Core Insights - UDR reported revenue of $420.44 million for the quarter ended December 2024, reflecting a 2.3% increase year-over-year, but a slight miss of 0.02% against the Zacks Consensus Estimate of $420.52 million [1] - The company's EPS for the quarter was $0.63, significantly higher than $0.10 in the same quarter last year, aligning with the consensus estimate [1] Financial Performance - Average Physical Occupancy stood at 96.6%, matching the estimates from four analysts [4] - Rental income was reported at $420.44 million, exceeding the average estimate of $419.14 million from eight analysts, marking a 2.3% increase year-over-year [4] - Revenue from joint venture management and other fees was $2.29 million, slightly above the average estimate of $2.05 million, but represented a 3.8% decline year-over-year [4] - Net Earnings Per Share (Diluted) was reported at $0.02, below the average estimate of $0.06 from eight analysts [4] Market Performance - UDR shares have returned +1.5% over the past month, compared to a +1.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

分组1 - UDR reported quarterly funds from operations (FFO) of $0.63 per share, matching the Zacks Consensus Estimate and remaining unchanged from the previous year [1] - The company posted revenues of $420.44 million for the quarter ended December 2024, slightly missing the Zacks Consensus Estimate by 0.02% and showing an increase from $410.89 million year-over-year [2] - UDR shares have underperformed the market, losing about 3.9% since the beginning of the year compared to the S&P 500's gain of 2.7% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $0.61 on revenues of $422.55 million, while the estimate for the current fiscal year is $2.51 on revenues of $1.72 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Residential is currently in the bottom 16% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Financial Performance - UDR, Inc. reported a net loss of $5,044 thousand for Q4 2024, compared to a net income of $32,986 thousand in Q4 2023[2]. - Funds from Operations (FFO) per diluted share was $0.48 for Q4 2024, down from $0.61 in Q4 2023[8]. - Total revenues for Q4 2024 were $422,728 thousand, an increase from $413,273 thousand in Q4 2023, representing a growth of 2.8%[5]. - Same-store revenue growth was 2.5% for Q4 2024, while expense growth was 3.4%, leading to a Net Operating Income (NOI) growth of 2.1%[2]. - Net income for the quarter ended December 31, 2024, was a loss of $5,523,000, with consolidated EBITDAre adjusted for non-recurring items at $262,734,000[25]. - Total revenues for the quarter were $416,252,000, showing a sequential increase from the previous quarter[28]. - Total revenues for Q4 2024 reached $400.944 million, a 2.5% increase from $391.112 million in Q4 2023[49]. - Net operating income for Q4 2024 was $277.479 million, reflecting a 2.1% growth compared to $271.757 million in Q4 2023[49]. - Total revenues for the year-to-date (YTD) 2024 reached $1,524,774,000, representing a 2.3% increase compared to YTD 2023[61]. - Net operating income (NOI) for YTD 2024 was $1,052,388,000, reflecting a 1.5% growth from the previous year[61]. Occupancy and Revenue Metrics - The physical occupancy rate remained stable at 96.8% for both Q4 2024 and Q4 2023[2]. - Same-store communities generated revenues of $400,944,000 for the quarter, with a net operating income of $277,479,000, reflecting an operating margin of 69.2%[28]. - The company reported a total of 55,696 homes, with 54,215 classified as same-store communities, achieving a weighted average physical occupancy of 96.6%[28]. - Total revenue per occupied home increased by 2.5% year-over-year, reaching $2,546[46]. - Total revenue per occupied home for Q4 2024 was $2,546, a slight increase of 0.1% from $2,544 in Q3 2024[52]. - The average physical occupancy rate across all regions improved to 96.8% in YTD 2024, up from 96.7% in YTD 2023[58]. - Total revenue per occupied home increased by 2.2% to $2,554 in YTD 2024 compared to YTD 2023[58]. Debt and Financial Ratios - UDR's consolidated debt as a percentage of total assets was 32.7% in Q4 2024, slightly down from 32.9% in Q4 2023[2]. - The company reported a consolidated interest coverage ratio of 5.1x for Q4 2024, consistent with Q4 2023[2]. - Total debt stood at $5,826,965,000, with a net debt of $5,825,639,000, resulting in a consolidated Net Debt-to-EBITDAre ratio of 5.5x[25]. - The company maintained compliance with all debt covenants, including a maximum leverage ratio of 31.3%, well below the required 60.0%[25]. Guidance and Future Outlook - The company provided guidance for Q1 2025 FFO per share between $0.60 to $0.62 and full-year 2025 FFO per share between $2.45 to $2.55[2]. - Forecasted net income per diluted share for full-year 2025 is projected to be between $0.56 and $0.66[131]. - Forecasted FFO (Funds From Operations) per diluted share and unit for full-year 2025 is expected to range from $2.45 to $2.55[131]. - Future outlook remains positive with expectations for continued revenue growth across major markets, supported by stable occupancy rates[51]. Capital Expenditures and Investments - Total capital expenditures for the twelve months ended December 31, 2024, amounted to $191.4 million, averaging $3,460 per home[87]. - The company plans to allocate $220 to $260 million for capital expenditures in full-year 2025[91]. - The total debt and preferred equity program amounts to $529.2 million, with a weighted average return rate of 9.9%[75]. - The company recorded a loss from investments of $25.8 million during the period[77]. Regional Performance - The West Region contributed 30.5% of the same-store NOI, with Orange County, CA leading at 10.9%[42]. - The Northeast Region's same-store homes totaled 6,612, with a physical occupancy rate of 96.7%[46]. - The Mid-Atlantic Region reported a 4.5% increase in same-store revenues, reaching $83.008 million in Q4 2024, compared to $79.420 million in Q4 2023[49]. - The Southeast Region reported a 0.7% increase in same-store revenues, totaling $55.049 million in Q4 2024[55]. - The Southwest Region saw a decline in same-store revenues by 0.7%, with total revenues of $147,706,000 for YTD 2024[61]. Operational Efficiency - Year-over-year, same-store operating expenses increased by 3.4% to $123,465,000, with personnel costs rising by 3.8%[32]. - The company reported a provision for loan loss of $37,271,000 during the quarter[25]. - The company reported a decrease in expenses by 1.9% to $123.465 million in Q4 2024 compared to Q3 2024[55]. Ratings and Compliance - The company has a stable outlook from Moody's Investors Service with a Baa1 rating and from S&P Global Ratings with a BBB+ rating[25]. - The company disclaims any obligation to update or revise forward-looking statements unless required by U.S. securities laws[133].

Company Overview - UDR Inc. is a premier multifamily real estate investment trust (REIT) set to announce its fourth-quarter and full-year 2024 results on February 5, 2025, with expectations of revenue growth but unchanged funds from operations (FFO) per share [1] - The company reported an FFO as adjusted per share of 62 cents in the last quarter, aligning with the Zacks Consensus Estimate, driven by revenue increases from same-store communities and prior-year acquisitions [2][3] Market Conditions - The U.S. apartment market demand reached its highest level in nearly three years in Q4 2024, absorbing 230,819 market-rate units, while 155,408 new units were delivered [4] - U.S. apartment occupancy increased to 94.8% in December, with a 0.7% annual change, although rent growth was stagnant, with a 0.5% increase in 2024 and a monthly effective rent change down by 0.3% [5] Financial Projections - UDR expects FFO as adjusted per share to be 63 cents for Q4 2024 and $2.48 for the full year, both midpoints of previously provided guidance [8] - Same-store revenue growth is projected at 2.5% for Q4 2024 and 2.3% for the full year, while same-store expenses are expected to rise by 3.4% and 4.3%, respectively [9] Operational Insights - UDR owns a diverse mix of A/B quality properties across major U.S. regions and is investing in technology to optimize cost management and expand margins [6] - The company has entered agreements to sell two apartment communities for a total of $211.5 million, expected to close in Q1 2025 [11] Earnings Estimates - The Zacks Consensus Estimate for UDR's quarterly revenues is $420.52 million, indicating a 2.34% year-over-year rise, while the FFO per share estimate remains unchanged year-over-year [12][13] - UDR currently holds a Zacks Rank of 4 (Sell) with an Earnings ESP of +0.18%, indicating no clear prediction of a surprise in FFO per share for the upcoming earnings season [14]

Core Insights - UDR, Inc. has partnered with Funnel to implement a comprehensive suite of AI-infused multifamily CRM products across its nearly 60,000-unit portfolio, marking a significant step in multifamily centralization [1][2][6] Company Overview - UDR, Inc. is recognized as the 14th-largest multifamily owner-operator in the U.S. and has a history of pioneering centralization in the multifamily sector [1][4] - As of September 30, 2024, UDR owned or had an ownership position in 60,123 apartment homes, demonstrating its substantial presence in the market [8] Partnership Details - The partnership with Funnel includes the adoption of renter-centric CRM, AI solutions, fraud prevention, and other tools aimed at enhancing operational efficiency and communication [2][6] - Funnel's CEO highlighted the significance of this partnership, likening it to a "Super Bowl" moment, emphasizing UDR's leadership in technology and operations [5] Strategic Goals - UDR aims to transition from multiple disparate solutions to a unified omnichannel communication platform, which will streamline workflows and improve team efficiency [6] - The collaboration is expected to set a new standard for multifamily centralization, enhancing the overall experience for operators, onsite teams, and renters [6][7] Industry Impact - Funnel has established itself as a leading technology provider in the multifamily sector, partnering with 9 of the top 25 NMHC owners and operators, and is focused on driving transformation in the industry [5][7]

UDR, Inc. (UDR) recently issued its preliminary financial and operating results for the fourth quarter of 2024. Moreover, the company also provided an update on its investment activities.This residential REIT expects funds from operations (FFO) as adjusted per share to be 63 cents for the fourth quarter of 2024 and $2.48 for 2024. Both of these are the midpoints for the guidance range previously provided in the third-quarter 2024 earnings release.Same-store revenues year-over-year growth is expected to be 2 ...

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Shares of UDR Inc. (UDR) have rallied 15.8% in the past year, outperforming the industry's growth of 11.5%.Last October, UDR reported third-quarter 2024 funds from operations as adjusted (FFOA) per share of 62 cents, in line with the Zacks Consensus Estimate. On a year-over-year basis, FFOA per share declined 1.6%.Results reflected an increase in revenues from same-store communities, prior-year acquisitions and completed developments. UDR raised its full-year 2024 guidance.This residential real estate inves ...

UDR (UDR) has been on a downward spiral lately with significant selling pressure. After declining 5.6% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.Guide to Identifying Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversol ...

Financial Data and Key Metrics Changes - UDR's third quarter FFO as adjusted per share was $0.62, achieving the midpoint of previously provided guidance, with flat sequential results typical between the second and third quarters [50] - The updated full year 2024 FFOA per share guidance range is $2.47 to $2.49, reflecting positive year-over-year growth despite high supply and elevated interest rates [51][52] - Year-to-date same-store revenue and NOI growth for Q3 were 1.2% and 0.8%, respectively, driven by a 1.8% blended lease rate growth [20][21] Business Line Data and Key Metrics Changes - Same-store revenue growth guidance for 2024 was raised to a midpoint of 2.2% from 2.0%, driven by improved blended lease rate growth expectations [41] - Other income growth was approximately 5% in Q3, driven by continued innovation and value-add services [23][33] - Year-over-year same-store expense growth was 2% in Q3, better than expectations due to favorable real estate taxes and insurance savings [23] Market Data and Key Metrics Changes - Demand for apartments remains strong, with over 450,000 newly delivered apartment homes absorbed nationally in the first nine months of the year, approximately 50% above the long-term average [13] - The East Coast showed the most strength with blended lease rate growth of approximately 2% and same-store revenue growth of about 2.5% [36] - Sunbelt markets lagged behind coastal markets, with year-to-date revenue growth largely in line with expectations, but occupancy was at 96.1% with negative 1.5% same-store revenue growth [39] Company Strategy and Development Direction - UDR focuses on three growth drivers: innovation, customer experience, and maintaining an investment-grade balance sheet with substantial liquidity [9][12] - The company is exploring various forms of external growth, including joint venture acquisitions and OP unit transactions [12] - UDR aims to enhance customer experience to improve retention and lower turnover costs, which is expected to drive future margin expansion [10][11] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about long-term growth prospects for the multifamily industry despite macro volatility and interest rate uncertainties [18] - The company expects same-store revenue and NOI growth to accelerate in Q4 due to more moderate prior year comparisons [34] - Management highlighted that the pace of new supply is slowing, which bodes well for rent growth in the coming years [14] Other Important Information - UDR published its sixth annual ESG report, showcasing its commitment to environmental, social, and governance goals [16] - The company has more than $1 billion of liquidity as of September 30, with a proactive approach to managing its balance sheet [57][58] Q&A Session Summary Question: Thoughts on other income growth for 2025 - Management anticipates that other income growth will be similar to 2024, with initiatives like WiFi rollout expected to double their contribution to NOI next year [62][63] Question: Stability in Sunbelt markets - Management indicated that Sunbelt markets are showing signs of improvement, with occupancy trending higher and blended lease rate growth stabilizing [74] Question: Impact of turnover on expense growth - A 1% swing in turnover could significantly impact expense growth, with improved retention translating to lower repair and maintenance costs [75][79] Question: Expectations for rent growth in Sunbelt markets - Management expects rent growth to stabilize in the Sunbelt by mid-next year, with potential for pricing power to return in the second half of the year [82][109]