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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) reported its first quarter 2023 results, demonstrating strong financial performance. Net income per diluted share stood at $0.09, just below guidance. Funds from Operations (FFO) per diluted share was $0.59, matching expectations with a 9% year-over-year increase. Adjusted Funds from Operations (AFFO) grew 12% year-over-year to $0.57. The company completed The MO, a $145 million apartment community, and stabilized two others in Dallas and Philadelphia. Revenue increased 11.8% to $399.5 million, mainly due to same-store growth and prior investments. The company reaffirmed its full-year guidance, projecting FFOA per share between $2.45 and $2.53. Positive outlook on growth was expressed by management, supported by stable demand and robust liquidity of $957.4 million.
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