DENVER - UDR, Inc. (NYSE: UDR), a prominent multifamily real estate investment trust, has declared its second quarter dividends for 2024. The company will pay a regular quarterly dividend of $0.425 per share on its common stock and $0.4602 per share on its Series E preferred stock. Both dividends are payable in cash on July 31, 2024, to shareholders of record as of July 10, 2024.
This upcoming dividend payment marks the 207th consecutive quarterly dividend to be distributed to UDR's common stock shareholders, underscoring the company's long-standing practice of providing returns to its investors. UDR has a history spanning more than five decades in the real estate sector, with a focus on multifamily properties across select U.S. markets.
As of March 31, 2024, UDR's portfolio included 60,124 apartment homes, with an additional 311 homes under development. The company is recognized for its consistent performance and commitment to high standards of service for residents and associates alike.
This announcement is based on a press release statement from UDR, Inc. and does not constitute an endorsement of the company's performance or dividend policy. The information provided is for general informational purposes only and does not take into account the individual circumstances of any investor.
In other recent news, UDR, Inc. reported positive first quarter results, with strong operational performance and strategic initiatives aimed at enhancing customer experiences. The company's FFO as adjusted per share was $0.61, in line with guidance, and it maintained a strong balance sheet with nearly $1 billion in liquidity. Analyst firm Baird has subsequently raised the price target for UDR shares to $42 from $39, citing strong rent growth and robust first quarter performance.
UDR has seen an acceleration in blended rent growth, particularly in coastal markets, and the Washington D.C. area, which contributes approximately 15% of UDR's net operating income, is experiencing a 4-5% increase in blended rent growth. The company's turnover has decreased by 400 basis points, contributing to faster rent growth.
On the acquisitions front, UDR is actively pursuing properties in partnership with LaSalle as part of its broader investment approach. The company's Developer Capital Program recently saw progress with the developer of 1300 Fairmont securing a loan, allowing UDR to continue accruing income on its investment. These are the latest developments in a series of strategic moves by UDR to bolster its position in the real estate market.
InvestingPro Insights
In light of UDR, Inc.'s recent announcement on their second quarter dividends for 2024, a closer look at the company's financial metrics provides a broader perspective on its performance. With a robust market capitalization of $13.15 billion USD, UDR stands as a significant player in the multifamily real estate investment trust sector. The company's commitment to shareholder returns is further evidenced by a solid dividend yield of 4.3% as of April 2024, which is attractive to investors seeking steady income streams.
Analysing the company's earnings, UDR's P/E ratio as of Q1 2024 is 29.13, which offers insight into the market's valuation of the company relative to its earnings. Still, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands at a much higher 94.24, suggesting that investors are expecting higher earnings growth in the future, as reflected by the PEG ratio of 0.08 during the same period. This growth expectation could be rooted in the company's consistent revenue increase, with a 3.98% growth in the last twelve months leading up to Q1 2024.
For readers looking to delve deeper into UDR's financials and future prospects, InvestingPro offers additional insights. There are currently more tips available on the platform that can help investors make informed decisions regarding UDR's stock. Interested investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable InvestingPro Tips.
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