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Mar 31
UDR Q1 2025 Earnings Report
UDR reported solid Q1 results with higher Net Income and Same-Store growth exceeding expectations.
Key Takeaways
UDR saw strong demand in Q1 2025, resulting in higher Net Income and better-than-expected Same-Store growth, supported by operational enhancements and portfolio strength.
Net Income increased to $75.5M, up from $41.9M in Q1 2024.
FFO per share was $0.58, slightly below last year's $0.60.
Same-Store NOI grew 2.8% YoY, driven by high occupancy and improved retention.
Two property sales generated over $211M in gross proceeds during the quarter.
UDR
UDR
UDR Revenue by Geographic Location
Forward Guidance
UDR reaffirmed its full-year 2025 guidance with continued Same-Store and FFOA growth expectations, despite macroeconomic uncertainties.
Positive Outlook
- Full-year FFOA guidance reaffirmed at $2.45–$2.55 per share.
- Same-Store NOI expected to grow up to 3.0% for FY25.
- Second quarter guidance shows stable EPS and FFOA performance.
- Occupancy rates remain strong across regions (~97%).
- Positive momentum in new lease rate and renewal growth.
Challenges Ahead
- FFO in Q1 came in slightly below guidance range.
- Sequential NOI declined 0.9% from Q4 2024.
- Expense growth of 3.5% sequentially could pressure margins.
- Macroeconomic and political uncertainties may affect housing demand.
- Interest rate volatility and credit market risks remain elevated.