Urban Edge Properties (NYSE:UE) Q1 2024 Earnings Conference Call May 7, 2024 8:30 AM ET
Company Participants
Areeba Ahmed - Investor Relations Associate
Jeffrey Olson - Chairman & Chief Executive Officer
Jeffrey Mooallem - EVP & Chief Operating Officer
Mark Langer - EVP & Chief Financial Officer
Robert Milton - EVP & General Counsel
Scott Auster - EVP & Head of Leasing
Andrea Drazin - Chief Accounting Officer
Conference Call Participants
Steve Sakwa - Evercore ISI
Floris van Dijkum - Compass Point
Ronald Kamdem - Morgan Stanley
Paulina Rojas - Green Street
Operator
Greetings, and welcome to the Urban Edge Properties First Quarter 2024 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, Areeba Ahmed, Investor Relations Associate. Thank you, Areeba. You may begin.
Areeba Ahmed
Good morning, and welcome to Urban Edge Properties first quarter 2024 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, EVP 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 results, financial condition and business may differ. 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, including reference to our 2025 FFO as adjusted target. Reconciliations of these measures to GAAP results are available in our earnings release, supplemental disclosure package, and our April 2023 investor presentation in the investors section of our website.
At this time, it is my pleasure to introduce our Chairman and Chief Executive Officer, Jeff Olson.
Jeffrey Olson
Great. Thank you, Areeba, and good morning everyone. We are off to a great start in 2024 and we are excited to build on our momentum executing the growth strategy we outlined at our 2023 Investor Day. First quarter FFO as adjusted was $0.33 per share, a 4.4% increase compared to prior year. We executed our plan primarily due to higher NOI growth which was up 3.7% for our same property pool.