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UDR, Inc. (NYSE: UDR) is a prominent multifamily real estate investment trust (REIT) and a constituent of the S&P 500 index. With a proven track record, UDR excels in managing, acquiring, selling, developing, and redeveloping high-quality real estate properties in strategically targeted U.S. markets. As of December 31, 2016, the company boasted ownership or partial ownership of 49,907 apartment homes, including 3,604 homes either under development or involved in preferred equity investments. For more than 45 years, UDR has consistently delivered significant long-term value to its shareholders, provided top-notch service to its residents, and ensured a superior experience for its associates.
UDR operates through two main segments: Same-Store Communities and Non-Mature Communities/Other. The Same-Store Communities segment includes communities that were acquired, developed, and stabilized before January 1, 2021, and held as of December 31, 2022. This segment is the primary source of UDR's revenue. The Non-Mature Communities/Other segment comprises recently acquired, developed, and redeveloped communities, as well as the non-apartment components of mixed-use properties.
Recent achievements highlight UDR's commitment to growth and excellence. The company has actively engaged in several high-profile development and redevelopment projects, fostering partnerships aimed at enhancing its portfolio's value. UDR's strategic focus on targeted U.S. markets ensures that its properties are in prime locations, contributing to higher occupancy rates and rental income. Additionally, UDR places a strong emphasis on sustainability and innovation, integrating advanced technologies and environmentally friendly practices into their operations.
UDR announced its third quarter 2024 results, reporting a net income of $0.06 per diluted share, down 40% year-over-year. The company's Same-Store portfolio showed revenue growth of 1.2% YOY, with expense growth of 2.0% and NOI growth of 0.8%. During Q3, UDR issued $300 million in 10-year senior unsecured debt and extended its $1.3 billion credit facility maturity to August 2028. Based on solid performance, UDR raised its full-year 2024 guidance, with Same-Store revenue growth now expected at 2.00-2.40% and NOI growth at 1.00-1.40%. The company maintained strong occupancy levels in the mid-96% range with renewal rate growth around 4%.
UDR has published its sixth annual ESG Report, highlighting significant achievements in environmental, social, and governance initiatives for 2023. Environmental achievements include a 20% reduction in Scope 1 and 2 emissions intensity since 2020, 30% renewable energy procurement, and certification of seven additional sustainable properties. Social accomplishments feature a low 22% associate turnover rate and enhanced talent development strategies. Governance improvements include expanding social governance framework and aligning compensation with ESG priorities.
The company has committed an additional $10 million to ESG and Climate Technology Funds, bringing total commitment to $30 million. UDR now has 36 sustainably certified properties, representing nearly 20% of its portfolio.
UDR, Inc. (NYSE: UDR), a leading multifamily real estate investment trust, has announced the release date for its third quarter 2024 financial results. The company will publish its earnings report on Wednesday, October 30, 2024 after market close. A conference call is scheduled for Thursday, October 31, 2024 at 1:00 p.m. Eastern Time to discuss the results.
The call will be open to the public, with company officers reviewing Q3 results and recent events. A Q&A session will be to registered financial analysts. Participants can join the webcast via UDR's website at ir.udr.com, while the live telephone conference can be accessed using provided domestic and international numbers. A replay will be available until December 1, 2024.
UDR, an S&P 500 company, owns or has an ownership position in 60,126 apartment homes as of June 30, 2024, and has a 52-year history of delivering value to shareholders.
UDR, a leading multifamily real estate investment trust, has announced its quarterly dividends for the third quarter of 2024. The company's Board of Directors declared a regular quarterly dividend of $0.425 per share on its common stock, payable on October 31, 2024 to shareholders of record as of October 10, 2024. This marks UDR's 208th consecutive quarterly dividend on common stock.
Additionally, UDR declared a quarterly dividend of $0.4602 per share on its Series E preferred stock, also payable on October 31, 2024 to shareholders of record as of October 10, 2024. UDR, an S&P 500 company, owns or has an ownership position in 60,126 apartment homes as of June 30, 2024, and has a 52-year history of delivering value to shareholders, service to residents, and quality experiences for associates.
UDR, Inc. (NYSE: UDR), a leading multifamily real estate investment trust, announced its participation in the Bank of America Securities 2024 Global Real Estate Conference from September 10-12, 2024, in New York City. The UDR Executive Team will host a roundtable discussion on September 10 at 3:45 p.m. Eastern Time. The discussion will be available via webcast on the Bank of America platform and UDR's Investor Relations website.
UDR, an S&P 500 company, has a 52-year history of delivering superior returns through managing, buying, selling, developing, and redeveloping attractive real estate properties in targeted U.S. markets. As of June 30, 2024, UDR owned or had an ownership position in 60,126 apartment homes.
UDR, Inc. (NYSE: UDR) has priced an offering of $300 million in 5.125% senior unsecured notes due 2034. The notes were priced at 98.977% of the principal amount, yielding 5.257% to maturity. The effective interest rate is 5.08%, considering prior interest rate hedges but excluding offering costs. Interest is payable semiannually on March 1 and September 1, starting March 1, 2025. The notes mature on September 1, 2034, unless redeemed earlier. United Dominion Realty, L.P. fully guarantees the notes. UDR plans to use the net proceeds to repay outstanding commercial paper debt and for general corporate purposes. The offering is expected to settle on August 15, 2024, subject to customary closing conditions.
UDR announced its Q2 2024 results, showing a 5% decrease in FFO per diluted share to $0.60 compared to Q2 2023. Net Income per diluted share dropped by 92% to $0.08. However, FFOA per diluted share increased by 2% to $0.62. Total revenue rose by 2.7% to $415.3 million, driven by Same-Store revenue growth.
UDR completed the $134 million 101 N. Meridian development and invested $25.9 million in a preferred equity DCP portfolio in Portland.
Full-year 2024 guidance has been raised, with FFOA per diluted share now projected between $2.42 and $2.50. Same-Store revenue growth is expected to be 1-3%, with NOI growth anticipated to range between -0.25% and 1.75%.
The company maintains a strong liquidity position with $946.2 million in available liquidity. A quarterly dividend of $0.425 per share will be paid on July 31, 2024.
Key metrics highlight a weighted average occupancy of 96.8% and a slight increase in expenses and net operating income.
UDR, a leading multifamily real estate investment trust (REIT) and GRESB Sector Leader for sustainability, has been honored as a 2024 Top Workplaces winner in the Real Estate Industry. This award, administered by Energage, is based on anonymous employee surveys that measure workplace culture aspects like alignment, execution, and engagement. UDR's CEO, Tom Toomey, attributes the award to the company's innovative and adaptive culture driven by its talented associates and Human Resources team. The recognition underscores UDR's commitment to creating an engaging and growth-oriented workplace. UDR owns or has stakes in over 60,124 apartment homes, and has been delivering long-term value to shareholders and high-quality experiences for over 52 years.
UDR, a leading multifamily real estate investment trust, will announce its second quarter 2024 financial results on July 30, 2024, after market close. A conference call discussing the results will be held on July 31, 2024, at 12:00 p.m. Eastern Time. The call will include a review of the financial results, recent events, and a question-and-answer session to registered financial analysts. The public can access the webcast through UDR's website. A replay will be available until August 31, 2024.
UDR, a leading multifamily real estate investment trust, has declared a regular quarterly dividend of $0.425 per share on its common stock for Q2 2024, payable on July 31, 2024, to shareholders of record as of July 10, 2024. This marks the 207th consecutive quarterly dividend by UDR. Additionally, UDR announced a quarterly dividend of $0.4602 per share on its Series E preferred stock, also payable on July 31, 2024, to shareholders of record as of July 10, 2024. UDR manages, buys, sells, develops, and redevelops real estate properties, owning 60,124 apartment homes as of March 31, 2024.
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