Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Social Achievements

• Created a Sustainability Council to formalize and expand ESG practices.
• Launched a Wellness program, volunteer platform, and quarterly Town Hall meetings for employees.

Governance Achievements

• Further strengthened leadership team with the addition of Danielle De Vita as Executive Vice President of Development.

Climate Goals & Targets

Environmental Challenges

• Significant headwinds due to Covid-19, including changes in consumer behavior, rising e-commerce, retailer bankruptcies, and government-mandated closures.
• Higher bad debt and lower occupancy resulting from the pandemic.
• Significant decline in share price from pre-pandemic levels.

Mitigation Strategies

• Enacted timely mitigation plans to retain tenants and reduce operating costs and capital expenditures.
• Acquired Sunrise Mall at a substantial discount.
• Eliminated $92 million of mortgage debt through refinancing transactions.
• Repurchased 5.9 million shares of stock at a discount.
• Eliminated lease restrictions and extended lease terms with rent deferral agreements.
• Amended the $600 million revolving credit facility.
• Borrowed $250 million under the revolving credit facility (fully repaid later).
• Refinanced and modified mortgages on Puerto Rican malls.
• Suspended quarterly dividends and declared a special cash dividend.
• Launched a share repurchase program.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Damage to properties from catastrophic weather and other natural events, and the physical effects of climate change.

Reporting Standards

Frameworks Used: GRESB

Environmental Metrics

ESG Focus Areas

• Climate Change
• Energy Management
• Sustainable Operations
• Community Investment
• Diversity, Equity, and Inclusion
• Talent Attraction and Development
• Business Ethics
• Business Model Resilience
• Corporate Governance
• Regulatory Compliance
• Stakeholder Engagement

Environmental Achievements

• Reduced Scope 1 and 2 GHG emissions by 26% compared to 2015.
• Invested over $40 million in energy-efficient roof systems.
• Upgraded parking lot lighting to LED at 90% of properties.
• Increased solar production at Bergen Town Center by over 12%.
• Installed or in progress with 62 EV charging stations across 11 properties.
• Achieved a 33% waste diversion rate.

Social Achievements

• Named one of New Jersey’s “Best Places to Work” by NJBIZ.
• Implemented Diversity, Equity, and Inclusion (DE&I) initiatives, including “Days of Understanding”.
• Expanded health and wellness programs for employees.
• Contributed over $800,000 to charitable organizations since 2015.
• Participated in Puerto Rico relief mission and school supply drive.

Governance Achievements

• Refreshed Board of Trustees with three new members.
• Improved governance and increased diversity of Board members.
• Conducted first materiality assessment to prioritize ESG issues.

Climate Goals & Targets

Environmental Challenges

• Climate-related physical risks (severe storms, flooding, rising sea levels).
• Climate-related transition risks (regulatory changes, reputational risks).
• NYC Local Law 97 compliance for seven properties.

Mitigation Strategies

• Developed emergency and resilience plans.
• Investing in storm-water management and flood-mitigation techniques.
• Increased wind ratings on roof systems.
• Purchased additional flood insurance.
• Investing in measures to heighten sustainability posture.
• Added green lease language to form lease.
• Energy consultant analysis of properties subject to Local Law 97.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Utilizing local vendors, with less than 5% being national vendors.
• At Woodmore Towne Centre, more than 20% of work is completed by local minority business enterprises (LMBE).

Climate-Related Risks & Opportunities

Physical Risks

• Severe storms
• Flooding
• Wildfires
• Rising sea levels
• Heat and water stress

Transition Risks

• Regulatory changes (e.g., NYC Local Law 97)
• Reputational risks

Opportunities

• Development of energy-efficient products and services
• New revenue streams from EV charging stations

Reporting Standards

Frameworks Used: GRI, SASB, TCFD

Certifications: Null

Third-party Assurance: ISOS Group, Inc.

UN Sustainable Development Goals

• Goal 2 (Zero Hunger)
• Goal 3 (Good Health and Well-being)
• Goal 5 (Gender Equality)
• Goal 8 (Decent Work and Economic Growth)
• Goal 13 (Climate Action)

Initiatives contributing to these goals are described in the report.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Silver Green Lease Leader award
• NJ Biz Best Places to Work
• Realcomm Digie Award
• CoStar Impact Award
• CoStar Power Broker Top Firm

Environmental Metrics

ESG Focus Areas

• Environmental Sustainability
• Social Responsibility
• Governance

Environmental Achievements

• Reduced greenhouse gas emissions by 33% since 2015 (one year ahead of schedule)
• Upgraded 100% of parking lot lights to energy-efficient LEDs
• Achieved a 31% reduction in water consumption (2022 vs 2023)
• +70% of property roof areas have been upgraded with energy-efficient roof systems

Social Achievements

• UE Cares committee partnered with local organizations for community engagement and giving days
• Received a Gold award from ICSC for the “Signs of HOPE” partnership raising awareness for the 988 Suicide and Crisis Lifeline
• Recognized by NJBIZ as one of the best places to work in New Jersey
• Received a “Gold Level” Healthy Workforce Designation from Cigna Healthcare
• Directed 49% of eligible spend to LMBE companies at Woodmore Towne Centre

Governance Achievements

• Strengthened governance practices, including enhancements to the cybersecurity program
• Completed board refreshment process

Climate Goals & Targets

Environmental Challenges

• Climate-related risks (extreme weather, sea-level rise, regulatory changes)
• Transition risks (regulatory changes, market shifts, reputational risks)

Mitigation Strategies

• Developed emergency preparedness plans
• Invested in storm water management and flood mitigation
• Implemented energy-efficient solutions (LED lighting, white roofs)
• Incorporated green lease language into standard lease agreements
• Set aggressive emissions reduction targets and aligned strategies to achieve goals

Supply Chain Management

Responsible Procurement

• Vendor due diligence
• High standards for ethical conduct and sustainability
• LMBE program at Woodmore Towne Centre

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events
• Extreme heat
• Sea-level rise
• Flooding
• Wildfires

Transition Risks

• Regulatory risks (e.g., Local Law 97)
• Reputational risks

Opportunities

• Development of energy-efficient products and practices

Reporting Standards

Frameworks Used: GRI, SASB, TCFD, UN SDGs

Third-party Assurance: Lloyd’s Register Quality Assurance (LRQA)

UN Sustainable Development Goals

• Goal 2: Zero Hunger
• Goal 3: Good Health and Well-being
• Goal 5: Gender Equality
• Goal 6: Clean Water and Sanitation
• Goal 7: Affordable and Clean Energy
• Goal 13: Climate Action

Urban Edge's initiatives contribute to these goals through community investment, employee well-being programs, diversity and inclusion efforts, water conservation, energy efficiency improvements, and greenhouse gas emission reductions.

Awards & Recognition

• Gold award from ICSC for “Signs of HOPE”
• Gold Level Healthy Workforce Designation from Cigna Healthcare
• Recognized by NJBIZ as one of the best places to work in New Jersey