DENVER–(BUSINESS WIRE)–UDR, Inc. (the “Company”) (NYSE: UDR) announced today its fourth quarter and full-year 2023 results and has posted a related Investor Presentation to its website at ir.udr.com. Net Income, Funds from Operations (“FFO”), FFO as Adjusted (“FFOA”), and Adjusted FFO (“AFFO”) per diluted share for the quarter and full-year ended December 31, 2023 are detailed below.
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Quarter Ended December 31 |
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Metric |
4Q 2023 Actual |
4Q 2023 Guidance |
4Q 2022 Actual |
$ Change vs. Prior Year Period |
% Change vs. Prior Year Period |
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Net Income per diluted share |
$0.10 |
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$0.08 to $0.10 |
|
$0.13 |
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$(0.03) |
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(23)% |
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FFO per diluted share |
$0.61 |
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$0.62 to $0.64 |
|
$0.56 |
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$0.05 |
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9% |
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FFOA per diluted share |
$0.63 |
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$0.62 to $0.64 |
|
$0.61 |
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$0.02 |
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3% |
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AFFO per diluted share |
$0.54 |
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$0.56 to $0.58 |
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$0.53 |
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$0.01 |
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2% |
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Full-Year (“FY”) Ended December 31 |
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Metric |
FY 2023 Actual |
FY 2023 Guidance |
FY 2022 Actual |
$ Change vs. Prior Year Period |
% Change vs. Prior Year Period |
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Net Income per diluted share |
$1.34 |
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$1.32 to $1.34 |
|
$0.26 |
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$1.08 |
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415% |
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FFO per diluted share |
$2.45 |
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$2.45 to $2.47 |
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$2.20 |
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$0.25 |
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11% |
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FFOA per diluted share |
$2.47 |
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$2.46 to $2.48 |
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$2.33 |
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$0.14 |
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6% |
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AFFO per diluted share |
$2.21 |
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$2.23 to $2.25 |
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$2.11 |
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$0.10 |
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5% |
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- Same-Store (“SS”) results for the fourth quarter 2023 versus the fourth quarter 2022, fourth quarter 2023 versus the third quarter 2023, and full-year 2023 versus full-year 2022 are summarized below.
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Concessions reflected on a straight-line basis: |
Concessions reflected on a cash basis: |
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SS Growth / (Decline) |
Year-Over-Year (“YOY”): 4Q 2023 vs. 4Q 2022 |
Sequential: 4Q 2023 vs. 3Q 2023 |
FY 2023 vs. FY 2022 |
YOY: 4Q 2023 vs. 4Q 2022 |
Sequential: 4Q 2023 vs. 3Q 2023 |
FY 2023 vs. FY 2022 |
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Revenue |
2.5% |
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(0.7)% |
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6.2% |
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2.6% |
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(0.7)% |
|
5.6% |
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Expense |
3.0% |
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(3.7)% |
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4.7% |
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3.0% |
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(3.7)% |
|
4.7% |
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Net Operating Income (“NOI”) |
2.3% |
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0.7% |
|
6.8% |
|
2.4% |
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0.6% |
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6.0% |
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-
During the fourth quarter, the Company,
- Acquired One Upland, a 262-home apartment community in suburban Boston, MA, for $114.3 million (or $58.3 million at UDR’s 51 percent share) through its joint venture with LaSalle Investment Management.
- Sold The Arbory, a 276-home apartment community in Portland, OR, for gross proceeds of $78.6 million.
- Entered into an agreement to sell Crescent Falls Church, a 214-home apartment community in Metropolitan Washington, D.C., for gross proceeds of $100.0 million. The transaction is expected to close in the first quarter of 2024.
- Agreed to accept the third-party developer’s equity interest affiliated with UDR’s $45.2 million preferred equity joint venture investment in a 173-home apartment community located in Oakland, CA. As a result of the agreement, the Company began consolidating the joint venture in December 2023 and recorded a non-cash investment loss of $24.3 million, or approximately $0.07 of net income per diluted share, in the fourth quarter 2023. The transfer closed in January 2024 and the Company rebranded the community as the Residences at Lake Merritt.
- Achieved stabilized occupancy at The MO, a $145.0 million, 300-home apartment community developed in Washington, D.C.
- Published its fifth annual ESG report and concurrently announced that it earned the Regional Sector Leader designation from GRESB. Additionally, the Company was named to Newsweek’s annual list of America’s Most Responsible Companies for the third consecutive year.
“2023 was another solid year with 6 percent FFOA per share growth,” said Tom Toomey, UDR’s Chairman and CEO. “The long-term fundamental outlook for the Multifamily sector is positive due to continued employment gains, a high propensity to rent, and attractive relative affordability versus other forms of housing. However, elevated new supply deliveries in 2024 suggest near-term market rent growth will be more muted compared to long-term averages. Nonetheless, UDR is a full-cycle investment with a history of relative outperformance through volatile economic periods due to our strong operating and capital markets acumen, innovative culture, and investment grade balance sheet.”
Outlook(1)
As shown in the table below, the Company has established the following guidance ranges for the first quarter and full-year 2024 for Net Income per share, FFO per share, FFOA per share, AFFO per share, and same-store growth.
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1Q 2024 Outlook |
4Q 2023 Actual |
Full-Year 2024 Outlook |
Full-Year 2023 Actual |
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Net Income per diluted share |
$0.13 to $0.15 |
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$0.10 |
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$0.33 to $0.45 |
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$1.34 |
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FFO per diluted share |
$0.60 to $0.62 |
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$0.61 |
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$2.36 to $2.48 |
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$2.45 |
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FFOA per diluted share |
$0.60 to $0.62 |
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$0.63 |
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$2.36 to $2.48 |
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$2.47 |
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AFFO per diluted share |
$0.56 to $0.58 |
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$0.54 |
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$2.10 to $2.22 |
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$2.21 |
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YOY Growth: concessions reflected on a straight-line basis: |
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SS Revenue |
N/A |
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2.5% |
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0.0% to 3.0% |
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6.2% |
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SS Expense |
N/A |
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3.0% |
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4.25% to 6.25% |
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4.7% |
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SS NOI |
N/A |
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2.3% |
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(1.75)% to 1.75% |
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6.8% |
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(1) |
Additional assumptions for the Company’s first quarter and full-year 2024 outlook can be found on Attachment 13 of the Company’s related quarterly Supplemental Financial Information (“Supplement”). A reconciliation of FFO per share, FFOA per share, and AFFO per share to GAAP Net Income per share can be found on Attachment 14(D) of the Company’s related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 14(A) through 14(D), “Definitions and Reconciliations,” of the Company’s related quarterly Supplement. |
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Fourth Quarter 2023 and January 2024 Results
In the fourth quarter, total revenue increased by $13.6 million YOY, or 3.4 percent, to $413.3 million. This increase was primarily attributable to growth in revenue from Same-Store communities and growth from past accretive external investments.
“We ended 2023 with positive trends across occupancy, resident turnover, and concessions. For January 2024, same-store occupancy remained high at greater than 97 percent, new lease rate growth improved versus December, and resident turnover was lower YOY for the ninth consecutive month,” said Mike Lacy, UDR’s Senior Vice President of Operations. “While elevated supply is expected to result in reduced pricing power throughout 2024 versus historical averages, resident financial health remains resilient, relative affordability favors apartments, and we continue to drive incremental income from our innovative operating initiatives.”
In the tables below, the Company has presented YOY, sequential, and year-to-date (“YTD”) Same-Store results by region, with concessions accounted for on both cash and straight-line bases.
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Summary of Same-Store Results in Fourth Quarter 2023 versus Fourth Quarter 2022 |
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Region |
Revenue Growth / (Decline) |
Expense Growth / (Decline) |
NOI Growth / (Decline) |
% of Same-Store Portfolio(1) |
Physical Occupancy(2) |
YOY Change in Occupancy |
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West |
1.8% |
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0.6% |
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2.3% |
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30.9% |
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96.6% |
|
0.4% |
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Mid-Atlantic |
4.2% |
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3.5% |
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4.6% |
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20.8% |
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97.2% |
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0.3% |
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Northeast |
4.2% |
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6.8% |
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3.0% |
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18.7% |
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97.1% |
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0.1% |
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Southeast |
1.7% |
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1.7% |
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1.7% |
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14.4% |
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96.9% |
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0.3% |
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Southwest |
(0.1)% |
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1.9% |
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(1.2)% |
|
8.9% |
|
97.0% |
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0.2% |
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Other Markets |
1.6% |
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3.1% |
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1.0% |
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6.3% |
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96.9% |
|
0.4% |
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Total (Cash) |
2.6% |
|
3.0% |
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2.4% |
|
100.0% |
|
96.9% |
|
0.2% |
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Total (Straight-Line) |
2.5% |
|
3.0% |
|
2.3% |
|
– |
|
– |
|
– |
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(1) |
Based on 4Q 2023 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement. |
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(2) |
Weighted average Same-Store physical occupancy for the quarter. |
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Summary of Same-Store Results in Fourth Quarter 2023 versus Third Quarter 2023 |
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Region |
Revenue Growth / (Decline) |
Expense Growth / (Decline) |
NOI Growth / (Decline) |
% of Same-Store Portfolio(1) |
Physical Occupancy(2) |
Sequential Change in Occupancy |
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West |
(1.1)% |
|
(2.9)% |
|
(0.5)% |
|
30.9% |
|
96.6% |
|
(0.1)% |
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Mid-Atlantic |
(0.4)% |
|
(4.9)% |
|
1.6% |
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20.8% |
|
97.2% |
|
0.3% |
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Northeast |
(0.1)% |
|
(4.6)% |
|
2.3% |
|
18.7% |
|
97.1% |
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0.4% |
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Southeast |
(0.7)% |
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(4.3)% |
|
0.9% |
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14.4% |
|
96.9% |
|
0.5% |
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Southwest |
(1.1)% |
|
(0.3)% |
|
(1.5)% |
|
8.9% |
|
97.0% |
|
0.2% |
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Other Markets |
(1.1)% |
|
(4.7)% |
|
0.4% |
|
6.3% |
|
96.9% |
|
0.3% |
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Total (Cash) |
(0.7)% |
|
(3.7)% |
|
0.6% |
|
100.0% |
|
96.9% |
|
0.2% |
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Total (Straight-Line) |
(0.7)% |
|
(3.7)% |
|
0.7% |
|
– |
|
– |
|
– |
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(1) |
Based on 4Q 2023 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement. |
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(2) |
Weighted average Same-Store physical occupancy for the quarter. |
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Summary of Same-Store Results Full-Year 2023 versus Full-Year 2022 |
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Region |
Revenue Growth / (Decline) |
Expense Growth / (Decline) |
NOI Growth / (Decline) |
% of Same-Store Portfolio(1) |
Physical Occupancy(2) |
YOY Change in Occupancy |
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West |
4.2% |
|
4.1% |
|
4.2% |
|
31.5% |
|
96.5% |
|
0.1% |
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Mid-Atlantic |
5.3% |
|
4.8% |
|
5.6% |
|
20.8% |
|
96.9% |
|
(0.1)% |
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Northeast |
7.4% |
|
6.2% |
|
8.0% |
|
17.7% |
|
97.1% |
|
(0.1)% |
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Southeast |
7.4% |
|
5.5% |
|
8.4% |
|
14.4% |
|
96.4% |
|
(0.4)% |
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|
Southwest |
5.1% |
|
2.7% |
|
6.5% |
|
9.1% |
|
96.7% |
|
(0.2)% |
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Other Markets |
5.1% |
|
4.6% |
|
5.3% |
|
6.5% |
|
96.8% |
|
0.0% |
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Total (Cash) |
5.6% |
|
4.7% |
|
6.0% |
|
100.0% |
|
96.7% |
|
(0.1)% |
||
|
Total (Straight-Line) |
6.2% |
|
4.7% |
|
6.8% |
|
– |
|
– |
|
– |
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(1) |
Based on full-year 2023 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement. |
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(2) |
Weighted average Same-Store physical occupancy for the year. |
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Transactional Activity
During the quarter, the Company,
- Acquired One Upland, a 262-home apartment community located in suburban Boston, MA, for $114.3 million ($58.3 million at UDR’s 51 percent share), or $436,000 per apartment home, and placed $45.7 million of debt on the property, through its joint venture with LaSalle Investment Management. Under the terms of the joint venture agreement, UDR will earn acquisition, financing, asset management, property management, and construction management fees, and will receive a promote if certain return thresholds are achieved. The eight-year-old community is proximate to wholly owned UDR communities, which the Company expects should drive additional operating efficiencies through the implementation of its Platform and other operating initiatives.
- Sold The Arbory, a 276-home apartment community in Portland, OR, for total gross proceeds of $78.6 million, or $285,000 per apartment home. At the time of sale, the 5-year-old community had a weighted average monthly revenue per occupied home of $2,157 and physical occupancy of 95.9 percent.
- Entered into an agreement to sell Crescent Falls Church, a 214-home apartment community with approximately 6,400 square feet of retail space in Metropolitan Washington, D.C., for gross proceeds of $100.0 million. During the fourth quarter, the 14-year-old community had a weighted average monthly revenue per occupied home of $3,385 and physical occupancy of 97.9 percent. The transaction is expected to close in the first quarter of 2024.
Development Activity and Other Projects
During the quarter, the Company achieved stabilized occupancy at The MO, a $145.0 million, 300-home apartment community developed in the Union Market area of Washington, D.C.
At the end of the fourth quarter, the Company’s development pipeline totaled $187.5 million and was 86 percent funded, with only $27.1 million remaining to fund. The Company’s active development pipeline includes two communities, one each in the Addison submarket of Dallas, TX, and Tampa, FL, for a combined 415 apartment homes.
Developer Capital Program (“DCP”) Portfolio
During the quarter, the Company agreed to accept the third-party developer’s equity interest affiliated with UDR’s $45.2 million preferred equity joint venture investment in a 173-home apartment community located in Oakland, CA. As a result of the agreement, the Company began consolidating the joint venture in December 2023 and recorded a non-cash investment loss of $24.3 million, or approximately $0.07 of net income per diluted share, in the fourth quarter 2023. The transfer closed in January 2024 and the Company rebranded the community as the Residences at Lake Merritt.
At the end of the fourth quarter, the Company’s commitments under its DCP platform totaled $476.6 million with a contractual weighted average return rate of 10.0 percent and a weighted average estimated remaining term of 2.9 years.
Capital Markets and Balance Sheet Activity
“Strong liquidity, our ability to source capital through joint venture transactions, and minimal committed forward funding obligations position UDR well to opportunistically utilize our investment grade balance sheet to enhance stakeholder returns,” said Joe Fisher, UDR’s President and Chief Financial Officer.
The Company’s total indebtedness as of December 31, 2023 was $5.8 billion with only $332 million, or 5.7 percent of total consolidated debt, maturing through 2025, including principal amortization and excluding amounts on the Company’s commercial paper program. As of December 31, 2023, the Company had $965.3 million of liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 13 of the Company’s related quarterly Supplement for additional details on projected capital sources and uses.
In the table below, the Company has presented select balance sheet metrics for the quarter ended December 31, 2023 and the comparable prior year period.
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Quarter Ended December 31 |
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Balance Sheet Metric |
4Q 2023 |
4Q 2022 |
Change |
||||
|
Weighted Average Interest Rate |
3.40% |
|
3.17% |
|
0.23% |
||
|
Weighted Average Years to Maturity(1) |
5.6 |
|
6.7 |
|
(1.1) |
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Consolidated Fixed Charge Coverage Ratio |
5.1x |
|
5.3x |
|
(0.2)x |
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Consolidated Debt as a percentage of Total Assets |
32.9% |
|
32.7% |
|
0.2% |
||
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Consolidated Net Debt-to-EBITDAre |
5.6x |
|
5.6x |
|
0.0x |
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(1) |
If the Company’s commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would have been 5.8 years both with and without extensions for 4Q 2023 and 6.8 years without extensions and 6.9 years with extensions for 4Q 2022. |
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Corporate Responsibility
As previously announced, during the quarter, the Company published its fifth annual ESG report, which detailed the Company’s ongoing commitment to engaging in socially responsible activities, including establishing science-based emissions reduction targets that should contribute to a lower-carbon future. Concurrently, the Company announced that it earned the Regional Sector Leader designation from GRESB resulting from the Company’s 2023 GRESB survey score of 87. In addition, the Company’s GRESB Public Disclosure rating is “A”, the fifth consecutive year UDR has achieved such a distinction.
Additionally, the Company was named to Newsweek’s annual list of America’s Most Responsible Companies for the third consecutive year. This distinction reflects the Company’s comprehensive ESG program, innovative and adaptive culture, and commitment to corporate responsibility.
Dividend
As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the fourth quarter 2023 in the amount of $0.42 per share. The dividend was paid in cash on January 31, 2024 to UDR common shareholders of record as of January 10, 2024. The fourth quarter 2023 dividend represented the 205th consecutive quarterly dividend paid by the Company on its common stock.
In conjunction with this release, the Company’s Board of Directors has announced a 2024 annualized dividend per share of $1.70, representing a 1.2 percent increase over the 2023 annualized dividend per share.
Supplemental Information
The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which, along with the related Investor Presentation, is available on the Company’s website at ir.udr.com.
Attachment 14(A)
Definitions and Reconciliations
December 31, 2023
(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 most recent quarter.
Adjusted Funds from Operations (“AFFO”) attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures on consolidated communities that are necessary to help preserve the value of and maintain functionality at our communities.
Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company’s operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income/(loss) attributable to common stockholders to AFFO is provided on Attachment 2.
Consolidated Fixed Charge Coverage Ratio – adjusted for non-recurring items: The Company defines Consolidated Fixed Charge Coverage Ratio – adjusted for non-recurring items as Consolidated Interest Coverage Ratio – adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment, plus preferred dividends.
Management considers Consolidated Fixed Charge Coverage Ratio – adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Fixed Charge Coverage Ratio – adjusted for non-recurring items is provided on Attachment 4(C) of the Company’s quarterly supplemental disclosure.
Consolidated Interest Coverage Ratio – adjusted for non-recurring items: The Company defines Consolidated Interest Coverage Ratio – adjusted for non-recurring items as Consolidated EBITDAre – adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment.
Management considers Consolidated Interest Coverage Ratio – adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Interest Coverage Ratio – adjusted for non-recurring items is provided on Attachment 4(C) of the Company’s quarterly supplemental disclosure.
Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items: The Company defines Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items as total consolidated debt net of cash and cash equivalents divided by annualized Consolidated EBITDAre – adjusted for non-recurring items. Consolidated EBITDAre – adjusted for non-recurring items is defined as EBITDAre excluding the impact of income/(loss) from unconsolidated entities, adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures and other non-recurring items including, but not limited to casualty-related charges/(recoveries), net of wholly owned communities.
Management considers Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income/(loss) and Consolidated EBITDAre – adjusted for non-recurring items is provided on Attachment 4(C) of the Company’s quarterly supplemental disclosure.
Controllable Expenses: The Company refers to property operating and maintenance expenses as Controllable Expenses.
Controllable Operating Margin: The Company defines Controllable Operating Margin as (i) rental income less Controllable Expenses (ii) divided by rental income. Management considers Controllable Operating Margin a useful metric as it provides investors with an indicator of the Company’s ability to limit the growth of expenses that are within the control of the Company.
Development Communities: The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): The Company defines EBITDAre as net income/(loss) (computed in accordance with GAAP), plus interest expense, including costs associated with debt extinguishment, plus real estate depreciation and amortization, plus other depreciation and amortization, plus (minus) income tax provision/(benefit), net, (minus) plus net gain/(loss) on the sale of depreciable real estate owned, plus impairment write-downs of depreciable real estate, plus the adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre was approved by the Board of Governors of Nareit in September 2017.
Management considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company’s ability to incur and service debt, and enables investors to assess our performance against that of its peer REITs. EBITDAre should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company’s activities in accordance with GAAP. EBITDAre does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation between net income/(loss) and EBITDAre is provided on Attachment 4(C) of the Company’s quarterly supplemental disclosure.
Effective Blended Lease Rate Growth: The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level, new and in-place demand trends.
Contacts
Trent Trujillo
Email: [email protected]
