Urban Edge Properties (UE) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jeff Olson. Please go ahead. Good morning and welcome to Urban Edge Properties' first quarter 2025 earnings conference call. Joining me today are Jeff Olson, Chairman and Chief Executive Officer, Jeff Mualim, Chief Operating Officer, Mark Langer, Chief Financial Officer, Rob Milton, General Counsel, Scott Oster, EVP and Head of Leasing, and Andrea Drazen, 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. Reconciliations of these measures to GAAP results are available in our earnings release and our supplemental disclosure package. At this time, it is my pleasure to introduce our Chairman and Chief Executive Officer, Jeff Olson. Great. Thank you, Areeba, and good morning, everyone. We had a great first quarter. generating results that exceeded our expectations, reporting FFO as adjusted of 35 cents per share, a 6% increase over the first quarter of last year, and the highest quarterly earnings result in UE's 10-year history. Same property NOI increased 3.8% compared to the first quarter of last year and benefited from r...