UDR, Inc. (UDR) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 27, 2023 1:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings and welcome to UDR's Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference call is being recorded.

It is now my pleasure to introduce your host Vice President of Investor Relations, Trent Trujillo. Thank you Mr. Trujillo, you may begin.

Trent Trujillo

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 have 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 the 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 to one plus a follow-up. Management will be available after the call for your questions that did not get answered during the Q&A session today.

I will now turn the call over to UDR's Chairman and CEO Tom Toomey.

Tom Toomey

Thank you, Trent and welcome to UDR's second quarter 2023 conference call. Presenting on the call with me today are President and Chief Financial Officer, Joe Fisher; and Senior Vice President of Operations, Mike Lacy who will discuss our results. Senior Officers Andrew Cantor and Chris Van Ens will also be available during the Q&A portion of the call.

To begin the multifamily business continues to exhibit strength. In the second quarter, the industry experienced positive net absorption demonstrating the health of the consumer and the attractiveness of the apartments versus alternative housing options, despite pockets of elevated supply deliveries.

Our results reflect the strength a few highlights: one, our second quarter year-over-year same-store NOI growth of almost 8% led to year-over-year FFOA per share growth of 7%, both of which we expect to be near the top of our peer group.