UDR, Inc. (UDR) Misses Q3 EPS by 8c, Revenues Beat

UDR, Inc. (NYSE: UDR) reported Q3 EPS of ($0.09), $0.08 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $310.04 million versus the consensus estimate of $305.14 million.

“UDR’s business remains resilient with our leasing and occupancy fundamentals bolstered by our Next Generation Operating Platform and strong liquidity position. While we knew the third quarter would be challenging due to transitory issues in three key markets, namely New York, San Francisco, and Boston, we are pleased that across the majority of our portfolio there are growing signs of stability in billed rent, collections, occupancy, blended lease rate growth, concessions, and resident turnover. However, we remain subject to still-evolving regulatory constraints and economic volatility which create a level of future uncertainty,” said Tom Toomey, UDR’s Chairman and CEO. “I am thankful for the commitment our associates have demonstrated to enhancing the lives of our residents and the neighborhoods in which we operate during the pandemic.”

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