UDR said net income attributable to common stockholders for 2023 was $439.5 million ($1.34 per diluted share), compared with $82.5 million ($0.26 per share) a year earlier. The company cited gains on property sales of $351.2 million and an increase in total property NOI of $74.4 million as factors behind the increase.

1. 01

   UDR said net income attributable to common stockholders for 2023 was $439.5 million ($1.34 per diluted share), compared with $82.5 million ($0.26 per share) a year earlier. The company cited gains on property sales of $351.2 million and an increase in total property NOI of $74.4 million as factors behind the increase.

2. 02

   The company said Same-Store Community NOI rose 6.0% ($58.8 million) in 2023. Rental income increased 5.6% ($79.3 million) and operating expenses rose 4.7% ($20.5 million), while average physical occupancy fell to 0.1%, a 96.7% decline.

3. 03

   UDR said net cash provided by operating activities was $832.7 million in 2023 (2022: $820.1 million), and net cash used in investing activities was $(289.1) million (2022: $(929.5) million). The company also said it acquired a portfolio of 6 communities with 1,753 apartment homes in Texas in August 2023 for $354.6 million.

4. 04

   The company said interest expense for 2023 rose to $180.9 million from $155.9 million in 2022, citing higher average interest rates and larger debt balances. It said secured debt of about $97.6 million and unsecured debt of $423.7 million are scheduled to mature in 2024.

Key figures

Fiscal year ended December 31, 2023

Revenue

$1.6B

Operating income

$635M

Net income

$444M

EPS

$1.34

Operating cash flow

$833M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.