AI English summary of an SEC filing — figures as filed
UDR UDRThe company said net income attributable to common stockholders for the 3 months ended March 31, 2024 rose to $41.9 million ($0.13 per diluted share) from $29.8 million ($0.09 per share) a year earlier. The company cited the gain of $16.9 million on the sale of an operating community in Arlington, Virginia as the main item.
Key points
AI summaryThe company said net income attributable to common stockholders for the 3 months ended March 31, 2024 rose to $41.9 million ($0.13 per diluted share) from $29.8 million ($0.09 per share) a year earlier. The company cited the gain of $16.9 million on the sale of an operating community in Arlington, Virginia as the main item.
The company said Same-Store Communities NOI rose $3.2 million (1.2%). Rental income rose 3.1% and operating expenses rose 7.5%, while weighted average physical occupancy rose 0.6% to 97.1% and total monthly income per occupied home rose 2.5% to $2,527.
The company said interest expense rose from $43.7 million to $48.1 million. It cited higher average interest rates and higher total debt balances as the reasons, and said other operating expenses rose from $3.0 million to $6.8 million.
The company said net cash provided by operating activities for the 3 months was $167.6 million (compared with $168.0 million a year earlier), and net cash used in investing activities was $18.4 million (compared with $(117.3) million a year earlier). For the remainder of 2024, secured debt of about $97.2 million and unsecured debt of $405.6 million mature.
Key figures
Quarter ended March 31, 2024
- Revenue
- $414M
- Operating income
- $80M
- Net income
- $43M
- EPS
- $0.13
- Operating cash flow
- $168M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis 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.
Net Income and Gain on Sale in Q1 2024
The company said net income attributable to common stockholders for the 3 months ended March 31, 2024 rose to $41.9 million ($0.13 per diluted share) from $29.8 million ($0.09 per share) a year earlier. The company cited the gain of $16.9 million on the sale of an operating community in Arlington, Virginia as the main item.
Source · Based on the MD&A text of the filing
Same-Store NOI and Occupancy Changes
The company said Same-Store Communities NOI rose $3.2 million (1.2%). Rental income rose 3.1% and operating expenses rose 7.5%, while weighted average physical occupancy rose 0.6% to 97.1% and total monthly income per occupied home rose 2.5% to $2,527.
Source · Based on the MD&A text of the filing
Higher Interest Expense and Other Operating Expenses
The company said interest expense rose from $43.7 million to $48.1 million. It cited higher average interest rates and higher total debt balances as the reasons, and said other operating expenses rose from $3.0 million to $6.8 million.
Source · Based on the MD&A text of the filing
Operating and Investing Cash Flows and Debt Maturing This Year
The company said net cash provided by operating activities for the 3 months was $167.6 million (compared with $168.0 million a year earlier), and net cash used in investing activities was $18.4 million (compared with $(117.3) million a year earlier). For the remainder of 2024, secured debt of about $97.2 million and unsecured debt of $405.6 million mature.
Source · Based on the MD&A text of the filing
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.
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