Urban Edge Properties

Previous wording

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended (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 represent 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 differ materially from those expressed 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 Quarterly Report on Form 10-Q. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to control or predict and include, among others: (i) macroeconomic conditions, including geopolitical conditions and instability, and international trade disputes, including any related tariffs, which may lead to rising inflation, adverse impacts to supply chain, 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, political 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 leases 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 the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (v) the impact of e-commerce on our tenants’ business; (vi) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, 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, restructure or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under its 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 repositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and other…

Excerpt shortened here; the source contains the full paragraph.

Current wording

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended (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 represent 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 differ materially from those expressed 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 Quarterly Report on Form 10-Q. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to control or predict and include, among others: (i) macroeconomic conditions, including geopolitical 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, political 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 leases 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 the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (v) the impact of e-commerce on our tenants’ business; (vi) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, 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, restructure or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under its 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 repositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and othe…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

The Operating Partnership’s capital includes general and common limited partnership interests (“OP Units”). As of September 30, 2025, Urban Edge owned approximately 94.9% of the outstanding common OP Units with the remaining limited OP Units held by members of management and the Board of Trustees, and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership.

Current wording

The Operating Partnership’s capital includes general and common limited partnership interests (“OP Units”). As of March 31, 2026, Urban Edge owned approximately 94.5% of the outstanding common OP Units with the remaining limited OP Units held by members of management and the Board of Trustees, and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership.

Previous wording

As of September 30, 2025, our portfolio consisted of 68 shopping centers, two outlet centers and two malls totaling approximately 17.1 million square feet of gross leasable area with a consolidated occupancy of 89.8%.

Current wording

As of March 31, 2026, our portfolio consisted of 70 shopping centers, two outlet centers and two malls totaling approximately 17.3 million square feet of gross leasable area with a consolidated occupancy of 89.9%.

Previous wording

The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 contains a description of our critical accounting estimates, including valuing acquired assets and liabilities and impairments. For the nine months ended September 30, 2025, there were no material changes to these estimates.

Current wording

The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 contains a description of our critical accounting estimates, including valuing acquired assets and liabilities, and impairments. For the three months ended March 31, 2026, there were no material changes to these estimates.

Previous wording

Our primary cash expenditures consist of property operating and capital costs, general and administrative expenses, and interest and debt expense. Property operating expenses include: real estate taxes, repairs and maintenance, management expenses, insurance and utilities; general and administrative expenses include payroll, professional fees, information technology, office expenses and other administrative expenses; and interest and debt expense primarily consists of interest on our mortgage debt and line of credit. In addition, we incur substantial non-cash charges for depreciation and amortization on our properties. We also capitalize certain expenses, such as taxes, interest and salaries related to properties under development or redevelopment until the property is ready for its intended use.

Current wording

Our primary cash expenditures consist of property operating and capital costs, general and administrative expenses, and interest and debt expense. Property operating expenses include: real estate taxes, repairs and maintenance, management expenses, insurance and utilities; general and administrative expenses include payroll, professional fees, information technology, office expenses and other administrative expenses; and interest and debt expense primarily consists of interest on our mortgage debt, unsecured line of credit and term loans. In addition, we incur substantial non-cash charges for depreciation and amortization on our properties. We also capitalize certain expenses, such as taxes, interest and salaries related to properties under development or redevelopment until the property is ready for its intended use.

Previous wording

Our consolidated results of operations often are not comparable from period to period due to the impact of property acquisitions, dispositions, developments, redevelopments and changes in accounting policies. The results of operations of any acquired properties are included in our financial statements as of the date of acquisition. Our results of operations are affected by national, regional and local economic conditions, as well as macroeconomic conditions, which are at times subject to volatility and uncertainty such as the recent market volatility as a result of changes in tariff policies. Increased tariffs on foreign imports could have a material impact on the cost of certain raw materials and goods and adversely affect the results of our operations or the operations of our tenants and could temper consumer spending. While most of our leases require tenants to pay their share of operating expenses, including common area maintenance, real estate taxes and insurance, thereby reducing our exposure to increases in costs and operating expenses, there is no guarantee that we will be able to recoup all such amounts, and some larger tenants have capped the amount of these operating expenses they are responsible for under their lease.

Current wording

Our consolidated results of operations often are not comparable from period to period due to the impact of property acquisitions, dispositions, developments, redevelopments and changes in accounting policies. The results of operations of any acquired properties are included in our financial statements as of the date of acquisition. Our results of operations are affected by national, regional and local economic conditions, as well as macroeconomic conditions, which are at times subject to volatility and uncertainty such as the recent market volatility resulting from changes in tariff policies and the geopolitical climate. Increased tariffs on foreign imports and inflationary pressures could have a material impact on the cost of certain raw materials and goods and adversely affect the results of our operations or the operations of our tenants, and could temper consumer spending. While most of our leases require tenants to pay their share of operating expenses, including common area maintenance, real estate taxes and insurance, thereby reducing our exposure to increases in costs and operating expenses, there is no guarantee that we will be able to recoup all such amounts, and some larger tenants have capped the amount of these operating expenses they are responsible for under their lease.

Previous wording

We continue to monitor the impacts of inflation on our operations. In September 2025, the Federal Reserve cut its benchmark interest rate by 25 basis points, driven by moderated economic growth, a weakened labor market and an increase in unemployment levels. Inflation levels have increased since the second quarter of 2025 and remain somewhat elevated in relation to the Federal Reserve’s target of 2 percent. We occasionally utilize interest rate derivative agreements to hedge the effect of changing interest rates on our variable rate debt. As of September 30, 2025, all of our outstanding mortgage debt is fixed rate or hedged with interest rate derivative agreements. Our only variable rate exposure is related to our line of credit, which has no outstanding balance as of September 30, 2025 and is indexed to SOFR, plus an applicable margin per the Revolving Credit Agreement. As of September 30, 2025, we were counterparty to two interest rate swap agreements, both of which qualify for, and are designated as, hedging instruments. We are actively managing our business to respond to any economic and social impacts from events and circumstances such as those described above. See “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Current wording

We occasionally utilize interest rate derivative agreements to hedge the effect of changing interest rates on our variable rate debt. As of March 31, 2026, all of our outstanding mortgage debt is fixed rate or hedged with interest rate derivative agreements, and our only variable rate exposure is related to our unsecured line of credit which had an outstanding balance of $30 million and is indexed to SOFR plus an applicable margin per the credit agreement. There were no amounts drawn on either of the 5-year or 7-year term loans. As of March 31, 2026, we were counterparty to three interest rate swap agreements, all of which qualify for, and are designated as, hedging instruments to manage our exposure to changes in the interest rate environment. We are actively managing our business to respond to any economic and social impacts from events and circumstances such as those described above, however, the extent and duration of these impacts remain uncertain and could adversely affect our operating results, financial condition and liquidity. 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.

Previous wording

(1)Refer to pages 36-37 for a reconciliation to the most directly comparable generally accepted accounting principles (“GAAP”) measure.

Current wording

(1)Refer to pages 31-32 for a reconciliation to the most directly comparable generally accepted accounting principles (“GAAP”) measure.

Previous wording

Net income for the three months ended September 30, 2025 was $15.5 million, compared to net income of $9.5 million for the three months ended September 30, 2024. The following table summarizes certain line items from our consolidated statements of income and comprehensive income that we believe are important in understanding our operations and/or those items that significantly changed in the three months ended September 30, 2025 as compared to the same period in 2024:

Current wording

Net income for the three months ended March 31, 2026 was $23.5 million, compared to net income of $8.4 million for the three months ended March 31, 2025. The following table summarizes certain line items from our consolidated statements of income and comprehensive income that we believe are important in understanding our operations and/or those items that significantly changed in the three months ended March 31, 2026 as compared to the same period in 2025:

Previous wording

Total revenue increased by $7.7 million to $120.1 million in the third quarter of 2025 from $112.4 million in the third quarter of 2024. The increase is primarily attributable to:

Current wording

Total revenue increased by $14.5 million to $132.6 million in the first quarter of 2026 from $118.2 million in the first quarter of 2025. The increase is primarily attributable to:

Previous wording

•$4.4 million increase in property rentals and tenant reimbursements due to rent commencements and contractual rent increases;

Current wording

•$8.3 million increase in property rentals and tenant reimbursements due to rent commencements and contractual rent increases; and

Previous wording

•$0.3 million increase as a result of property acquisitions net of dispositions since the third quarter of 2024; offset by

Current wording

•$0.3 million increase as a result of property acquisitions net of dispositions since the first quarter of 2025; offset by

Previous wording

•$0.2 million decrease in percentage rent primarily due to timing of recognition as compared to 2024.

Current wording

•$0.1 million decrease in percentage rent primarily due to timing of recognition as compared to the first quarter of 2025.

Previous wording

Depreciation and amortization decreased by $6.3 million to $106.6 million in the nine months ended September 30, 2025 from $112.9 million in the nine months ended September 30, 2024. The decrease is primarily attributable to:

Current wording

Depreciation and amortization decreased by $4.9 million to $32.3 million in the first quarter of 2026 from $37.2 million in the first quarter of 2025. The decrease is primarily attributable to:

Previous wording

•$15.6 million decrease primarily related to accelerated depreciation in the first nine months of 2024 on buildings taken out of service for redevelopment; offset by

Current wording

•$5.3 million decrease primarily related to accelerated depreciation of in-place leases and tenant improvements since the first quarter of 2025; offset by

Previous wording

•$1.2 million increase as a result of property acquisitions net of dispositions since the third quarter of 2024; and

Current wording

•$0.4 million increase as a result of property acquisitions net of dispositions since the first quarter of 2025.

Previous wording

Real estate tax expense decreased by $0.9 million to $16.8 million in the third quarter of 2025 from $17.7 million in the third quarter of 2024. The decrease is primarily attributable to:

Current wording

Real estate tax expense increased by $0.2 million to $16.6 million in the first quarter of 2026 from $16.4 million in the first quarter of 2025. The increase is primarily attributable to:

Previous wording

•$1.0 million decrease as a result of successful tax appeals and lower assessments; and

Current wording

•$0.4 million increase due to higher tax assessments across multiple properties in the first quarter of 2026, partially offset by successful tax appeals and lower assessments; offset by

Previous wording

•$0.5 million increase in capitalized real estate taxes due to the commencement of development, redevelopment, and anchor repositioning projects since the third quarter of 2024, offset by project completions; and

Current wording

•$0.2 million increase in capitalized real estate taxes due to the commencement of development, redevelopment, and anchor repositioning projects since the first quarter of 2025, offset by project completions.

Previous wording

General and administrative expenses decreased by $0.4 million to $9.0 million in the third quarter of 2025 from $9.4 million in the third quarter of 2024. The decrease is primarily attributable to lower employment expenses.

Current wording

General and administrative expenses decreased by $0.4 million to $9.1 million in the first quarter of 2026 from $9.5 million in the first quarter of 2025. The decrease is primarily attributable to lower employment expenses.

Previous wording

•$1.0 million increase in capitalized interest expense due to the commencement of development, redevelopment, and anchor repositioning projects, offset by project completions; and

Current wording

•$0.9 million increase in capitalized interest expense due to the commencement of development, redevelopment, and anchor repositioning projects, offset by project completions; and

Previous wording

•$0.5 million decrease due to a lower average balance and lower interest rate on our line of credit; offset by

Current wording

•$0.7 million decrease due to a lower average balance and lower interest rate on our unsecured line of credit; offset by

Previous wording

•$1.0 million increase as a result of new financings and refinancings since the third quarter of 2024, net of loan repayments; and

Current wording

•$0.4 million increase as a result of new financings since the first quarter of 2025, net of loan repayments; and

Previous wording

•$0.3 million increase in amortization of deferred financing costs.

Current wording

•$0.2 million increase in amortization of deferred financing costs.

Previous wording

We recognized a $0.5 million gain on extinguishment of debt for the nine months ended September 30, 2025 attributable to the return of escrow funds related to the Kingswood Center foreclosure, partially offset by a $0.2 million loss on extinguishment of debt related to the prepayment of the mortgage loan secured by the Plaza at Woodbridge. During the nine months ended September 30, 2024, we recognized a $21.7 million gain on extinguishment of debt attributable to the foreclosure settlement of Kingswood Center, partially offset by a $0.3 million loss on extinguishment of debt as a result of the prepayment of three variable rate mortgage loans in January 2024.

Current wording

In the first quarter of 2026, we recognized a $0.2 million loss on extinguishment of debt related to the write-off of deferred financing fees for the amendment and restatement of our unsecured line of credit. In the first quarter of 2025, we recognized a $0.5 million gain on extinguishment of debt for the return of escrow funds related to a property foreclosure.

Previous wording

Interest and debt expense decreased by $0.2 million to $19.4 million in the third quarter of 2025 from $19.5 million in the third quarter of 2024. The decrease is primarily attributable to:

Current wording

Income tax expense decreased by $0.2 million to $0.4 million in the first quarter of 2026 from $0.6 million in the first quarter of 2025. The decrease is primarily attributable to the tax impact of the Shops at Caguas loan modification completed in the fourth quarter of 2025.

Previous wording

We use NOI internally to make investment and capital allocation decisions and to compare the unlevered performance of our properties to our peers. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis, providing perspective not immediately apparent from net income. The most directly comparable GAAP financial measure to NOI is net income. We calculate NOI by adjusting net income to add back depreciation and amortization expense, general and administrative expenses, casualty and real estate impairment losses, interest and debt expense, income tax expense and non-cash lease expense, and deduct management and development fee income from non-owned properties, gains on sale of real estate, interest income, non-cash rental income resulting from the straight-lining of rents and amortization of acquired below market leases net of above market leases. NOI should not be considered a substitute for net income and may not be comparable to similarly titled measures employed by others.

Current wording

We use NOI internally to make investment and capital allocation decisions and to compare the unlevered performance of our properties to our peers. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis, providing perspective not immediately apparent from net income. The most directly comparable GAAP financial measure to NOI is net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. We calculate NOI by adjusting net income to add back depreciation and amortization expense, general and administrative expenses, casualty and real estate impairment losses, interest and debt expense, income tax expense and non-cash lease expense, and deduct management and development fee income from non-owned properties, gains on sale of real estate, interest income, non-cash rental income resulting from the straight-lining of rents and amortization of acquired below market leases net of above market leases. NOI should not be considered a substitute for net income and may not be comparable to similarly titled measures employed by others.

Previous wording

Throughout this section, we have provided certain information on a “same-property” basis which includes the results of operations that were owned and operated for the entirety of the reporting periods being compared, totaling 65 and 63 properties for the three and nine months ended September 30, 2025 and 2024, respectively. Information provided on a same-property basis excludes properties that were under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service and also excludes properties acquired, sold, or that are in the foreclosure process, and results of our captive insurance program during the periods being compared. While there is judgment surrounding changes in designations, a property is removed from the same-property pool when a property is considered to be a redevelopment property because it is undergoing significant renovation or retenanting pursuant to a formal plan and is expected to have a significant impact on property operating income based on the retenanting that is occurring. A development or redevelopment property is moved back to the same-property pool once a substantial portion of the NOI growth expected from the development or redevelopment is reflected in both the current and comparable prior year period, generally one year after at least 80% of the expected NOI from the project is realized on a cash basis. Acquisitions are moved into the same-property pool once we have owned the property for the entirety of the comparable periods and the property is not under significant development or redevelopment.

Current wording

Throughout this section, we have provided certain information on a “same-property” basis which includes the results of operations that were owned and operated for the entirety of the reporting periods being compared, totaling 66 properties for the three months ended March 31, 2026 and 2025. Information provided on a same-property basis excludes properties that were under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service and also excludes properties acquired, sold, or that are in the foreclosure process, and results of our captive insurance program during the periods being compared. While there is judgment surrounding changes in designations, a property is removed from the same-property pool when a property is considered to be a redevelopment property because it is undergoing significant renovation or retenanting pursuant to a formal plan and is expected to have a significant impact on property operating income based on the retenanting that is occurring. A development or redevelopment property is moved back to the same-property pool once a substantial portion of the NOI growth expected from the development or redevelopment is reflected in both the current and comparable prior year period, generally one year after at least 80% of the expected NOI from the project is realized on a cash basis. Acquisitions are moved into the same-property pool once we have owned the property for the entirety of the comparable periods and the property is not under significant development or redevelopment.

Previous wording

Same-property NOI increased by $2.5 million, or 4.1% for the three months ended September 30, 2025, compared to the three months ended September 30, 2024 and increased by $8.0 million, or 4.6%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. Same-property NOI, including properties in redevelopment, increased by $3.1 million, or 4.7%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024 and increased by $10.3 million, or 5.4%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

Current wording

Same-property NOI increased by $1.5 million, or 2.4% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Same-property NOI, including properties in redevelopment, increased by $2.0 million, or 2.8%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Previous wording

The following table reconciles net income to NOI, same-property NOI, and same-property NOI including properties in redevelopment for the three and nine months ended September 30, 2025 and 2024:

Current wording

The following table reconciles net income to NOI, same-property NOI, and same-property NOI including properties in redevelopment for the three months ended March 31, 2026 and 2025:

Previous wording

(1)Non-same property NOI includes NOI related to properties being redeveloped and properties acquired, disposed, or that are in the foreclosure process in the periods being compared, and results of the Company’s captive insurance program.

Current wording

(1)Non-same property NOI includes NOI related to properties being redeveloped and properties acquired, disposed, or that are in the foreclosure process during the periods being compared, and results of the Company’s captive insurance program.

Previous wording

FFO applicable to diluted common shareholders was $52.0 million for the three months ended September 30, 2025 compared to $43.9 million for the three months ended September 30, 2024, and $141.2 million for the nine months ended September 30, 2025 compared to $141.4 million for the nine months ended September 30, 2024.

Current wording

FFO applicable to diluted common shareholders was $55.7 million for the three months ended March 31, 2026 compared to $45.5 million for the three months ended March 31, 2025.

Previous wording

The following table reflects the reconciliation of net income to FFO for the three and nine months ended September 30, 2025 and 2024:

Current wording

The following table reflects the reconciliation of net income to FFO for the three months ended March 31, 2026 and 2025:

Previous wording

(1)Represents earnings allocated to LTIP and OP unitholders for unissued common shares, which have been included for purposes of calculating earnings per diluted share for the periods presented because they are dilutive.

Current wording

(1)Represents earnings allocated to LTIP and OP unitholders for unissued common shares. LTIP and OP units are excluded for purposes of calculating earnings per diluted share when their effect is anti-dilutive.

Previous wording

Due to the nature of our business, the cash generated from operations is primarily paid to our shareholders and unitholders of the Operating Partnership in the form of distributions. Our status as a REIT requires that we generally distribute at least 90% of our REIT’s ordinary taxable income each year. Our Board of Trustees declared a quarterly dividend of $0.19 per common share and OP Unit for the first three quarters of 2025, or an annual rate of $0.76. Historically, we have paid regular cash dividends; however, the timing, declaration, amount and payment of distributions to shareholders and unitholders of the Operating Partnership fall within the discretion of our Board of Trustees. Our Board of Trustees’ decisions regarding the payment of dividends depend on many factors, such as maintaining our REIT status, our financial condition, earnings, capital requirements, debt service obligations, limitations under our financing arrangements, industry practice, legal requirements, regulatory constraints, and other factors.

Current wording

Due to the nature of our business, the cash generated from operations is primarily paid to our shareholders and unitholders of the Operating Partnership in the form of distributions. Our status as a REIT requires that we generally distribute at least 90% of our REIT’s ordinary taxable income each year. Our Board of Trustees declared a quarterly dividend of$0.21 per common share and OP Unit for the first quarter of 2026, or an annual rate of $0.84. Historically, we have paid regular cash dividends; however, the timing, declaration, amount and payment of distributions to shareholders and unitholders of the Operating Partnership fall within the discretion of our Board of Trustees. Our Board of Trustees’ decisions regarding the payment of dividends depend on many factors, such as maintaining our REIT status, our financial condition, earnings, capital requirements, debt service obligations, limitations under our financing arrangements, industry practice, legal requirements, regulatory constraints, and other factors.

Previous wording

We have an $800 million revolving credit agreement (the “Revolving Credit Agreement”) which has a maturity date of February 9, 2027 and includes two six-month extension options. The Company has obtained eight letters of credit issued under the Revolving Credit Agreement, aggregating $32.2 million, and provided them to mortgage lenders and other entities to secure its obligations in relation to certain reserves and capital requirements. The letters of credit issued under the Revolving Credit Agreement have reduced the amount available under the facility commensurate with their face values but remain undrawn and no separate liability has been recorded in association with them. As of September 30, 2025 there was no outstanding balance under the Revolving Credit Agreement and an available remaining capacity of $767.8 million under the facility, including undrawn letters of credit. See Note 6 to the consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding the Revolving Credit Agreement.

Current wording

On January 22, 2026, we amended and restated the credit agreement for our unsecured line of credit which reduced the facility size by $100 million to $700 million and extended the maturity date to June 28, 2030 with two six-month extension options. In conjunction with the amendment and restatement of the unsecured line of credit we executed agreements for two term loans aggregating $250 million which includes a 5-year maturity and a 7-year maturity of $125 million each, both of which have a 12-month delayed-draw feature (collectively, the “term loans”). As of March 31, 2026, there is $30 million outstanding under the unsecured line of credit bearing interest at SOFR plus an applicable margin per the credit agreement and no amounts drawn on either of the 5-year or 7-year term loans. The Company has obtained seven letters of credit issued under the unsecured line of credit, aggregating $27.9 million. The letters of credit were provided to mortgage lenders and other entities to secure its obligations in relation to certain reserves and capital requirements and have reduced the amount available under the facility commensurate with their face values. As of March 31, 2026, the letters of credit remain undrawn and no separate liability has been recorded in association with them. As of March 31, 2026 we had an available remaining capacity of $642.1 million under the unsecured line of credit, including undrawn letters of credit, and $250 million available under the term loans, aggregating $892.1 million of capacity under the unsecured line of credit and term loans. See Note 6 to the consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding the unsecured line of credit and delayed-draw term loans.

Previous wording

In August 2025, in connection with the launch of the ATM Program, the Company entered into an equity distribution agreement with various financial institutions acting as agents, forward sellers, and forward purchasers (the “Equity Distribution Agreement”). Pursuant to the Equity Distribution Agreement, the Company may from time to time offer and sell, through the agents and forward sellers, the Company’s common shares, par value $0.01 per share, having an aggregate offering price of up to $250 million (the “ATM Program”). The ATM Program replaced the Company’s previous at-the-market program established on August 15, 2022. During the nine months ended September 30, 2025, the Company did not issue any common shares under the current or prior ATM Program. During the nine months ended September 30, 2024, the Company issued 7,097,124 common shares at a weighted average gross price of $18.71 per share under the ATM Program, generating cash proceeds of $131.1 million, net of commissions paid to distribution agents. See Note 14, Equity and Noncontrolling Interest in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding the ATM Program.

Current wording

In August 2025, in connection with the launch of the ATM Program, the Company entered into an equity distribution agreement with various financial institutions acting as agents, forward sellers, and forward purchasers (the “Equity Distribution Agreement”). Pursuant to the Equity Distribution Agreement, the Company may from time to time offer and sell, through the agents and forward sellers, the Company’s common shares, par value $0.01 per share, having an aggregate offering price of up to $250 million (the “ATM Program”). The ATM Program replaced the Company’s previous at-the-market program established on August 15, 2022. During the three months ended March 31, 2026 and 2025, the Company did not issue any common shares under the current or prior ATM Program. See Note 14, Equity and Noncontrolling Interest in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding the ATM Program.

Previous wording

Our short-term cash requirements consist of normal recurring operating expenses, lease obligations, regular debt service requirements, general and administrative expenses, expenditures related to leasing activity and distributions to shareholders and unitholders of the Operating Partnership. Our long-term capital requirements consist primarily of maturities under our long-term debt agreements, development and redevelopment costs and potential acquisitions. We have approximately$23.3 million of debt maturing within the next 12 months related to a mortgage loan encumbering one of our properties and are actively exploring our options to repay or refinance the loan.

Current wording

Our short-term cash requirements consist of normal recurring operating expenses, lease obligations, regular debt service requirements, general and administrative expenses, expenditures related to leasing activity and distributions to shareholders and unitholders of the Operating Partnership. Our long-term capital requirements consist primarily of maturities under our long-term debt agreements, development and redevelopment costs and potential acquisitions. As of the date of this filing, we have approximately$205.8 million of debt maturing within the next 12 months related to mortgage loans encumbering four of our properties and are actively exploring our options to repay or refinance the loans.

Previous wording

At September 30, 2025, we hadcash and cash equivalents, including restricted cash, of $144.8 million and approximately $767.8 million available under the Revolving Credit Agreement. The available balance under the Revolving Credit Agreement and cash on hand are readily available to fund the debt obligations discussed above which are coming due within the next year.

Current wording

At March 31, 2026, we hadcash and cash equivalents, including restricted cash, of $75.9 million and approximately $892.1 million available under our unsecured line of credit and term loans. The available balance underour unsecured line of credit, term loans and cash on hand are readily available to fund the debt obligations discussed above which are coming due within the next year.

Previous wording

Cash and cash equivalents, including restricted cash, was $144.8 million at September 30, 2025, compared to $90.6 million at December 31, 2024 and $89.6 million at September 30, 2024, an increase of $54.2 million and $55.2 million, respectively. Our cash flow activities are summarized as follows:

Current wording

Cash and cash equivalents, including restricted cash, was $75.9 million at March 31, 2026, compared to $78.9 million at December 31, 2025 and $98.1 million at March 31, 2025, a decrease of $3.0 million and $22.2 million, respectively. Our cash flow activities are summarized as follows: