Stock Monitor: Preferred Apartment Communities Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 14, 2018 / If you want access to our free earnings report on UDR, Inc. (NYSE: UDR), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=UDR. The Company reported its first quarter fiscal 2018 operating and financial results on April 25, 2018. The Highlands Ranch, Colorado-based real estate investment trust beat revenue and FFO estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
During Q1 2018, UDR's total revenues increased by 3.9% to $253.3 million compared to $243.8 million in Q1 2017. This increase was primarily attributable to a growth in revenues from same-store communities, stabilized, non-mature, and development communities. The Company's revenue numbers topped analysts' estimates of $253.0 million.
For Q1 2018, UDR's same-store net operating income (NOI) increased 2.7% y-o-y, and was driven by same-store revenue growth of 3.0% and an increase in same-store expenses of 3.6%. The Company's weighted average same-store physical occupancy increased by 30 basis points to 96.9% y-o-y. The Company's annualized rate of turnover was 40.0% in the reported quarter, representing a 120-basis point decline on a y-o-y basis.
UDR's net income attributable to common stockholders was $80.8 million, or $0.30 per diluted share, compared to $25.0 million, or $0.09 per diluted share, in Q1 2017. The increase was primarily due to higher gains on the sale of real estate.
UDR's funds from operations (FFO) per share was $0.47 compared to $0.45 in Q1 2017, matching Wall Street's estimates of $0.47 per share. The Company's adjusted FFO per share was $0.45 compared to $0.43 in the prior year's same quarter.
Development and Redevelopment Activities
At the end of Q1 2018, UDR's development pipeline totaled $810.5 million at its pro-rata ownership interest. Of this total, approximately 91% was funded. All of the Company's development communities were in lease-up as of the end of Q1 2018.
At the end of Q1 2018, UDR's DCP investment, including accrued return, totaled $159.3 million. The Company's activities during the reported quarter consisted of an investment of $20.0 million into Alameda Point, a 220-home project located in Alameda, CA, through a secured note. UDR also agreed to transition OLiVE DTLA, a 293-home, $129.4 million West Coast Development Joint Venture (WCDJV) community located in Los Angeles, from a Developer Capital Program (DCP) project into a long-term hold.
Wholly-Owned Transactional Activities
During Q1 2018, UDR sold Pacific Shores, a 264-home community located in Orange County, for $90.5 million, or $342,800 per home. At the time of the sale, the community had a weighted average monthly revenue per occupied home of $2,053 and was 47 years old.
Capital Markets and Balance Sheet
During Q1 2018, UDR repurchased approximately 593,000 common shares at an average price of $33.69 for approximately $20.0 million. At March 31, 2018, the Company had approximately $843.4 million of availability, through a combination of cash and undrawn capacity, on its credit facilities.
UDR's total indebtedness was $3.7 billion at March 31, 2018. The Company ended the quarter with a fixed-rate debt representing 86.7% of its total debt, a total blended interest rate of 3.7%, and a weighted average maturity of 5.1 years. UDR's consolidated leverage was 33.1% versus 32.9% in the year ago; its consolidated net-debt-to-EBITDA was flat at 5.8x y-o-y; and its consolidated fixed charge coverage ratio was 4.5x versus 4.4x in the year ago.
Stock Performance Snapshot
May 11, 2018 - At Friday's closing bell, UDR's stock marginally declined 0.79%, ending the trading session at $36.29.
Volume traded for the day: 851.16 thousand shares.
Stock performance in the last month – up 2.92%; and previous three-month period – up 7.40%
After last Friday's close, UDR's market cap was at $9.74 billion.
Price to Earnings (P/E) ratio was at 159.87.
The stock has a dividend yield of 3.55%.
The stock is part of the Financial sector, categorized under the REIT - Residential industry.
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