Urban Edge Properties Appoints Jeffrey S. Mooallem as Chief Operating Officer

Rhea-AI Summary

Urban Edge Properties (NYSE: UE) has appointed Jeffrey S. Mooallem as the new Chief Operating Officer, effective January 9, 2023. Mooallem comes with extensive experience, having served as President and CEO at Gazit Horizons and held leadership positions at Equity One, Federal Realty Investment Trust, and Turnberry. His background includes overseeing over $2 billion in real estate acquisitions. He succeeds Chris Weilminster, who departed on November 18, 2022. The leadership change is expected to enhance Urban Edge's strategic operations and asset management.

Positive

• Appointment of Jeffrey S. Mooallem expected to strengthen leadership.
• Mooallem's extensive experience in retail real estate could unlock new value for shareholders.

Negative

• Concerns about continuity and changes in operational strategy following Weilminster's departure.

NEW YORK--(BUSINESS WIRE)-- Urban Edge Properties (NYSE: UE) today announced the hiring of Jeffrey S. Mooallem as Chief Operating Officer, effective January 9, 2023. Mr. Mooallem is a veteran real estate executive with extensive experience across the industry. For the past five years, he has served as the President and CEO of Gazit Horizons, a U.S. subsidiary of Gazit Globe, a global real estate company, and prior to that, he served in executive leadership positions at Equity One, Inc., Federal Realty Investment Trust and Turnberry. Mr. Mooallem has deep expertise leasing, acquiring and redeveloping retail real estate and helped lead the transformation of Serramonte Mall in Daly City, California, Aventura Mall in Aventura, Florida, Ceasar’s Bay in Brooklyn, New York, and The Home Depot on 61^st Street on the Upper East Side of Manhattan. Mr. Mooallem has successfully led the acquisition and development of more than $2 billion of real estate during his career.

“I am delighted to have the opportunity to work with Jeff again,” said Jeff Olson, Chairman and CEO. “We enjoyed great success in our four years together at Equity One where Jeff led all aspects of the West Coast division. He is an exceptionally talented real estate executive who has created significant value for shareholders through acquiring and upgrading retail properties. We look forward to having him on board as we continue to execute on our strategic plan of improving retail real estate, primarily in the Washington, D.C. to Boston corridor.”

“I am excited to join the Urban Edge team,” said Jeff Mooallem. “As a native New Yorker, I know how special this portfolio is, and I have watched closely as Urban Edge has improved the quality of these assets. I look forward to getting to work at unlocking additional opportunities and creating more value for shareholders.”

Mr. Mooallem succeeds Chris Weilminster who will be departing the Company effective November 18, 2022. “We extend our thanks and appreciation to Chris for his many contributions to Urban Edge including his leadership in building a best-in-class leasing team, growing our occupancy with national retailers, and working with tenants throughout the pandemic to ensure their successful operation. We wish him great success in the future,” said Jeff Olson, Chairman and CEO.

ABOUT URBAN EDGE PROPERTIES

Urban Edge Properties is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge owns 76 properties totaling 17.2 million square feet of gross leasable area.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221019005949/en/

Mark Langer, EVP and

Chief Financial Officer

212-956-2556

Source: Urban Edge Properties

FAQ

Who is the new COO of Urban Edge Properties?

Jeffrey S. Mooallem has been appointed as the new Chief Operating Officer of Urban Edge Properties.

When does Jeffrey S. Mooallem start as COO?

Jeffrey S. Mooallem will begin his role as COO on January 9, 2023.

What position did Chris Weilminster hold at Urban Edge Properties?

Chris Weilminster served as Chief Operating Officer before departing on November 18, 2022.

What is the background of Jeffrey S. Mooallem?

Mooallem has extensive experience in real estate, previously serving as President and CEO of Gazit Horizons, and held leadership roles at various real estate firms.

What impact might Mooallem's appointment have on Urban Edge Properties?

Mooallem's expertise in retail real estate may enhance asset management and strategic operations at Urban Edge Properties.