UDR, Inc. (NYSE:UDR) Q3 2023 Earnings Conference Call October 27, 2023 12:00 PM ET
Company Participants
Trent Trujillo - Vice President, Investor Relations
Tom Toomey - Chairman & Chief Executive Officer
Mike Lacy - Senior Vice President, Operations
Joe Fisher - President & Chief Financial Officer
Conference Call Participants
Eric Wolfe - Citi
Jeff Spector - Bank of America
Nick Yulico - Scotiabank
Austin Wurschmidt - KeyBanc Capital Markets
Jamie Feldman - Wells Fargo
Michael Goldsmith - UBS
Steve Sakwa - Evercore ISI
John Kim - BMO Capital Markets
Haendel St. Juste - Mizuho Securities
Adam Kramer - Morgan Stanley
John Pawlowski - Green Street
Connor Mitchell - Piper Sandler
Operator
Greetings. Welcome to UDR's Third Quarter 2023 Earnings Call. [Operator Instructions] Please note that this conference 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 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 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 third 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, for much of the third quarter, the multifamily industry continued to benefit from a resilient consumer, continued job and wage growth and relative price point affordability versus alternative housing options. These tailwinds served as an effective break against elevated apartment deliveries during the quarter. Our quarterly results reflect this relative stable demand versus supply environment with year-over-year, same-store NOI growth of 6% and FFOA per share growth of 5%. Both of these growth rates were at/or above our historical norms.