UDR (UDR) Q1 2025 earnings summary

Executive summary

• Net income attributable to common stockholders rose to $75.5 million ($0.23 per diluted share) for Q1 2025, up 77%–80% year-over-year, driven by higher gains on property sales and increased property NOI.

• Same-store revenue, expense, and NOI growth exceeded expectations, supported by high demand, improved customer experience, and strong occupancy at 97.2%.

• Portfolio included 167 consolidated communities (55,323 apartment homes) and interests in 10,860 additional homes via joint ventures as of March 31, 2025.

• Completed sales of two apartment communities for $211.5 million and commenced new development and investment activities.

• Focus remains on innovation, customer experience, and strategic capital deployment to drive future growth.

Financial highlights

• Total revenues increased to $421.9 million for Q1 2025, a 2% year-over-year rise, with same-store revenue up 2.6% and NOI up 2.8%.

• FFOA (adjusted) per share was $0.61, at the midpoint of guidance.

• Occupancy averaged 97.2%, up 40 basis points sequentially.

• Blended lease rate growth was 0.9%, with renewal rate growth of 4.5% and new lease rate growth of -3%.

• Quarterly dividend increased 1.2% to $0.43 per share, marking the 210th consecutive quarterly dividend.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: net income per diluted share $0.56–$0.66, FFO and FFOA per diluted share $2.45–$2.55.

• Second quarter FFOA per share guidance is $0.61–$0.63, with the midpoint representing a 1.5% sequential increase.

• Full-year same-store revenue growth expected at 1.25%–3.25%, expense growth 2.75%–4.25%, NOI growth 0.5%–3.0%.

• Resident turnover expected to be 100 basis points below 2024, with year-to-date outperformance.

• Management expects to meet short-term liquidity needs through operating cash flows and credit facilities.