UDR Announces Fourth Quarter and Full-Year 2020 Results and 2021 Guidance
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%).
- Funds from Operations (FFO) per share increased to $0.39.
- Adjusted FFO (AFFO) per share was robust at $0.43.
- Net income declined significantly from $96.9 million to $25.5 million.
- Combined Same-Store NOI decreased, with the West region showing a decline of 14%.
- All regions except Southeast experienced revenue declines.
Insights
Analyzing...
UDR, Inc. (the “Company”) Fourth Quarter 2020 Highlights:
-
Net income per share was
$0.09 , Funds from Operations (“FFO”) per share was$0.39 , FFO as Adjusted (“FFOA”) per share was$0.49 , and Adjusted FFO (“AFFO”) per share was$0.43 . -
Net income attributable to common stockholders was
$25.5 million compared to net income of$96.9 million in the prior year period, primarily due to lower gains from sold properties and a decline in Combined Same-Store net operating income (“NOI”). - Year-over-year (“YOY”) Combined Same-Store results during the fourth quarter of 2020, with concessions accounted for on cash and straight-line bases, as compared to the fourth quarter of 2019 were as follows:
Region |
Revenue
|
Expense
Growth /
|
NOI
|
% of Combined
Portfolio(1) |
Physical
|
YOY
|
West |
(9.7)% |
|
(14.0)% |
|
|
(1.6)% |
Mid-Atlantic |
(1.5)% |
|
(2.5)% |
|
|
|
Northeast |
(12.8)% |
|
(21.9)% |
|
|
(2.2)% |
Southeast |
|
|
|
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FAQWhat were UDR's Q4 2020 earnings per share?
UDR reported a net income per share of $0.09 for Q4 2020.
How did UDR's funds from operations perform in Q4 2020?
Funds from Operations (FFO) per share for UDR was $0.39 in Q4 2020.
What was the revenue growth for UDR in the Northeast region for Q4 2020?
The Northeast region saw a revenue decline of 12.8% year-over-year.
Did UDR experience any revenue growth in Q4 2020?
Yes, the Southeast region had a revenue growth of 3.2%.
What was the decline in net operating income for UDR in the West region?
Net operating income in the West region declined by 14.0%.
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UDR Stock Data
14.10B
329.60M
0.48%
103.5%
1.94%
REIT - Residential
Real Estate Investment Trusts
United States
HIGHLANDS RANCH
|