Q2 2024 UDR Inc Earnings Call Transcript
Key Points
- Year-to-date employment growth of approximately 1.3 million jobs has exceeded expectations, driving strong demand for housing.
- Household income growth has remained robust at approximately 5%, reinforcing healthy affordability metrics.
- Renting an apartment is on average 60% more affordable than owning a single-family home in UDR Inc (UDR)'s markets.
- UDR Inc (UDR) raised its full-year FFOA per share guidance for the second time this year due to strong performance.
- UDR Inc (UDR) continues to build on its position as a recognized ESG leader, recently being named a 2024 Top Workplace winner in the real estate industry.
- Slowing growth rate in recent employment data may affect pricing in the face of still elevated new supply through the rest of 2024.
- Occupancy has trended slightly lower to 96.2%-96.3% in July due to elevated new supply and typical seasonal operating trends.
- Sunbelt markets, which comprise roughly 25% of UDR Inc (UDR)'s NOI, continue to lag coastal markets due to elevated new supply.
- New lease rate growth in the Sunbelt markets is negative, with some markets like Nashville, Dallas, and Tampa seeing occupancy decline.
- Potential for macroeconomic volatility in an election year combined with elevated supply deliveries in the back half of 2024.
Hello, and welcome to UDR's second-quarter 2024 earnings call (Operator Instructions). As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Trent Trujillo, Vice President, Investor Relations. Please go ahead, Trent.
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 Web site 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 risk factors are detailed in our press
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