We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of Urban Edge common shares and participating securities is calculated according to dividends declared and participating rights in undistributed earnings. Restricted shares issued pursuant to our share-based compensation program are considered participating securities, and as such, have non-forfeitable rights to receive dividends.

The computation of diluted EPS reflects potential dilution of securities by adding potential common shares, including stock options and unvested restricted shares, to the weighted average number of common shares outstanding for the period. For the years ended December 31, 2025, 2024, and 2023, there were options outstanding for 333,972, 2,603,664, and 2,930,762 shares, respectively, that potentially could be exercised for common shares. During the years ended December 31, 2025, 2024 and 2023, no options were included in the diluted EPS calculation as their exercise prices were higher than the average market prices of our common shares. In addition, as of December 31, 2025 there were 74,037 unvested restricted shares outstanding that potentially could become unrestricted common shares. The computation of diluted EPS for the years ended December 31, 2025, 2024 and 2023 included 78,977, 107,821, and 90,804 weighted average unvested restricted shares outstanding, respectively, as their effect is dilutive.

The effect of the redemption of OP and vested LTIP units is not reflected in the computation of basic earnings per share, as they are redeemable for common shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. The assumed redemption of OP and vested LTIP units is included in the determination of diluted earnings per share when they have a dilutive effect on the calculation.


	Year Ended December 31,
(Amounts in thousands, except per share amounts)	2025		2024		2023
Numerator:
Net income attributable to common shareholders	$	93,535	$	72,563	$	248,497
Less: earnings allocated to unvested participating securities	(58)		(65)		(200)
Net income available for common shareholders - basic	$	93,477	$	72,498	$	248,297
Impact of assumed conversions:
LTIP units	84		—		134
Net income available for common shareholders - dilutive	$	93,561	$	72,498	$	248,431

Denominator:
Weighted average common shares outstanding - basic	125,686		121,324		117,506
Effect of dilutive securities:

Restricted share awards	79		108		91
Assumed conversion of LTIP units	142		—		—
Weighted average common shares outstanding - diluted	125,907		121,432		117,597

Earnings per share available to common shareholders:
Earnings per common share - Basic	$	0.74	$	0.60	$	2.11
Earnings per common share - Diluted	$	0.74	$	0.60	$	2.11


	Year Ended December 31,
(Amounts in thousands, except per unit amounts)	2025		2024		2023
Numerator:
Net income attributable to unitholders	$	98,527	$	76,541	$	260,396
Less: net income attributable to participating securities	(1,327)		(1,108)		(200)
Net income available for unitholders	$	97,200	$	75,433	$	260,196

Denominator:
Weighted average units outstanding - basic	130,446		125,987		121,901
Effect of dilutive securities issued by Urban Edge	221		108		91

Weighted average units outstanding - diluted	130,667		126,095		121,992

Earnings per unit available to unitholders:
Earnings per unit - Basic	$	0.75	$	0.60	$	2.13
Earnings per unit - Diluted	$	0.74	$	0.60	$	2.13