UDR (UDR) ( (UDR) ) has released its Q3 earnings. Here is a breakdown of the information UDR (UDR) presented to its investors.
UDR, Inc., a leading multifamily real estate investment trust, specializes in managing, acquiring, and developing residential communities across the United States.
In its latest earnings report for the third quarter of 2024, UDR revealed a slight decrease in net income per diluted share compared to the previous year, although the company’s revenue saw a notable increase. The company has raised its full-year 2024 guidance, reflecting its optimistic outlook based on current financial performance and market conditions.
Key financial metrics for the third quarter included a net income per diluted share of $0.06, a decrease from the previous year’s $0.10. Despite this, the funds from operations (FFO) and adjusted FFO per diluted share remained stable, with minor decreases of 2% year-over-year. Revenue grew by 2.4% to $420.2 million, driven by same-store revenue growth and acquisitions. UDR also successfully issued $300 million in unsecured debt and extended its credit facilities, indicating strong financial management.
Looking ahead, UDR has updated its full-year 2024 guidance, anticipating an increase in FFOA per diluted share and same-store revenue growth. The company continues to focus on increasing resident satisfaction and retention, which is expected to drive further revenue growth in the upcoming quarters.
