UDR Announces Q4 2024 Preliminary Results, FFOA At $0.63/Share, FY24 At $2.48/Share; SS NOI Growth At 2.1% In Q4, 1.5% For Full-Year; Revenue Increased By 2.5% YoY In Q4; Weighted Average Physical Occupancy Rose To 96.8%

Benzinga
01-06

Financial and Operating Results

Funds From Operations as Adjusted ("FFOA") per diluted share are expected to be $0.63 for the fourth quarter 2024 and $2.48 for the full-year 2024, each of which are in-line with the midpoints of the Company's previously provided guidance as described in its third quarter 2024 earnings release published on October 30, 2024.

Preliminary Same-Store ("SS") results for the fourth quarter 2024 and full-year 2024 are summarized below and are better than the midpoints of previously provided guidance.

SS Growth / (Decline)

Year-Over-Year:

4Q 2024 vs. 4Q 2023

Full-Year:

2024 vs. 2023

Revenue2.5%2.3%
Expense3.4%4.3%
Net Operating Income ("NOI")2.1%1.5%
SS Metric3Q 2024, as reported4Q 2024, preliminary
Weighted Average Physical Occupancy96.3%96.8%
Effective Blended Lease Rate Growth1.8%(0.6)%

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