Full Year FFOA Guidance Raised
UDR raised its full year FFOA per share guidance for the second time this year to a range of $2.53 to $2.55, reflecting a midpoint improvement of 1% compared to prior guidance.
Strong Same-Store Revenue and NOI Growth
Third quarter same-store revenue and NOI growth exceeded consensus expectations at 2.6% and 2.3%, respectively.
Annualized Resident Turnover Improvement
Annualized resident turnover improved by nearly 300 basis points compared to the prior year period, contributing positively to revenue and expense outcomes.
Successful Balance Sheet and Liquidity Management
UDR maintained a strong balance sheet with more than $1 billion in liquidity and a net debt to EBITDA ratio of 5.5x.
Continued Innovation in Operations
UDR's operational innovations, including a customer experience project, have led to improvements in resident retention and margin expansion.
Strategic Acquisition in Northern Virginia
UDR entered into an agreement to acquire a 406-apartment home community in Northern Virginia for $147 million, expected to enhance long-term cash flow.