Maryland

No. 001-11954

No. 22-1657560

(State or Other

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Identification No.)

Incorporation)

Delaware

No. 001-34482

No. 13-3925979

(State or Other

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888 Seventh Avenue
New York, New York

10019

(Address of Principal Executive offices)

(Zip Code)

ANALYST PRESENTATION December 15, 2014

2 These slides and the related discussions may contain forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can -looking statements that have been included in this presentation: our financial projections and our covenant projections, in the case of our development and redevelopment projects, the estimated completion date, estimated project cost and cost to complete such projects; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions; uncertainties as to the timing of the spin-off and whether it will be completed, the possibility that various closing conditions to the spin-off may not be satisfied or waived, the expected tax treatment of the spin-off, the composition of the spin-off portfolio, the possibility that third-party consents required to transfer certain properties in the spin-off will not be received, the impact of the spin-off on Urban Edge Properties, the timing of and costs associated with property improvements, financing commitments, and general competitive factors. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-and -Urban Edge Properties on Form 10, as amended. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this presentation. All subsequent written and oral forward-looking statements attributable to us or any person on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statement to reflect events or circumstances occurring after the date of this presentation. NON-GAAP FINANCIAL MEASURES This presentation also contains certain non-GAAP financial measures. For these measures, we have provided a reconciliation to the most directly comparable GAAP financial measure in the Appendix to this presentation. Our presentation of non-GAAP financial measures may not be comparable to similar non-GAAP measures used by other companies. STATEMENTS

3 OVERVIEW AND SPIN TRANSACTION Name Urban Edge Properties Exchange / Ticker NYSE / UE Portfolio 79 shopping centers, three malls and a warehouse park (14.9 million owned SF) Distribution Ratio One Urban Edge common share for every two Vornado common shares Expected Dividend for Q1 2015 $0.20 per share (subject to Board of Trustees approval and declaration) (1) Pro Forma Fully Diluted Shares and OP Units Outstanding 106 million shares and OP units (approximately) Anticipated Timing January 2015, subject to the SEC declaring our Form 10 Registration Statement effective Strategic Rationale De-conglomerate two very different businesses by separating a great Northeastern shopping center business with strong growth prospects from Vornado's unique world-class Manhattan and Washington businesses. The separation will create two focused, pure play REITs. TRANSACTION HIGHLIGHTS Note: (1) Indicative run rate of $0.80 per share for fiscal year 2015

4 ORIGINS OF URBAN EDGE Founded in 1946 Grew to over 100 locations Acquired Vornado (fan company) in 1959 Faced financial difficulties in Interstate Properties took control in 1979 Liquidated retailer in the early value from the real estate Converted to a REIT in 1993 with 55 shopping centers 44 shopping centers were once anchored by Two Guys Since then, VNO has become a ~$37 billion entity focused on office and NYC street retail In many ways, Urban Edge is the Vornado of 1993 79 shopping centers 44 shopping centers were part of the original 55 Vornado shopping centers Objective is to improve shopping centers located in and on the edge of urban communities

5 ORIGINS OF URBAN EDGE Bethlehem, PA 1966

6 INVESTMENT HIGHLIGHTS 1. High quality portfolio concentrated in the Washington, DC to Boston corridor with the New York Metropolitan Region representing two-thirds of total NOI (1) Average Population / Income (3 Miles) 152,149 / $86,062 (2) Average Supermarket Sales PSF $724 (3) Weighted Average Base Rent PSF $19.37 (4) 2. Embedded growth opportunities from leasing and redevelopment Historical same property NOI Growth of 2.1% over prior 3 years and 2.5% trailing 9 months (5) $175 million in identified redevelopment and repositioning opportunities 3. Proven management team and board members 4. Strong balance sheet 6.1x Net Debt to TTM EBITDA (6) Weighted average term of total debt of approximately 6.5 years (7) Significant liquidity with approximately $225 million of cash (6) and $500 million of undrawn revolver capacity at the time of separation Note: (1) ~66% of NOI based on YTD NOI as of September 30, 2014. Excludes third-party fee income (2) Source: International Strategy & Investment Group, LLC; 2012E 3-mile ring average population and 2012E 3-mile ring average household income. Note: Urban Edge Form 10 uses median household income (3) Based on the 12 reporting supermarkets with at least one full year of operations as of October 2014 (4) Based on weighted average annual rent PSF excluding warehouses, ground rent, storage and garages (5) For 2011 - 2013 and Nine Months Ended September 30, 2013 and September 30, 2014, respectively (6) Based on TTM pro forma EBITDA and debt as of September 30, 2014 and pro forma cash as of the separation, net of $27 million of costs incurred in connection with the separation (7) Data as of September 30, 2014

7 PORTFOLIO Number of Assets 83 Total Owned Square Footage (MM) 14.9 Average Shopping Center Size (SF) 177k Occupancy % (1) 95.4% Average Shopping Center Age (years) ~38 PORTFOLIO QUICK FACTS Note: (1) As of September 30, 2014 (2) Excludes third-party fee income Puerto Rico Power 51% Mall 25% Community 15% Single-tenant 9% Warehouse 1% Fee 95% Ground & Space Leases 5% NOI (%) (1)(2) <

8 DC TO BOSTON CORRIDOR 71 of the 83 properties are situated in the DC to Boston corridor, representing ~85% of NOI (1) Most heavily urbanized region in the US Contains 50 million people 931 people per square mile, over 10x higher than the US average Note: (1) NOI is based on YTD NOI as of September 30, 2014. Excludes third-party fee income

9 NEW YORK METROPOLITAN REGION New York Metropolitan Region represents ~66% of NOI (1) 45 properties 9.3 million SF Note: (1) NOI is based on YTD NOI as of September 30, 2014. Excludes third-party fee income

10 PUERTO RICO Puerto Rico represents ~12% of NOI (1) 2 properties 1.0 million SF Note: (1) NOI is based on YTD NOI as of September 30, 2014. Excludes third-party fee income

11 CALIFORNIA California represents ~2% of NOI (1) 4 properties 126,000 SF Note: (1) NOI is based on YTD NOI as of September 30, 2014. Excludes third-party fee income

12 Source: International Strategy & Investment Group, LLC; 2012E 3-mile ring population 67,016 69,396 72,125 73,272 83,559 94,656 97,259 98,009 99,066 108,088 116,949 134,377 152,149 60,000 85,000 110,000 135,000 160,000 RPT DDR BRX CDR RPAI REG BFS KIM WRI ROIC EQY FRT UE POPULATION WITHIN 3-MILE RING PORTFOLIO HIGHLIGHTS

13 Source: International Strategy & Investment Group, LLC; 3-mile ring 2012E average household income. Note: Urban Edge Form 10 uses median household income $67,670 $68,420 $70,025 $71,515 $73,054 $75,762 $77,473 $77,592 $82,040 $86,062 $89,811 $91,718 $95,170 $ 60,000 $ 70,000 $ 80,000 $ 90,000 $ 100,000 CDR BRX WRI DDR RPAI KIM EQY RPT ROIC UE REG BFS FRT AVERAGE HOUSEHOLD INCOME WITHIN 3-MILE RING PORTFOLIO HIGHLIGHTS

14 $505 $525 $537 $558 $575 $600 $625 $724 $500 $560 $620 $680 $740 RPT RPAI BRX WRI REG BFS EQY UE Source: Peer Company Investor Presentations Note: (1) Based on reporting supermarkets including: RPT (November 2014), RPAI (November 2014), BRX (November 2014), WRI (November 2014), REG (September 2014), BFS (May 2014) and EQY (November 2014). CDR, DDR, FRT, KIM and ROIC do not disclose this statistic (2) Urban Edge data based on the 12 reporting supermarkets with at least one full year of operations as of October 2014 SUPERMARKET SALES PSF (1) (2) PORTFOLIO HIGHLIGHTS

15 Strong demographic profile and high barrier-to-entry market presence drive rents $12.10 $12.73 $12.78 $13.48 $13.65 $15.34 $15.95 $16.93 $17.83 $18.06 $18.30 $19.37 $25.36 $10.00 $14.00 $18.00 $22.00 $26.00 BRX CDR RPT KIM DDR RPAI WRI EQY ROIC BFS REG UE FRT Source: Comparable data per Green Street Advisors November 2014 Strip Center Sector Update, SEC filings, and peer company investor presentations Note: (1) Urban Edge figure represents owned square feet and excludes warehouses as well as ground rent, storage rent and garages AVERAGE BASE RENT 3Q2014 (1) PORTFOLIO HIGHLIGHTS

16 94.5% 94.9% 95.0% 95.0% 95.6% 95.4% 90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 2009 2010 2011 2012 2013 3Q 2014 Note: (1) Data as of September 30, 2014. Figures represent owned square feet and exclude warehouses HIGH AND STABLE HISTORICAL OCCUPANCY (1) PORTFOLIO HIGHLIGHTS

17 6.3% 4.7% 3.9% 3.8% 3.0% 3.0% 2.9% 2.3% 2.3% 2.2% 0.0% 2.0% 4.0% 6.0% 8.0% TENANT PROFILE ABR PSF $16.23 $7.29 $15.57 $8.73 $11.94 $9.43 $20.58 $9.42 $21.56 $11.02 # of Stores 7 9 16 6 8 8 7 4 9 4 Credit Ratings A2 / A Aa2 / AA A3 / A+ A3 / A- Baa3 / BBB Baa1 / BBB Baa2 / BB Caa1 / CCC+ NR / BB+ B3 / BSq. Feet (000s) (4) 865 1,439 567 976 633 716 313 547 235 454 Source: SEC filings, peer company investor presentations and Bloomberg Note: (1) Based on YTD annualized cash rental revenue as of September 30, 2014 (2) Represents top 25 tenants by ABR of EQY, BRX, KIM, DDR, WRI, and FRT. Other peers do not disclose detail required for comparison (3) Peer average based on EQY, BRX, KIM and DDR. FRT and ROIC classify anchor tenants as those greater than 15,000 SF. Including FRT and ROIC, peer average would equal 52% (4) As of September 30, 2014 58% revenue have investment grade ratings, compared to peer average of 52% (2) 73% of rental revenue received from tenants over 10,000 SF versus peer average of 58% (3) Diverse, high quality retailer base TOP TENANTS (% of ANNUALIZED CASH RENTAL REVENUE) (1) TENANT DATA

18 MANAGEMENT AND BOARD OF TRUSTEES Jeffrey Olson Chairman and CEO, Urban Edge Properties Steven Roth Chairman and CEO, Vornado Realty Trust Michael Gould Steven Grapstein CEO, Como Holdings, USA, Inc. Chairman, Tesoro Corporation Former Chairman, Armani Exchange Steven Guttman Founder and Principal, Storage Deluxe Former Chairman and CEO, Federal Realty Amy Lane Director, The TJX Companies, Inc. and GNC Holdings, Inc. Former Managing Director of Global Retailing Investment Banking, Merrill Lynch CFO, AvalonBay Communities Jeffrey Olson Chairman and Chief Executive Officer Robert Minutoli Chief Operating Officer Matthew Iocco Interim Chief Financial Officer Donald Casey General Counsel Jennifer Holmes Chief Accounting Officer Aanen Olsen Development & Construction James Staveley Property Management Michael Zucker Leasing TRUSTEE AFFILIATION NAME ROLE BOARD OF TRUSTEES MANAGEMENT TEAM

19 Expand footprint by leveraging experience and relationships in core markets Retail division has acquired ~$1.7 billion in new properties over the past ten years GROWTH STRATEGY Increase occupancy Increase rents Improve tenant mix Recapture below market anchor leases Revitalization of existing assets Build on excess land Expand existing assets Retail division has delivered projects in excess of ~$1.0 billion over the past ten years LEASING REDEVELOPMENT DEVELOPMENT ACQUISITIONS Examples: Gun Hill Hackensack Kearny Las Catalinas Walnut Creek Examples: Bergen Town Center Montehiedra Bruckner Boulevard East Hanover warehouses Recent Projects: Springfield Town Center Bergen Town Center Wayne Towne Center Garfield North Bergen APA Target Markets: Washington, DC to Boston corridor Los Angeles and San Francisco $30 - $50 million $30 - $50 million $100 - $200 million Annual Goal: Identified Pipeline: $175 million (1) Annual Goal: Annual Goal: 2015 Goal: 2 - 3% Same Property NOI Growth 96% Occupancy Note: (1) As detailed on page 41

20 STRATEGY EXECUTION CORE COMPETENCIES Identification Acquisition Planning Budgeting Design Pre-leasing Adaptation Construction Commissioning & turnover Completing leasing Operating

21 Centrally located, easily accessible mall serving the densely populated Caguas region Merchandising dominated by island-based retailers, many of which are struggling in the current weak economy Las Catalinas Mall, Puerto Rico LEASING

22 1. P.F. 2. Forever 21 3. Outback Steakhouse 4. Adidas 5. Bath & Body Works 6. Aeropostale 7. Van Heusen Before Remerchandise with strong mainland retailers looking for 2nd or 3rd locations after Plaza Las Americas and/or Plaza Carolina Significant representation of island-based merchants LEASING Las Catalinas Mall, Puerto Rico 8. Shoe Carnival 9. Sally Beauty 10. Red Mango 11. Marianne 12. G by Guess (proposed) 13. Zumiez (proposed) 13 8 5 1 2 9 12 11 6 7 4 3 After 10

23 29,000 SF Barnes & Noble lease significantly undermarket at $45 PSF rent expires January 31, 2016 Next to Apple Store and across Olympic Boulevard from Neiman Marcus and Broadway Plaza, which is undergoing a major expansion and renovation Enormous appeal to merchants looking for a prominent location in the heart of an upscale and growing shopping district experiencing significant new investment Existing Walnut Creek, California LEASING

24 Walnut Creek, California LEASING

25 Illustrative Single Tenant Option Illustrative Multiple Tenant Option Walnut Creek, California LEASING

26 1963 vintage center serving a densely populated and underserved trade area with easy access to major roads and mass transit; significant frontage on the Bruckner Expressway Existing Bruckner Plaza, Bronx, New York REDEVELOPMENT

27 Renovate and remerchandise southern portion (Key Food, retail/office building and small retail building) and refurbish all site improvements Significant longer term expansion potential on northern portion expiration/recapture and rezoning Proposed Bruckner Plaza, Bronx, New York REDEVELOPMENT

28 Older center on Rt. 10, a primary east-west arterial serving affluent areas, adjacent to the warehouse park; anchored by Home Depot, Dick's and Marshalls Retail: renovate buildings and site work to match physical appearance to customer shopper base Warehouses: update for users seeking space nearer to customers; future retail opportunities Vacant 27,000 SF retail box on Rt. 10 is a rare offering in this market (former ) East Hanover, New Jersey REDEVELOPMENT

29 Proposed Existing REDEVELOPMENT East Hanover, New Jersey

30 Superior freeway location 5 miles south of San Juan, but outflanked by Plaza Las Americas (5 miles north) and Las Catalinas (8 miles south) Convert to value/retail outlet format; no competition south of San Juan; only other outlets on the island are 30 miles west and 15 miles east of the city Nike, Puma and Skechers open 20,000 SF approved capacity on excess land Montehiedra Town Center, Puerto Rico REDEVELOPMENT

31 New Additions Montehiedra Town Center, Puerto Rico REDEVELOPMENT

32 Former Bergen Mall developed by Allied Stores and opened in 1957 anchored by Stern’s and Newberry’s; Ohrbach’s added in 1967 Partial demolition and major expansion Before Bergen Town Center, New Jersey DEVELOPMENT

33 952,000 SF anchored by Target, Century 21 and Whole Foods; Lowe’s on adjacent owned property Junior anchors include Marshalls, Rack, Off Fifth, Bloomingdale’s Outlet, Last Call Studio by Neiman Marcus, Nike, H&M, Old Navy and Ulta; REI and 24 Hour Fitness on adjacent owned property Leasing exceeds 99% while in-line sales exceed $600 PSF and have increased ~20% over the past three years with strong momentum After Bergen Town Center, New Jersey DEVELOPMENT

34 After DEVELOPMENT Bergen Town Center, New Jersey

35 Former Two Guys distribution facility Total demolition and reconstruction, including extensive environmental and geotechnical remediation Before Garfield, New Jersey DEVELOPMENT

36 195,000 SF anchored by Wal-Mart and Marshalls Approvals in-hand and site work completed for 70,000 SF of additional development After DEVELOPMENT Garfield, New Jersey

37 DEVELOPMENT North Bergen, New Jersey Before Former truck transfer terminal in densely populated, underserved NJ trade area just across the Hudson from NYC Total demolition and reconstruction, including extensive environmental and geotechnical remediation

38 410,000 SF anchored by Wal-Mart (203,000 SF), PetSmart and Harbor Freight Strong, productive small store line-up brings leasing to 100% After DEVELOPMENT North Bergen, New Jersey

39 Excellent location with more than 3,000 linear feet of frontage on Route 22, a major east-west arterial through affluent suburbs Older center with vacant Kmart, Pathmark and Circuit City on leased land Before North Plainfield, New Jersey DEVELOPMENT

40 Anchors replaced with Costco and Tile Shop Texas Roadhouse signed and others in negotiation 20,000 SF additional capacity on underutilized land Fee interest acquired After North Plainfield, New Jersey DEVELOPMENT

41 REDEVELOPMENT PIPELINE Robust redevelopment pipeline generating strong return on capital PROPERTY DESCRIPTION SF COST NOI ROC Bruckner Plaza Renovate and remerchandise non-anchor buildings 112,000 24,000 Montehiedra Town Center Convert to value/retail outlet format 139,100 17,500 East Hanover Warehouses Upgrade of warehouse facilities 942,000 10,000 North Plainfield Additional 20,000 SF 20,000 1,500 West Babylon Additional 1,800 SF 1,800 1,400 Montehiedra Town Center Additional 20,000 SF 20,000 400 Dover Additional 3,700 SF 3,700 100 SUBTOTAL 1,238,600 54,900 Bergen Town Center Renovation and expansion 120,000 TOTAL 1,238,600 174,900 16,900 9.7%

42 $12 $120 $104 $611 $300 $130 $16 $0 $100 $200 $300 $400 $500 $600 $700 BALANCE SHEET LIQUIDITY AND LEVERAGE Capitalized for immediate growth Strong balance sheet with ~$1.3 billion of total debt outstanding and Net Debt / EBITDA (2) of 6.1x At separation, significant liquidity with approximately $225 million of cash (3) and $500 million of undrawn revolver capacity Access to multiple sources of capital Wtd. Avg. Annual Interest Rate: 4.27% Wtd. Avg. Debt Term Years: 6.5 Years Note: (1) Data as of September 30, 2014. Interest rate percentage calculated as weighted average interest rate of all debt expiring during each respective year (detail available on slide 47) (2) Based on TTM pro forma EBITDA and debt as of September 30, 2014 and pro forma cash at the time of the separation (3) Pro forma cash of $225 million represents the $252 million of cash on Form 10 balance sheet, net of the $27 million of costs incurred in connection with the separation DEBT MATURITY PROFILE ($MM / % Int. Rate) (1) Significant liquidity and attractive cost of capital COMMENTARY (6.04%) (7.20%) (4.26%) (4.09%) (3.56%) (4.43%) (7.30%)

43 BALANCE SHEET BENCHMARKING Source: Company investor presentations, SEC filings, and Green Street Advisors November 2014 Strip Center Sector Update Note: (1) Represents weighted average annual interest rate of fixed rate debt (2) Represents weighted average years to maturity (3) Represents debt maturities through 2016 as a percentage of total debt maturities (4) Net debt to TTM EBITDA (as of September 30, 2014) 2.4 2.9 3.4 4.1 4.1 4.4 4.5 4.8 5.5 6.5 6.5 6.6 0.0 2.0 4.0 6.0 8.0 AKR AAT BRX KIM DDR EQY REG RPAI FRT WRI UE ROIC 49% 46% 34% 29% 27% 27% 26% 25% 19% 17% 12% 10% 0% 15% 30% 45% 60% AKR AAT BRX KIM WRI EQY DDR REG RPAI FRT ROIC UE 5.8% 5.5% 5.3% 5.3% 5.1% 5.1% 5.0% 5.0% 5.0% 4.7% 4.6% 4.4% 4.0% 4.5% 5.0% 5.5% 6.0% RPAI AKR EQY REG KIM DDR AAT BRX WRI ROIC FRT UE 7.7x 7.6x 6.9x 6.4x 6.1x 5.9x 5.9x 5.8x 5.6x 5.6x 5.4x 3.3x 2.0x 4.0x 6.0x 8.0x DDR BRX ROIC AAT UE KIM EQY RPAI WRI REG FRT AKR COST OF DEBT (INTEREST %) (1) DEBT MATURITY PROFILE (YEARS) (2) NEAR-TERM DEBT MATURITIES (3) NET DEBT / EBITDA (4)

44 SAME PROPERTY NOI $181 $184 $188 $100 $125 $150 $175 $200 12/31/11 12/31/12 12/31/13 $144 $147 $100 $115 $130 $145 $160 9/30/13 9/30/14 FOR THE CALENDAR YEAR ENDED ($MM), FOR THE 9 MONTHS ENDED ($MM),

45 SELECT FINANCIAL INFORMATION Note: Data on this slide, including annualized data and third quarter 2014 data, are not intended to represent, and should not be taken as, guidance as to future results or predictions as to future results. Totals may not add due to rounding (1) Disclosed in p. 27 of the Form 10 filed on December 11, 2014. Inclusive of $0.398MM of Management Fee Income on Interstate Properties; see p. F-34 of the Form 10. Does not include intercompany property management fee expense of $6.6MM (2) Pro forma adjustment includes fees pursuant to the Transition Services Agreement for information technology to be provided by Vornado to UE and rent expense pursuant to the leases by UE from Vornado of office space in New York and New Jersey. Disclosed in p. 58 of the Form 10 filed on December 11, 2014 (3) Represents income taxes on Puerto Rico properties. Disclosed in p. 56 of the Form 10 filed on December 11, 2014 (4) Includes non-cash rental income resulting from the straight-lining of rents and amortization of acquired below market leases net of above market leases of $7.325MM less non-cash ground rent expense of $1.176MM. Disclosed in p. 27 of the Form 10 filed on December 11, 2014 (5) Pro forma retail assets which Vornado plans to sell; (ii) the management and Vornado) non-Manhattan retail properties; and (iii) the management of Interstate Properties assets. Disclosed on p. 56 of the Form 10 filed on December 11, 2014 (6) Disclosed in p. 56 of the Form 10 filed on December 11, 2014 (7) Includes pro forma adjustments of: (i) $4.1MM for the July 2014 Las Catalinas financing; (ii) $1.0MM of facility fees and $1.0MM of amortized financing costs associated with the November 2014 $500MM unsecured revolver; and (iii) ($1.1)MM for the August 2014 Wilkes Barre loan repayment (8) Consists of approximately 100MM common shares and 6MM partnership units owned by third parties. ($MM) THREE MONTHS ENDED SEPTEMBER 30, 2014 NINE MONTHS ENDED SEPTEMBER 30, 2014 2014 ANNUALIZED NOI 50.6 150.2 200.3 Pro Forma OPEX Adjustments (0.7) (2.0) (2.6) Tax Expense Puerto Rico Properties (0.5) (1.6) (2.1) Indicative Cash NOI 49.4 146.6 195.6 Non-cash Adjustments to NOI 2.2 6.1 8.2 Indicative NOI Including Non-cash Adjustments 51.6 152.7 203.8 Pro Forma Adjustment for Third Party Management Fees 0.7 2.0 2.6 Pro Forma General and Administrative Expenses (8.1) (24.2) (32.3) Interest Expense (14.4) (40.8) (54.4) Run Rate Adjustment to Interest Expense (1.3) (3.8) (5.1) Indicative FFO with Pro Forma Adjustments 28.5 85.9 114.6 Fully Diluted Share Count 106 106 106 Indicative FFO with Pro Forma Adjustments Per Share $0.27 $0.81 $1.08 (1) (2) (3) (4) (5) (6) (7) (8) (6)

46 URBAN EDGE PROPERTIES BALANCE SHEET Note: Totals may not add due to rounding (1) Consists of $10MM of Restricted Cash, $11MM of Tenant and Other Receivables, and $14MM of Prepaid Expenses and Other Assets (2) Consists of Identified Intangible Assets of $35MM, Deferred Leasing Costs of $19MM, Receivable Arising From the Straight-Lining of Rents of $89MM, Deferred Financing Costs of $11MM, and Liquor Licenses of $2MM (3) Pursuant to the Separation Agreement between Vornado -off. These costs have not been reflected in the Pro Forma Combined Statement of Income (4) Consists primarily of (i) $164MM of acquired below market leases (FAS 141) that amortize into property rentals over the related lease terms; (ii) $5MM of straight-line rent on ground leases; and (iii) a $2MM payable for solar panels on Bergen Town Center (5) Pursuant to the separation and distribution by each of Vornado and Vornado Realty LP, these adjustments reflect: (i) the issuance of common limited partnership units by Urban Edge Properties LP 134MM; (ii) the reclassification of Vornado equity; and (iii) the execution of a $500MM revolving credit agreement under which no amounts will be drawn and outstanding as of the date of the separation ($MM) AS OF SEPTEMBER 30, 2014 ADJUSTMENTS PRO FORMA AS OF SEPTEMBER 30, 2014 Real Estate, At Cost 2,007 - 2,007 Accumulated Depreciation and Amortization (457) - (457) Cash and Cash Equivalents 133 119 252 Other Tangible Assets (1) 35 - 35 Capitalized Assets (2) 156 4 160 Total Assets 1,874 123 1,997 Mortgages Payable 1,292 - 1,292 Accounts Payable and Accrued Expenses 32 27 59 Intangible and Other Liabilities 172 - 172 Total Liabilities 1,497 27 1,524 Vornado Equity 376 (376) - - 339 339 Noncontrolling Interest in UE LP - 134 134 Noncontrolling Interest in Consolidated Subsidiary - - - Total Equity 377 96 473 Total Liabilities & Equity 1,874 123 1,997 (3) (5) (5) (5) (4)

47 URBAN EDGE PROPERTIES OUTSTANDING DEBT Note: Data on this slide, including annualized data and third quarter 2014 data, are not intended to represent, and should not be taken as, guidance as to future results or predictions as to future results. Urban Edge has entered into a four year unsecured revolver of $500MM. No amount is expected to be drawn at transaction close. At current leverage levels, facility fee is 20bps and drawn interest rate is L + 115bps. This interest rate is subject to change based on the company's leverage and there is no assurance that the interest rate will remain at this level in the future. Totals may not add due to rounding (1) Based on the September 30, 2014 balance and interest rate (2) Interest rate of L + 1.36% with a 1.00% LIBOR floor. Rate shown is as of September 30, 2014 (3) Currently in discussions with the special servicer of the Montehiedra mortgage loan to restructure the terms of the loan; although these discussions are ongoing, there can be no assurance as to the ultimate resolution of the matter (4) Interest rate of L + 1.30%. Rate shown is as of September 30, 2014 (5) Includes amortization of deferred financing fees of $3.2MM and a facility fee of $1.0MM associated with the $500MM Unsecured Revolver MATURITY BALANCE ($MM) AT SEPTEMBER 30, 2014 INTEREST RATE (%) AT SEPTEMBER 30, 2014 INDICATIVE ANNUALIZED INTEREST EXPENSE ($MM) INTEREST TYPE Crossed collateralized mortgage on 40 properties Fixed Rate September 2020 551 4.28 23.6 Fixed Variable Rate September 2020 60 2.36 1.4 Variable Bergen Town Center April 2023 300 3.56 10.7 Fixed Las Catalinas August 2024 130 4.43 5.8 Fixed Montehiedra Town Center (3) July 2016 120 6.04 7.2 Fixed North Bergen (Tonnelle Avenue) January 2018 75 4.59 3.4 Fixed Forest Plaza July 2018 17 1.45 0.2 Variable Mount Kisco (Target) November 2034 16 7.30 1.2 Fixed Mount Kisco (A&P) February 2015 12 7.20 0.9 Fixed Englewood October 2018 12 6.22 0.7 Fixed Total 1,292 4.27 55.2 Run Rate Pro Forma Adjustments (5) 4.3 Indicative Total Gross Interest Expense 59.5 (1) (4) (2)

48 APPENDIX NOI and same property NOI are supplemental non-GAAP measures that aid in the assessment of the unlevered performance of our properties and portfolio as it relates to the total return on assets. The most directly comparable GAAP financial measure is operating income. We calculate NOI by adjusting GAAP operating income to add back depreciation and amortization expense, general and administrative expenses, real estate impairment losses and non-cash ground rent expense, and deduct non-cash rental income resulting from the straight-lining of rents and amortization of acquired below market leases net of above market leases. NOI does not include a deduction for property management fee expenses because they are eliminated in consolidation against intercompany property management fee income. Intercompany property management fees were approximately $6.6 million and $6.5 million for the nine months ended September 30, 2014 and 2013, respectively, and $8.7 million, $8.6 million and $8.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. Same property NOI is calculated as NOI for properties that were owned and operated for the entirety of the reporting periods being compared, and excludes properties that are under development/redevelopment and properties acquired or sold during the periods being compared. The properties that were under redevelopment and excluded from same property NOI are as follows: Bergen Town Center East and East Hanover warehouse park for all periods presented; and, North Plainfield, NJ, Paramus, NJ, and Garfield, NJ for the years ended December 31, 2013, 2012 and 2011. We believe NOI and same property NOI are meaningful non-GAAP financial measures because real estate acquisitions and dispositions are evaluated based on, among other considerations, property NOI applied to market capitalization rates. We utilize these measures to make investment and capital allocation decisions and to compare the unlevered performance of our properties to our peers. NOI and same property NOI should not be considered substitutes for operating income or net income and may not be comparable to similarly titled measures employed by others. This presentation contains Earnings Before Interest, Taxes, Depreciation and Amortization (“EDITA”), a non-GAAP measure. EBITDA is presented before non-controlling interests, discontinued operations, gains on sale or real estate and non-recurring items. We consider EBITDA a supplemental measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies. A description of this measure and a reconciliation to the most directly comparable GAAP measure is provided on the following page. FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”) NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gain from sales of depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flows as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies

49 URBAN EDGE PROPERTIES EBITDA TTM 9/30/14 PRO FORMA ADJUSTMENTS PRO FORMA TTM 9/30/14 Net Income 46,757 (1,983) 44,774 Depreciation, Amortization and Income Taxes 57,400 - 57,400 Interest and Debt Expense 54,289 - 54,289 EBITDA 158,446 (1,983) 156,463 Non-comparable Items: Real Estate Impairment Losses 19,000 - 19,000 Transaction Costs 4,683 (4,683) - EBITDA Adjusted For Comparability 182,129 (6,666) 175,463 Debt 1,292,075 Less Cash (Pro Forma) (225,000) Net Debt 1,067,075 Net Debt to EBITDA 6.1 Reconciliation of Net Income to EBITDA, Comparable EBITDA and Pro Forma Comparable EBITDA

50 TTM 9/30/14 YTD 9/30/14 YTD 9/30/13 2013 2012 2011 2010 Operating Income 102,229 91,819 156,803 167,213 124,965 144,038 121,427 Depreciation and Amortization 56,184 40,586 38,445 54,043 52,960 50,981 49,504 General and Administrative 25,808 19,250 19,323 25,881 27,209 27,698 28,058 Real Estate Impairment Losses 19,000 - - 19,000 6,000 - - Transaction Costs 4,683 4,683 - - - - - Subtotal 207,904 156,338 214,571 266,137 211,134 222,717 198,989 Non-cash Rental Income (10,145) (7,325) (8,635) (11,455) (15,920) (14,457) (16,653) Non-cash Ground Rent Expense 1,561 1,176 1,456 1,841 1,686 2,212 2,663 NOI 199,320 150,189 207,392 256,523 196,900 210,472 184,999 Non-same Property Items: Settlement Income From Stop & Shop - - (59,599) (59,599) - - - Income Recognized Pursuant to Stop & Shop Guarantee Which Was Terminated Upon Settlement In February 2013 - - (500) (500) (5,917) (5,000) - Reversal of Allowance for Doubtful Accounts in Connection With the Stop & Shop Settlement - - - - - (19,463) - Properties Taken Out-of-Service for Redevelopment (4,211) (3,084) (3,114) (7,479) (5,823) (4,207) (3,121) Other Non-same Property (Income) Expense (222) (13) (665) (874) (867) (1,221) (5,494) Subtotal (4,433) (3,097) (63,878) (68,452) (12,607) (29,891) (8,615) Same Property NOI 194,887 147,092 143,514 188,071 184,293 180,581 176,384 Same Property (%) 2.5% 2.0% 2.1% 2.4% URBAN EDGE PROPERTIES SAME PROPERTY NOI Reconciliation of Operating Income to NOI and Same Property NOI

51 IMPROVING SHOPPING CENTERS IN AND ON THE EDGE OF URBAN COMMUNITIES