UDR(US:UDR)2025-05-01 19:06Real Estate Portfolio - As of March 31, 2025, the consolidated real estate portfolio included 167 communities totaling 55,323 apartment homes, with an additional 10,860 homes through joint ventures[177]. - The Same-Store Communities segment had a total of 163 communities with 54,435 apartment homes, achieving a physical occupancy rate of 97.2%[179]. - The Same-Store Community apartment home population for the three months ended March 31, 2025, was 54,435, reflecting stabilized occupancy[182]. - The total carrying value of the Same-Store Communities was approximately $15.27 billion, with a weighted average monthly income per occupied home of $2,550[179]. Financial Performance - For the three months ended March 31, 2025, total revenue was $152.2 million, an increase of 2.3% from $148.5 million in the same period of 2024[199]. - Net income for the three months ended March 31, 2025, was $24.5 million, compared to $18.6 million for the same period in 2024, reflecting a year-over-year increase of 31.5%[199]. - Net income attributable to common stockholders for Q1 2025 was $75.5 million ($0.23 per diluted share), up from $41.9 million ($0.13 per diluted share) in Q1 2024, reflecting a significant increase[234]. - Total property NOI for Q1 2025 was $285.1 million, a 2.0% increase from $279.4 million in Q1 2024, driven by higher rental income and occupancy rates[239]. - Same-Store rental income increased by 2.6% to $405.0 million in Q1 2025, while Same-Store NOI rose by 2.8% to $276.4 million[244]. Capital Expenditures and Investments - Total capital expenditures for the three months ended March 31, 2025, were $55.4 million, or $1,009 per stabilized home, compared to $54.3 million, or $981 per stabilized home, in the same period of 2024[209]. - Major renovations increased by 25.3%, or $4.8 million, while NOI enhancing improvements decreased by 21.0%, or $3.7 million, for the three months ended March 31, 2025[210]. - The company made investments totaling $4.2 million in unconsolidated joint ventures and partnerships, with a proportionate share of net income of $5.8 million for the three months ended March 31, 2025[218]. Debt and Liquidity - The Company has a $1.3 billion unsecured revolving credit facility and a $350 million unsecured term loan, with the ability to increase total commitments to $2.5 billion[189]. - As of March 31, 2025, the Company issued $250 million of commercial paper at a weighted average annualized rate of 4.67%, leaving $450 million of unused capacity[190]. - The Company had $1.3 billion of unused capacity under the Revolving Credit Facility as of March 31, 2025, with no outstanding borrowings[223]. - The Company’s working capital credit facility had $34.6 million of outstanding borrowings, leaving $40.4 million of unused capacity as of March 31, 2025[225]. - The company has approximately $176.8 million of secured debt and $250.0 million of unsecured debt maturing during the remainder of 2025[193]. Sales and Gains - The company sold two operating communities in January 2025 for gross proceeds of $211.5 million, resulting in gains of approximately $47.9 million[207]. - Gains on the sale of real estate amounted to $47.9 million in Q1 2025, compared to $16.9 million in Q1 2024, reflecting successful asset disposals[235]. - For the three months ended March 31, 2025, the Company recognized a gain on the sale of real estate owned of $47.9 million, compared to $16.9 million for the same period in 2024, reflecting an increase of approximately 183%[249]. Operating Efficiency - The operating margin for Same-Store Communities was 68.3% in Q1 2025, compared to 68.2% in Q1 2024, indicating stable operational efficiency[245]. - Interest expense for Q1 2025 was $47.7 million, slightly down from $48.1 million in Q1 2024, despite an increase in variable rate debt exposure[242]. - The Company had $486.6 million in variable rate debt as of March 31, 2025, with a potential interest expense increase of $1.2 million if rates rise by 100 basis points[229]. Other Financial Metrics - Funds from Operations (FFO) attributable to common stockholders and unitholders was $207.1 million in Q1 2025, slightly down from $212.2 million in Q1 2024, a decrease of approximately 2%[261]. - Adjusted Funds from Operations (AFFO) attributable to common stockholders and unitholders was $200.7 million in Q1 2025, compared to $200.4 million in Q1 2024, showing a marginal increase of about 0.15%[261]. - The Company reported a diluted income per weighted average common share of $0.23 for Q1 2025, up from $0.13 in Q1 2024, an increase of approximately 77%[261]. - The weighted average number of common shares outstanding increased to 353,527 in Q1 2025 from 353,241 in Q1 2024, an increase of about 0.8%[261]. Market Conditions and Risks - The Company noted that inflation impacts operations primarily through wage pressures and increased utility costs, but did not materially affect results for Q1 2025[253]. - The Company is exposed to interest rate changes associated with its commercial paper program and unsecured credit facility, with no material change in market risk reported as of March 31, 2025[262][263]. - The Company has a shelf registration statement filed with the SEC for future financing activities, dependent on market conditions[186].