Urban Edge Properties (NYSE:UE) Q3 2024 Earnings Conference Call October 30, 2024 8:30 AM ET
Company Participants
Areeba Ahmed - Investor Relations Associate
Jeffrey Olson - Chairman & Chief Executive Officer
Jeffrey Mooallem - Chief Operating Officer
Mark Langer - Chief Financial Officer
Conference Call Participants
Floris Van Dijkum - Compass Point
Samir Khanal - Evercore ISI
Ronald Kamdem - Morgan Stanley
Paulina Rojas - Green Street
Operator
Ladies and gentlemen, good morning, and welcome to the Urban Edge Properties Third 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. Please go ahead.
Areeba Ahmed
Good morning, and welcome to Urban Edge Properties' third 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 targets. 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 had another great quarter generating 9% FFO per share growth as compared to the third quarter of last year and 7% growth year-to-date. Our growth was driven by 5.1% increase in same property net operating income and accretion from our capital recycling activity. Over the past year, we have acquired $552 million of high quality shopping centers at a 7% cap rate, mostly funded through $425 million of dispositions of non-core and single tenant assets at a 5% cap rate.