Urban Edge Properties (NYSE:UE) Q2 2024 Earnings Conference Call July 31, 2024 8:30 AM ET
Company Participants
Areeba Ahmed - IR Associate
Jeffrey Olson - Chairman & CEO
Jeffrey Mooallem - COO
Mark Langer - CFO
Conference Call Participants
Steve Sakwa - Evercore ISI
Samir Khanal - Evercore ISI
Floris van Dijkum - Compass Point
Ronald Kamdem - Morgan Stanley
Operator
Greetings and welcome to the Urban Edge Properties Second 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, you may begin.
Areeba Ahmed
Good morning and welcome to Urban Edge Property's second 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 in 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 investor 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. Our second quarter results reflect our continued progress towards achieving the goals we outlined at our April 2023 investor day.
We generated 7% earnings growth for the quarter and raised our 2024 FFO as adjusted guidance by half a penny per share at the midpoint, reflecting 5% expected growth for the year. We continue to believe that we will reach the high end of our 2025 FFO target of $1.31 to $1.39 per share, implying 5% to 6% growth over 2024. The two biggest drivers of our growth are strong operating fundamentals and accretive acquisitions.