Urban Edge Properties (NYSE:UE) Q2 2022 Earnings Conference Call August 3, 2022 8:30 AM ET
Company Participants
Jen Holmes - Chief Accounting Officer
Jeff Olson - Chairman & Chief Executive Officer
Chris Weilminster - Chief Operating Officer
Mark Langer - Chief Financial Officer
Herb Eilberg - Chief Investment Officer
Conference Call Participants
Samir Khanal - Evercore ISI
Floris van Dijkum - Compass Point
Paulina Rojas-Schmidt - Green Street
Chris Lucas - Capital One Securities
Operator
Greetings and welcome to the Urban Edge Properties Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded.
I would now like to turn this conference over to your host Ms. Jen Holmes, Chief Accounting Officer. Thank you ma'am. You may begin your presentation at this time.
Jen Holmes
Good morning and welcome to Urban Edge Properties' second quarter earnings conference call. Joining me today are Jeff Olson, Chairman and Chief Executive Officer; Mark Langer, Chief Financial Officer; Chris Weilminster, Chief Operating Officer; Danielle De Vita, EVP of Development; Herb Eilberg, Chief Investment Officer; and Rob Milton, General Counsel.
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, Jen and good morning everyone. We had a great second quarter with FFO as adjusted of $0.30 per share up 7% compared to prior year and also up 7% year-to-date.
Our results were driven by positive same property NOI growth and approximately $285 million of acquisitions completed over the past year. Our NOI performance is notable considering we are comping off a 25% increase in the second quarter of last year.
Our properties are predominantly situated throughout the densely populated first-ring suburbs of the D.C. to Boston corridor and benefit from the continued work from home trend.