UDR reports Q2 AFFO 55c, consensus 62c

“The nation’s employment situation remains resilient, wage growth is strong, and relative affordability versus other forms of housing continues to favor apartments,” said Tom Toomey, UDR‘s Chairman and CEO. “Combining this demand backdrop with UDR’s history of prudent capital allocation and operating margin expansion through the adoption of innovative technologies positions our Company well for continued growth. Specifically, implied in our full-year 2023 guidance is an expectation for FFOA per share to accelerate in the second half of the year, driven by improving blended lease rate growth, better bad debt trends, higher other income from initiatives, and incremental NOI from the lease-up of recently developed communities.”