BuildingINVESTOR Community DAY 2019 Driving Growth INVESTOR DAY November 7, 2019 Forward Looking Statements Certain statements contained in this presentation constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future 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 find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Presentation. 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. These factors include, among others, our ability to promptly re-lease our vacant anchor boxes; the impact of e-commerce; the loss of or bankruptcy of major tenants; general economic conditions and changes in the real estate market in particular; adverse economic conditions in the areas in which our properties are located; natural disasters; development risks which include potentially higher costs related to our development, redevelopment and anchor repositioning projects; our ability to obtain relevant consents, permits and entitlements; and our ability to lease these projects at projected rates; competition for acquisitions; the loss of key personnel; the availability of financing and changes in, and compliance with, tax law and REIT qualifications. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2018, and the other documents filed by the Company with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 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 acting 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 statements to reflect events or circumstances occurring after the date of this presentation. INVESTOR DAY 2019 2 Highlights • Creative, Experienced and Entrepreneurial Team • High-Quality, Irreplaceable Portfolio • Strip Centers Are Not Malls • Anchor Leasing Should Drive Occupancy from 93% to 97% • $1 Billion of Redevelopment Opportunities • ~$200 Million of Acquisitions Closed or Under Contract • Strong Balance Sheet • 5–6% Compounded Annual FFO Growth over Next Three Years • UE Stock Is Undervalued on a Relative Basis INVESTOR DAY 2019 3 Executive Team Chris Weilminster Donald Briggs Chief Operating O cer President Development Mark Langer Jerey Olson Herbert Eilberg Chief Financial O cer Chairman and Chief Executive O cer Chief Investment O cer INVESTOR DAY 2019 4 High-Quality, Irreplaceable Portfolio • Concentrated in the NY metropolitan area, the most densely-populated, supply-constrained market in the country - Average of 210,000 people living within a 3-mile radius - Northern New Jersey, our largest market, is one of the most supply-constrained regions of the country with only 11 square feet of retail gross leasable area per capita • Impossible to replicate as assets of comparable quality rarely trade • Anchored by high-volume, value and necessity retailers - Average supermarket generates $740 PSF in sales(1) - Top tenants: Home Depot, TJX, Best Buy, Lowe’s and Walmart(2) • Portfolio ripe with significant redevelopment opportunities (1) Based on supermarkets reporting with at least one full year of operations as of September 30, 2019 (2) Based on annualized base rent as of September 30, 2019 INVESTOR DAY 2019 5 Bruckner Commons Bronx, NY Density Creates Opportunity INVESTOR DAY 2019 6 Portfolio Concentrated in DC to Boston Corridor • 62 of the company’s 73 properties are situated in the DC to Boston corridor, representing ~88% of Net Operating Income (NOI) • Most heavily urbanized region in the US • Contains 50 million people • 931 people per square mile, over 10x higher than the US average 7 New York Metro: 48 Properties, ~80% of Total Value INVESTOR DAY 2019 8 Portfolio Composition Flagship Value-Add Core Non-Core Total Number of Assets 4 23 20 26 73 Gross Leasable Area 2.9M sf 5.4M sf 4.2M sf 2.5M sf 15M sf Estimated Gross Value $1.3B $1.5B $1.0B $0.2B $4.0B Occupancy Rate 94% 86% 98% 98% 93% Weighted Average Base Rent PSF $26 $20 $16 $13 $19 Weighted Average 3-Mile Population 280,000 200,000 150,000 150,000 210,000 Weighted Average 3-Mile Income $111,000 $108,000 $106,000 $83,000 $107,000 Estimated 3-Yr NOI CAGR 2019–2022 3–4% 7–8% 2–3% 3–4%(1) 3–5% Note: the table reflects the pro forma impact of acquisitions and dispositions under contract as of October 31, 2019. (1) The growth rate includes the impact of two anchor leases that were recently executed that have not yet commenced rent as of September 30, 2019. Excluding the impact of these two leases, the three-year NOI Compound Annual Growth Rate (CAGR) for the non-core portfolio would be ~2%. INVESTOR DAY 2019 9 Strip Centers Are Not Malls Strip centers oer compelling investment advantages over malls: • Flexible Format • Retailer Performance • Liquidity - Most shopping centers are one-level - Stock performance of UE’s top five - In the last 12 months, 400 asset rectangular buildings that only cover tenants (Home Depot, TJX, Best Buy, sales transactions have been completed 25% of the land with parking lots Lowe’s and Walmart) is +34% YTD with in the shopping center space, accounting taking up the remaining 75% an average market cap of $154B for $14B - Stock performance of top five mall tenants (Gap, - Little to no activity in the mall space L Brands, Ascena, PVH and Signet) is –35% YTD with an average market cap of only $4B Three-Year Growth Plan: 2020–2022 FFO Per Share SP NOI Increase Acquisitions CAGR CAGR Occupancy from Per Year 5–6% 3–5% 93% to 97% $150M– $200M Development Dispositions Maintain Cash Net Debt Spend Per Year Per Year Balance to EBITDAre $100M– $50M $200M– <6.0x $125M $300M accelerates to $200M–$300M/year starting in 2023 depending on residential funding INVESTOR DAY 2019 11 Our Stock Is Undervalued on a Relative Basis 3-Mile Pop. 3-Mile 3 Year Implied Density Median Income FFO Growth Cap Rate Federal Realty 172,000 $102,000 4.2% 5.0% UE has historically traded Acadia Realty Trust 365,000 92,000 3.1% 5.2% in line with these peers ROIC 118,000 92,000 2.5% 5.3% } UE Stock would trade at Regency Centers 146,000 94,000 2.1% 5.6% Average 200,250 $95,000 2.9% 5.3% $28 per share at a 5.3% cap rate Kimco Realty 124,000 $84,000 2.2% 6.4% Weingarten Realty 122,000 76,000 0.9% 6.5% Site Centers 110,000 83,000 -3.0% 7. 1% RPAI 145,000 87,000 2.6% 7.3% Brixmor Property Group 86,000 72,000 0.0% 7.3% Average 117,400 $80,400 0.5% 6.9% UE – Green Street Est. 2.3% 6.2% UE – Internal Projection 210,000 $89,000 5–6% Data is per latest available Green Street estimates, which have valued UE’s Puerto Rico assets at its debt. Implied cap rates reflect share prices as of November 4, 2019. INVESTOR DAY 2019 12 RETAIL LANDSCAPE INVESTOR DAY 2019 13 Evolution of Retail Real Estate THEN NOW Quantity vs. Quality Inflexibility vs. Flexibility Brick & Mortar vs. Harmonized Retail Picture of Sears INVESTOR DAY 2019 14 Diversified Tenant Concentration Retail Categories – Top 50 Tenants (comprise ~2/3 total company ABR) Pet Store 5% Apparel 5% Discounter 19% Other (O¦ce, Education, Beauty) 10% Consumer Electronics 8% Home Improvement / Furnishings 19% Fitness / Restaurant / Entertainment 8% Leading Grocer / Department Store Warehouse Club 11% 15% INVESTOR DAY 2019 15 Tenant Concentration Top 20 Tenants by Annualized Base Rent (ABR) Total Square Feet ABR Tenant in thousands in millions % of Total ABR The Home Depot, Inc. 920 $16.5 6.5% The TJX Companies, Inc. 615 11.2 4.4 Best Buy Co., Inc. 404 9.0 3.5 Lowe’s Companies, Inc. 976 8.6 3.4 Walmart Inc. 727 7.7 3.0 Ahold Delhaize 590 7.2 2.8 Burlington Stores, Inc. 405 7.0 2.8 PetSmart, Inc. 287 6.9 2.7 Kohl’s Corporation 633 6.4 2.5 BJ’s Wholesale Club 454 5.7 2.2 Wakefern (ShopRite) 296 5.2 2.1 Staples, Inc. 186 4.0 1.6 Whole Foods Market, Inc. 101 3.7 1.4 The Gap, Inc. 124 3.6 1.4 Target Corporation 298 3.5 1.4 Century 21 157 3.4 1.3 Sears Holdings Corporation 322 3.3 1.3 LA Fitness International LLC 181 3.3 1.3 Bob’s Discount Furniture 171 3.2 1.3 24 Hour Fitness 54 2.6 1.0 Total 7,901 $121.8 48% INVESTOR DAY 2019 16 Anchor Lease-Up Projections Annual Status Property Gross Rent Estimated Stabilization Open Amherst Commons, $2M 3Q19 West Branch Commons Executed Salem, $2M 2Q20; 2Q22 Shops at Bruckner Negotiating Briarcli§ Commons, $11M 1Q21–2Q22 Huntington Commons, Las Catalinas Mall, Plaza at Woodbridge, Lodi, Hudson Mall, Wilkes-Barre Commons Subtotal $15M Held for Development Bruckner Commons $3M TBD Total $18M INVESTOR DAY 2019 17 Large Anchor Leasing Drives ~40% of Three-Year NOI Growth Anchor Lease-Up $15M $10M Gross Rent $5M 0 2019 2020 2021 2022 Year Ending Note: Total capital including tenant improvements, development and construction costs related to these leases is expected to be approximately $100M which is included in the three-year development pipeline.