Urban Edge Properties (NYSE:UE) Q3 2022 Earnings Conference Call November 3, 2022 8:30 AM ET

Company Participants

Etan Bluman - Senior Vice President of Finance & Investor Relations

Jeff Olson - Chairman & Chief Executive Officer

Mark Langer - Chief Financial Officer

Scott Auster - Head of Leasing

Conference Call Participants

Ronald Kamdem - Morgan Stanley

Brian Spahn - Evercore ISI

Paulina Rojas - Green Street

Operator

Good morning and welcome to the Urban Edge Properties Third Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Etan Bluman. Please go ahead, sir.

Etan Bluman

Good morning and welcome to Urban Edge Properties third quarter earnings conference call. Joining me today are Jeff Olson, Chairman and Chief Executive Officer; Mark Langer, Chief Financial Officer; Danielle De Vita, Executive Vice President of Development; Rob Milton, General Counsel; Scott Auster, Senior 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 in 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

All right. Thank you, Etan and good morning, everyone. I am pleased to announce another strong quarter with FFO as adjusted of $0.30 per share, an 8% increase over the third quarter of last year and a 7% increase year-to-date. This increase is primarily attributed to NOI growth and the acquisitions of Woodward Town Center outside of Washington, D.C. and the shops at Riverwood in Boston.

The shopping center industry continues to benefit from strong demand from a broad set of retailers, especially throughout the suburbs around New York City. Just in the past year, we have increased our occupancy from 93% to 95%, a notable growth rate following the pandemic. We had visible NOI growth coming from our signed but not yet open pipeline which has increased to $28 million, representing approximately 12% of our current NOI. We also have 1 million square feet of leases under negotiation, representing an additional 10% of annualized NOI.