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UDR Announces Fourth Quarter and Full-Year 2020 Results and 2021 Guidance

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UDR, Inc. (the “Company”) Fourth Quarter 2020 Highlights:

  • Net income per share was $0.09, Funds from Operations (“FFO”) per share was $0.39, FFO as Adjusted (“FFOA”) per share was $0.49, and Adjusted FFO (“AFFO”) per share was $0.43.
  • Net income attributable to common stockholders was $25.5 million compared to net income of $96.9 million in the prior year period, primarily due to lower gains from sold properties and a decline in Combined Same-Store net operating income (“NOI”).
  • Year-over-year (“YOY”) Combined Same-Store results during the fourth quarter of 2020, with concessions accounted for on cash and straight-line bases, as compared to the fourth quarter of 2019 were as follows:

Region

Revenue
Growth /
(Decline)

Expense

Growth /
(Decline)

NOI
Growth /
(Decline)

% of Combined
Same-Store

Portfolio(1)

Physical
Occupancy(2)

YOY
Change in
Occupancy

West

(9.7)%

4.2%

(14.0)%

36.5%

95.0%

(1.6)%

Mid-Atlantic

(1.5)%

1.0%

(2.5)%

23.5%

97.0%

0.1%

Northeast

(12.8)%

8.1%

(21.9)%

16.2%

94.3%

(2.2)%

Southeast

3.2%

10.1%

0.2%

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UDR Inc

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About UDR

udr, inc. (nyse:udr), an s&p 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted u.s. markets. as of december 31, 2016, udr owned or had an ownership position in 49,907 apartment homes including 3,604 homes under development or in preferred equity investments. for over 45 years, udr has delivered long-term value to shareholders, the best standard of service to residents and the highest quality experience for associates.