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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, 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.
UDR, Inc. (NYSE: UDR) is initiating an underwritten public offering of 7,000,000 shares of its common stock, facilitated by J.P. Morgan and Wells Fargo Securities as joint book-running managers. The company plans to enter into forward sale agreements for these shares, which will be delivered by the forward purchasers upon physical settlement, expected by March 29, 2022. The net proceeds will primarily fund acquisitions, development projects, and general corporate purposes, including potential repayment of existing debt.
UDR, Inc. (NYSE: UDR) has declared a quarterly dividend of $0.3625 per share on its common stock, payable on April 30, 2021. This marks the 194th consecutive quarterly dividend payment by the company. Additionally, a quarterly dividend of $0.3925 per share was declared for its Series E preferred stock, also payable on April 30, 2021. The annualized common dividend for 2021 is set at $1.45 per share, representing a 1% increase from 2020's annual dividend of $1.44.
UDR, a prominent multifamily real estate investment trust, announced that CEO Thomas W. Toomey will lead a roundtable discussion at the 2021 Citi Global Property CEO Conference. This virtual event is scheduled for March 10, 2021, at 11:15 a.m. Eastern Time. Investors can access the live webcast on the company’s website, with a replay available for 30 days. UDR, part of the S&P 500, manages over 52,000 apartment homes, showcasing a strong track record in real estate performance over its 48 years in business.
UDR, a leading multifamily real estate investment trust, has been recognized as the Smart Buildings Innovator of the Year for the second consecutive year by Logical Buildings. The Company has successfully implemented smart building technologies across over 80% of its high-rise portfolio, resulting in annual energy consumption reductions exceeding 10% and the avoidance of about 1,100 metric tons of CO2 emissions. UDR aims to decrease energy consumption and greenhouse gas emissions by 15% by 2025 through its Next Generation Platform, enhancing sustainability and shareholder value.
UDR has priced a $300 million offering of 2.100% senior unsecured medium-term notes, maturing on June 15, 2033, at 99.592% of the principal amount, yielding 2.138% to maturity. Interest will be paid semiannually starting June 15, 2021. The proceeds will be used to repay debt, including redeeming 4.00% medium-term notes due October 2025. This offering is part of UDR's effective shelf registration. Wells Fargo Securities and others are managing the offering. The press release contains forward-looking statements related to various risks and uncertainties.
UDR, Inc. reported its Fourth Quarter 2020 results, revealing a net income per share of $0.09 and a decline in net income attributable to common stockholders to $25.5 million from $96.9 million year-over-year. The company experienced a decrease in Combined Same-Store net operating income, with notable revenue declines across all regions: West (-9.7%), Northeast (-12.8%), and Mid-Atlantic (-1.5%), contrasting with growth in the Southeast (3.2%). Operating expenses grew, particularly in the Northeast (8.1%) and Southeast (10.1%).
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