UDR Inc. (UDR) reported second-quarter 2024 funds from operations as adjusted (FFOA) per share of 62 cents, which surpassed the Zacks Consensus Estimate of 61 cents. On a year-over-year basis, FFOA per share climbed 1.6%. Quarterly rental income was $413.3 million, which outpaced the Zacks Consensus Estimate of $412.9 million and came ahead of the year-ago quarter's $403.1 million. Total revenues came in at $415.3 million. Rental income and total revenues rose 2.5% and 2.7%, respectively. Results reflect an ...

UDR (UDR) reported $413.33 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 2.5%. EPS of $0.62 for the same period compares to $1.05 a year ago. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Here is how UDR performed in the just reported quarter in terms of the metrics most ...

This quarterly report represents an FFO surprise of 1.64%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.61 per share when it actually produced FFO of $0.61, delivering no surprise. UDR, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $413.33 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.11%. This compares to year-ago revenues of $403.1 million. The company has topped consensus re ...

Financial Performance - For Q2 2024, UDR reported a net income per diluted share of $0.08, a decrease of 92% compared to $1.05 in Q2 2023[6]. - Funds from Operations (FFO) per diluted share was $0.60, down 5% from $0.63 in the prior year[7]. - Adjusted FFO (AFFO) per diluted share remained stable at $0.55, unchanged from Q2 2023[7]. - The company reported a net income attributable to common stockholders of $27.7 million for Q2 2024, with diluted earnings per share of $0.08[44]. - Net income attributable to common stockholders for the three months ended June 30, 2024, was $27.67 million, a decrease of 92% compared to $346.32 million in the same period of 2023[50]. - The net income for the six months ended June 30, 2024, was $77.32 million, compared to $403.11 million for the same period in 2023, indicating a significant decline[47]. Revenue and Growth - Total revenue increased by $10.8 million year-over-year, or 2.7%, reaching $415.3 million, primarily driven by Same-Store community growth[12]. - Total revenues for the three months ended June 30, 2024, increased to $415.32 million, up from $404.55 million in the same period of 2023, representing a growth of 2%[47]. - Total revenues for Q2 2024 reached $388.162 million, a 2.5% increase from $378.535 million in Q2 2023[88]. - Total Same-Store revenues increased by 2.8% to $764.8 million in YTD 2024 compared to $743.6 million in YTD 2023[100]. Operating Metrics - Same-Store revenue growth for Q2 2024 was 2.5% compared to Q2 2023, while expenses grew by 3.7%[8]. - UDR's Same-Store Net Operating Income (NOI) grew by 2.0% year-over-year in Q2 2024[8]. - The operating margin for same-store communities improved to 69.2%, up from 68.5% in the prior quarter[70]. - Net operating income for Q2 2024 was $268.469 million, up 2.0% from $263.103 million in Q2 2023[88]. Occupancy and Leasing - Weighted average physical occupancy for Q2 2024 was 96.8%, a slight decrease from 97.1% in Q1 2024[14]. - The physical occupancy rate for YTD 2024 was 97.0%, with a slight increase of 0.5% in occupancy compared to the previous year[22]. - The average physical occupancy rate across all markets is 96.8%, showing a slight increase from 96.6% in the previous year[85]. - Effective renewal lease rate growth for July and August increased to the range of 4.5% to 5.0%[13]. Development and Investments - UDR completed the development of a $134.0 million, 330-home apartment community in Tampa, FL during the quarter[9]. - The company funded $483.8 million, or 99.8%, of its Developer Capital Program commitments, with a contractual weighted average return of 10.0%[25]. - The company has a total of 6,815 homes under the Developer Capital Program, with 5,618 homes in preferred equity investments[113]. - Total land holdings consist of 8 parcels with a basis of $245.8 million, indicating ongoing investment in future developments[106]. Debt and Liabilities - As of June 30, 2024, the company's total indebtedness was $5.8 billion, with only $290.3 million maturing through 2025, representing 5.4% of total consolidated debt[28]. - The weighted average interest rate increased to 3.38% in Q2 2024 from 3.21% in Q2 2023[30]. - The company maintained compliance with all debt covenants, including a maximum leverage ratio of 31.3%, well below the required 60.0%[67]. - The weighted average years to maturity for total debt is 5.2 years, indicating a manageable debt profile[59]. Guidance and Forecast - The company raised its full-year 2024 FFOA per diluted share guidance to a range of $2.42 to $2.50, reflecting strong market positioning[10]. - Full-Year 2024 guidance for FFO per common share is projected to be between $2.38 and $2.46, reflecting an increase from prior guidance[125]. - The company anticipates a revenue growth of 1.00% to 3.00% for the Full-Year 2024, compared to a prior range of 0.00% to 3.00%[125]. - Forecasted net income per diluted share for full-year 2024 is projected to be between $0.35 and $0.43[166]. Risks and Market Conditions - The company highlights potential risks including unfavorable changes in the apartment market and rising interest rates[169]. - The management team emphasizes the importance of market conditions and competition in achieving projected results[169]. - The company does not commit to updating forward-looking statements unless required by U.S. securities laws[169].

Core Viewpoint - UDR Inc. is expected to report its second-quarter 2024 results, with anticipated revenue growth but unchanged funds from operations (FFO) per share [1][6]. Group 1: Market Conditions - The national occupancy rate remained stable at 94.2% in June, with rent growth rates stabilizing, showing a 0.2% increase year-over-year and a monthly effective rent change of 0.4% [3]. - The U.S. apartment market experienced a surge in demand in the second quarter, with 389,629 apartment units absorbed over the past 12 months, including 257,000 units in the first two quarters of 2024 [8][23]. - The average effective rent was reported at $1,838 [3]. Group 2: Company Performance and Projections - UDR's quarterly revenue is estimated at $413.61 million, reflecting a 2.6% year-over-year increase [5]. - The consensus estimate for FFO per share remains unchanged at 61 cents, indicating no growth year-over-year [6]. - UDR's projected FFO for the second quarter is in the range of 60-62 cents [25]. Group 3: Operational Insights - UDR's investments in technology and process improvements are expected to enhance cost control and support margin expansion through its Next Generation Operating Platform [4]. - The company reported an average physical occupancy of 96.9% in May and April, slightly down from 97.1% in the first quarter of 2024 [10]. - The estimated same-store net operating income growth for the second quarter is pegged at 2.1%, with interest expenses expected to grow by 1.6% year-over-year [19]. Group 4: Competitive Landscape - The elevated supply of rental units in some markets may have increased competition, partially limiting rent growth [18]. - UDR's portfolio features a diverse mix of A/B quality properties across urban and suburban markets in the U.S., including coastal and Sunbelt locations [9].

UDR, Inc. (NYSE:UDR), incorporated in 1972 and headquartered in Highlands Ranch, Colorado, is a self-administered REIT that owns and manages multi-family apartment communities primarily in West-coast and Northeast markets. While the case for multifamily tailwinds is still solid, I'm afraid that this UDR doesn't seem like the right vehicle to gain exposure through right now. The portfolio is well-diversified, its leverage use is conservative, and has a solid dividend payment record, but the shares are fairly ...

UDR Inc. (UDR) is well-poised to benefit from a diversified portfolio, healthy rental demand, technological initiatives and a solid balance sheet position, though the elevated supply of rental units and high interest rates remain concerns. What's Aiding UDR? UDR has a geographically diversified portfolio with a superior product mix of A/B quality properties throughout the United States in coastal and Sunbelt locations, with a mix of 31% urban and 69% suburban communities. This diversified portfolio saves th ...

1D UDR UDR Alongside Q1 results, UDR did raise its full year guidance slightly, raising FFOA by $0.02 to $2.36-$2.48. With the improvement we are seeing in Q2 data so fa, I expect to see UDR report results toward the top end of guidance. I expect to see sequential improvements in results in H2 because the supply backdrop is continuing to get more favorable, which should enable ongoing rental growth. I am looking for $2.45-$2.50 in funds from operations as a result. IDS OF 20 2009 bt Maturity Schedule ($M/We ...

UDR, Inc. (NYSE:UDR) Q1 2024 Earnings Conference Call May 1, 2024 12:00 PM ET Company Participants Trent Trujillo - Vice President of Investor Relations Thomas Toomey - Chairman and Chief Executive Officer Joseph Fisher - President and Chief Financial Officer Michael Lacy - Senior Vice President, Operations Andrew Cantor - Senior Vice President, Acquisitions And Dispositions Christopher Van Ens - Vice President Conference Call Participants Nick Joseph - Citi Austin Wurschmidt - KeyBanc Capital Markets Steve ...

Table of Contents 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 For the quarterly period ended March 31, 2024 OR ☐ 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 ...