UDR(US:UDR)2021-06-09 19:12Company Overview - UDR's enterprise value is approximately $21.3 billion as of June 4, 2021[3] - The company's annualized dividend is $1.45, yielding approximately 3.0% as of June 4, 2021[3] - UDR's portfolio is diversified across 21 coastal and sunbelt markets[7] - 52,617 apartment homes are well diversified by price point within markets[7] Financial Performance and Guidance - The company raised its full-year 2021 earnings and same-store growth guidance expectations[11] - UDR expects to attain the high-end of its previously provided FFOA per share guidance range of $0.47-$0.49 for 2Q 2021[13] - Same-store cash revenue growth is forecast to be -2.0% to -1.0% for 2Q 2021, an improvement compared to 1Q 2021's -6.4%[13] Operating Platform and Initiatives - 50% of targeted $15-$20 million annual run rate NOI from Platform 1.0 achieved at YE 2020, with an additional 25% expected by YE 2021[27] - Phase 1.5 initiatives are expected to generate another $10-$15 million in run rate NOI over the next several years[27] - UDR collected approximately $5 million from rental assistance programs as of May 2021, with another $12 million of applications under review[28] Market Trends and Resident Profile - May 2021 leasing traffic was 40% higher year-over-year[17] - Weighted average May 2021 physical occupancy was 97.3%, a +50bps increase versus April[18] - Blended effective lease rate growth turned positive at +0.3% in May[19]