Montehiedra (5)
538,000 96.9% 24.37 Ralph's Food Warehouse, The Home Depot, Marshalls, Caribbean Cinemas, Old Navy, T.J. Maxx, Burlington
Total Retail Portfolio 15,894,000 96.7% $21.50
Sunrise Mall (4)(5)(6)
1,228,000 5.1% 20.27 Dick's Sporting Goods
Total Urban Edge Properties 17,122,000 90.1% $21.50
(1) Percent leased is expressed as the percentage of gross leasable area subject to a lease, excluding temporary tenants. The Company also excludes 58,000 sf of self-storage from the report above.
(2) Weighted average annual rent per square foot including ground leases and executed leases for which rent has not commenced is calculated by annualizing tenants’ current base rent (excluding any free rent periods), and excluding tenant reimbursements, concessions and storage rent. Excluding the ground leases where the Company is the lessor, the weighted average annual rent per square foot for our retail portfolio is $24.08 per square foot.
(3) The Company is a lessee under a ground or building lease. The total square feet disclosed for the building will revert to the lessor upon lease expiration.
(4) We own 95% of Walnut Creek (Mt. Diablo) and 82.5% of Sunrise Mall with the remaining portions in each case owned by joint venture partners.
(5) Not included in the same-property pool for the purposes of calculating same-property metrics for the quarters ended December 31, 2025 and 2024. 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.
As of December 31, 2025, we had approximately 1,100 leases. Tenant leases under 10,000 square feet generally have lease terms of five years or less. Tenant leases comprising 10,000 square feet or more generally have lease terms of 10 to 25 years and are considered anchor leases with one or more renewal options available upon expiration of the initial lease term. The majority of our leases provide for reimbursements of real estate taxes, insurance and common area maintenance charges (including roof and structure in shopping centers, unless it is the tenant’s direct responsibility), and percentage rents based on tenant sales volume. Percentage rents accounted for approximately 1% of our total revenues for the year ended December 31, 2025.
Occupancy
The following table sets forth the consolidated retail portfolio leased occupancy rate (excluding industrial, self-storage space and Sunrise Mall), 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:
December 31,
2025 2024 (1)
2023 (1)
2022 2021
Total square feet 15,894,000 16,064,000 15,522,000 14,495,000 14,469,000
Occupancy rate 96.7 % 96.8 % 95.9 % 94.3 % 91.1 %
Average annual base rent per sf $21.50 $20.79 $19.93 $19.89 $19.70
(1) 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.
22
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:
December 31,
2025 2024 2023 2022 2021
Total square feet — — 127,000 1,345,000 1,345,000
Occupancy rate — % — % 100.0 % 100.0 % 100.0 %
Average annual base rent per sf $— $— $13.35 $8.89 $6.04
Major Tenants
The following table sets forth information for our ten largest tenants by total revenues for the year ended December 31, 2025:
Tenant Number of Stores Square Feet % of Total Square Feet 2025 Revenues (1)
(in thousands)
% of Total Revenues
The TJX Companies (2)
28 873,159 5.1% $26,524 5.6%
Walmart 5 780,788 4.6% 17,531 3.7%
Lowe’s Companies 6 976,415 5.7% 14,564 3.1%
Burlington 11 532,514 3.1% 14,122 3.0%
Kohl’s 9 855,561 5.0% 14,024 3.0%
The Home Depot 5 538,742 3.1% 13,891 2.9%
Best Buy 9 412,305 2.4% 12,718 2.7%
ShopRite 5 361,053 2.1% 9,892 2.1%
BJ’s Wholesale Club 4 454,297 2.7% 9,519 2.0%
PetSmart 11 237,034 1.4% 8,969 1.9%
(1) Based on contractual revenues as determined by the tenants’ operating lease agreements.
(2) Includes Marshalls (16), T.J. Maxx (5), HomeGoods (3), HomeSense (3), and Sierra Trading Post (1).
Lease Expirations
The following table sets forth the anticipated expirations of tenant leases in our consolidated retail portfolio for each year from 2026 through 2036 and thereafter, assuming no exercise of renewal options or early termination rights:
Percentage of Weighted Average Annual
Number of Square Feet of Retail Properties Base Rent of Expiring Leases
Year Expiring Leases Expiring Leases Square Feet Total Per Square Foot
Month-To-Month 27 71,000 0.4% $ 2,082,430 $ 29.33
2026 69 363,000 2.3% 11,296,560 31.12
2027 145 1,486,000 9.3% 27,297,820 18.37
2028 120 1,228,000 7.7% 32,271,840 26.28
2029 168 2,800,000 17.6% 68,348,000 24.41
2030 111 2,546,000 16.0% 41,270,660 16.21
2031 92 1,720,000 10.8% 33,110,000 19.25
2032 66 581,000 3.7% 13,200,320 22.72
2033 61 857,000 5.4% 19,025,400 22.2
2034 67 1,006,000 6.3% 23,510,220 23.37
2035 69 941,000 5.9% 22,367,570 23.77
2036 37 452,000 2.8% 9,360,920 20.71
Thereafter 46 1,311,000 8.5% 27,163,920 20.72
Subtotal/Average 1,078 15,362,000 96.7% $ 330,283,000 $ 21.50
Vacant 103 532,000 3.3% N/A N/A
Total (1)
1,181 15,894,000 100.0% $ 330,283,000 N/A
(1) Total lease count excludes temporary tenant leases, cart and kiosk leases and Sunrise Mall.
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