Urban Edge Properties (NYSE:UE) Q3 2023 Earnings Conference Call October 31, 2023 8:30 AM ET
Company Participants
Etan Bluman - Investor Relations
Jeff Olson - Chairman and Chief Executive Officer
Jeff Mooallem - Chief Operating Officer
Mark Langer - Chief Financial Officer
Conference Call Participants
Floris Van Dijkum - Compass Point
Samir Khanal - Evercore ISI
Ron Kamdem - Morgan Stanley
Operator
Greetings, and welcome to the Urban Edge Properties Third Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Etan Bluman. Thank you. You may begin.
Etan Bluman
Good morning, and welcome to Urban Edge Properties 2023 third 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 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
Great. Thank you, Etan, and good morning.
Today, we are excited to be holding our earnings call from Puerto Rico. At our Investor Day in April of this year, we had a slide noting the sun is shining in Puerto Rico. That is true on many levels, including the transformations underway on our two properties here on the island, in addition to our overall operating performance and the progress we have made on our capital recycling initiatives.
Starting with our results. We had one of the most productive quarters in our company's history. There are at least seven noteworthy accomplishments.
First, we reported FFO as adjusted of $0.32 per share, up 7% compared to last year and well above our budget, driven by higher rent, lower operating cost and lower G&A.