UDR(US:UDR)2025-10-30 19:33Real Estate Portfolio - As of September 30, 2025, the consolidated real estate portfolio included 168 communities totaling 55,808 apartment homes[200] - The Same-Store Community apartment home population for the three months ended September 30, 2025, was 54,915, with an average occupancy of 96.6%[200] - The total carrying value of Same-Store Communities was approximately $15.6 billion, with a weighted average monthly income per occupied home of $2,605[202] - The Same-Store Communities segment represents those communities stabilized prior to July 1, 2024, and held as of September 30, 2025[205] - The Company has an ownership interest in 11,193 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships[200] Development and Capital Expenditures - The Company is developing one wholly-owned community with a total of 300 apartment homes, none of which have been completed as of September 30, 2025[203] - Total capital expenditures for the nine months ended September 30, 2025, were $196.2 million, or $3,545 per stabilized home, compared to $191.3 million, or $3,458 per stabilized home in 2024[233] - The company had a development pipeline consisting of one wholly-owned community totaling 300 apartment homes with a budget of $133.6 million as of September 30, 2025[239] Financial Performance - Total revenue for the three months ended September 30, 2025, was $154.6 million, compared to $150.8 million for the same period in 2024, reflecting a growth of 2.5%[225] - Net income attributable to common stockholders for the nine months ended September 30, 2025, was $151,200,000 ($0.46 per diluted share), compared to $91,000,000 ($0.28 per diluted share) for the same period in 2024[258] - The Company reported a net income attributable to common stockholders of $39.2 million for the three months ended September 30, 2025, compared to $21.4 million in 2024[294] - Funds from Operations (FFO) attributable to common stockholders for the three months ended September 30, 2025, was $219.9 million, compared to $213.8 million in 2024[294] - Adjusted Funds from Operations (AFFO) for the nine months ended September 30, 2025, was $599.1 million, an increase from $586.4 million in 2024[295] Cash Flow and Liquidity - The Company expects to meet short-term liquidity requirements through net cash provided by property operations and borrowings under credit agreements[208] - The Company anticipates that proceeds from property operations will continue to be adequate to meet operating requirements and dividend payments[208] - For the nine months ended September 30, 2025, net cash provided by operating activities was $641.5 million, an increase from $636.3 million in the comparable period in 2024[229] - The company reported net cash provided by operating activities of $641,480,000 for the nine months ended September 30, 2025, compared to $636,312,000 in 2024[255] - The company incurred net cash used in financing activities of $(486,596,000) for the nine months ended September 30, 2025, compared to $(408,033,000) in 2024[255] Debt and Financing - The Company has a $1.3 billion unsecured revolving credit facility and a $350.0 million unsecured term loan, with the total commitments potentially increasing to $2.5 billion[213] - As of September 30, 2025, the Company had issued $340.0 million of commercial paper at a weighted average annualized rate of 4.32%, leaving $360.0 million of unused capacity[215] - The Company anticipates repaying approximately $129.2 million of secured debt and $340.0 million of unsecured debt maturing during the remainder of 2025[217] - As of September 30, 2025, the company had $1.3 billion of unused capacity under its Revolving Credit Facility[247] - The company is exposed to interest rate changes associated with its commercial paper program and unsecured credit facility, indicating potential refinancing risks[297] Operating Metrics - Total property NOI for the three months ended September 30, 2025, was $292.1 million, a 2.7% increase from $284.4 million in the same period of 2024[262] - Same-Store rental income increased by 2.6% to $414.7 million for the three months ended September 30, 2025, compared to $404.2 million in 2024[262] - NOI from Same-Store Communities increased by 2.3%, or $6.5 million, for the three months ended September 30, 2025, driven by a 2.6% increase in rental income[266] - Operating expenses for Same-Store Communities increased by 3.1% to $131.8 million for the three months ended September 30, 2025, compared to $127.9 million in 2024[262] - The operating margin for the three months ended September 30, 2025, was 68.2%, slightly down from 68.4% in 2024[268] Shareholder Activity - The Company did not sell any shares of common stock through its ATM program during the three and nine months ended September 30, 2025, with 14.0 million shares available for future issuance[210] - The Company repurchased 0.7 million shares at an average price of $38.37 per share for a total of approximately $25.0 million, and an additional 0.3 million shares at an average price of $36.14 per share for approximately $10.0 million in October 2025[212] - Weighted average number of common shares outstanding — basic for Q3 2025 was 330,668 thousand, compared to 329,421 thousand in Q3 2024, reflecting an increase of 0.4%[296] - Weighted average number of common shares outstanding — diluted for the nine months ended September 30, 2025 was 331,443 thousand, up from 329,755 thousand in the same period of 2024, representing a growth of 0.5%[296] - The company has a total of 353,484 thousand basic common shares outstanding for Q3 2025, slightly higher than 353,275 thousand in Q3 2024[296] Other Financial Metrics - The Company recognized a gain on the sale of real estate of $47.9 million for the nine months ended September 30, 2025, compared to $16.9 million in the same period of 2024[275] - Real estate depreciation and amortization decreased to $165.9 million for the three months ended September 30, 2025, from $170.3 million in 2024[277] - Other depreciation and amortization for the three months ended September 30, 2025, was $7.0 million, compared to $4.0 million in 2024, reflecting $3.3 million in software transition costs[281] - Interest income and other income for the three months ended September 30, 2025, decreased to $3.7 million from $6.2 million in 2024, attributed to lower interest income from reduced notes receivable balances[283] - The total impact of adjustments to FFO for the three months ended September 30, 2025, was $11.2 million, compared to $6.0 million in 2024[294] Market Risk - As of September 30, 2025, the company's market risk profile has not changed materially from the previous year, as reported in the Annual Report on Form 10-K for the year ended December 31, 2024[298]