Urban Edge Properties (NYSE:UE) Q1 2023 Earnings Conference Call May 9, 2023 8:30 AM ET

Company Participants

Jeff Olson - Chairman, Chief Executive Officer

Jeff Mooallem - Chief Operating Officer

Mark Langer - Chief Financial Officer

Rob Milton - General Counsel

Scott Auster - Executive Vice President, Head of Leasing

Andrea Drazin - Chief Accounting Officer

Etan Bluman - SVP, Finance & Investor Relations

Conference Call Participants

Samir Khanal - Evercore ISI

Floris Van Dijkum - Compass Point

Ronald Kamdem - Morgan Stanley

Operator

Greetings! And welcome to the Urban Edge Properties earnings 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, Etan Bluman. Please go ahead.

Etan Bluman

Good morning and welcome to Urban Edge Properties 2023 first 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 everyone. I am pleased to announce that we finished the first quarter with strong results. FFO as adjusted was $0.32 per share for the first quarter, up 13% compared to last year and same property NOI was up significantly at 6.3%. The increases are primarily attributed to new rent commitments and lower operating and G&A expenses.

Before I get into the details of the quarter, I want to thank all of you that were able to attend our Investor Day a couple of weeks ago. The New York Stock Exchange provided a great venue and we were thrilled to have the opportunity to engage with so many analysts and investors. Our first quarter results demonstrate continued momentum and successful execution of the growth pillars we outlined during our Investor Day presentation.