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$UDR has tightened its full-year 2016 FFO per share guidance range to $1.76-1.80. $UDR has tightened and increased FFO as adjusted guidance range to $1.77-1.80 per share and AFFO per share guidance to $1.61-1.64. For same-store, 2016 guidance is for revenue growth of 5.5-6%, expense of 3-3.5% and NOI growth of 6.5-7%.
$UDR announced that Thomas W. Toomey, CEO and President, has been appointed Chairman of the BoD, effective January 1, 2018. Mr. Toomey succeeds James D. Klingbeil. The BoD also established a Lead Independent Director position and appointed Mr. Klingbeil as Lead Independent Director.
$UDR declared a regular quarterly dividend on its common stock for 2Q17 of $0.31 per share, payable in cash, on July 31, 2017 to its common stock shareholders as of July 10, 2017. It also declared a regular quarterly dividend on its Series E preferred stock for 2Q17 of $0.332 per share, payable on July 31, 2017 to shareholders as of July 10, 2017.
$UDR priced a $300MM offering of 3.5% senior unsecured notes under its existing shelf registration statement. The notes will mature on July 1, 2027. The company expects to use net proceeds for general corporate purposes, including the repayment of outstanding debt. The settlement of offering is expected to occur on June 16, 2017.
$UDR reaffirmed its previously announced FY17 earnings and same-store growth guidance. It now sees 2Q17 EPS at $0.08-0.09, with both FFO per share and FFO per adjusted share at $0.45-0.47. AFFO per share is touted to be around $0.41 to $0.43.
$UDR same-store revenue grew 4.6% year-on-year in 1Q17, with same-store expense up 3.8% and same-store net operating income rising 4.9%. Annualized rate of turnover was 40.8% representing a 100 basis point decrease year-over-year. At 1Q17 end, UDR’s development pipeline totaled $1.1Bil.
In 1Q17, $UDR posted a 163% jump in net attributable income of $25.0MM from $9.5MM a year ago, helped by higher revenues and a gain upon the consolidation of CityLine. Diluted income more than doubled to $0.09 per share from $0.04 a share, on a total revenue of $243.8MM, which rose 3.8% year-on-year.
$UDR announced that its Board of Directors declared a regular quarterly dividend on its Series E preferred stock for 1Q17 of $0.3322 per share. The preferred dividend is payable on May 1, 2017 to Series E preferred stock shareholders of record as of April 10, 2017.
$UDR's BoD declared a quarterly dividend of $0.31 per common share for 1Q17 payable on May 1, 2017 to shareholders of record as of April 10, 2017. The company’s annualized and declared common dividend of $1.24 per share for 2017 represents a 5% increase over the annualized and declared common dividend of $1.18 per share in 2016.
$UDR reported that data providers are forecasting national deliveries of approx. 370,000 new homes for 2017. Of this, 175,000 homes or 47% of national deliveries are expected to impact the markets where $UDR operates. Submarkets to have average quarterly deliveries of approx. 13,000 homes in 1H17 and approx. 11,000 per quarter on average in 2H17.
For 2017, $UDR expects Pacific Northwest, Monterey Peninsula, Southern California, Boston and many of the Sunbelt markets to generate same-store revenue growth in excess of the portfolio average. This includes Los Angeles where the company was negatively impacted by new supply in 2016. New York and San Francisco markets will continue to struggle.
Residential real estate investment trust $UDR said that the outlook for the long-term apartment fundamentals remain strong despite short-term challenges. New supply and elevated concession levels are estimated to abate moving into 2H17. The company expects topline and bottom line growth to exceed long-term averages in 2017.
For 1Q17, $UDR expects EPS of $0.08-0.09, FFO per share of $0.44-0.46 and adjusted FFO per share of $0.42-0.44. For 2017, $UDR sees EPS of $0.31-0.36, FFO per share of $1.83-1.87 and adjusted FFO per share of $1.68-1.72. $UDR predicts 2017 revenue growth of 3-4%, expense growth of 2.5-3.5% and operating income growth of 3.25-4.25%.
$UDR's funds from operations for 4Q16 grew to $137.56MM or $0.47 per share from $117.52MM or $0.41 per share last year. Adjusted FFO increased to $120.02MM or $0.40 per share from $108.86MM or $0.37 per share in the previous year quarter.
$UDR's same-store net operating income for 4Q16 rose 5.3% YoverY. This was driven by same-store revenue growth of 5% against a 4.2% increase in same-store expense. Same-store physical occupancy was 96.8% compared to 96.5% last year. The 4Q annualized rate of turnover was 42.5% representing a 110 basis point decline YoverY.
$UDR reported a rise in 4Q16 earnings driven by higher gains on the sale of real estate. Net income rose to $236.7MM or $0.88 per share from $161.3MM or $0.61 per share last year. Revenue grew to $243MM from $237.6MM, on growth in revenue from same-store and stabilized, non-mature communities.
$UDR established an unsecured commercial paper program in the U.S. Under the terms of the program, the company may issue unsecured commercial paper notes up to a maximum aggregate outstanding of $500MM. The proceeds will be used for general corporate purposes.