Urban Edge Properties is a REIT that owns and operates open-air retail shopping centers, concentrated in the Washington, D.C. to Boston corridor. The portfolio spans 69 shopping centers, two outlet centers, and two malls, totaling roughly 17.2M square feet, with the shopping center portfolio roughly 80% grocery-anchored. Urban Edge's centers are anchored by necessity-based and value-oriented retailers — grocers (Trader Joe's, Wegmans, ShopRite), discounters (TJX, Burlington, Ross), home improvement (Home Depot, Lowe's), and wholesale clubs (BJ's) — which drive traffic and attract in-line shop tenants. Urban Edge collects base rent plus variable expense recoveries (property taxes, insurance, CAM) from tenants under long-term leases. NOI grows through occupancy gains, contractual rent bumps, and lease-up of below-market spaces at wide rent spreads. Urban Edge also grows NOI by converting its "signed but not open" (SNO) pipeline — executed leases not yet generating rent — and by redeveloping underperforming anchors and adding pad sites, targeting unlevered yields of 14-15%. A third growth lever is capital recycling: Urban Edge has sold lower-quality assets and reinvested in higher-quality centers with better growth profiles. Urban Edge manages, leases, and redevelops its properties in-house, and as a REIT, distributes the majority of taxable income as dividends.