Udr, Inc. · NYSE:UDR
Udr — Q1 2025 Earnings Presentation
34 slides from Udr's earnings presentation, May 1, 2025
Slide 1: Q1 2025 Earnings Release & Supplemental Financial Information
DEVELOPMENT 3099 Iowa | Riverside, CA Q1 | 2025 EARNINGS RELEASE & 2025 SUPPLEMENTAL FINANCIAL INFORMATION Joe Fisher, President, CFO, & CIO - 720.283.6139 Trent Trujillo, Investor Relations - 720.283.6135 UDR, INC. | UDR.COM
Slide 2: UDR First Quarter 2025 Earnings Supplement
UDR First Quarter 2025 Earnings Supplement 1Q 2025 Earnings Press Release ........................................................................................................................................ Pages 1-6 Company Financial Highlights Consolidated Statements of Operations ............
Slide 3: Press Release: UDR Announces First Quarter 2025 Results
Table of Contents Press Release DENVER, CO – April 30, 2025 Contact: Trent Trujillo Email: ttrujillo@udr.com UDR ANNOUNCES FIRST QUARTER 2025 RESULTS AND REAFFIRMS FULL-YEAR 2025 GUIDANCE RANGES UDR, Inc. (the “Company”) (NYSE: UDR), announced today its first quarter 2025 results. Net Income, Funds
Slide 4: Outlook
Table of Contents Outlook(1) As shown in the table below, the Company has established the following guidance ranges for the second quarter of 2025 and has reaffirmed its previously provided full-year 2025 guidance ranges. Reaffirmed 2Q 2025 1Q 2025 Full-Year 2025 Full-Year 2025 Outlook Actual Outloo
Slide 5: Same-Store Results by Region
Table of Contents In the tables below, the Company has presented YOY and sequential Same-Store results by region. Summary of Same-Store Results in the First Quarter 2025 versus the First Quarter 2024 Revenue Expense NOI Growth / Growth / Growth / % of Same-Store Physical YOY Change in Region (Declin
Slide 6: Capital Markets and Balance Sheet Activity
Table of Contents Subsequent to quarter-end, the Company committed to invest, and fully funded, $13.0 million at a contractual return rate of 12.0 percent to a preferred equity investment in a stabilized 256-apartment home community located in the San Francisco MSA as part of a recapitalization. Cap
Slide 7: Dividend
Table of Contents Dividend As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the first quarter 2025 in the amount of $0.43 per share, representing a 1.2 percent increase over the comparable period in 2024. The dividend was paid in
Slide 8: About UDR, Inc.
Table of Contents 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 investme
Slide 9: Financial Highlights
Table of Contents Financial Highlights UDR, Inc. As of End of First Quarter 2025 (1) (Unaudited) Actual Results Actual Results Guidance for Dollars in thousands, except per share and unit 1Q 2025 YTD 2024 2Q 2025 Full-Year 2025 GAAP Metrics Net income/(loss) attributable to UDR, Inc. $76,720 $89,585
Slide 10: Consolidated Statements of Operations
Table of Contents Attachment 1 Consolidated Statements of Operations (Unaudited) (1) Three Months Ended March 31, In thousands, except per share amounts 2025 2024 REVENUES: Rental income $ 419,836 $ 411,669 Joint venture management and other fees 2,112 1,965 Total revenues 421,948 413,634 OPERATING
Slide 11: Funds From Operations
Table of Contents Attachment 2 Funds From Operations (Unaudited) (1) Three Months Ended March 31, In thousands, except per share and unit amounts 2025 2024 Net income/(loss) attributable to common stockholders $ 75,514 $ 41,918 Real estate depreciation and amortization 161,394 169,858 Noncontrolling
Slide 12: Consolidated Balance Sheets
Table of Contents Attachment 3 Consolidated Balance Sheets (Unaudited) (1) March 31, December 31, In thousands, except share and per share amounts 2025 2024 ASSETS Real estate owned: Real estate held for investment $ 16,022,078 $ 15,994,794 Less: accumulated depreciation (6,996,685) (6,836,920) Real
Slide 13: Selected Financial Information: Common Stock and Equivalents
Table of Contents Attachment 4(A) Selected Financial Information (1) (Unaudited) March 31, December 31, Common Stock and Equivalents 2025 2024 Common shares 331,174,564 330,858,719 Restricted unit and common stock equivalents 817,874 1,043,568 Operating and DownREIT Partnership units 22,918,707 22,6
Slide 14: Debt Structure and Debt Maturities
Table of Contents Attachment 4(B) Selected Financial Information March 31, 2025 (1) (Unaudited) Weighted Weighted Average Average Years Debt Structure, In thousands Balance % of Total Interest Rate to Maturity (2) Secured Fixed $ 1,114,312 19.1% 3.49% 3.8 Floating 27,000 0.5% 3.15% 7.0 Combined 1,14
Slide 15: Coverage Ratios, Covenants, Ratings
Table of Contents Attachment 4(C) Selected Financial Information (Dollars in Thousands) (Unaudited) (1) Quarter Ended Coverage Ratios March 31, 2025 Net income/(loss) $ 82,071 Adjustments: Interest expense, including debt extinguishment and other associated costs 47,701 Real estate depreciation and
Slide 16: Operating Information
Table of Contents Attachment 5 Operating Information (Unaudited) (1) Total Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended Dollars in thousands Homes March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Revenues Same-Store Communities 54,435 $ 405,00
Slide 17: Same-Store Operating Expense Information
Table of Contents Attachment 6 Same-Store Operating Expense Information (Dollars in Thousands) (1) (Unaudited) % of 1Q 2025 SS Operating Year-Over-Year Comparison Expenses 1Q 2025 1Q 2024 % Change Personnel 15.0% $ 19,267 $ 18,674 3.2% Utilities 14.8% 19,003 18,142 4.7% Repair and maintenance 19.2%
Slide 18: Apartment Home Breakout
Table of Contents Attachment 7(A) Apartment Home Breakout Portfolio Overview as of Quarter Ended March 31, 2025 (Unaudited) (1) Unconsolidated Revenue Per Total Joint Venture Total Occupied Same-Store Non-Mature Consolidated Operating Homes Home Homes Homes (2) Homes Homes (3) (incl. JV) (3) (Incl.
Slide 19: Non-Mature Home Summary and NOI by Market
Table of Contents Attachment 7(B) Non-Mature Home Summary and Net Operating Income by Market March 31, 2025 (Unaudited) (1) Non-Mature Home Breakout - By Date Same-Store Community Category # of Homes Market Quarter (2) The MO Stabilized, Non-Mature 300 Metropolitan DC 2Q25 Residences at Lake Merritt
Slide 20: Same-Store Operating Information by Major Market (vs. Prior Year)
Table of Contents Attachment 8(A) Same-Store Operating Information By Major Market Current Quarter vs. Prior Year Quarter March 31, 2025 (1) (Unaudited) % of Same- Same-Store Total Store Portfolio Same-Store Based on Physical Occupancy Total Revenue per Occupied Home Homes 1Q 2025 NOI 1Q 25 1Q 24 Ch
Slide 21: Same-Store Revenue, Expense, NOI by Market (vs. Prior Year)
Table of Contents Attachment 8(B) Same-Store Operating Information By Major Market Current Quarter vs. Prior Year Quarter March 31, 2025 (1) (Unaudited) Same-Store ($000s) Total Same-Store Revenues Expenses Net Operating Income Homes 1Q 25 1Q 24 Change 1Q 25 1Q 24 Change 1Q 25 1Q 24 Change West Regi
Slide 22: Same-Store Operating Information by Market (vs. Last Quarter)
Table of Contents Attachment 8(C) Same-Store Operating Information By Major Market Current Quarter vs. Last Quarter March 31, 2025 (Unaudited) (1) Same-Store Total Same-Store Physical Occupancy Total Revenue per Occupied Home Homes 1Q 25 4Q 24 Change 1Q 25 4Q 24 Change West Region Orange County, CA
Slide 23: Same-Store Revenue, Expense, NOI by Market (vs. Last Quarter)
Table of Contents Attachment 8(D) Same-Store Operating Information By Major Market Current Quarter vs. Last Quarter March 31, 2025 (Unaudited) (1) Same-Store ($000s) Total Same-Store Revenues Expenses Net Operating Income Homes 1Q 25 4Q 24 Change 1Q 25 4Q 24 Change 1Q 25 4Q 24 Change West Region Ora
Slide 24: Lease Rate Growth and Turnover by Region
Table of Contents Attachment 8(E) Same-Store Operating Information By Major Market March 31, 2025 (Unaudited) (1) Effective Effective Blended Effective Renewal Lease Rate New Lease Lease Rate Annualized Growth Rate Growth Growth Turnover 1Q 2025 1Q 2025 1Q 2025 1Q 2025 1Q 2024 West Region 2.9% 1.5%
Slide 25: Development and Land Summary
Table of Contents Attachment 9 Development and Land Summary March 31, 2025 (Dollars in Thousands) (Unaudited) (1) Wholly-Owned Schedule Percentage # of Compl. Cost to Budgeted Est. Cost Initial Community Location Homes Homes Date Cost per Home Start Occ. Compl. Leased Occupied Projects Under Constru
Slide 26: Unconsolidated and Debt and Preferred Equity Program Summary
Table of Contents Attachment 10 Unconsolidated and Debt and Preferred Equity Program Summary March 31, 2025 (Dollars in Thousands) (Unaudited) (1) Unconsolidated Joint Ventures and Partnerships Net Operating Physical Total Rev. per Income Own. # of # of Occupancy Occ. Home UDR's Share Portfolio Char
Slide 27: Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary
Table of Contents Attachment 11 Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary March 31, 2025 (Dollars in Thousands) (1) (Unaudited) Post Prior Transaction Ownership Ownership # of Price per Date of Sale Community Location Interest Interest Price (2) Debt (2) Homes Home Di
Slide 28: Capital Expenditure and Repair and Maintenance Summary
Table of Contents Attachment 12 Capital Expenditure and Repair and Maintenance Summary March 31, 2025 (In thousands, except Cost per Home) (Unaudited) (1) Three Months Ended Cost Capital Expenditures for Consolidated Homes (2) March 31, 2025 per Home Average number of homes (3) 54,993 Total Recurrin
Slide 29: 2Q 2025 and Full-Year 2025 Guidance
Table of Contents Attachment 13 2Q 2025 and Full-Year 2025 Guidance March 31, 2025 (Unaudited) (1) Full-Year 2025 Guidance Change from Net Income, FFO and FFO as Adjusted per Share and Unit Guidance 2Q 2025 Full-Year 2025 Prior Guidance Prior Midpoint Income/(loss) per weighted average common share,
Slide 30: Definitions and Reconciliations (14A)
Table of Contents Attachment 14(A) Definitions and Reconciliations March 31, 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 m
Slide 31: Definitions and Reconciliations (14B)
Table of Contents Attachment 14(B) Definitions and Reconciliations March 31, 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 excl
Slide 32: Definitions and Reconciliations (14C)
Table of Contents Attachment 14(C) Definitions and Reconciliations March 31, 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. Manage
Slide 33: Definitions and Reconciliations (14D)
Table of Contents Attachment 14(D) Definitions and Reconciliations March 31, 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 20
Slide 34: Forward Looking Statements
Table of Contents Forward Looking Statements March 31, 2025 (Unaudited) Forward-Looking Statements Certain statements made in this supplement may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates” an