The following is a summary of the UDR, Inc. (UDR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• UDR reported Q1 year-over-year same-store revenue and net operating income (NOI) growth of 3.1% and 1.2% respectively, slightly exceeding expectations.

• The company reported first quarter funds from operations (FFO) as adjusted per share of $0.61, in line with expectations.

• UDR's full-year 2024 NOI is expected to decline by around $1.05 due to higher expenses.

• The company reaffirmed their full-year 2024 same-store growth guidance.

• Debt-to-enterprise value was 30% at quarter end, while net debt-to-EBITDA was 5.7x, showing strong leverage metrics.

Business Progress:

• UDR created approximately 800,000 jobs year-to-date, exceeding consensus growth expectations.

• The company is focusing on customer experience to improve retention rate, aiming for a 5% to 10% improvement in turnover retention which could result in an NOI opportunity of $15 million to $30 million.

• UDR is leveraging technology and innovation projects for future same-store growth, with positive performance seen in the East Coast and West Coast regions.

• The company made no acquisitions, new DCP investments, or development starts in the first quarter, with Retiring Senior Vice President and Chief Investment Officer, Harry Alcock focusing now on sourcing transactions.

• UDR is executing increased investment in customer experience projects and targeting capital deployment through JV acquisitions, alongside exploiting opportunities on the DCP pipeline and future development projects.

• UDR is experiencing improving new lease growth with positive trends reflected in various regions, including the Northeast, West and Southwest.

• The company is addressing tenant concerns and enhancing the move-in experience to improve satisfaction and tenant retention.

• There are also provisions to manage capital market activities, opportunities to drive performance, and to cope with potential risks from macroeconomic changes or increased supply.

• UDR, Inc. reported a consistent improvement in April retention across their portfolio, and has found that reintroducing human factors in some cases can add value to the customer service section.

• The company is also aiming to run 'unmanned sites', which currently account for around 20% of their portfolio, and sees a significant decrease in move-outs to buy homes in areas where housing was historically more affordable.

More details: UDR Inc IR

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