UDR said net income attributable to common stockholders for the 3 months ended September 30, 2024 was $21.4 million ($0.06 per diluted share), down from $31.6 million ($0.10) in the prior-year period. The company cited a decrease in income from unconsolidated entities, primarily due to a $8.1 million non-cash impairment loss, and higher interest expense and general and administrative expenses as the main factors.

1. 01

   UDR said net income attributable to common stockholders for the 3 months ended September 30, 2024 was $21.4 million ($0.06 per diluted share), down from $31.6 million ($0.10) in the prior-year period. The company cited a decrease in income from unconsolidated entities, primarily due to a $8.1 million non-cash impairment loss, and higher interest expense and general and administrative expenses as the main factors.

2. 02

   The company said Same-Store NOI for the 3 months ended September 30, 2024 rose 0.8% ($2.1 million) from a year earlier, with rental income up 1.2% ($4.5 million) and operating expenses up 2.0% ($2.4 million). Weighted average physical occupancy fell 0.4% to 96.3%.

3. 03

   UDR said it issued $300.0 million of 5.125% senior medium-term notes due August 2024 September 1, 2034, priced at 98.977% of principal amount. It used the net proceeds to pay down outstanding indebtedness under its commercial paper program. The all-in weighted average interest rate, including the impact of the treasury locks, was 4.95%.

4. 04

   The company said net cash provided by operating activities for the 9 months ended September 30, 2024 rose to $636.3 million from $613.6 million in the comparable prior-year period. Total capital expenditures for the same period were $191.3 million ($3,458 per stabilized home), lower than $228.6 million ($4,203) a year earlier.

Key figures

Quarter ended September 30, 2024

Revenue

$420M

Operating income

$70M

Net income

$23M

EPS

$0.06

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.