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UDR Announces First Quarter Results and Raises Certain Full-Year 2024 Guidance Ranges

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UDR, Inc. (NYSE: UDR) announced its first quarter 2024 results, showing growth in Net Income, FFO, FFOA, and AFFO per diluted share. Same-store revenue increased by 3.1% year-over-year. The Company sold Crescent Falls Church for $100.0 million, completed development at Villas at Fiori, and refinanced a senior construction loan. CEO Tom Toomey highlighted strong leasing conditions and strategic value. Full-year 2024 guidance ranges were raised for FFOA and AFFO per diluted share.

UDR, Inc. (NYSE: UDR) ha annunciato i risultati del primo trimestre del 2024, registrando una crescita nel Reddito Netto, FFO, FFOA e AFFO per azione diluita. I ricavi degli immobili equivalenti sono aumentati del 3,1% su base annua. La società ha venduto Crescent Falls Church per 100,0 milioni di dollari, completato lo sviluppo di Villas at Fiori e rifinanziato un prestito per la costruzione senior. Il CEO Tom Toomey ha evidenziato condizioni di leasing favorevoli e valore strategico. Le previsioni per l'intero anno 2024 sono state aumentate per FFOA e AFFO per azione diluita.
UDR, Inc. (NYSE: UDR) anunció los resultados del primer trimestre de 2024, mostrando un crecimiento en el Ingreso Neto, FFO, FFOA y AFFO por acción diluida. Los ingresos de las mismas tiendas aumentaron un 3.1% anual. La compañía vendió Crescent Falls Church por $100.0 millones, completó el desarrollo en Villas at Fiori y refinanció un préstamo de construcción sénior. El CEO Tom Toomey destacó condiciones de arrendamiento fuertes y valor estratégico. Las proyecciones para el año completo 2024 para FFOA y AFFO por acción diluida fueron aumentadas.
UDR, Inc. (NYSE: UDR)는 2024년 첫 분기 실적을 발표하며 순이익, FFO, FFOA, 및 AFFO가 희석 주당 증가했다고 밝혔습니다. 같은 매장 매출은 전년 대비 3.1% 증가했습니다. 회사는 1억 달러에 Crescent Falls Church를 매각하고 Villas at Fiori 개발을 완료하며 선임 건설 대출을 재융자했습니다. CEO Tom Toomey은 강력한 임대 조건과 전략적 가치를 강조했습니다. 2024년 전체 FFOA 및 AFFO 희석 주당 가이던스 범위가 상향조정되었습니다.
UDR, Inc. (NYSE: UDR) a annoncé ses résultats pour le premier trimestre de 2024, montrant une croissance du revenu net, du FFO, du FFOA et de l'AFFO par action diluée. Les revenus des magasins comparables ont augmenté de 3.1% sur un an. La société a vendu Crescent Falls Church pour 100,0 millions de dollars, achevé le développement des Villas at Fiori et refinancé un prêt de construction senior. Le PDG Tom Toomey a souligné de bonnes conditions de location et une valeur stratégique. Les prévisions pour l'année complète 2024 ont été relevées pour le FFOA et l'AFFO par action diluée.
UDR, Inc. (NYSE: UDR) gab die Ergebnisse des ersten Quartals 2024 bekannt und verzeichnete ein Wachstum beim Nettoeinkommen, FFO, FFOA und AFFO pro verwässerter Aktie. Die Umsätze in den Bestandsimmobilien stiegen um 3,1% im Jahresvergleich. Das Unternehmen verkaufte Crescent Falls Church für 100,0 Millionen Dollar, vollendete die Entwicklung der Villas at Fiori und refinanzierte einen Senior-Baukredit. CEO Tom Toomey betonte starke Leasingbedingungen und strategischen Wert. Die Prognosen für das gesamte Jahr 2024 wurden für FFOA und AFFO pro verwässerter Aktie angehoben.
Positive
  • Revenue growth and improved leasing conditions show a strong start to the year.

  • Sale of Crescent Falls Church for $100.0 million demonstrates successful asset management.

  • Completion of development at Villas at Fiori and refinancing of senior construction loan signal strategic growth.

  • CEO Tom Toomey's positive outlook emphasizes strong leasing conditions and operational value.

  • Raised guidance ranges for FFOA and AFFO per diluted share indicate confidence in future performance.

Negative
  • Decrease in AFFO per diluted share by 2% suggests potential challenges in managing expenses.

  • Significant expense growth in certain regions may impact overall profitability.

  • Sequential decline in NOI growth in some regions raises concerns about operational efficiency.

With a reported 44% year-over-year increase in Net Income per diluted share, UDR’s quarter results indicate a robust performance, particularly considering the historical volatility in the real estate sector. This performance is notable not only due to the sheer percentage increase but also its outperformance relative to their previously issued guidance, which generally remained unchanged. The company's strategic asset rotation, evident from the disposition of Crescent Falls Church and the completion of Villas at Fiori, suggests a disciplined approach to capital recycling which is essential in the current economic environment of rising interest rates and potential market headwinds.

The Same-Store metrics are a vital indicator of UDR's operational efficacy, with a 3.1% revenue growth year-over-year, though tempered by a 7.5% increase in expenses. This could reflect broader inflationary pressures which investors should monitor closely as they could impact future net operating income. The regional breakdown indicates varied performance, yet overall occupancy remains high which underpins rental income stability. As high occupancy levels and effective lease rate growth contribute positively to revenues, investors should weigh these against the potential risks of escalating expenses and the implications of such trends on long-term profitability.

From a debt perspective, UDR's weighted average interest rate increment of 0.13% may seem nominal, but in a capital-intensive industry such as real estate, it can have significant implications on interest expenses. The marginal decrease in the Consolidated Fixed Charge Coverage Ratio and the stable Consolidated Net Debt-to-EBITDAre ratio suggest the company is maintaining its debt serviceability, which is important for investor confidence, especially in a rising interest rate environment. It appears UDR is appropriately managing these risks with its liquidity position and minimal near-term maturities, providing the company with financial flexibility.

DENVER--(BUSINESS WIRE)-- UDR, Inc. (the “Company”) (NYSE: UDR), announced today its first quarter 2024 results. Net Income, Funds from Operations (“FFO”), FFO as Adjusted (“FFOA”), and Adjusted FFO (“AFFO”) per diluted share for the quarter ended March 31, 2024 are detailed below.

 

Quarter Ended March 31

Metric

1Q 2024 Actual

1Q 2024 Guidance

1Q 2023 Actual

$ Change vs. Prior Year Period

% Change vs. Prior Year Period

Net Income per diluted share

$0.13

$0.13 to $0.15

$0.09

$0.04

44%

FFO per diluted share

$0.60

$0.60 to $0.62

$0.59

$0.01

2%

FFOA per diluted share

$0.61

$0.60 to $0.62

$0.60

$0.01

2%

AFFO per diluted share

$0.56

$0.56 to $0.58

$0.57

$(0.01)

(2)%

  • Same-Store (“SS”) results, with concessions reflected on a straight-line basis, for the first quarter 2024 versus the first quarter 2023 and the fourth quarter 2023 are summarized below.

SS Growth / (Decline)

Year-Over-Year (“YOY”): 1Q 2024 vs. 1Q 2023

Sequential:

1Q 2024 vs. 4Q 2023

Revenue

3.1%

0.4%

Expense

7.5%(1)

4.9%

Net Operating Income (“NOI”)

1.2%(1)

(1.6)%

(1)

In 1Q 2023, the Company recorded a $3.7 million refundable payroll tax credit related to the Employee Retention Credit program. Excluding this benefit, YOY SS Expense and NOI growth would have been 4.0 percent and 2.7 percent, respectively.

  • During the first quarter, the Company,
    • Sold Crescent Falls Church, a 214-home apartment community in Metropolitan Washington, D.C., for gross proceeds of $100.0 million.
    • Completed development at Villas at Fiori, a $53.5 million, 85-home townhome community developed in the Addison submarket of Dallas, TX.
  • Subsequent to quarter-end, the joint venture affiliated with the Company’s Developer Capital Program investment in 1300 Fairmount, a 478-home apartment community in Philadelphia, PA, refinanced the expiring senior construction loan with a new loan that matures in April 2026. The joint venture’s ability to refinance the senior construction loan results in UDR continuing to accrue a return on its investment, thereby adding $0.02 of FFOA per diluted share to prior full-year 2024 expectations.

“We have started the year with improving leasing conditions, largely due to employment growth that has exceeded expectations and led to near-record high absorption. Our first quarter results, including 3.1 percent same-store revenue growth over the prior year period, demonstrate the strength of our strategy and the value of our operating platform,” said Tom Toomey, UDR’s Chairman and CEO. “UDR’s operating and capital markets acumen as well as our innovative culture position us well for continued success.”

Outlook(1)

As shown in the table below, the Company has established the following guidance ranges for the second quarter of 2024 and has updated its previously provided full-year 2024 guidance ranges for FFOA per diluted share and AFFO per diluted share.

 

2Q 2024 Outlook

1Q 2024

Actual

 

Updated

Full-Year 2024 Outlook

 

Prior

Full-Year 2024 Outlook

Full-Year 2024 Midpoint (Change)

Net Income per diluted share

$0.13 to $0.15

$0.13

$0.33 to $0.45

$0.33 to $0.45

$0.39 (unch)

FFO per diluted share

$0.60 to $0.62

$0.60

$2.36 to $2.48

$2.36 to $2.48

$2.42 (unch)

FFOA per diluted share

$0.60 to $0.62

$0.61

$2.38 to $2.50

$2.36 to $2.48

$2.44 (+$0.02)

AFFO per diluted share

$0.53 to $0.55

$0.56

$2.12 to $2.24

$2.10 to $2.22

$2.18 (+$0.02)


YOY Growth: concessions reflected on a straight-line basis:

SS Revenue

N/A

3.1%

0.00% to 3.00%

0.00% to 3.00%

1.50% (unch)

SS Expense

N/A

7.5%

4.25% to 6.25%

4.25% to 6.25%

5.25% (unch)

SS NOI

N/A

1.2%

(1.75)% to 1.75%

(1.75)% to 1.75%

0.00% (unch)

(1)

Additional assumptions for the Company’s second quarter and full-year 2024 outlook can be found on Attachment 13 of the Company’s related quarterly Supplemental Financial Information (“Supplement”). A reconciliation of GAAP Net Income per share to FFO per share, FFOA per share, and AFFO per share can be found on Attachment 14(D) of the Company’s related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 14(A) through 14(D), “Definitions and Reconciliations,” of the Company’s related quarterly Supplement.

First Quarter 2024 and April 2024 Results

In the first quarter, total revenue increased by $14.1 million YOY, or 3.5 percent, to $413.6 million. This increase was primarily attributable to growth in revenue from Same-Store communities and growth from past accretive external investments.

“Monthly sequential improvement across key revenue metrics of occupancy, concessions granted, effective lease rate growth, and resident turnover led to first quarter same-store results slightly ahead of our expectations,” said Mike Lacy, UDR’s Senior Vice President of Operations. “As we begin the second quarter, occupancy remains high and we continue to achieve new lease rate growth momentum. While much of this year’s leasing activity remains ahead of us, I am optimistic about our operating trajectory and the incremental income we deliver from our initiatives, the relative value we offer versus other forms of housing, and the resiliency of our consumer, all of which should help us manage through elevated supply deliveries.”

Summary of Fourth Quarter 2023, First Quarter 2024, and April 2024 Residential Operating Trends(1)

 

As of April 29, 2024

Same-Store Metric

4Q 2023

1Q 2024

Apr 2024

Weighted Average Physical Occupancy

96.9%

97.1%

96.8% to 97.0%

Effective Blended Lease Rate Growth(2)

(0.5)%

0.8%

1.9% to 2.1%

Effective New Lease Rate Growth

(5.1)%

(2.5)%

(0.1)% to 0.1%

Effective Renewal Lease Rate Growth

4.2%

3.8%

3.5% to 3.7%

Average Concession Granted (in Weeks) on New Leases

1.3

0.9

0.8

(1)

Metrics are as of April 29, 2024 for the Company’s same-store residential portfolio and are subject to change.

(2)

The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of (a) Effective New Lease Rate Growth and (b) Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level new and in-place demand trends. Please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement for additional details.

In the tables below, the Company has presented YOY and sequential Same-Store results by region, with concessions accounted for on a straight-line basis.

Summary of Same-Store Results in First Quarter 2024 versus First Quarter 2023

Region

Revenue Growth / (Decline)

Expense

Growth / (Decline)

NOI Growth / (Decline)

% of Same-Store

Portfolio(1)

Physical Occupancy(2)

YOY Change in Occupancy

West

3.1%

8.9%

1.2%

31.5%

97.1%

0.8%

Mid-Atlantic

4.4%

9.0%

2.4%

20.8%

97.3%

0.7%

Northeast

4.1%

10.5%

0.7%

18.2%

97.3%

0.1%

Southeast

2.2%

3.8%

1.4%

14.3%

96.9%

0.8%

Southwest

0.2%

(0.8)%

0.8%

8.8%

96.7%

0.1%

Other Markets

2.9%

11.7%

(0.4)%

6.4%

97.2%

0.2%

Total

3.1%

7.5%

1.2%

100.0%

97.1%

0.6%

(1)

Based on 1Q 2024 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.

(2)

Weighted average Same-Store physical occupancy for the quarter.

Summary of Same-Store Results in First Quarter 2024 versus Fourth Quarter 2023

Region

Revenue Growth / (Decline)

Expense

Growth / (Decline)

NOI Growth / (Decline)

% of Same-Store

Portfolio(1)

Physical Occupancy(2)

Sequential Change in Occupancy

West

0.9%

3.7%

0.0%

31.5%

97.1%

0.5%

Mid-Atlantic

0.6%

4.6%

(1.1)%

20.8%

97.3%

0.1%

Northeast

0.0%

8.3%

(4.2)%

18.2%

97.3%

0.2%

Southeast

0.1%

5.2%

(2.2)%

14.3%

96.9%

0.0%

Southwest

(0.6)%

2.9%

(2.5)%

8.8%

96.7%

(0.3)%

Other Markets

0.0%

1.7%

(0.7)%

6.4%

97.2%

0.3%

Total

0.4%

4.9%

(1.6)%

100.0%

97.1%

0.2%

(1)

Based on 1Q 2024 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.

(2)

Weighted average Same-Store physical occupancy for the quarter.

Transactional Activity

During the quarter, the Company sold Crescent Falls Church, a 214-home apartment community with approximately 6,400 square feet of retail space in Metropolitan Washington, D.C., for gross proceeds of $100.0 million. At the time of sale, the 14-year-old community had a weighted average monthly revenue per occupied home of $3,385 and physical occupancy of 97.9 percent.

Development Activity

During the quarter, the Company completed development at Villas at Fiori, a $53.5 million, 85-home townhome community developed in the Addison submarket of Dallas, TX. At the end of the first quarter, the Company’s development pipeline included one 330-home apartment community in Tampa, FL, at a total budgeted cost of $134.0 million, of which 94 percent has been funded, with only $7.8 million remaining to fund.

Developer Capital Program (“DCP”) Portfolio Activity

Subsequent to quarter-end, the joint venture affiliated with the Company’s investment in 1300 Fairmount, a 478-home apartment community in Philadelphia, PA, refinanced the senior construction loan with a new loan that matures in April 2026 and includes an additional one-year extension option, subject to certain conditions.

At the end of the first quarter, the Company had fully funded its $476.6 million of commitments under its DCP platform. These investments carry a contractual weighted average return rate of 10.0 percent and have a weighted average remaining term of 2.7 years.

Capital Markets and Balance Sheet Activity

“Robust liquidity and minimal committed forward funding obligations position UDR well to opportunistically utilize our investment grade balance sheet to accretively deploy capital and enhance stakeholder returns,” said Joe Fisher, UDR’s President and Chief Financial Officer.

The Company’s total indebtedness as of March 31, 2024 was $5.8 billion with only $291.2 million, or 5.1 percent of total consolidated debt, maturing through 2025, including principal amortization and excluding amounts on the Company’s commercial paper program and working capital credit facility. As of March 31, 2024, the Company had $960 million in liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 13 of the Company’s related quarterly Supplement for additional details on projected capital sources and uses.

In the table below, the Company has presented select balance sheet metrics for the quarter ended March 31, 2024 and the comparable prior year period.

 

Quarter Ended March 31

Balance Sheet Metric

1Q 2024

1Q 2023

Change

Weighted Average Interest Rate

3.38%

3.25%

0.13%

Weighted Average Years to Maturity(1)

5.4

6.3

(0.9)

Consolidated Fixed Charge Coverage Ratio

4.8x

5.2x

(0.4)x

Consolidated Debt as a percentage of Total Assets

32.7%

33.0%

(0.3)%

Consolidated Net Debt-to-EBITDAre(2)

5.7x

5.7x

0.0x

(1)

If the Company’s commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would have been 5.5 years without extensions and 5.6 years with extensions for 1Q 2024 and 6.5 years without extensions and 6.6 years with extensions for 1Q 2023.

(2)

Defined as EBITDAre - adjusted for non-recurring items. A reconciliation of GAAP Net Income per share to EBITDAre - adjusted for non-recurring items and GAAP Total Debt to Net Debt can be found on Attachment 4(C) of the Company’s related quarterly Supplement.

Senior Management

As previously announced, effective July 31, 2024, Harry Alcock will retire from the role of Senior Vice President and Chief Investment Officer, at which time he will transition to a consulting role with a focus on transactions. H. Andrew Cantor, UDR’s Senior Vice President – Acquisitions and Dispositions, will continue to oversee the Company’s transactions platform, as he has for the last 12 years of his more than 14-year tenure with UDR. Bob McCullough, UDR’s Senior Vice President – Development, will continue to oversee the Company’s development platform, as he has during his 11-year tenure with UDR.

Dividend

As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the first quarter 2024 in the amount of $0.425 per share, a 1.2 percent increase over the comparable period in 2023. The dividend was paid in cash on April 30, 2024 to UDR common shareholders of record as of April 10, 2024. The first quarter 2024 dividend represented the 206th consecutive quarterly dividend paid by the Company on its common stock.

Supplemental Financial Information

The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company, which is available on the Investor Relations section of the Company's website at ir.udr.com.

Attachment 14(A)

Definitions and Reconciliations
March 31, 2024
(Unaudited)

Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter.

Adjusted Funds from Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures on consolidated communities that are necessary to help preserve the value of and maintain functionality at our communities.

Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income/(loss) attributable to common stockholders to AFFO is provided on Attachment 2.

Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items as Consolidated Interest Coverage Ratio - adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment, plus preferred dividends.

Management considers Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Consolidated Interest Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Interest Coverage Ratio - adjusted for non-recurring items as Consolidated EBITDAre – adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment.

Management considers Consolidated Interest Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Interest Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items: The Company defines Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items as total consolidated debt net of cash and cash equivalents divided by annualized Consolidated EBITDAre - adjusted for non-recurring items. Consolidated EBITDAre - adjusted for non-recurring items is defined as EBITDAre excluding the impact of income/(loss) from unconsolidated entities, adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures and other non-recurring items including, but not limited to casualty-related charges/(recoveries), net of wholly owned communities.

Management considers Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income/(loss) and Consolidated EBITDAre - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Controllable Expenses: The Company refers to property operating and maintenance expenses as Controllable Expenses.

Controllable Operating Margin: The Company defines Controllable Operating Margin as (i) rental income less Controllable Expenses (ii) divided by rental income. Management considers Controllable Operating Margin a useful metric as it provides investors with an indicator of the Company’s ability to limit the growth of expenses that are within the control of the Company.

Development Communities: The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): The Company defines EBITDAre as net income/(loss) (computed in accordance with GAAP), plus interest expense, including costs associated with debt extinguishment, plus real estate depreciation and amortization, plus other depreciation and amortization, plus (minus) income tax provision/(benefit), net, (minus) plus net gain/(loss) on the sale of depreciable real estate owned, plus impairment write-downs of depreciable real estate, plus the adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre was approved by the Board of Governors of Nareit in September 2017.

Management considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company’s ability to incur and service debt, and enables investors to assess our performance against that of its peer REITs. EBITDAre should be considered along with, b

FAQ

What were UDR's first quarter 2024 results?

UDR's first quarter 2024 results showed growth in Net Income, FFO, FFOA, and AFFO per diluted share.

What was the same-store revenue growth year-over-year?

UDR reported a 3.1% increase in same-store revenue year-over-year.

What major transactions did UDR undertake in the first quarter?

UDR sold Crescent Falls Church for $100.0 million, completed development at Villas at Fiori, and refinanced a senior construction loan.

Who commented on UDR's first quarter performance?

Tom Toomey, UDR's Chairman and CEO, highlighted the company's strong leasing conditions and strategic value.

What guidance updates did UDR provide for full-year 2024?

UDR raised guidance ranges for FFOA and AFFO per diluted share for full-year 2024.

UDR, Inc.

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