UDR Q3 2023 Earnings Report
Key Takeaways
UDR's third quarter FFOA per diluted share met the guidance, driven by a resilient employment situation and the relative affordability of apartments. However, due to high levels of new supply, the company lowered its expectation for FFOA per diluted share during the fourth quarter.
The Company acquired a six community portfolio in Texas totaling 1,753 apartment homes for approximately $402.2 million.
The Company repurchased 0.6 million shares of its common stock at a weighted average price per share of $40.13 for total consideration of approximately $25.0 million.
The Company achieved stabilized occupancy at 5421 at Dublin Station, a $126.9 million, 220-home apartment community developed in the Dublin submarket of the San Francisco Bay Area.
Subsequent to quarter end, the Company published its fifth annual ESG report and concurrently announced that it earned the Regional Sector Leader designation from GRESB.
UDR
UDR
Forward Guidance
UDR has established guidance ranges for the fourth 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.