Latest news with #UDR
Yahoo
a day ago
- Business
- Yahoo
UDR (UDR) Beats Q2 FFO and Revenue Estimates
UDR (UDR) came out with quarterly funds from operations (FFO) of $0.64 per share, beating the Zacks Consensus Estimate of $0.62 per share. This compares to FFO of $0.62 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of +3.23%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.61 per share when it actually produced FFO of $0.61, delivering no surprise. Over the last four quarters, the company has surpassed consensus FFO estimates just once. UDR, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $423 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.18%. This compares to year-ago revenues of $413.33 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call. UDR shares have lost about 6.5% since the beginning of the year versus the S&P 500's gain of 8.3%. What's Next for UDR? While UDR has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions. Ahead of this earnings release, the estimate revisions trend for UDR was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.63 on $426.95 million in revenues for the coming quarter and $2.50 on $1.7 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Armada Hoffler Properties (AHH), another stock in the same industry, has yet to report results for the quarter ended June 2025. The results are expected to be released on August 4. This real estate company is expected to post quarterly earnings of $0.26 per share in its upcoming report, which represents a year-over-year change of -23.5%. The consensus EPS estimate for the quarter has been revised 1.3% higher over the last 30 days to the current level. Armada Hoffler Properties' revenues are expected to be $63.91 million, up 1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report United Dominion Realty Trust, Inc. (UDR) : Free Stock Analysis Report Armada Hoffler Properties, Inc. (AHH) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
UDR lifts AFFO forecast on strong apartment rental demand
(Reuters) -UDR raised its 2025 adjusted funds from operations (AFFO) forecast on Wednesday, citing strong apartment rental growth driven by solid demand. The real estate investment trust, which operates more than 55,000 apartment homes in the U.S., has benefited from steady rental demand amid a constrained housing supply across many of its markets. "A resilient employment market, continued personal income growth, favorable relative affordability for apartments, and our operating competitive advantages led to strong results", CEO Tom Toomey said in a statement. Rental revenue rose 4.2% in the Mid-Atlantic and 3.6% in the Northeast markets on a same-store basis. The Highlands Ranch, Colorado-based real estate investment trust reported a quarterly AFFO of $0.64 per share, compared with analysts estimates of $0.62 per share, according to data compiled by LSEG. It now expects full-year AFFO between $2.49 and $2.55 per share, up from prior guidance of $2.45 to $2.55 per share while analysts expect $2.51 per share. Total revenue for the second quarter ended June 30 was $425.4 million, up 2.4% from a year earlier, topping the analyst's average estimate of $422.1 million.
Business Wire
a day ago
- Business
- Business Wire
UDR Announces Second Quarter 2025 Results and Updates Full-Year 2025 Guidance Ranges
DENVER--(BUSINESS WIRE)--UDR, Inc. (the 'Company') (NYSE: UDR) announced today its second quarter 2025 results. Net Income, Funds from Operations ('FFO'), and FFO as Adjusted ('FFOA') per diluted share for the quarter ended June 30, 2025, are detailed below. A resilient employment market, continued personal income growth, favorable relative affordability for apartments, and our operating competitive advantages led to strong results for the first half of 2025 that exceeded expectations. Share Quarter Ended June 30 Metric 2Q 2025 Actual 2Q 2025 Guidance 2Q 2024 Actual $ Change vs. Prior Year Period % Change vs. Prior Year Period Net Income per diluted share $0.11 $0.11 to $0.13 $0.08 $0.03 38% FFO per diluted share $0.61 $0.61 to $0.63 $0.60 $0.01 2% FFOA per diluted share $0.64 $0.61 to $0.63 $0.62 $0.02 3% Expand Same-Store ('SS') results for the second quarter 2025 versus the second quarter 2024 and the first quarter 2025 as well as year-to-date 2025 versus year-to-date 2024 are summarized below. During the second quarter, the Company, Appointed Dave Bragg as its Chief Financial Officer ('CFO'). Upon commencement of Mr. Bragg's employment, Joe Fisher relinquished his responsibilities as CFO while retaining the roles of President and Chief Investment Officer. Fully funded a $13.0 million preferred equity investment at a contractual return rate of 12.0 percent in a stabilized 256-apartment home community located in the San Francisco, CA MSA as part of a recapitalization, as previously announced. Received $54.8 million in proceeds from the full redemption of a preferred equity investment in a stabilized apartment community located in the New York, NY MSA. Acquired the developer's equity interest and consolidated Broadridge, previously known as 1300 Fairmount, a 478-home apartment community in Philadelphia, PA. The Company's investment in this apartment community was previously reflected as a loan investment in its Debt and Preferred Equity portfolio. Subsequent to quarter-end, the Company, Earned the distinction of being named a National Top Workplaces winner in the Real Estate Industry for the second consecutive year. Fully funded a $23.8 million preferred equity investment at a contractual return rate of 11.25 percent in a stabilized 350-apartment home community located in the Orlando, FL MSA as part of a recapitalization. 'A resilient employment market, continued personal income growth, favorable relative affordability for apartments, and our operating competitive advantages led to strong results for the first half of 2025 that exceeded expectations,' said Tom Toomey, UDR's Chairman and CEO. 'While macroeconomic and political uncertainties remain, the fundamental backdrop for apartment demand remains healthy and we are raising full-year 2025 FFOA per diluted share and Same-Store growth guidance expectations.' Outlook (1) As shown in the table below, the Company has established the following guidance ranges for the third quarter of 2025, updated its previously provided full-year 2025 guidance ranges for Net Income and FFO per diluted share, and raised its previously provided full-year 2025 guidance ranges for FFOA per diluted share and Same-Store growth. (1) Additional assumptions for the Company's third quarter and full-year 2025 outlook can be found on Attachment 13 of the Company's related quarterly Supplemental Financial Information ('Supplement'). A reconciliation of GAAP Net Income per diluted share to FFO per diluted share and FFOA per diluted share can be found on Attachment 14(D) of the Company's related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 14(A) through 14(D), 'Definitions and Reconciliations,' of the Company's related quarterly Supplement. Expand Operating Results In the second quarter, total revenue increased by $10.1 million YOY, or 2.4 percent, to $425.4 million. This increase was primarily attributable to growth in revenue from Same-Store communities and completed developments, partially offset by declines in revenue from property dispositions. 'Same-Store revenue, expense, and NOI growth in the second quarter was stronger than expected,' said Mike Lacy, UDR's Chief Operating Officer. 'Blended lease rate growth, occupancy, income from rentable items, bad debt, and expenses all outperformed our initial outlook for the first half of the year, which supports our improved growth guidance for 2025. We continue to drive tangible benefits from our Customer Experience strategy, which has resulted in year-to-date annualized resident turnover being 350 basis points better than a year ago. With Same-Store occupancy remaining near 97 percent, we continue to operate from a position of strength to maximize revenue and NOI.' In the tables below, the Company has presented year-over-year, sequential, and year-to-date Same-Store results by region. (1) Based on 2Q 2025 Same-Store NOI. For definitions of terms, please refer to the 'Definitions and Reconciliations' section of the Company's related quarterly Supplement. (2) Weighted average Same-Store physical occupancy for the quarter. Expand (1) Based on 2Q 2025 Same-Store NOI. For definitions of terms, please refer to the 'Definitions and Reconciliations' section of the Company's related quarterly Supplement. (2) Weighted average Same-Store physical occupancy for the quarter. Expand (1) Based on YTD 2025 Same-Store NOI. For definitions of terms, please refer to the 'Definitions and Reconciliations' section of the Company's related quarterly Supplement. (2) Weighted average Same-Store physical occupancy for YTD 2025. Expand Transactional Activity During the quarter, the Company acquired the developer's equity interest and consolidated Broadridge, previously known as 1300 Fairmount, a 478-home apartment community in Philadelphia, PA. The Company's investment in this apartment community was previously reflected as a loan investment in its Debt and Preferred Equity portfolio. The loan investment was on non-accrual status for the fourth quarter of 2024 and the first quarter of 2025. However, upon acquisition, the developer paid UDR $6.7 million, which consisted primarily of unpaid interest on its loan investment and reimbursement for certain costs previously advanced by the Company. As a result of the transaction, during the second quarter of 2025 the Company recorded $3.9 million in previously unaccrued interest, a $0.3 million gain on consolidation, and began recognizing NOI from the apartment community. Debt and Preferred Equity Program Activity As previously announced, during the quarter the Company fully funded a $13.0 million preferred equity investment at a contractual return rate of 12.0 percent in a stabilized 256-apartment home community located in the San Francisco, CA MSA as part of a recapitalization. Additionally, during the quarter the Company received $54.8 million in proceeds from the full redemption of a preferred equity investment in a stabilized apartment community located in the New York, NY MSA. Subsequent to quarter-end, the Company fully funded a $23.8 million preferred equity investment at a contractual return rate of 11.25 percent in a stabilized 350-apartment home community located in the Orlando, FL MSA as part of a recapitalization. Capital Markets and Balance Sheet Activity The Company's total indebtedness as of June 30, 2025, was $5.8 billion with only $531.8 million, or 9.6 percent of total consolidated debt, maturing through 2026, including principal amortization and excluding amounts on the Company's commercial paper program and working capital credit facility. As of June 30, 2025, the Company had approximately $1.1 billion in liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 13 of the Company's related quarterly Supplement for additional details regarding investment guidance. In the table below, the Company has presented select balance sheet metrics for the quarter ended June 30, 2025, and the comparable prior year period. (1) If the Company's commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would have been 4.9 years with extensions and 4.8 years without extensions for 2Q 2025 and 5.3 years with and without extensions for 2Q 2024. (2) A reconciliation of GAAP Net Income per share to EBITDAre - adjusted for non-recurring items and GAAP Total Debt to Net Debt can be found on Attachment 4(C) of the Company's related quarterly Supplement. Expand Executive Leadership As previously announced, during the quarter the Company appointed Dave Bragg as its CFO. Upon commencement of Mr. Bragg's employment, Joe Fisher relinquished his responsibilities as CFO while retaining the roles of President and Chief Investment Officer. Board of Directors As previously announced, during the quarter, James 'Jim' D. Klingbeil decided not to seek re-election to the Company's Board of Directors (the 'Board') at the Company's Annual Shareholder Meeting and relinquished his role as Lead Independent Director. Accordingly, the Board elected Jon A. Grove to serve as its next Lead Independent Director. As previously announced, subsequent to quarter-end, the Company was named as a Top Workplaces winner in the Real Estate Industry for the second consecutive year. This distinction reflects the Company's ongoing commitment to fostering an innovative culture and engaging associate experience. Dividend As previously announced, the Company's Board of Directors declared a regular quarterly dividend on its common stock for the second quarter 2025 in the amount of $0.43 per share, representing a 1.2 percent increase over the comparable period in 2024. The dividend will be paid in cash on July 31, 2025, to UDR common shareholders of record as of July 10, 2025. The second quarter 2025 dividend will represent the 211 th consecutive quarterly dividend paid by the Company on its common stock. Supplemental Financial Information The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company, which is available on the Investor Relations section of the Company's website at Attachment 14(A) Definitions and Reconciliations June 30, 2025 (Unaudited) Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter. Adjusted Funds from Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures on consolidated communities that are necessary to help preserve the value of and maintain functionality at our communities. Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income/(loss) attributable to common stockholders to AFFO is provided on Attachment 2. Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items as Consolidated Interest Coverage Ratio - adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment, plus preferred dividends. Management considers Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company's ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. Consolidated Interest Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Interest Coverage Ratio - adjusted for non-recurring items as Consolidated EBITDAre – adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment. Management considers Consolidated Interest Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company's ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Interest Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items: The Company defines Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items as total consolidated debt net of cash and cash equivalents divided by annualized Consolidated EBITDAre - adjusted for non-recurring items. Consolidated EBITDAre - adjusted for non-recurring items is defined as EBITDAre excluding the impact of income/(loss) from unconsolidated entities, adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures and other non-recurring items including, but not limited to casualty-related charges/(recoveries), net of wholly owned communities. Management considers Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company's ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income/(loss) and Consolidated EBITDAre - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. Contractual Return Rate: The Company defines Contractual Return Rate as the rate of return or interest rate that the Company is entitled to receive on a preferred equity investment or loan, as specified in the applicable agreement. Controllable Expenses: The Company refers to property operating and maintenance expenses as Controllable Expenses. Development Communities: The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter. Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): The Company defines EBITDAre as net income/(loss) (computed in accordance with GAAP), plus interest expense, including costs associated with debt extinguishment, plus real estate depreciation and amortization, plus other depreciation and amortization, plus (minus) income tax provision/(benefit), (minus) plus net gain/(loss) on the sale of depreciable real estate owned, plus impairment write-downs of depreciable real estate, plus the adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre was approved by the Board of Governors of Nareit in September 2017. Management considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company's ability to incur and service debt, and enables investors to assess our performance against that of its peer REITs. EBITDAre should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. EBITDAre does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation between net income/(loss) and EBITDAre is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. Effective Blended Lease Rate Growth: The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level, new and in-place demand trends. Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on new leases commenced during the current quarter. Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends. Effective Renewal Lease Rate Growth: The Company defines Effective Renewal Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior effective rent for the prior lease term on renewed leases commenced during the current quarter. Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level, in-place demand trends. Estimated Quarter of Completion: The Company defines Estimated Quarter of Completion of a development or redevelopment project as the date on which construction is expected to be completed, but it does not represent the date of stabilization. Attachment 14(B) Definitions and Reconciliations June 30, 2025 (Unaudited) Funds from Operations as Adjusted ("FFO as Adjusted") attributable to common stockholders and unitholders: The Company defines FFO as Adjusted attributable to common stockholders and unitholders as FFO excluding the impact of other non-comparable items including, but not limited to, acquisition-related costs, prepayment costs/benefits associated with early debt retirement, impairment write-downs or gains and losses on sales of real estate or other assets incidental to the main business of the Company and income taxes directly associated with those gains and losses, casualty-related expenses and recoveries, severance costs, software transition related costs and legal and other costs. Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to common stockholders to FFO as Adjusted is provided on Attachment 2. Funds from Operations ("FFO") attributable to common stockholders and unitholders: The Company defines FFO attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company's share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and restated in November 2018. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count. Management considers FFO a useful metric for investors as the Company uses FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation from net income/(loss) attributable to common stockholders to FFO is provided on Attachment 2. Held For Disposition Communities: The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter. Joint Venture Reconciliation at UDR's weighted average ownership interest: Net Operating Income ('NOI'): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent and other revenues less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs. Management considers NOI a useful metric for investors as it is a more meaningful representation of a community's continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization and is a widely used input, along with capitalization rates, in the determination of real estate valuations. A reconciliation from net income/(loss) attributable to UDR, Inc. to NOI is provided below. Attachment 14(C) Definitions and Reconciliations June 30, 2025 (Unaudited) NOI Enhancing Capital Expenditures ("Cap Ex"): The Company defines NOI Enhancing Capital Expenditures as expenditures that result in increased income generation or decreased expense growth over time. Management considers NOI Enhancing Capital Expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues or to decrease expenses. Non-Mature Communities: The Company defines Non-Mature Communities as those communities that have not met the criteria to be included in same-store communities. Non-Residential / Other: The Company defines Non-Residential / Other as non-apartment components of mixed-use properties, land held, properties being prepared for redevelopment and properties where a material change in home count has occurred. Other Markets: The Company defines Other Markets as the accumulation of individual markets where it operates less than 1,000 Same-Store homes. Management considers Other Markets a useful metric as the operating results for the individual markets are not representative of the fundamentals for those markets as a whole. Physical Occupancy: The Company defines Physical Occupancy as the number of occupied homes divided by the total homes available at a community. QTD Same-Store Communities: The Company defines QTD Same-Store Communities as those communities Stabilized for five full consecutive quarters. These communities were owned and had stabilized operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition. Recurring Capital Expenditures: The Company defines Recurring Capital Expenditures as expenditures that are necessary to help preserve the value of and maintain functionality at its communities. Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress. Based upon the level of material impact the redevelopment has on the community (operations, occupancy levels, and future rental rates), the community may or may not maintain Stabilization. As such, for each redevelopment, the Company assesses whether the community remains in Same-Store. Sold Communities: The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter. Stabilization/Stabilized: The Company defines Stabilization/Stabilized as when a community's occupancy reaches 90% or above for at least three consecutive months. Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that have reached Stabilization but are not yet in the same-store portfolio. Total Revenue per Occupied Home: The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a straight-line basis, divided by the product of occupancy and the number of apartment homes. Management considers Total Revenue per Occupied Home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical. TRS: The Company's taxable REIT subsidiaries ('TRS') focus on making investments and providing services that are otherwise not allowed to be made or provided by a REIT. YTD Same-Store Communities: The Company defines YTD Same-Store Communities as those communities Stabilized for two full consecutive calendar years. These communities were owned and had stabilized operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition. Conference Call and Webcast Information UDR will host a webcast and conference call at 12:00 p.m. Eastern Time on July 31, 2025, to discuss second quarter 2025 results as well as high-level views for 2025. The webcast will be available on the Investor Relations section of the Company's website at To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the teleconference dial 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary. Given a high volume of conference calls occurring during this time of year, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company's webcast link for its earnings results discussion. A replay of the conference call will be available through August 14, 2025, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13754841, when prompted for the passcode. A replay of the call will also be available on the Investor Relations section of the Company's website at Full Text of the Earnings Report and Supplemental Data The full text of the earnings report and related quarterly Supplement will be available on the Investor Relations section of the Company's website at Forward-Looking Statements Certain statements made in this press release may constitute 'forward-looking statements.' Words such as 'expects,' 'intends,' 'believes,' 'anticipates,' 'plans,' 'likely,' 'will,' 'seeks,' 'outlook,' 'guidance,' 'estimates' and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, the impact of tariffs, geopolitical tensions, and changes in immigration, elevated interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and Debt and Preferred Equity Program investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws. About UDR, Inc. UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of June 30, 2025, UDR owned or had an ownership position in 60,535 apartment homes, including 300 apartment homes under development. For over 53 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates. Attachment 1 (1) See Attachment 14 for definitions and other terms. Expand Attachment 2 Funds From Operations (Unaudited) (1) Three Months Ended Six Months Ended June 30, June 30, In thousands, except per share and unit amounts 2025 2024 2025 2024 Net income/(loss) attributable to common stockholders $ 36,462 $ 27,673 $ 111,976 $ 69,591 Real estate depreciation and amortization 163,191 170,488 324,585 340,346 Noncontrolling interests 2,556 2,130 7,907 5,291 Real estate depreciation and amortization on unconsolidated joint ventures 13,458 14,228 26,224 28,382 Net (gain)/loss on consolidation (286 ) - (286 ) - Net (gain)/loss on the sale of depreciable real estate owned, net of tax - - (47,939 ) (16,867 ) Funds from operations ("FFO") attributable to common stockholders and unitholders, basic $ 215,381 $ 214,519 $ 422,467 $ 426,743 Distributions to preferred stockholders - Series E (Convertible) (2) 1,211 1,210 2,417 2,441 FFO attributable to common stockholders and unitholders, diluted $ 216,592 $ 215,729 $ 424,884 $ 429,184 FFO per weighted average common share and unit, basic $ 0.61 $ 0.61 $ 1.19 $ 1.21 FFO per weighted average common share and unit, diluted $ 0.61 $ 0.60 $ 1.19 $ 1.20 Weighted average number of common shares and OP/DownREIT Units outstanding, basic 353,617 353,380 353,572 353,311 Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted 357,370 356,747 357,402 356,584 Impact of adjustments to FFO: Legal and other costs $ 3,358 $ 2,914 $ 7,163 $ 5,444 Realized and unrealized (gain)/loss on real estate technology investments, net of tax 220 372 431 (4,616 ) Severance costs 1,024 1,111 1,523 1,532 Software transition related costs 2,967 - 5,934 - Casualty-related charges/(recoveries) 3,382 998 6,679 7,276 Total impact of adjustments to FFO $ 10,951 $ 5,395 $ 21,730 $ 9,636 FFO as Adjusted attributable to common stockholders and unitholders, diluted $ 227,543 $ 221,124 $ 446,614 $ 438,820 Recurring capital expenditures, inclusive of unconsolidated joint ventures (29,201 ) (26,290 ) (47,606 ) (43,598 ) AFFO attributable to common stockholders and unitholders, diluted $ 198,342 $ 194,834 $ 399,008 $ 395,222 AFFO per weighted average common share and unit, diluted $ 0.56 $ 0.55 $ 1.12 $ 1.11 Expand (1) See Attachment 14 for definitions and other terms. (2) Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and six months ended June 30, 2025 and June 30, 2024. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted. Expand Attachment 3 Consolidated Balance Sheets (Unaudited) (1) June 30, December 31, In thousands, except share and per share amounts 2025 2024 ASSETS Real estate owned: Real estate held for investment $ 16,270,190 $ 15,994,794 Less: accumulated depreciation (7,157,371 ) (6,836,920 ) Real estate held for investment, net 9,112,819 9,157,874 Real estate under development (net of accumulated depreciation of $0 and $0) 41,108 - Real estate held for disposition (net of accumulated depreciation of $0 and $64,106) - 154,463 Total real estate owned, net of accumulated depreciation 9,153,927 9,312,337 Cash and cash equivalents 1,532 1,326 Restricted cash 33,577 34,101 Notes receivable, net 143,492 247,849 Investment in and advances to unconsolidated joint ventures, net (2) 879,781 917,483 Operating lease right-of-use assets 185,125 186,997 Other assets (2) 249,651 197,493 Total assets $ 10,647,085 $ 10,897,586 LIABILITIES AND EQUITY Liabilities: Secured debt $ 1,136,046 $ 1,139,331 Unsecured debt 4,639,537 4,687,634 Operating lease liabilities 180,433 182,275 42,507 46,403 Accrued interest payable 51,718 52,631 Security deposits and prepaid rent 51,698 61,592 Distributions payable 153,662 151,720 Accounts payable, accrued expenses, and other liabilities 108,353 115,105 Total liabilities 6,363,954 6,436,691 Redeemable noncontrolling interests in the OP and DownREIT Partnership 957,980 1,017,355 Equity: Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2025 and December 31, 2024: 2,600,678 shares of 8.00% Series E Cumulative Convertible issued and outstanding (2,600,678 shares at December 31, 2024) 43,192 43,192 10,272,196 shares of Series F outstanding (10,424,485 shares at December 31, 2024) 1 1 Common stock, $0.01 par value; 450,000,000 shares authorized at June 30, 2025 and December 31, 2024: 331,291,669 shares issued and outstanding (330,858,719 shares at December 31, 2024) 3,313 3,309 Additional paid-in capital 7,582,852 7,572,480 Distributions in excess of net income (4,305,702 ) (4,179,415 ) Accumulated other comprehensive income/(loss), net 1,160 3,638 Total stockholders' equity 3,324,816 3,443,205 Noncontrolling interests 335 335 Total equity 3,325,151 3,443,540 Total liabilities and equity $ 10,647,085 $ 10,897,586 Expand (1) See Attachment 14 for definitions and other terms. (2) As of June 30, 2025, UDR's residential accounts receivable balance, net of its reserve, was $5.3 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection. Expand Attachment 4(C) Gross % of Number of 2Q 2025 NOI (1) Carrying Value Total Gross Asset Summary Homes ($000s) % of NOI ($000s) Carrying Value Unencumbered assets 46,868 $ 252,874 87.1 % $ 14,264,633 87.5 % Encumbered assets 8,940 37,506 12.9 % 2,046,665 12.5 % 55,808 $ 290,380 100.0 % $ 16,311,298 100.0 % Expand (1) See Attachment 14 for definitions and other terms. (2) As defined in our credit agreement dated September 15, 2021, as amended. (3) As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time. Expand Attachment 14(D) Definitions and Reconciliations June 30, 2025 (Unaudited) All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for full-year 2025 and third quarter of 2025 to forecasted FFO and FFO as Adjusted per share and unit:
NDTV
2 days ago
- Health
- NDTV
Bengaluru Man, 70, Out For Walk, Mauled To Death By Stray Dogs Outside Home
A 70-year-old man, Seethappa, died after being allegedly mauled by a pack of stray dogs just outside his house in Kodigehalli, Karnataka, during the early hours of Sunday. According to his family members, the elderly man had stepped out for a walk around midnight as he was unable to sleep, when a group of at least eight strays allegedly attacked him. Seethappa suffered serious injuries to his hands, legs, and face, with portions of flesh torn off in the attack. His family members, who rushed out upon hearing the commotion, claim they witnessed the pack of dogs attacking him. He was declared dead at the hospital. The Kodigehalli Police have registered a case and launched an investigation. An Unnatural Death Report (UDR) has been filed in the matter. Cops are examining CCTV footage and speaking to residents to establish the sequence of events. This incident is the latest in a disturbing rise in stray dog attacks across the country. A couple of weeks ago, a three-year-old girl was viciously attacked in Shimla Nagar of Old Hubballi in Karnataka. The child, who was walking towards a shop, was attacked by a group of stray dogs in the Hubballi-Dharwad Municipal Corporation area. CCTV footage of the attack showed the dogs biting her shoulder, back, legs, and arms, dragging her to the ground. She was rushed to KIMS Hospital with serious injuries. The Bruhat Bengaluru Municipal Parishad (BBMP) recently launched a project worth Rs 2.9 crore to feed 4,000-5,000 stray dogs daily across Bengaluru. Through the scheme, BBMP planned to provide cooked meals of chicken, rice, and other meals to stray dogs. The aim was to reduce dog aggression, among other things. The move sparked public debate, with many questioning the move to feed stray dogs. Congress MP Karti Chidambaram has expressed concern over increasing dog bite incidents across the country and said it's a "health and safety issue". The Congress MP told NDTV that the Centre's data, shared in the Parliament, showed that over 37 lakh dog bite cases were reported last year, but "does not give a full picture because of the reporting mechanism." The Congress MP has raised the issue of stray dogs, their rehabilitation, and incidents of dog bites in the past. Mr Chidambaram said he even met Prime Minister Narendra Modi to address the concern.
Irish Daily Mirror
3 days ago
- Entertainment
- Irish Daily Mirror
Surviving member of Miami Showband massacre tells of guilt ahead of book launch
A surviving member of The Miami Showband massacre has said it took him five years to write a book on the heinous crime – saying he battled with survivor's guilt for many years after the attack. Des Lee and Stephen Travers were the only two members of the hit band who survived the horrific slaughter by members of a UVF loyalist paramilitary group on July 31, 1975. Singer Fran O'Toole, 29, 23-year-old Tony Geraghty and 23-year-old Brian McCoy were killed in the attack after the band were travelling back home to Dublin from a gig in the North. It later emerged that the bogus British army checkpoint outside Newry was made up of UDR soldiers and members of terrorist group, the UVF. Des has now launched his first book - My Saxophone Saved My Life: The Miami Showband Massacre and My Quest for Answers – where he details the night of the attack and who he believes is responsible for it. He told The Irish Mirror: "To be honest, it took about five years (to write it). It was hard to work on it. Every time I picked it up, it made me cry and I put it down because it was depressing. "But I realise, 'listen, you're coming up to a ripe old age and you didn't want to kick the bucket when the book is not finished'." Mr Lee added: "I don't want people to think the book is depressing. The book is all about my life from when I was a young boy from Belfast and how we were treated as Catholics, back in the 50s. We got third class housing, third class education, third class jobs. "We were kicked into the ground. When you were a Catholic, you were just a piece of rubbish. I speak about that. "But there's a lot of comedy and humour in it, there's a lot of tear jerks. I think anyone who buys the book will have a wonderful read. "But I want people to know that the guy who organised the Miami massacre was the top guy in the British army. A guy called Captain Robert Nairac. He was the man who organised the weaponry, the uniforms, the bomb, the vehicles. Absolutely everything. "I want people to know all about this man, this man was evil and the British government to this day denies he was there on the night, but we have proof that he was there." The Miami Showband Mr Lee said that the night of the Miami Showband massacre will never leave him. "It never will till the day I die. I wake up every morning – there's photographs of Fran O'Toole in my bedroom, there's photographs of the guys from the band in my lounge, so I live with this 24 hours a day, 365 days of the year and I wouldn't have it any other way. "They were my three brothers; they will always be remembered. I want to keep their names alive. They were purely musicians." He added that he suffered with survivor's guilt for many years after the attack. "I felt sorry for the O'Toole, the Geraghty's and the McCoy family. "We were targeted because we were the number one band in Ireland, and they wanted maximum publicity. They put the bomb in the van, tell us to get back in the van, head up to Dublin, the bomb explodes, we're all killed, there's no one to say any different. "We would be accused of carrying weapons for the IRA. Then there would've been difficulties between the Irish Government and the English Government. That is exactly what would've happened," he added. My Saxophone Saved My Life: The Miami Showband Massacre and My Quest for Answers is available to buy now. Subscribe to our newsletter for the latest news from the Irish Mirror direct to your inbox: Sign up here.
