UDR · UDR, Inc. Q2 FY2026 earnings call record财报电话会记录

“Our history of delivering nearly $9 billion of dividends over 54 years demonstrates UDR's track record of stability, growth, transparency, liquidity, and robust results.”

“Today I'll cover our second quarter same-store results, our increased full year 2026 same-store growth guidance, including underlying assumptions and recent operating trends, as well as our strategic position.”

“Starting with same-store revenue growth, we raised our midpoint by 12.5 basis points, resulting in a new range of 0.75%-2%.”

“The increased midpoint is entirely driven by blended lease rate growth, with first half performance of 1.9%, exceeding our midpoint expectations of 1.75% as the spring and summer leasing season is elongated compared to our original expectations.”

“We continue to expect blended lease rate growth for the second half of the year will be between 1.5% and 2%, which means blended lease rate growth does not need to accelerate versus the first half for us to achieve our revenue growth guidance.”

“We will continue to innovate, improve resident satisfaction, and expand operating margin while positively impacting the communities we serve.”

“During the quarter, we repurchased approximately 5.5 million shares for $200 million at an average price of $36.49 per share.”

“This brings total repurchase activity since September of 2025 to 11.5 million shares for approximately $420 million at an average price of $36.34 per share, which equates to a mid-6% implied cap rate.”

“Included in this outlook is our expectation that the size of our debt and preferred equity portfolio will continue to decline from $380 million at the end of the second quarter to approximately $250 million-$300 million at year-end due to successful repayments, opportunities to gain control of assets, and our disciplined underwriting where other capital uses offer superior risk-adjusted returns and growth.”

“That couple hundred-million-dollar difference, at that spread that I mentioned of 3-400 basis points, depending on what we're redeploying into, such as buybacks, has been a big focus this year or potentially redevelopment, that would result in about $0.01 per 100 million.”

“Blends are still in the -2% to -3% range, so we are still seeing some pressure from supply in different parts of Nashville.”

“Volume hit 9.5 million sq ft in Q2 2026, and that's the strongest quarterly total since 2019.”