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Jun 30, 2023
UDR Q2 2023 Earnings Report
UDR announced its second quarter 2023 results and updated its full-year 2023 guidance.
Key Takeaways
UDR reported a net income per diluted share of $1.05, FFO per diluted share of $0.63, FFOA per diluted share of $0.61, and AFFO per diluted share of $0.55 for the quarter ended June 30, 2023. Total revenue increased by $35.4 million YOY to $404.5 million.
Closed a $507.2 million joint venture with LaSalle Investment Management, retaining 51% ownership.
Achieved stabilization at Cirrus, a 292-home apartment community developed in Denver, CO.
Funded $38.8 million to pay down and extend maturity dates of senior construction loans.
Entered into an agreement to acquire six communities totaling 1,753 apartment homes valued at approximately $401.9 million.
Forward Guidance
UDR has established guidance ranges for the third quarter 2023 and has updated its prior full-year 2023 Net Income per share, FFO per share, FFOA per share, AFFO per share, and same-store growth guidance ranges.
Positive Outlook
- Implied in full-year 2023 guidance is an expectation for FFOA per share to accelerate in the second half of the year.
- Improving blended lease rate growth.
- Better bad debt trends.
- Higher other income from initiatives.
- Incremental NOI from the lease-up of recently developed communities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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