Urban Edge Properties (UE) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening and welcome to Urban Edge Properties' second quarter 2026 earnings conference call. Joining me today are Jeff Olson, Chairman and Chief Executive Officer, Jeff Mooallem, Chief Operating Officer, Mark Langer, Chief Financial Officer, Heather Ohlberg, 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. 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. Thank you, Ariba, and good evening, everyone. We had a great second quarter with results that exceeded our internal expectations. We reported record FFO as adjusted of $0.40 per share, a 10% increase over the second quarter of last year and 7% year-to-date. Same property NOI, including redevelopment, grew 3.2% for the quarter and 3% year-to-date. Demand for high-quality space across our markets remains strong, and there continues to be limited availability of quality vacancies in our trade areas. Traffic across our centers is up 3% in the second quarter versus the prior year. underscoring the strength of our value and necessity-oriented merchandise mix. Traffic increases...