SEGMENT REPORTING

Our primary business is the ownership, management, acquisition, development, and redevelopment of retail shopping centers and malls. Substantially all of our revenues are derived from contractual rents and tenant expense reimbursements as outlined within individual lease agreements. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance and allocating resources. We review operating and financial information for each property on an individual basis and therefore each property represents an individual operating segment. Our properties are aggregated into a single reportable segment due to the similarities with regard to the nature and economics of the properties, tenants and operations, as well as long-term average financial performance and the fact that they are operated using consistent business strategies.

The Company’s CODM, its Chief Executive Officer, reviews operating and financial information at the individual operating segment using property net operating income (“Property NOI”) as the key measure to assess performance and allocate resources. Property NOI is defined as all revenues and expenses incurred at the property level excluding non-cash rental income and expenses, impairments on depreciable real estate, lease termination income, interest and debt expense, and gains or losses from sale of real estate and debt extinguishments. Property NOI excludes corporate level transactions. The CODM also uses Property NOI and its components to monitor budget versus actual results, perform variance analysis of current results to prior period results, and forecast future performance. Company resources are allocated by evaluating the operating results of the individual segments and business as a whole as well as considering capital needs and future projections, and deploying them across the various business functions as deemed necessary while ensuring the uses align with the Company’s overall business strategy. The CODM does not review asset information as a measure to assess performance.

The following table provides the components of Property NOI related to our single reportable segment for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
(Amounts in thousands)	2025		2024		2023
REVENUE
Property rentals	$	322,454	$	312,674	$	291,717
Tenant expense reimbursements	131,329		119,141		104,756
Total property revenues	453,783		431,815		396,473
EXPENSES
Real estate taxes	68,301		70,521		66,756
Property operating	88,893		79,159		68,997
Lease expense	8,244		9,559		11,110
Total property operating expenses	165,438		159,239		146,863
Property net operating income	$	288,345	$	272,576	$	249,610
Reconciliation of Property NOI to income before income taxes
Depreciation and amortization	(139,166)		(150,389)		(108,979)
Interest and debt expense	(78,232)		(81,587)		(74,945)
General and administrative expense	(39,975)		(37,474)		(37,070)

(Loss) gain on extinguishment of debt	(534)		21,423		41,144
Real estate impairment loss	—		—		(34,055)
Interest income	1,791		2,192		2,608
Straight-line rents, amortization of above and below-market leases, and other	17,129		11,999		11,610
Gain on sale of real estate	49,695		38,818		217,708
Other income and expenses(1)	1,058		270		10,045
Income before income taxes	$	100,111	$	77,828	$	277,676

(1) Includes intercompany eliminations, lease termination income and other income and expenses related to our corporate activities, including the captive insurance program.

Historical Timeline

Fiscal Year	Filed
2025	Feb 11, 2026	Showing above
2024	Feb 12, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Urban Edge Properties Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures