UDR Meets Q1 FFOA Estimates, Beats Revenues, Ups 2024 Guidance

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UDR Inc. UDR reported first-quarter 2024 funds from operations as adjusted (FFOA) per share of 61 cents, in line with the Zacks Consensus Estimate.Quarterly rental income was $411.7 million, which ...

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UDR reported first-quarter 2024 funds from operations as adjusted (FFOA) per share of 61 cents, in line with the Zacks Consensus Estimate.Quarterly rental income was $411.7 million, which ...</p>\n\n<a href=\"https://finance.yahoo.com/news/udr-meets-q1-ffoa-estimates-154400152.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UDR Meets Q1 FFOA Estimates, Beats Revenues, Ups 2024 Guidance</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUDR Meets Q1 FFOA Estimates, Beats Revenues, Ups 2024 Guidance\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-01 23:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/udr-meets-q1-ffoa-estimates-154400152.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>UDR Inc. UDR reported first-quarter 2024 funds from operations as adjusted (FFOA) per share of 61 cents, in line with the Zacks Consensus Estimate.Quarterly rental income was $411.7 million, which ...</p>\n\n<a href=\"https://finance.yahoo.com/news/udr-meets-q1-ffoa-estimates-154400152.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"EQR","symbol_name":"资产住宅公司","start_time":0,"source_url":"https://finance.yahoo.com/news/udr-meets-q1-ffoa-estimates-154400152.html","article_id":"2432681260","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/k801.RUJ07Ee7atwPd.DSQ--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/f54f709ae65e32f6086a21eeef8d44f3"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2432681260","pubTimestamp":1714578240,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"UDR Inc. UDR reported first-quarter 2024 funds from operations as adjusted  per share of 61 cents, in line with the Zacks Consensus Estimate.Quarterly rental income was $411.7 million, which outpaced the Zacks Consensus Estimate of $408.6 million and came ahead of the year-ago quarter’s $398.3 million. Total revenues came in at $413.6 million.Results reflect an increase in revenues from same-store communities and growth from past accretive external investments. However, a rise in property operating and maintenance and interest expenses acted as dampeners. UDR raised certain full-year 2024 guidance ranges.On a year-over-year basis, FFOA per share climbed 1.7%. Rental income and total revenues rose 3.4% and 3.5%, respectively.Per Tom Toomey, UDR’s chairman and CEO, “We have started the year with improving leasing conditions, largely due to employment growth that has exceeded expectations and led to near-record high absorption. Our first quarter results, including 3.1 percent same-store r","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"EQR":"资产住宅公司","AVB":"阿湾物产","UDR":"UDR不动产信托"},"translate_title":"UDR符合Q1 FFOA估计，收入超过Ups 2024指南","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UDR":1,"AVB":0.9,"EQR":0.9},"content_text":"UDR Inc. UDR reported first-quarter 2024 funds from operations as adjusted (FFOA) per share of 61 cents, in line with the Zacks Consensus Estimate.Quarterly rental income was $411.7 million, which outpaced the Zacks Consensus Estimate of $408.6 million and came ahead of the year-ago quarter’s $398.3 million. Total revenues came in at $413.6 million.Results reflect an increase in revenues from same-store communities and growth from past accretive external investments. However, a rise in property operating and maintenance and interest expenses acted as dampeners. UDR raised certain full-year 2024 guidance ranges.On a year-over-year basis, FFOA per share climbed 1.7%. Rental income and total revenues rose 3.4% and 3.5%, respectively.Per Tom Toomey, UDR’s chairman and CEO, “We have started the year with improving leasing conditions, largely due to employment growth that has exceeded expectations and led to near-record high absorption. Our first quarter results, including 3.1 percent same-store revenue growth over the prior year period, demonstrate the strength of our strategy and the value of our operating platform.”\nInside the Headlines\nIn the reported quarter, same-store revenues (with concessions reflected on a straight-line basis) increased 3.1% year over year. Same-store expenses were up 7.5%. Consequently, the same-store net operating income (NOI) improved 1.2%.However, the company noted that, in the year-ago period, it had recorded a $3.7 million refundable payroll tax credit related to the Employee Retention Credit program. Excluding this benefit, year-over-year same-store expenses and NOI growth would have been 4% and 2.7%, respectively.UDR registered same-store effective blended lease rate growth of 0.8% during the quarter. The residential REIT’s weighted average same-store physical occupancy of 97.1% increased 20 basis points sequentially and 60 basis points year over year. Our estimate was pegged at 96.8%.However, property operating and maintenance expenses of $73.5 million rose 13.3% year over year. Interest expenses climbed 9.9% to $48.1 million. Our estimate was $46.5 million.\nPortfolio Activity\nDuring the quarter, UDR sold Crescent Falls Church, which is a 214-home apartment community in Metropolitan Washington, D.C., for $100.0 million.The company also completed development at Villas at Fiori, a $53.5 million, 85-home townhome community developed in the Addison submarket of Dallas, TX.  At the end of the first quarter, UDR’s development pipeline included one 330-home apartment community in Tampa, FL, at a total budgeted cost of $134.0 million. Of this, 94% has been funded, and only $7.8 million remains to be funded.UDR had fully funded its $476.6 million of commitments under its Developer Capital Program platform at the end of the first quarter. These investments carry a contractual weighted average return rate of 10.0% and have a weighted average remaining term of 2.7 years.\nBalance Sheet Activity\nAs of Mar 31, 2024, UDR had $960 million of liquidity through a combination of cash and undrawn capacity on its credit facilities.Total debt was $5.8 billion as of the same date, with only $291.2 million, or 5.1% of total consolidated debt, maturing through 2025. In addition, net debt-to-EBITDAre of 5.7X remained unchanged in the first quarter from the year-ago quarter.UDR ended the quarter with a weighted average interest rate of 3.38% and a weighted average years to maturity of 5.4 years.\n2024 Guidance\nUDR raised certain full-year 2024 guidance ranges.The company now expects 2024 FFOA per share in the range of $2.38-$2.50, up 2 cents at the midpoint from the prior range of $2.36-$2.48. The Zacks Consensus Estimate for the same is pegged at $2.44 currently.For the full year, with concessions reflected on a straight-line basis, the company projects 0.0-3.0% year-over-year growth in same-store revenues, 4.25-6.25% year-over-year growth in same-store expenses and same-store NOI growth is estimated to be -1.75% to 1.75%.\nUDR expects second-quarter 2024 FFOA per share in the range of 60-62 cents. The Zacks Consensus Estimate for the same is pegged at 61 cents currently.Currently, UDR carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\n\nUnited Dominion Realty Trust, Inc. Price, Consensus and EPS Surprise\n\nUnited Dominion Realty Trust, Inc. price-consensus-eps-surprise-chart | United Dominion Realty Trust, Inc. Quote\n\nPerformance of Other Residential REITs\nEquity Residential EQR reported a first-quarter 2024 normalized FFO per share of 93 cents, which surpassed the Zacks Consensus Estimate of 91 cents. The rental income of $730.8 million also beat the consensus mark of $729.8 million. On a year-over-year basis, the normalized FFO per share grew 6.9% from 87 cents, with rental income climbing 3.6%.Equity Residential’s results reflected decent same-store performances, backed by healthy demand, modest supply and a focus on expense efficiency. The company also experienced the lowest quarterly same-store turnover in its history. Presently, EQR carries a Zacks Rank #3.AvalonBay Communities AVB reported a first-quarter 2024 core FFO per share of $2.70, which beat the Zacks Consensus Estimate of $2.64. Moreover, the figure climbed 5.1% from the prior-year quarter’s tally. Total revenues in the quarter came in at $712.9 million, which outpaced the Zacks Consensus Estimate of $706.6 million. The figure increased 5.7% on a year-over-year basis.The quarterly results of AvalonBay Communities reflect better-than-expected performance in the stabilized portfolio. This residential REIT also raised its 2024 core FFO per share, same-store residential revenue and net operating income (NOI) growth outlook following the Q1 FFO beat. Currently, AVB carries a Zacks Rank of 3.Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nAvalonBay Communities, Inc. (AVB) : Free Stock Analysis Report\nEquity Residential (EQR) : Free Stock Analysis Report\nUnited Dominion Realty Trust, Inc. (UDR) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.5","shortVersion":"4.22.5","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432681260"}