Urban Edge Properties

Previous 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.

Current wording

The Operating Partnership’s capital includes general and common limited partnership interests (“OP Units”). As of June 30, 2026, Urban Edge owned approximately 94.6% 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 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%.

Current wording

As of June 30, 2026, our portfolio consisted of 70 shopping centers, two outlet centers and two malls totaling approximately 16.1 million square feet of gross leasable area with a consolidated occupancy of 96.5%.

Previous 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.

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 six months ended June 30, 2026, there were no material changes to these estimates.

Previous wording

We continue to monitor the impacts of inflation, interest rates and broader macroeconomic conditions on our operations. During 2025, inflationary pressures began to moderate and the Federal Reserve lowered its target range for the federal funds rate by an aggregate of 75 bps to a range of 3.50% to 3.75%. In March 2026, inflation increased, driven in part by heightened geopolitical tensions, and remains elevated compared to the Federal Reserve’s long-term target of 2%. We anticipate that inflation could remain at that level in the near-term and long-term. In addition, the increasing geopolitical tensions and related global economic uncertainty have contributed to volatility in financial markets and rising interest rates. These conditions have increased uncertainty with respect to access to capital and pricing dynamics. There can be no assurance that inflationary pressures, interest rates, geopolitical risks, or related market volatility will moderate, and such conditions may persist in the near-term or over a longer period.

Current wording

We continue to monitor the impacts of inflation, interest rates and broader macroeconomic conditions on our operations. Following a series of rate reductions in the latter part of 2025, the Federal Reserve has held its target range for the federal funds rate steady at 3.50% to 3.75%, maintaining that range for the fourth consecutive meeting. Inflation reaccelerated during the first half of 2026, rising to a rate of 3.5% as of June 30, 2026, driven in part by higher energy prices and heightened geopolitical tensions. The current inflation rate remains elevated compared to the Federal Reserve’s long-term target of 2%, and interest rates may rise further should inflationary pressures persist. These conditions have contributed to volatility in financial markets and continued uncertainty with respect to access to capital and pricing dynamics. There can be no assurance that inflationary pressures, interest rates, or related market volatility will moderate, and such conditions may persist in the near-term or over a longer period.

Previous 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.

Current wording

We occasionally utilize interest rate derivative agreements to hedge the effect of changing interest rates on our variable rate debt. As of June 30, 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 $55 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 June 30, 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 31-32 for a reconciliation to the most directly comparable generally accepted accounting principles (“GAAP”) measure.

Current wording

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

Previous 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:

Current wording

Net income for the three months ended June 30, 2026 was $18.6 million, compared to net income of $60.8 million for the three months ended June 30, 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 June 30, 2026 as compared to the same period in 2025:

Previous 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:

Current wording

Total revenue increased by $8.7 million to $122.8 million in the second quarter of 2026 from $114.1 million in the second quarter of 2025. The increase is primarily attributable to:

Previous wording

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

Current wording

•$2.5 million increase in property rentals and tenant reimbursements due to rent commencements and contractual rent increases;

Previous wording

•$0.9 million decrease in non-cash revenues driven by the write-off of lease intangibles related to tenant vacates since the first quarter of 2025; and

Current wording

•$1.4 million increase in non-cash revenues driven by the acceleration and write-off of below-market lease intangibles in the second quarter of 2026;

Previous wording

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

Current wording

•$0.3 million increase in percentage rent primarily due to the timing of recognition as compared to the second quarter of 2025; and

Previous 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:

Current wording

Real estate tax expense increased by $0.3 million to $16.9 million in the second quarter of 2026 from $16.6 million in the second quarter of 2025. The increase is primarily attributable to:

Previous 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

Current wording

•$0.2 million increase due to higher tax assessments across multiple properties in the second quarter of 2026, net of successful tax appeals and lower assessments; and

Previous wording

Property operating expenses increased by $4.9 million to $28.9 million in the first quarter of 2026 from $24.1 million in the first quarter of 2025. The increase is primarily attributable to higher snow removal expenses as compared to the first quarter of 2025.

Current wording

Property operating expenses increased by $0.4 million to $19.3 million in the second quarter of 2026 from $18.9 million in the second quarter of 2025. The increase is primarily attributable to:

Previous 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.

Current wording

General and administrative expenses decreased by $2.0 million to $9.7 million in the second quarter of 2026 from $11.7 million in the second quarter of 2025. The decrease is primarily attributable to severance expenses incurred in the second quarter of 2025.

Previous wording

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

Current wording

•$1.4 million increase as a result of new financings since the second quarter of 2025, net of loan repayments; and

Previous 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

Current wording

•$0.8 million increase in capitalized interest expense due to the commencement of development, redevelopment, and anchor repositioning projects, offset by project completions; and

Previous wording

•$1.4 million increase in rental revenue deemed uncollectible;

Current wording

•$1.1 million increase in rental revenue deemed uncollectible.

Previous 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:

Current wording

Depreciation and amortization decreased by $2.4 million to $67.3 million in the six months ended June 30, 2026 from $69.8 million in the six months ended June 30, 2025. The decrease is primarily attributable to:

Previous 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

Current wording

•$4.3 million decrease primarily related to accelerated depreciation of in-place leases in the first six months of 2025, net of accelerated depreciation and write-off of tenant improvements in the first six months of 2026; offset by

Previous 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.

Current wording

•$0.1 million increase in capitalized real estate taxes due to the commencement of development, redevelopment, and anchor repositioning projects, offset by project completions.

Previous wording

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

Current wording

•$0.3 million increase as a result of property acquisitions, net of dispositions.

Previous wording

Interest and debt expense decreased by $1.0 million to $18.7 million in the first quarter of 2026 from $19.8 million in the first quarter of 2025. The decrease is primarily attributable to:

Current wording

Interest and debt expense decreased by $0.8 million to $38.5 million in the six months ended June 30, 2026 from $39.3 million in the six months ended June 30, 2025. The decrease is primarily attributable to:

Previous wording

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

Current wording

•$1.1 million decrease due to a lower average balance and lower interest rate on our unsecured line of credit; offset by

Previous wording

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

Current wording

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

Previous 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.

Current wording

We recognized a $0.2 million loss on extinguishment of debt for the six months ended June 30, 2026 related to the write-off of deferred financing fees for the amendment and restatement of our unsecured line of credit. During the six months ended June 30, 2025, we recognized a $0.5 million gain on extinguishment of debt for 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.

Previous wording

We calculate same-property NOI using net income as defined by GAAP reflecting only those income and expense items that are reflected in NOI (as described above) and excluding 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 excluding properties acquired, sold, or that are in the foreclosure process during the periods being compared and results of our captive insurance program. We also exclude for the following items in calculating same-property NOI: lease termination fees, bankruptcy settlement income, and income and expenses that we do not believe are representative of ongoing operating results, if any. As such, same-property NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition, disposition or foreclosure of properties, and results of our captive insurance program during the periods presented, and thus provides a more consistent performance measure for the comparison of the operating performance of the Company’s properties, which the Company believes to be useful to investors. Same-property 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 calculate same-property NOI using net income as defined by GAAP reflecting only those income and expense items that are reflected in NOI (as described above) and excluding 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 excluding properties acquired, sold, held for sale, or that are in the foreclosure process during the periods being compared, and results of our captive insurance program. We also exclude the following items in calculating same-property NOI: lease termination fees, bankruptcy settlement income, and income and expenses that we do not believe are representative of ongoing operating results, if any. As such, same-property NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition, disposition or foreclosure of properties, and results of our captive insurance program during the periods presented, and thus provides a more consistent performance measure for the comparison of the operating performance of the Company’s properties, which the Company believes to be useful to investors. Same-property 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 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.

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 65 properties for the three and six months ended June 30, 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, held for sale, or that are in the foreclosure process during the periods being compared, and results of our captive insurance program. 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 $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.

Current wording

Same-property NOI increased by $2.0 million, or 3.2%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 and increased by $3.5 million, or 2.8%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Same-property NOI including properties in redevelopment increased by $2.3 million, or 3.2%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 and increased by $4.2 million, or 3.0%, for the six months ended June 30, 2026 compared to the six months ended June 30, 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 months ended March 31, 2026 and 2025:

Current wording

The following table reconciles net income to NOI, same-property NOI, and same-property NOI including properties in redevelopment for the three and six months ended June 30, 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 during 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, held for sale, 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 $55.7 million for the three months ended March 31, 2026 compared to $45.5 million for the three months ended March 31, 2025.

Current wording

FFO applicable to diluted common shareholders was $53.4 million for the three months ended June 30, 2026 compared to $43.8 million for the three months ended June 30, 2025, and $109.1 million for the six months ended June 30, 2026 compared to $89.2 million for the six months ended June 30, 2025.

Previous wording

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

Current wording

The following table reflects the reconciliation of net income to FFO for the three and six months ended June 30, 2026 and 2025:

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$0.21 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.

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 and second quarters 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

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.

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 June 30, 2026, there was $55 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 $20.5 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 June 30, 2026, the letters of credit remain undrawn and no separate liability has been recorded in association with them. As of June 30, 2026 we had an available remaining capacity of $624.5 million under the unsecured line of credit, including undrawn letters of credit, and $250 million available under the term loans, aggregating $874.5 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 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.

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 six months ended June 30, 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. 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.

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$237.9 million of debt maturing within the next 12 months related to mortgage loans encumbering six of our properties and are actively exploring our options to repay or refinance the loans.

Previous 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.

Current wording

At June 30, 2026, we hadcash and cash equivalents, including restricted cash, of $82.1 million and approximately $874.5 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 $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:

Current wording

Cash and cash equivalents, including restricted cash, was $82.1 million at June 30, 2026, compared to $78.9 million at December 31, 2025 and $118.2 million at June 30, 2025, an increase of $3.3 million and a decrease of $36.1 million, respectively. Our cash flow activities are summarized as follows:

Previous wording

Net cash provided by operating activities of $39.1 million for the three months ended March 31, 2026 increased by $6.5 million from $32.6 million for the three months ended March 31, 2025. The increase is due to higher rental revenue for tenant rent commencements and the timing of cash receipts and payments related to tenant collections and operating expenses.

Current wording

Net cash provided by operating activities of $105.8 million for the six months ended June 30, 2026 increased by $29.8 million from $76.0 million for the six months ended June 30, 2025. The increase is due to higher rental revenue for tenant rent commencements, reimbursement for previously incurred environmental remediation costs, lease termination income, real estate tax refunds received in the first two quarters of 2026, and the timing of cash receipts and payments related to tenant collections and operating expenses.