Urban Edge Properties (NYSE:UE) Q2 2023 Earnings Conference Call August 2, 2023 8:30 AM ET
Company Participants
Etan Bluman - SVP, Finance and IR
Jeff Olson - Chairman and CEO
Jeff Mooallem - COO
Mark Langer - CFO
Conference Call Participants
Samir Khanal - Evercore ISI
Floris van Dijkum - Compass Point
Ronald Kamdem - Morgan Stanley
Paulina Rojas - Green Street
Operator
Greetings and welcome to the Urban Edge Properties' Second Quarter of 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Mr. Etan Bluman. Sir, you may begin.
Etan Bluman
Good morning and welcome to Urban Edge Properties' 2023 second quarter earnings conference call. Joining me today are Jeff Olson, Chairman and Chief Executive Officer; Jeff Mooallem, Chief Operating Officer; Mark Langer, Chief Financial Officer; Rob Milton, General Counsel; Scott Auster, Executive Vice President and Head of Leasing; and Andrea Drazin, Chief Accounting Officer.
Please note, today's discussion may contain forward-looking statements about the company's views of future events and financial performance, which are subject to numerous assumptions, risks and uncertainties and which the company does not undertake to update. Our actual future results, financial condition and business may differ materially. Please refer to our filings with the SEC, which are also available on our website for more information about the company.
In our discussion today, we will refer to certain non-GAAP financial measures. Reconciliations of these measures to GAAP results are available in our earnings release and supplemental disclosure package in the Investors section of our website.
At this time, it is my pleasure to introduce our Chairman and Chief Executive Officer, Jeff Olson.
Jeff Olson
Great. Thank you, Etan, and good morning.
Our results this quarter reflect our continued progress towards achieving our 2023 net operating income growth and FFO goals, giving us further confidence in attaining our three-year growth targets we outlined at our Investor Day in April, including growing net operating income by at least 20% compared to 2022 and achieving FFO of a $1.35 per share in 2025.
Our conviction stems from the fact that approximately 80% of our expected NOI growth is derived from executed leases and contractual rent bumps. On that point, we disclosed that $6 million of annualized gross rents commenced during the second quarter on previously signed leases.