UDR, Inc. (NYSE:UDR) Q4 2018 Earnings Conference Call Transcript
Feb 13, 2019 • 01:00 pm ET
Greetings and welcome to the UDR's Fourth Quarter 2018 Earnings Call. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Vice President, Chris Van Ens. Thank you, Mr. Van Ens, you may begin.
Chris Van Ens
Welcome to UDR's Quarterly Financial Results Conference Call. Our press release and supplemental disclosure package were distributed yesterday afternoon and posted to the Investor Relations section of our website, ir.udr.com.
In the supplement, we've reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G requirements. Statements made during this call, which are not historical, may constitute forward-looking statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be met.
A discussion of risks and risk factors are detailed in our press release and included in our filings with the SEC. We do not undertake a duty to update any forward-looking statements. When we get to the question-and-answer portion, we ask that you be respectful of everyone's time and limit your questions and follow ups.
Management will be available after the call for your questions that did not get answered on the call.
I will now turn the call over to UDR's Chairman and CEO, Tom Toomey.
Thomas W. Toomey
Thank you, Chris. And welcome to UDR's Fourth Quarter 2018 Conference Call. On the call with me today are Jerry Davis, President and Chief Operating Officer; and Joe Fisher, Chief Financial Officer; who will discuss our results, as well as senior officer Harry Alcock who will be available during the Q&A portion of the call.
The five topics I will cover today include a short recap of 2018, our high level 2019 macro outlook, UDR's 2019 strategy, capital deployment opportunities and the senior executive promotions announced early in January. First, we again produced strong results across all aspects of our business during the quarter and for the full year.
Like many REITs, our stock took a wild ride in 2018, but macroeconomic forces remained supportive of apartment fundamentals and our best-in-class operations, diversified portfolio and disciplined capital allocation allowed us to take advantage. We produced sector-leading topline growth, twice raised same-store and earnings guidance ranges and finished the year at the top end of our FFO adjusted per share range.
I would personally like to thank all of our associates for a great 2018. Second, from a high level perspective, we expect 2019 to be relatively similar to 2018, that is solid economics, demographics and fundamental backdrop accompanied by bulks (ph) of share price volatility throughout the year.
UDR tends to perform well in this type of environment. In 2019, we again expect to be near the top of the Group in same-store growth with better flow through to the bottom line as our large developments moved towards stabilization and we take advantage of embedded opportunities like the option asset purchases completed subsequent to year-end.
Should we encounter a different