
	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands)	2026		2025		2026		2025
Share-based compensation expense components:
Time-based LTIP expense(1)	$	1,634	$	1,533	$	4,987	$	5,484
Performance-based LTIP expense(2)	1,061		1,009		3,876		3,093
Restricted share expense	174		184		532		380
Deferred share unit (“DSU”) expense	62		—		100		42

Total Share-based compensation expense	$	2,931	$	2,726	$	9,495	$	8,999

Equity award activity during the nine months ended September 30, 2026 included: (i) 784,052 LTIP Units vested, (ii) 550,476 LTIP Units granted, (iii) 360,306 LTIP Units earned upon completion of the 2023 LTI Plan, (iv) 41,246 restricted shares vested, (v) 33,366 restricted shares granted, and (vi) 1,916 restricted shares forfeited.

On January 27, 2026, the Company established the 2026 Long-Term Incentive Plan (“2026 LTI Plan”) under the 2024 Omnibus Share Plan. The plan is a multi-year, equity compensation program under which participants, including our Chairman and Chief Executive Officer, receive awards in the form of LTIP Units that, with respect to one half of the program, vest based solely on the passage of time. With respect to the other half of the program, the awards are earned and vest if certain relative and absolute

total shareholder return (“TSR”) and/or funds from operations (“FFO”) and same-property net operating income (“SP NOI”) growth targets are achieved by the Company over a three-year performance period. As part of the 2026 LTI Plan, participants other than our named executive officers may receive restricted stock awards or LTIP Unit awards subject to a three-year vesting period. The total grant date fair value under the 2026 LTI Plan was $9.0 million, comprising both performance-based and time-based awards as described further below:

For the performance-based awards under the 2026 LTI Plan, participants have the opportunity to earn awards in the form of LTIP Units if Urban Edge’s absolute and/or relative TSR meets certain criteria over the three-year performance measurement period beginning on January 27, 2026 and ending on January 26, 2029. Participants also have the opportunity to earn awards in the form of LTIP Units if Urban Edge’s FFO growth component and SP NOI growth component meet certain criteria over the three-year performance measurement period beginning January 1, 2026 and ending on December 31, 2028. The Company granted performance-based awards under the 2026 LTI Plan representing 285,874 units. The fair value of the performance-based award portion of the 2026 LTI Plan on the grant date was $3.9 million using a Monte Carlo simulation to estimate the fair value of the Absolute and Relative components through a risk-neutral premise. Assumptions include historical volatility (24.2%), risk-free interest rates (3.7%), and historical daily return as compared to certain peer companies.

The time-based awards granted under the 2026 LTI Plan, also granted in the form of LTIP Units, vest ratably over three years except in the case of our Chairman and Chief Executive Officer, where the vesting is ratable over four years. As of September 30, 2026, the Company granted time-based awards under the 2026 LTI Plan that represent 259,208 LTIP Units with a grant date fair value of $4.6 million.

The restricted stock awards granted under the 2026 LTI Plan for participants other than our named executive officers vest ratably over three years. As of September 30, 2026, the Company granted restricted stock awards under the 2026 LTI Plan that represent 27,656 restricted shares with a grant date fair value of $0.5 million.

The Compensation Committee approved a matching award pursuant to which officers of the Company may elect to forgo all or a portion (in 25% increments) of their 2025 cash bonuses, and instead, receive LTIP Units with a grant date fair value equal to the cash forgone, 20% of which are matched by the Company and all of which vest ratably over three years. The program is designed to enhance retention and increase employee ownership in the Company to further align with shareholder interests. On January 27, 2026, the Compensation Committee approved the grant of $6.6 million under the matching award, which reflects both the cash bonus forgone and the portion matched by the Company.