PresentationGood afternoon, everyone. Welcome to Bank of America's 2025 Global Real Estate Conference. I'm Jana Galan, and I cover the residential REITs at Bank of America, and we're pleased to have with us UDR's President and CEO, Tom Toomey; CFO, Dave Bragg; COO, Mike Lacy; VP of Investment Analytics, Chris Van Ens; and Vice President of IR, Trent Trujillo. Tom will start with a few opening remarks, and then we can jump into Q&A.Tom ToomeyChairman, President & CEO Great. And thank you again for hosting us ...

PresentationGood afternoon, everyone. Welcome to Bank of America's 2025 Global Real Estate Conference. I'm Jana Galan, and I cover the residential REITs at Bank of America, and we're pleased to have with us UDR's President and CEO, Tom Toomey; CFO, Dave Bragg; COO, Mike Lacy; VP of Investment Analytics, Chris Van Ens; and Vice President of IR, Trent Trujillo. Tom will start with a few opening remarks, and then we can jump into Q&A.Tom ToomeyChairman, President & CEO Great. And thank you again for hosting us ...

UDR (NYSE:UDR) 2025 Conference September 09, 2025 03:00 PM ET Company ParticipantsJana Galan - DirectorThomas Toomey - Chairman, President & CEOMichael Lacy - SVP & COODavid Bragg - SVP & CFOChristopher Van Ens - Vice PresidentConference Call ParticipantsNone - AnalystJana GalanGood afternoon, everyone. Welcome to Bank of America's 2025 Global Real Estate Conference. I'm Yana Gallen, and I cover the residential REITs at Bank of America. We're pleased to have with us UDR's President and CEO, Thomas Toomey, C ...

This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Dive Brief: The loan for Storehouse Lofts, a 161-unit property in Philadelphia, has been moved to special servicing after a payment default, according to a Morningstar Credit report shared with Multifamily Dive. The loan for the property, with $28 million outstanding, initially fell delinquent in January 2025 and has moved to the 90-day category as of Augus ...

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The service offers a free two-week trial for potential investors to explore exclusive income-focused portfolios [1] Group 2 - Successful investing is characterized by acquiring good assets at favorable prices rather than merely popular assets [2] - The emphasis is on defensive stocks with a medium- to long-term investment horizon [2]

Table of Contents For the quarterly period ended June 30, 2025 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10524 UDR, Inc. (Exact name of registrant as specified in its charter) Maryland 54-0857512 (State or other jurisdiction of ( ...

Financial Data and Key Metrics Changes - UDR's second quarter FFOA per share was $0.64, exceeding the high end of previously provided guidance, reflecting a $0.03 or 5% sequential increase driven by higher same store NOI and lower expense growth [22][23] - The company raised its full year 2025 FFOA per share guidance range to $2.49 to $2.55, with a midpoint of $2.52 representing a $0.02 per share improvement compared to prior guidance [23][24] - Same store revenue and NOI growth for the second quarter were 2.5% and 2.9% respectively, better than expected [11][20] Business Line Data and Key Metrics Changes - Same store revenue growth guidance for 2025 was raised to a new range of 1.75% to 3.25%, with a midpoint increase of 25 basis points [14][16] - Annualized resident turnover was reported at 4.2%, significantly better than the prior year and the historical average [12][20] - Income growth from rentable items was 10%, driven by continued innovation and value-added services [12][20] Market Data and Key Metrics Changes - Coastal markets showed strong performance with a second quarter weighted average occupancy of 97.2% and blended lease rate growth of 4% [17][18] - The West Coast demonstrated the strongest momentum with a second quarter weighted average occupancy of 96.9% and blended lease rate growth of 4.2% [18][19] - Sunbelt markets lagged behind with a second quarter weighted average occupancy of 96.7% and slightly negative year-to-date same store revenue growth [20][21] Company Strategy and Development Direction - UDR's strategy focuses on enhancing customer experience, driving innovation, and capital deployment to drive earnings accretion [7][8] - The company aims to leverage its investment-grade balance sheet and substantial liquidity to fund capital needs and pursue attractive investment opportunities [8][25] - UDR remains optimistic about the long-term prospects for the apartment industry, citing favorable supply and demand dynamics [10][21] Management's Comments on Operating Environment and Future Outlook - Management noted that employment and income growth in 2025 exceeded expectations, leading to healthy demand for apartments and record high absorption [5][21] - The company expressed confidence in its ability to drive revenue growth through strategic initiatives and operational excellence [10][21] - Management acknowledged the challenges in the Sunbelt markets but anticipated a return of pricing power as supply pressures decrease [19][21] Other Important Information - UDR was named a top workplace winner in the real estate industry for the second consecutive year, reflecting its strong corporate culture [8] - The company recently appointed Dave Bragg as the new Chief Financial Officer, bringing extensive industry experience [9] Q&A Session Summary Question: Can you elaborate on the blended lease assumption for the second half of the year? - Management indicated that the guidance raise was based on strong execution and that they expect renewal growth to be in the 4% to 4.5% range for the back half of the year, slightly lower than previous months [28][30] Question: Which market's expectations have changed the most? - The West Coast has performed better than expected, while the Sunbelt has not met initial expectations but is showing signs of improvement [39][40] Question: What opportunities are being seen on the external growth front? - The transaction market remains healthy, with UDR focusing on joint venture acquisitions and selective recapitalizations [44][49] Question: How is the company planning to fund upcoming debt maturities? - UDR plans to refinance upcoming debt and maintain its commercial paper program, ensuring liquidity remains strong [50][51] Question: Can you provide insights on the Philadelphia property acquisition? - The acquisition of the Philadelphia property has resulted in improved occupancy from 83% to 97% in a short period, indicating effective management [60][61]

Financial Data and Key Metrics Changes - UDR's second quarter FFOA per share was $0.64, exceeding the high end of previously provided guidance, reflecting a $0.03 or 5% sequential increase driven by higher same store NOI and lower expense growth [23][24] - The full year 2025 FFOA per share guidance range was raised to $2.49 to $2.55, with a midpoint of $2.52 representing a $0.02 per share improvement compared to prior guidance [24] Business Line Data and Key Metrics Changes - Second quarter same store revenue and NOI growth were 2.5% and 2.9% respectively, driven by a 2.8% blended lease rate growth, with renewal rate growth of 5% and new lease rate growth of 30 basis points [11][12] - Year over year same store expense growth was only 1.7%, significantly better than expectations, primarily due to favorable real estate taxes and insurance savings [13][16] Market Data and Key Metrics Changes - Coastal markets exceeded expectations with a second quarter weighted average occupancy of 97.2% and blended lease rate growth of 4% [17] - The West Coast demonstrated strong momentum with a second quarter weighted average occupancy of 96.9% and blended lease rate growth leading all regions at 4.2% [18] - Sunbelt markets lagged behind coastal markets, with a second quarter weighted average occupancy of 96.7% and slightly negative year-to-date same store revenue growth [20] Company Strategy and Development Direction - UDR's strategy focuses on enhancing customer experience, driving innovation, and deploying capital for earnings accretion, supported by a strong investment-grade balance sheet [6][7][9] - The company aims to leverage favorable supply and demand dynamics in the housing market to enhance growth prospects [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term prospects for the apartment industry, citing favorable job and wage growth supporting strong demand for apartments [21] - The company noted that elevated homeownership costs and housing undersupply in the U.S. should bode well for occupancy and pricing going forward [21] Other Important Information - UDR was named a top workplace winner in the real estate industry for the second consecutive year, reflecting its strong corporate culture [8] - The company has a robust pipeline of current and future initiatives expected to drive attractive growth for many years [7] Q&A Session Summary Question: Can you elaborate on the blended lease assumption for the back half of the year? - Management indicated that the guidance raise was due to strong execution and that they expect renewal growth to be in the 4% to 4.5% range for the back half of the year, slightly lower than previous months [30][34] Question: Which market's expectations have changed the most? - The West Coast has performed better than expected, while the Sunbelt has not met initial expectations but is showing signs of improvement [39][40] Question: What opportunities are being seen on the external growth front? - The transaction market remains healthy, with a focus on joint venture acquisitions and selective recapitalizations, while the development side is slower due to high construction costs [46][50] Question: Can you provide insights on the Philadelphia property acquisition? - The acquisition of the Philadelphia property was initially a drag on guidance, but the developer's repayment of interest has offset some of that impact [57][59] Question: What are the trends in the D.C. market? - D.C. remains a strong market with a 4.9% revenue growth during the quarter, maintaining high occupancy and consistent blended lease rates [68][70]

Core Insights - UDR Inc. reported second-quarter 2025 funds from operations as adjusted (FFOA) per share of 64 cents, exceeding the Zacks Consensus Estimate of 62 cents and up from 62 cents in the prior-year quarter [1][8] - The company experienced year-over-year growth in same-store net operating income (NOI) driven by higher effective blended lease rates and raised its 2025 FFOA per share guidance [1][8] Financial Performance - Quarterly revenues from rental income reached $423.0 million, surpassing the Zacks Consensus Estimate of $422.2 million, with total revenues at $425.4 million, both showing over 2% growth year-over-year [2] - Same-store revenues increased by 2.5% year-over-year, while same-store expenses rose by 1.7%, leading to a 2.9% improvement in same-store NOI [3][8] - The effective blended lease rate grew by 2.8% during the quarter, with a weighted average same-store physical occupancy of 96.9%, which increased by 10 basis points year-over-year [3] Balance Sheet and Liquidity - As of June 30, 2025, UDR had $1.1 billion in liquidity, with total debt at $5.8 billion, of which only $531.8 million (9.6%) is maturing through 2026 [4] - The net debt-to-EBITDA ratio improved to 5.5X in the second quarter, down from 5.7X in the previous quarter [4] Portfolio Activity - UDR acquired the developer's equity interest in Broadridge, a 478-unit apartment community in Philadelphia, PA, during the second quarter [6] Guidance - The company raised its full-year 2025 FFOA per share guidance midpoint to $2.52 from $2.50, with expectations for third-quarter 2025 FFOA per share in the range of 62-64 cents [7][9] - For 2025, UDR projects same-store revenue growth rates between 1.75-3.25%, same-store expenses between 2.50% and 3.50%, and same-store NOI between 1.50% and 3.00% [9]

For the quarter ended June 2025, UDR (UDR) reported revenue of $423 million, up 2.3% over the same period last year. EPS came in at $0.64, compared to $0.08 in the year-ago quarter. The reported revenue represents a surprise of +0.18% over the Zacks Consensus Estimate of $422.24 million. With the consensus EPS estimate being $0.62, the EPS surprise was +3.23%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations ...