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Dec 31, 2024
UDR Q4 2024 Earnings Report
UDR, Inc. announced its fourth quarter and full-year 2024 results, establishing 2025 guidance ranges and increasing its dividend.
Key Takeaways
UDR, Inc. reported a net income per diluted share of $(0.02) for Q4 2024, which was below guidance. FFO per diluted share was $0.48, and FFOA per diluted share was $0.63, aligning with guidance. Full-year 2024 FFOA per diluted share growth exceeded original guidance expectations.
Net Income per diluted share for Q4 2024 was $(0.02), a 120% decrease year-over-year.
FFO per diluted share for Q4 2024 was $0.48, a 21% decrease year-over-year.
FFOA per diluted share for Q4 2024 was $0.63, consistent with the prior year.
Same-Store NOI growth for Q4 2024 was 2.1% year-over-year, driven by 2.5% revenue growth and 3.4% expense growth.
Forward Guidance
UDR has established guidance ranges for the first quarter and full-year 2025, anticipating continued Same-Store NOI growth driven by easing supply pressures, a resilient labor market, and apartment affordability.
Positive Outlook
- Full-year 2025 FFO per diluted share is projected to be between $2.45 and $2.55.
- Full-year 2025 FFOA per diluted share is projected to be between $2.45 and $2.55.
- Full-year 2025 Same-Store Revenue growth is projected to be between 1.25% and 3.25%.
- Full-year 2025 Same-Store NOI growth is projected to be between 0.50% and 3.00%.
- The Company announced a 2025 annualized dividend per share of $1.72, representing a 1.2% increase over 2024.
Challenges Ahead
- The non-cash loan reserve of $37.3 million related to 1300 Fairmount is expected to result in approximately $8.0 million less income in 2025 compared to 2024.
- This equates to an approximate negative $0.02 per diluted share impact to 2025 Net Income, FFO, and FFOA.
- First quarter 2025 Net Income per diluted share is projected to be between $0.24 and $0.26, lower than full-year projections.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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