Market Overview

UDR Announces Second Quarter 2018 Results and Increases Full-Year Guidance Ranges

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UDR, Inc. (the "Company") Second Quarter 2018 Highlights:

  • Net income per share was $0.07, Funds from Operations ("FFO") per
    share was $0.49, FFO as Adjusted ("FFOA") per share was $0.49, and
    Adjusted Funds from Operations ("AFFO") per share was $0.45.
  • Net income attributable to common stockholders was $19.6 million as
    compared to $9.2 million in the prior year period. The increase was
    primarily due to higher income from operating properties.
  • Year-over-year same-store ("SS") revenue, expense and net operating
    income ("NOI") growth for the quarter were 3.4 percent, 2.9 percent
    and 3.5 percent, respectively.
  • Completed the construction of The Residences at Pacific City, a $350.0
    million, 516-home community located in Huntington Beach, CA.
  • 345 Harrison Street, the Company's 585-home, $366.5 million
    development project located in Boston ended the second quarter 59.3
    percent leased, just seven weeks after officially opening.
  • Increased full-year 2018 earnings and same-store growth guidance:
    • Increased net income per share guidance by $0.005 at the midpoint
      to $0.51 to $0.54.
    • Increased FFO per share guidance by $0.005 at the midpoint to
      $1.92 to $1.95.
    • Increased FFOA and AFFO per share guidance by $0.015 at the
      midpoints, to $1.93 to $1.96 and $1.78 to $1.81, respectively.
    • Increased SS revenue, expense and NOI growth guidance ranges by 25
      basis points at the midpoints to 3.0 to 3.5 percent.
      Q2 2018     Q2 2017     YTD 2018     YTD 2017  
Net income per common share, diluted     $ 0.07       $ 0.03       $ 0.37       $ 0.13  
Conversion from GAAP share count     (0.007 )     (0.003 )     (0.035 )     (0.012 )
Net gain on the sale of depreciable real estate owned - - (0.237 ) (0.043 )
Cumulative effect of change in accounting principle - - (0.007 ) -
Depreciation and amortization 0.412 0.414 0.825 0.815
Noncontrolling interests and preferred dividends       0.009         0.006         0.038         0.018  
FFO per common share and unit, diluted     $ 0.49       $ 0.45       $ 0.96       $ 0.90  
Cost/(benefit) associated with debt extinguishment and other - 0.015 - 0.020
Net gain on the sale of non-depreciable real estate owned - - - (0.005 )
Legal and other costs 0.002 - 0.002 -
Casualty-related charges/(recoveries), including JVs, net       0.003         0.004         0.006         0.003  
FFOA per common share and unit, diluted     $ 0.49       $ 0.47       $ 0.97       $
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