UDR Announces Second Quarter Results and Raises Full-Year 2024 Guidance Ranges

Rhea-AI Summary

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.

Positive

• Full-year 2024 FFOA guidance raised to $2.42-$2.50 per share.
• Total revenue increased by 2.7% YOY to $415.3 million.
• Same-Store revenue growth of 2.5% YOY.
• FFOA per diluted share increased by 2% to $0.62.
• Completed $134 million 101 N. Meridian development in Tampa.
• Strong liquidity position with $946.2 million available.

Negative

• Net Income per diluted share dropped 92% YOY to $0.08.
• FFO per diluted share decreased by 5% to $0.60.
• Same-Store expenses increased by 3.7% YOY.

Insights

Financial Analyst

UDR's Q2 2024 results demonstrate solid performance and improved outlook for the full year. Key highlights include:

• FFOA per share of $0.62, at the high end of guidance and up 2% year-over-year
• Same-store revenue growth of 2.5% year-over-year, driven by strong occupancy and improving lease rates
• Raised full-year 2024 FFOA guidance to $2.42-$2.50 per share, up $0.02 at the midpoint
• Increased same-store revenue growth guidance to 1.0-3.0% for 2024

The improved outlook is supported by stabilizing market rents, improving resident retention and robust other income growth. However, expenses remain elevated, with same-store expense growth of 3.7% in Q2. The company's balance sheet remains solid with a net debt to EBITDAre ratio of 5.7x.

Overall, UDR appears well-positioned to capitalize on steady apartment demand, though investors should monitor expense growth and any potential softening in the rental market. The raised guidance suggests management's confidence in the company's near-term prospects.

Real Estate Market Analyst

UDR's Q2 results offer valuable insights into the current state of the multifamily real estate market:

• Demand remains robust: Near-record high absorption in H1 2024 indicates strong renter demand, likely driven by employment growth and relative affordability compared to homeownership.
• Pricing power improving: Effective blended lease rate growth of 2.4% in Q2, up from 0.8% in Q1, suggests landlords are regaining some pricing power.
• Geographic variations: Strongest revenue growth in Mid-Atlantic and Northeast (3.8% each), while Southwest lagged (0.2%).
• Expenses remain a challenge: 3.7% same-store expense growth outpaced revenue growth, highlighting ongoing cost pressures.

Looking ahead, UDR expects the positive momentum to continue, with July/August renewal rates in the 4.5-5.0% range. However, new lease rates are showing some seasonal softening. The company's cautiously optimistic outlook aligns with broader industry expectations of moderating but still positive growth for the multifamily sector in 2024.

DENVER--(BUSINESS WIRE)-- UDR, Inc. (the “Company”) (NYSE: UDR), announced today its second quarter 2024 results. Net Income, Funds from Operations (“FFO”), FFO as Adjusted (“FFOA”), and Adjusted FFO (“AFFO”) per diluted share for the quarter ended June 30, 2024 are detailed below.

	Quarter Ended June 30
Metric	2Q 2024 Actual	2Q 2024 Guidance	2Q 2023 Actual	$ Change vs. Prior Year Period		% Change vs. Prior Year Period
Net Income per diluted share	$0.08	$0.13 to $0.15	$1.05	($0.97	)	(92	%)
FFO per diluted share	$0.60	$0.60 to $0.62	$0.63	($0.03	)	(5	%)
FFOA per diluted share	$0.62	$0.60 to $0.62	$0.61	$0.01		2	%
AFFO per diluted share	$0.55	$0.53 to $0.55	$0.55	$0.00		0	%

• Same-Store (“SS”) results, with concessions reflected on a straight-line basis, for the second quarter 2024 versus the second quarter 2023 and the first quarter 2024 are summarized below.

SS Growth / (Decline)	Year-Over-Year (“YOY”): 2Q 2024 vs. 2Q 2023		Sequential: 2Q 2024 vs. 1Q 2024
Revenue	2.5	%	0.6	%
Expense	3.7	%	(1.5	%)
Net Operating Income (“NOI”)	2.0	%	1.6	%

• During the second quarter, the Company completed the development of 101 N. Meridian, a $134.0 million, 330-home apartment community in Tampa, FL.
• Subsequent to quarter-end, the Company,
  • Funded $25.9 million and is under contract to fund an additional $9.1 million as part of a preferred equity DCP portfolio investment at a 10.75 percent rate of return in four stabilized communities in Portland, OR as part of a recapitalization.
  • Received a $17.2 million partial paydown of its preferred equity DCP investment in Vernon Boulevard, a 534-home apartment community recently developed in Queens, NY.
  • Earned the distinction of being a 2024 National Top Workplaces winner in the Real Estate Industry.

“Strong employment growth and relative affordability compared to other forms of housing translated into near-record-high absorption for the industry in the first half of the year, leading to results that met the high-end of our FFOA per share expectations,” said Tom Toomey, UDR’s Chairman and CEO. “Supported by more robust pricing power than anticipated, the strength of our operating platform, and an innovative culture that continues to generate value-creating initiatives, we are raising full-year 2024 FFOA per diluted share and same-store growth guidance expectations to reflect our strong positioning in the marketplace.”

Outlook⁽¹⁾

As shown in the table below, the Company has established the following guidance ranges for the third quarter of 2024 and has updated its previously provided full-year 2024 Net Income per diluted share, FFO per diluted share, FFOA per diluted share, AFFO per diluted share, and Same-Store growth guidance ranges.

	3Q 2024 Outlook	2Q 2024 Actual	Updated Full-Year 2024 Outlook	Prior Full-Year 2024 Outlook	Full-Year 2024 Midpoint (Change)
Net Income per diluted share	$0.08 to $0.10	$0.08	$0.35 to $0.43	$0.33 to $0.45	$0.39 (unch)
FFO per diluted share	$0.60 to $0.62	$0.60	$2.38 to $2.46	$2.36 to $2.48	$2.42 (unch)
FFOA per diluted share	$0.61 to $0.63	$0.62	$2.42 to $2.50	$2.38 to $2.50	$2.46 (+$0.02)
AFFO per diluted share	$0.54 to $0.56	$0.55	$2.16 to $2.24	$2.12 to $2.24	$2.20 (+$0.02)
YOY Growth: concessions reflected on a straight-line basis:
SS Revenue	N/A	2.5%	1.00% to 3.00%	0.00% to 3.00%	2.00% (+0.50%)
SS Expense	N/A	3.7%	4.00% to 6.00%	4.25% to 6.25%	5.00% (-0.25%)
SS NOI	N/A	2.0%	(0.25)% to 1.75%	(1.75)% to 1.75%	0.75% (+0.75%)

(1)

Additional assumptions for the Company’s third quarter and full-year 2024 outlook can be found on Attachment 13 of the Company’s related quarterly Supplemental Financial Information (“Supplement”). A reconciliation of GAAP Net Income per share to FFO per share, FFOA per share, and AFFO per share can be found on Attachment 14(D) of the Company’s related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 14(A) through 14(D), “Definitions and Reconciliations,” of the Company’s related quarterly Supplement.

Operating Results

In the second quarter, total revenue increased by $10.8 million YOY, or 2.7 percent, to $415.3 million. This increase was primarily attributable to growth in revenue from Same-Store communities.

“Occupancy, effective new lease rate growth, resident retention, and other income growth all exceeded our second quarter expectations, leading to strong Same-Store revenue results,” said Mike Lacy, UDR’s Senior Vice President of Operations. “As we begin the third quarter, market rents are following a typical seasonal trajectory and have stabilized following sequential growth through mid-June. We remain optimistic on our forward growth prospects as concessions are stable, resident retention continues to improve, other income growth is robust in the high-single-digit range, and effective renewal lease rate growth for July and August has increased to the 4.5 percent to 5.0 percent range, helping to offset some seasonal slowing in effective new lease rate growth.”

Summary of First Quarter 2024, Second Quarter 2024, and July 2024 Residential Operating Trends(1)
	As of July 29, 2024
Same-Store Metric	1Q 2024 as reported	2Q 2024 as reported	Jul 2024
Weighted Average Physical Occupancy	97.1%	96.8%	96.2% to 96.3%
Effective Blended Lease Rate Growth(2)	0.8%	2.4%	2.3% to 2.5%
Effective New Lease Rate Growth	(2.5)%	0.5%	(0.9)% to (0.6)%
Effective Renewal Lease Rate Growth	3.8%	3.9%	4.9% to 5.0%

(1)		Metrics are as of July 29, 2024 for the Company’s Same-Store residential portfolio and are subject to change.
(2)		The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of (a) Effective New Lease Rate Growth and (b) Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level new and in-place demand trends. Please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement for additional details.

In the tables below, the Company has presented YOY, sequential, and year-to-date (“YTD”) Same-Store results by region, with concessions accounted for on a straight-line basis.

Summary of Same-Store Results in the Second Quarter 2024 versus the Second Quarter 2023
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio(1)	Physical Occupancy(2)	YOY Change in Occupancy
West	2.6%	1.9%	2.9%	31.0%	96.6%	0.2%
Mid-Atlantic	3.8%	3.5%	4.0%	20.6%	97.1%	0.2%
Northeast	3.8%	5.1%	3.2%	18.5%	97.2%	0.1%
Southeast	0.8%	1.8%	0.4%	14.1%	96.6%	0.3%
Southwest	0.2%	5.6%	(2.8)%	9.2%	96.7%	0.4%
Other Markets	1.9%	8.1%	(0.5)%	6.6%	96.8%	0.2%
Total	2.5%	3.7%	2.0%	100.0%	96.8%	0.2%

(1)		Based on 2Q 2024 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.
(2)		Weighted average Same-Store physical occupancy for the quarter.

Summary of Same-Store Results in the Second Quarter 2024 versus the First Quarter 2024
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio(1)	Physical Occupancy(2)	Sequential Change in Occupancy
West	0.1%	(1.5)%	0.7%	31.0%	96.6%	(0.5)%
Mid-Atlantic	0.8%	0.6%	0.9%	20.6%	97.1%	(0.2)%
Northeast	0.9%	(5.2)%	4.4%	18.5%	97.2%	(0.1)%
Southeast	0.7%	(0.7)%	1.4%	14.1%	96.6%	(0.3)%
Southwest	0.7%	0.4%	0.9%	9.2%	96.7%	0.1%
Other Markets	0.9%	(0.6)%	1.5%	6.6%	96.8%	(0.3)%
Total	0.6%	(1.5%)	1.6%	100.0%	96.8%	(0.2)%

(1)		Based on 2Q 2024 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.
(2)		Weighted average Same-Store physical occupancy for the quarter.

Summary of Same-Store Results for YTD 2024 versus YTD 2023
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio(1)	Physical Occupancy(2)	YTD YOY Change in Occupancy
West	3.0%	5.3%	2.2%	31.4%	96.9%	0.6%
Mid-Atlantic	4.1%	6.1%	3.2%	20.9%	97.2%	0.4%
Northeast	3.9%	7.8%	2.0%	18.4%	97.3%	0.2%
Southeast	1.5%	2.8%	0.9%	14.2%	96.7%	0.5%
Southwest	0.2%	1.5%	(0.6)%	8.8%	96.7%	0.3%
Other Markets	2.2%	9.9%	(0.6)%	6.3%	97.0%	0.2%
Total	2.8%	5.4%	1.7%	100.0%	97.0%	0.5%

(1)		Based on YTD 2024 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.
(2)		Weighted average Same-Store physical occupancy for YTD 2024.

Development Activity

During the quarter, the Company completed the development of 101 N. Meridian, a $134.0 million, 330-home apartment community in Tampa, FL. At the end of the second quarter, the Company had no projects in its active development pipeline.

Developer Capital Program (“DCP”) Portfolio Activity

At the end of the second quarter, the Company had funded $483.8 million, or 99.8 percent, of its $484.7 million of DCP commitments. These investments carry a contractual weighted average 10.0 percent rate of return and have a weighted average remaining term of 2.4 years.

Subsequent to quarter-end, the Company,

• Received a $17.2 million partial paydown of its preferred equity DCP investment in Vernon Boulevard, a 534-home apartment community recently developed in Queens, NY. In conjunction with the paydown, the Company’s remaining $50.0 million preferred equity investment will earn a contractual 11.0 percent rate of return, which was adjusted lower from a previous 13.0 percent rate of return to reflect the reduced risk in UDR’s investment.
• Funded $25.9 million and is under contract to fund an additional $9.1 million as part of a preferred equity DCP portfolio investment in four stabilized communities as part of a recapitalization, which is summarized below.

Community / Type	Location (MSA)	Apartment Homes	Investment Type	Commitment ($ millions)	Last Dollar LTV(1)	Rate of Return
Stabilized Portfolio / Recapitalization	Portland, OR	818	Preferred Equity	$35.0	75%	10.75%

(1)

The capital structure for this portfolio includes, in order of seniority, senior loans that represent approximately 57.5 percent of property value, UDR’s preferred equity investment that represents the next approximately 17.5 percent of property value, and sponsor equity representing the remaining approximately 25 percent of property value, with these percentages based on the transaction price.

Capital Markets and Balance Sheet Activity

The Company’s total indebtedness as of June 30, 2024 was $5.8 billion with only $290.3 million, or 5.4 percent of total consolidated debt, maturing through 2025, including principal amortization and excluding amounts on the Company’s commercial paper program and working capital credit facility. As of June 30, 2024, the Company had $946.2 million in liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 13 of the Company’s related quarterly Supplement for additional details on projected capital sources and uses.

In the table below, the Company has presented select balance sheet metrics for the quarter ended June 30, 2024 and the comparable prior year period.

	Quarter Ended June 30
Balance Sheet Metric	2Q 2024	2Q 2023	Change
Weighted Average Interest Rate	3.38%	3.21%	0.17%
Weighted Average Years to Maturity(1)	5.2	6.3	(1.1)
Consolidated Fixed Charge Coverage Ratio	5.0x	5.0x	0.0x
Consolidated Debt as a percentage of Total Assets	32.7%	31.9%	0.8%
Consolidated Net Debt-to-EBITDAre(2)	5.7x	5.5x	0.2x

(1)		If the Company’s commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would have been 5.3 years with and without extensions for 2Q 2024 and 6.4 years with and without extensions for 2Q 2023.
(2)		Defined as EBITDAre - adjusted for non-recurring items. A reconciliation of GAAP Net Income per share to EBITDAre - adjusted for non-recurring items and GAAP Total Debt to Net Debt can be found on Attachment 4(C) of the Company’s related quarterly Supplement.

Corporate Responsibility

As previously announced, subsequent to quarter-end, the Company was named as a 2024 Top Workplaces winner in the Real Estate Industry. This distinction reflects the Company’s ongoing commitment to fostering an innovative culture and engaging associate experience.

Dividend

As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the second quarter 2024 in the amount of $0.425 per share. The dividend will be paid in cash on July 31, 2024 to UDR common shareholders of record as of July 10, 2024. The second quarter 2024 dividend will represent the 207^th consecutive quarterly dividend paid by the Company on its common stock.

Supplemental Financial Information

The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company, which is available on the Investor Relations section of the Company's website at ir.udr.com.

Attachment 14(A)

Definitions and Reconciliations
June 30, 2024
(Unaudited)

Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter.

Adjusted Funds from Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures on consolidated communities that are necessary to help preserve the value of and maintain functionality at our communities.

Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income/(loss) attributable to common stockholders to AFFO is provided on Attachment 2.

Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items as Consolidated Interest Coverage Ratio - adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment, plus preferred dividends.

Management considers Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Consolidated Interest Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Interest Coverage Ratio - adjusted for non-recurring items as Consolidated EBITDAre – adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment.

Management considers Consolidated Interest Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Interest Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items: The Company defines Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items as total consolidated debt net of cash and cash equivalents divided by annualized Consolidated EBITDAre - adjusted for non-recurring items. Consolidated EBITDAre - adjusted for non-recurring items is defined as EBITDAre excluding the impact of income/(loss) from unconsolidated entities, adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures and other non-recurring items including, but not limited to casualty-related charges/(recoveries), net of wholly owned communities.

Management considers Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income/(loss) and Consolidated EBITDAre - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Controllable Expenses: The Company refers to property operating and maintenance expenses as Controllable Expenses.

Development Communities: The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): The Company defines EBITDAre as net income/(loss) (computed in accordance with GAAP), plus interest expense, including costs associated with debt extinguishment, plus real estate depreciation and amortization, plus other depreciation and amortization, plus (minus) income tax provision/(benefit), net, (minus) plus net gain/(loss) on the sale of depreciable real estate owned, plus impairment write-downs of depreciable real estate, plus the adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre was approved by the Board of Governors of Nareit in September 2017.

Management considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company’s ability to incur and service debt, and enables investors to assess our performance against that of its peer REITs. EBITDAre should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company’s activities in accordance with GAAP. EBITDAre does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation between net income/(loss) and EBITDAre is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Effective Blended Lease Rate Growth: The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level, new and in-place demand trends.

Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on new leases commenced during the current quarter. Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends.

Effective Renewal Lease Rate Growth: The Company defines Effective Renewal Lease Rate Growth as the increase in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior effective rent for the prior lease term on renewed leases commenced during the current quarter. Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level, in-place demand trends.

Estimated Quarter of Completion: The Company defines Estimated Quarter of Completion of a development or redevelopment project as the date on which construction is expected to be completed, but it does not represent the date of stabilization.

Attachment 14(B)

Definitions and Reconciliations
June 30, 2024
(Unaudited)

Funds from Operations as Adjusted ("FFO as Adjusted") attributable to common stockholders and unitholders: The Company defines FFO as Adjusted attributable to common stockholders and unitholders as FFO excluding the impact of other non-comparable items including, but not limited to, acquisition-related costs, prepayment costs/benefits associated with early debt retirement, impairment write-downs or gains and losses on sales of real estate or other assets incidental to the main business of the Company and income taxes directly associated with those gains and losses, casualty-related expenses and recoveries, severance costs and legal and other costs.

Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to common stockholders to FFO as Adjusted is provided on Attachment 2.

Funds from Operations ("FFO") attributable to common stockholders and unitholders: The Company defines FFO attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company’s share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and restated in November 2018. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count.

Management considers FFO a useful metric for investors as the Company uses FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation from net income/(loss) attributable to common stockholders to FFO is provided on Attachment 2.

Held For Disposition Communities: The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter.

Joint Venture Reconciliation at UDR's weighted average ownership interest:
In thousands		2Q 2024				YTD 2024
Income/(loss) from unconsolidated entities		$	4,046			$	13,131
Management fee			861				1,699
Interest expense			4,466				8,938
Depreciation			13,768				27,461
General and administrative			192				349
Developer Capital Program (excludes loans)			(8,436	)			(16,599	)
Other (income)/expense			(3	)			(48	)
Realized and unrealized (gain)/loss on real estate technology investments, net of tax			189				(5,457	)
Total Joint Venture NOI at UDR's Ownership Interest		$	15,083			$	29,474

Net Operating Income (“NOI”): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent and other revenues less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs.

Management considers NOI a useful metric for investors as it is a more meaningful representation of a community’s continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization and is a widely used input, along with capitalization rates, in the determination of real estate valuations. A reconciliation from net income/(loss) attributable to UDR, Inc. to NOI is provided below.

In thousands	2Q 2024			1Q 2024			4Q 2023				3Q 2023			2Q 2023
Net income/(loss) attributable to UDR, Inc.	$	28,883		$	43,149		$	32,986			$	32,858		$	347,545
Property management		13,433			13,379			13,354				13,271			13,101
Other operating expenses		7,593			6,828			8,320				4,611			4,259
Real estate depreciation and amortization		170,488			169,858			170,643				167,551			168,925
Interest expense		47,811			48,062			47,347				44,664			45,113
Casualty-related charges/(recoveries), net		998			6,278			(224	)			(1,928	)		1,134
General and administrative		20,136			17,810			20,838				15,159			16,452
Tax provision/(benefit), net		386			337			93				428			1,351
(Income)/loss from unconsolidated entities		(4,046	)		(9,085	)		20,219				(5,508	)		(9,697	)
Interest income and other (income)/expense, net		(6,498	)		(5,865	)		(9,371	)			3,069			(10,447	)
Joint venture management and other fees		(1,992	)		(1,965	)		(2,379	)			(1,772	)		(1,450	)
Other depreciation and amortization		4,679			4,316			4,397				3,692			3,681
(Gain)/loss on sale of real estate owned		-			(16,867	)		(25,308	)			-			(325,884	)
Net income/(loss) attributable to noncontrolling interests		2,130			3,161			2,975				2,561			22,638
Total consolidated NOI	$	284,001		$	279,396		$	283,890			$	278,656		$	276,721

Attachment 14(C)

Definitions and Reconciliations
June 30, 2024
(Unaudited)

NOI Enhancing Capital Expenditures ("Cap Ex"): The Company defines NOI Enhancing Capital Expenditures as expenditures that result in increased income generation or decreased expense growth over time.

Management considers NOI Enhancing Capital Expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues or to decrease expenses.

Non-Mature Communities: The Company defines Non-Mature Communities as those communities that have not met the criteria to be included in same-store communities.

Non-Residential / Other: The Company defines Non-Residential / Other as non-apartment components of mixed-use properties, land held, properties being prepared for redevelopment and properties where a material change in home count has occurred.

Other Markets: The Company defines Other Markets as the accumulation of individual markets where it operates less than 1,000 Same-Store homes. Management considers Other Markets a useful metric as the operating results for the individual markets are not representative of the fundamentals for those markets as a whole.

Physical Occupancy: The Company defines Physical Occupancy as the number of occupied homes divided by the total homes available at a community.

QTD Same-Store Communities: The Company defines QTD Same-Store Communities as those communities Stabilized for five full consecutive quarters. These communities were owned and had stabilized operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition.

Recurring Capital Expenditures: The Company defines Recurring Capital Expenditures as expenditures that are necessary to help preserve the value of and maintain functionality at its communities.

Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress. Based upon the level of material impact the redevelopment has on the community (operations, occupancy levels, and future rental rates), the community may or may not maintain Stabilization. As such, for each redevelopment, the Company assesses whether the community remains in Same-Store.

Sold Communities: The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter.

Stabilization/Stabilized: The Company defines Stabilization/Stabilized as when a community’s occupancy reaches 90% or above for at least three consecutive months.

Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that have reached Stabilization but are not yet in the same-store portfolio.

Total Revenue per Occupied Home: The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a straight-line basis, divided by the product of occupancy and the number of apartment homes.

Management considers Total Revenue per Occupied Home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical.

TRS: The Company’s taxable REIT subsidiaries (“TRS”) focus on making investments and providing services that are otherwise not allowed to be made or provided by a REIT.

YTD Same-Store Communities: The Company defines YTD Same-Store Communities as those communities Stabilized for two full consecutive calendar years. These communities were owned and had stabilized operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition.

Conference Call and Webcast Information

UDR will host a webcast and conference call at 12:00 p.m. Eastern Time on July 31, 2024, to discuss second quarter 2024 results as well as high-level views for 2024. The webcast will be available on the Investor Relations section of the Company’s website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the teleconference dial 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary.

Given a high volume of conference calls occurring during this time of year, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company’s webcast link for its earnings results discussion.

A replay of the conference call will be available through August 31, 2024, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13747589, when prompted for the passcode. A replay of the call will also be available on the Investor Relations section of the Company’s website at ir.udr.com.

Full Text of the Earnings Report and Supplemental Data

The full text of the earnings report and related quarterly Supplement will be available on the Investor Relations section of the Company’s website at ir.udr.com.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “outlook,” “guidance,” “estimates” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, rising interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and DCP investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.

About UDR, Inc.

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of June 30, 2024, UDR owned or had an ownership position in 60,126 apartment homes. For over 52 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates.

Attachment 1
Consolidated Statements of Operations
(Unaudited) (1)
		Three Months Ended								Six Months Ended
		June 30,								June 30,
In thousands, except per share amounts		2024				2023				2024				2023
REVENUES:
Rental income (2)		$	413,328			$	403,098			$	824,997			$	801,405
Joint venture management and other fees			1,992				1,450				3,957				2,692
Total revenues			415,320				404,548				828,954				804,097
OPERATING EXPENSES:
Property operating and maintenance			70,443				68,861				143,921				133,695
Real estate taxes and insurance			58,884				57,516				117,679				115,486
Property management			13,433				13,101				26,812				26,046
Other operating expenses			7,593				4,259				14,421				7,291
Real estate depreciation and amortization			170,488				168,925				340,346				338,225
General and administrative			20,136				16,452				37,946				33,932
Casualty-related charges/(recoveries), net			998				1,134				7,276				5,290
Other depreciation and amortization			4,679				3,681				8,995				7,330
Total operating expenses			346,654				333,929				697,396				667,295
Gain/(loss) on sale of real estate owned			-				325,884				16,867				325,885
Operating income			68,666				396,503				148,425				462,687
Income/(loss) from unconsolidated entities (2)			4,046				9,697				13,131				19,404
Interest expense			(47,811	)			(45,113	)			(95,873	)			(88,855	)
Interest income and other income/(expense), net			6,498				10,447				12,363				11,457
Income/(loss) before income taxes			31,399				371,534				78,046				404,693
Tax (provision)/benefit, net			(386	)			(1,351	)			(723	)			(1,585	)
Net Income/(loss)			31,013				370,183				77,323				403,108
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership			(2,013	)			(22,630	)			(5,162	)			(24,583	)
Net (income)/loss attributable to noncontrolling interests			(117	)			(8	)			(129	)			(16	)
Net income/(loss) attributable to UDR, Inc.			28,883				347,545				72,032				378,509
Distributions to preferred stockholders - Series E (Convertible)			(1,210	)			(1,222	)			(2,441	)			(2,405	)
Net income/(loss) attributable to common stockholders		$	27,673			$	346,323			$	69,591			$	376,104
Income/(loss) per weighted average common share - basic:		$	0.08			$	1.05			$	0.21			$	1.14
Income/(loss) per weighted average common share - diluted:		$	0.08			$	1.05			$	0.21			$	1.14
Common distributions declared per share		$	0.425			$	0.42			$	0.850			$	0.84
Weighted average number of common shares outstanding - basic			329,056				328,957				328,940				328,871
Weighted average number of common shares outstanding - diluted			329,572				332,480				329,334				332,412

(1)		See Attachment 14 for definitions and other terms.
(2)		As of June 30, 2024, UDR's residential accounts receivable balance, net of its reserve, was $6.2 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection.

Attachment 2
Funds From Operations
(Unaudited) (1)
		Three Months Ended								Six Months Ended
		June 30,								June 30,
In thousands, except per share and unit amounts		2024				2023				2024				2023
Net income/(loss) attributable to common stockholders		$	27,673			$	346,323			$	69,591			$	376,104
Real estate depreciation and amortization			170,488				168,925				340,346				338,225
Noncontrolling interests			2,130				22,638				5,291				24,599
Real estate depreciation and amortization on unconsolidated joint ventures			14,228				8,695				28,382				16,180
Net (gain)/loss on the sale of depreciable real estate owned, net of tax			-				(324,769	)			(16,867	)			(324,770	)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic		$	214,519			$	221,812			$	426,743			$	430,338
Distributions to preferred stockholders - Series E (Convertible) (2)			1,210				1,222				2,441				2,405
FFO attributable to common stockholders and unitholders, diluted		$	215,729			$	223,034			$	429,184			$	432,743
FFO per weighted average common share and unit, basic		$	0.61			$	0.63			$	1.21			$	1.23
FFO per weighted average common share and unit, diluted		$	0.60			$	0.63			$	1.20			$	1.22
Weighted average number of common shares and OP/DownREIT Units outstanding, basic			353,380				350,207				353,311				350,157
Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted			356,747				353,730				356,584				353,698
Impact of adjustments to FFO:
Variable upside participation on DCP, net		$	-			$	(204	)		$	-			$	(204	)
Legal and other costs			2,914				-				5,444				(1,258	)
Realized and unrealized (gain)/loss on real estate technology investments, net of tax			372				(7,847	)			(4,616	)			(8,110	)
Severance costs			1,111				-				1,532				-
Casualty-related charges/(recoveries)			998				1,134				7,276				5,290
Total impact of adjustments to FFO		$	5,395			$	(6,917	)		$	9,636			$	(4,282	)
FFO as Adjusted attributable to common stockholders and unitholders, diluted		$	221,124			$	216,117			$	438,820			$	428,461
FFO as Adjusted per weighted average common share and unit, diluted		$	0.62			$	0.61			$	1.23			$	1.21
Recurring capital expenditures, inclusive of unconsolidated joint ventures			(26,290	)			(21,345	)			(43,598	)			(33,644	)
AFFO attributable to common stockholders and unitholders, diluted		$	194,834			$	194,772			$	395,222			$	394,817
AFFO per weighted average common share and unit, diluted		$	0.55			$	0.55			$	1.11			$	1.12

(1)		See Attachment 14 for definitions and other terms.
(2)		Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and six months ended June 30, 2024 and June 30, 2023. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.

Attachment 3
Consolidated Balance Sheets
(Unaudited) (1)
		June 30,				December 31,
In thousands, except share and per share amounts		2024				2023
ASSETS
Real estate owned:
Real estate held for investment		$	16,070,591			$	15,757,456
Less: accumulated depreciation			(6,572,743	)			(6,242,686	)
Real estate held for investment, net			9,497,848				9,514,770
Real estate under development
(net of accumulated depreciation of $0 and $184)			-				160,220
Real estate held for disposition
(net of accumulated depreciation of $0 and $24,960)			-				81,039
Total real estate owned, net of accumulated depreciation			9,497,848				9,756,029
Cash and cash equivalents			2,770				2,922
Restricted cash			31,616				31,944
Notes receivable, net			241,842				228,825
Investment in and advances to unconsolidated joint ventures, net			958,943				952,934
Operating lease right-of-use assets			188,828				190,619
Other assets			195,958				209,969
Total assets		$	11,117,805			$	11,373,242
LIABILITIES AND EQUITY
Liabilities:
Secured debt		$	1,235,748			$	1,277,713
Unsecured debt			4,540,388				4,520,996
Operating lease liabilities			184,076				185,836
Real estate taxes payable			44,333				47,107
Accrued interest payable			47,289				47,710
Security deposits and prepaid rent			49,168				50,528
Distributions payable			151,518				149,600
Accounts payable, accrued expenses, and other liabilities			120,784				141,311
Total liabilities			6,373,304				6,420,801
Redeemable noncontrolling interests in the OP and DownREIT Partnership			1,021,782				961,087
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2024 and December 31, 2023:
2,600,678 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,686,308 shares at December 31, 2023)			43,192				44,614
11,647,322 shares of Series F outstanding (11,867,730 shares at December 31, 2023)			1				1
Common stock, $0.01 par value; 450,000,000 shares authorized at June 30, 2024 and December 31, 2023:
329,539,663 shares issued and outstanding (329,014,512 shares at December 31, 2023)			3,295				3,290
Additional paid-in capital			7,508,794				7,493,217
Distributions in excess of net income			(3,840,808	)			(3,554,892	)
Accumulated other comprehensive income/(loss), net			7,910				4,914
Total stockholders' equity			3,722,384				3,991,144
Noncontrolling interests			335				210
Total equity			3,722,719				3,991,354
Total liabilities and equity		$	11,117,805			$	11,373,242

(1)

See Attachment 14 for definitions and other terms.

Attachment 4(C)
Selected Financial Information (Dollars in Thousands) (Unaudited)(1)
		Quarter Ended
Coverage Ratios		June 30, 2024
Net income/(loss)		$	31,013
Adjustments:
Interest expense, including debt extinguishment and other associated costs			47,811
Real estate depreciation and amortization			170,488
Other depreciation and amortization			4,679
Tax provision/(benefit), net			386
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures			18,694
EBITDAre		$	273,071
Casualty-related charges/(recoveries), net			998
Legal and other costs			2,914
Severance costs			1,111
Realized and unrealized (gain)/loss on real estate technology investments			183
(Income)/loss from unconsolidated entities			(4,046	)
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures			(18,694	)
Management fee expense on unconsolidated joint ventures			(861	)
Consolidated EBITDAre - adjusted for non-recurring items		$	254,676
Annualized consolidated EBITDAre - adjusted for non-recurring items		$	1,018,704
Interest expense, including debt extinguishment and other associated costs			47,811
Capitalized interest expense			2,417
Total interest		$	50,228
Preferred dividends		$	1,210
Total debt		$	5,776,136
Cash			(2,770	)
Net debt		$	5,773,366
Consolidated Interest Coverage Ratio - adjusted for non-recurring items		5.1x
Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items		5.0x
Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items		5.7x

Debt Covenant Overview
Unsecured Line of Credit Covenants (2)						Required		Actual		Compliance
Maximum Leverage Ratio						≤60.0%		31.3% (2)		Yes
Minimum Fixed Charge Coverage Ratio						≥1.5x		4.8x		Yes
Maximum Secured Debt Ratio						≤40.0%		10.2%		Yes
Minimum Unencumbered Pool Leverage Ratio						≥150.0%		381.9%		Yes
Senior Unsecured Note Covenants (3)						Required		Actual		Compliance
Debt as a percentage of Total Assets						≤65.0%		32.7%(3)		Yes
Consolidated Income Available for Debt Service to Annual Service Charge						≥1.5x		5.5x		Yes
Secured Debt as a percentage of Total Assets						≤40.0%		7.0%		Yes
Total Unencumbered Assets to Unsecured Debt						≥150.0%		320.2%		Yes
Securities Ratings						Debt		Outlook		Commercial Paper
Moody's Investors Service						Baa1		Stable		P-2
S&P Global Ratings						BBB+		Stable		A-2
								Gross		% of
		Number of		2Q 2024 NOI (1)				Carrying Value		Total Gross
Asset Summary		Homes		($000s)		% of NOI		($000s)		Carrying Value
Unencumbered assets		46,421		$ 245,245		86.4%		$ 13,907,962		86.5%
Encumbered assets		9,278		38,756		13.6%		2,162,629		13.5%
		55,699		$ 284,001		100.0%		$ 16,070,591		100.0%

(1)		See Attachment 14 for definitions and other terms.
(2)		As defined in our credit agreement dated September 15, 2021, as amended.
(3)		As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time.

Attachment 14(D)

Definitions and Reconciliations
June 30, 2024
(Unaudited)

All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for full-year 2024 and third quarter of 2024 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:

		Full-Year 2024
		Low				High
Forecasted net income per diluted share		$	0.35			$	0.43
Conversion from GAAP share count			(0.02	)			(0.02	)
Net gain on the sale of depreciable real estate owned			(0.05	)			(0.05	)
Depreciation			2.07				2.07
Noncontrolling interests			0.02				0.02
Preferred dividends			0.01				0.01
Forecasted FFO per diluted share and unit		$	2.38			$	2.46
Legal and other costs			0.02				0.02
Severance costs and other restructuring expense			0.01				0.01
Casualty-related charges/(recoveries)			0.02				0.02
Realized/unrealized (gain)/loss on real estate technology investments			(0.01	)			(0.01	)
Forecasted FFO as Adjusted per diluted share and unit		$	2.42			$	2.50
Recurring capital expenditures			(0.26	)			(0.26	)
Forecasted AFFO per diluted share and unit		$	2.16			$	2.24
		3Q 2024
		Low				High
Forecasted net income per diluted share		$	0.08			$	0.10
Conversion from GAAP share count			(0.01	)			(0.01	)
Depreciation			0.52				0.52
Noncontrolling interests			0.01				0.01
Preferred dividends			-				-
Forecasted FFO per diluted share and unit		$	0.60			$	0.62
Legal and other costs			-				-
Severance costs and other restructuring expense			0.01				0.01
Casualty-related charges/(recoveries)			-				-
Realized/unrealized (gain)/loss on real estate technology investments			-				-
Forecasted FFO as Adjusted per diluted share and unit		$	0.61			$	0.63
Recurring capital expenditures			(0.07	)			(0.07	)
Forecasted AFFO per diluted share and unit		$	0.54			$	0.56

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240729044070/en/

Trent Trujillo

Email: ttrujillo@udr.com

Source: UDR, Inc.

FAQ

What were UDR's Q2 2024 earnings results?

UDR reported a Net Income per diluted share of $0.08, a 92% decrease YOY. FFO per diluted share was $0.60, down 5%, while FFOA per diluted share increased by 2% to $0.62.

How much did UDR's revenue increase in Q2 2024?

UDR's total revenue increased by 2.7% YOY to $415.3 million in Q2 2024.

What is UDR's updated full-year 2024 guidance?

UDR raised its full-year 2024 guidance, projecting FFOA per diluted share to be between $2.42 and $2.50.

What was the occupancy rate for UDR in Q2 2024?

UDR reported a weighted average physical occupancy rate of 96.8% in Q2 2024.

What development did UDR complete in Q2 2024?

UDR completed the $134 million 101 N. Meridian development in Tampa, FL, in Q2 2024.

What dividend did UDR declare for Q2 2024?

UDR declared a quarterly dividend of $0.425 per share for Q2 2024, to be paid on July 31, 2024.

How much liquidity does UDR have as of Q2 2024?

UDR had $946.2 million in liquidity through cash and undrawn credit facilities as of Q2 2024.