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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 the appointment of Kevin C. Nickelberry to its Board of Directors, effective September 10, 2021. This expands the Board to 10 members. Nickelberry, a senior executive with over 25 years of experience in private equity and corporate governance, is expected to enhance UDR's strategic goals with his expertise. He previously held senior roles at GCM Grosvenor and Investcorp International. UDR, a leading multifamily real estate investment trust, manages over 54,667 apartment homes.
UDR reported its Q2 2021 earnings, with net income per diluted share at $0.04, a 78.9% decrease from $0.19 in Q2 2020, primarily due to lower property sale gains and a decline in same-store net operating income (NOI). Funds from Operations (FFO) per diluted share rose slightly by 2.0% to $0.52. Same-store revenue dropped 1.0% year-over-year, while occupancy reached 97.2%, up from 96.1% a year prior. The company is optimistic about a strong second half of 2021, lifting its full-year guidance based on improving market conditions and ongoing transactions.
UDR, Inc. (NYSE: UDR) will release its second quarter 2021 financial results on July 28, 2021, after market close. A conference call will take place on July 29, 2021, at 1:00 p.m. Eastern Time, discussing results and recent events. Participation will be available to registered financial analysts, while others can listen in. The full earnings report will be accessible on UDR's investor relations website immediately after the release. UDR owns or has an interest in 52,617 apartment homes, including 1,417 under development, emphasizing its robust position in the multifamily real estate market.
UDR, Inc. (NYSE: UDR) has announced the pricing of an underwritten public offering of 6,100,000 shares of common stock at $49.38 per share, intended for sale to a single institutional investor. The offering is associated with forward sale agreements with BofA Securities and Citigroup, with expected closure on June 24, 2021. Net proceeds will be used for acquisitions, development, and corporate purposes. The company will not initially receive proceeds from this sale, as shares will be borrowed and sold by the forward purchasers.
UDR, Inc. has declared a quarterly dividend of $0.3625 per share on its common stock for Q2 2021, payable on August 2, 2021, to shareholders of record as of July 12, 2021. This marks the company’s 195th consecutive quarterly dividend. Additionally, a quarterly dividend of $0.3925 per share on its Series E preferred stock will also be paid on the same date to shareholders of record as of July 12, 2021. UDR continues to demonstrate a strong commitment to returning value to its shareholders.
UDR (NYSE: UDR) has raised its full-year 2021 guidance for earnings, same-store revenue, and net operating income (NOI) growth, citing strong operational fundamentals and external growth. This marks UDR's second guidance increase for 2021. For Q2 2021, UDR expects Funds From Operations (FFO) per share to be at the high end of its previous guidance of $0.47-$0.49. Updated guidance includes net income per share ranging from $0.07 to $0.13 and FFO per share between $1.79 and $1.85.
UDR, a leading multifamily real estate investment trust, announced a correction in its operating metrics from the first quarter of 2021. The revised Effective Blended Lease Growth Rate dropped from +0.3% to -1.6%. Despite the changes, the company confirmed that these metrics do not affect its financial results or guidance for the second quarter and full year of 2021. The corrected metrics, which include new lease and renewal lease growth rates, demonstrate significant declines in several key markets, notably San Francisco and New York, where rates decreased by -22.3% and -19.3%, respectively.
UDR reported first-quarter 2021 results, revealing a net income of $2.0 million, down from $4.2 million YoY, with FFO per share of $0.32 and AFFO per share at $0.44. Same-Store NOI decreased by 10.4% YoY. Revenue fell by $20 million, or 6.2%, to $301.4 million, primarily due to declines in mature communities. The company has acquired properties worth a total of $187 million and projects to raise full-year 2021 guidance. Despite ongoing regulatory challenges, occupancy rates show signs of improvement, positioning the company for potential growth.
UDR, a prominent multifamily real estate investment trust, is set to release its first quarter 2021 financial results on April 27, 2021, after market close. A conference call will follow on April 28, 2021, at 1:00 p.m. ET, allowing company officers to discuss results and recent developments, with a Q&A for financial analysts. Interested participants can access the webcast on UDR's investor relations website. The company, with 52,589 owned or involved apartment homes as of December 31, 2020, continues to focus on delivering value and quality experience.
UDR has priced an underwritten public offering of 7,000,000 shares of common stock, aiming for gross proceeds of approximately $306 million. The offering is part of forward sale agreements with J.P. Morgan and Wells Fargo Securities, with shares expected to be delivered by April 5, 2021. Proceeds, not initially received by UDR, may fund acquisitions, development projects, and working capital. The offering adheres to UDR's shelf registration statement filed with the SEC, and it does not solicit a buy offer in prohibited states.
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