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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, 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.
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.
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