UDR(US:UDR)2025-02-05 21:20Financial 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].