UDR Q2 2020 Earnings Report

UDR reported second quarter results with increased total revenue and net income, but same-store NOI declined due to bad debt reserves.

Key Takeaways

UDR's second quarter 2020 results showed an increase in total revenue driven by growth from acquisition communities. Net income also increased, primarily due to NOI growth and gains from community sales. However, same-store NOI declined due to bad debt reserves. The company continues to implement its Next Generation Operating Platform and made strategic investments and capital market moves.

Net income per share was $0.19, FFO per share was $0.51, and AFFO per share was $0.47.

Net income attributable to common stockholders was $56.7 million, up from $34.6 million in the prior year period.

Combined Same-Store revenue declined by 2.1 percent, and NOI declined by 4.0 percent year-over-year.

The company sold Waterscape for $92.9 million and Borgata Apartment Homes for $49.7 million.