Q3 2024 UDR Inc Earnings Call Transcript
Key Points
- UDR Inc (UDR) raised its full-year FFOA per share guidance for the third time this year, indicating strong financial performance.
- The company has successfully implemented value-add initiatives, contributing to high single-digit revenue growth and enhancing same-store revenue.
- UDR Inc (UDR) maintains an investment-grade balance sheet with substantial liquidity, positioning it well for future growth opportunities.
- The company has seen a significant improvement in resident retention, reducing turnover costs and enhancing cash flow growth.
- UDR Inc (UDR) has been recognized for its leadership in environmental, social, and governance (ESG) goals, showcasing its commitment to sustainability.
- The company experienced a negative new lease rate growth of approximately 2% in the third quarter.
- Occupancy rates were slightly lower than historical averages, attributed to strategic implementation of AI screening and fraud identification tools.
- The Sunbelt markets, comprising 25% of UDR Inc (UDR)'s NOI, continue to lag behind coastal markets due to elevated new supply.
- The company faces macroeconomic uncertainties, including interest rate fluctuations and election-related volatility, which are beyond its control.
- UDR Inc (UDR) has seen a decline in effective new lease rate growth, stabilizing at a negative 5% range from September to October.
Greetings, and welcome to UDR's Third Quarter 2024 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded. And it is now my pleasure to introduce your host, Vice President of Investor Relations, Trent Trujillo. Thank you, Mr. Trujillo.
You may begin.
Welcome to UDR's quarterly financial results conference call. Our press release and supplemental disclosure package were distributed yesterday afternoon and posted to the Investor Relations section of our website, ir.udr.com. In the supplement, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G requirements. Statements made during this call, which are not historical, may constitute forward-looking statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be met.
A discussion of risks and
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