UDR - UDR Inc. (UDR) Q1 2024 Earnings Call Transcript
2024-05-01 20:08:13 ET
UDR, Inc. (UDR)
Q1 2024 Earnings Conference Call
May 1, 2024 12:00 PM ET
Company Participants
Trent Trujillo - Vice President of Investor Relations
Thomas Toomey - Chairman and Chief Executive Officer
Joseph Fisher - President and Chief Financial Officer
Michael Lacy - Senior Vice President, Operations
Andrew Cantor - Senior Vice President, Acquisitions And Dispositions
Christopher Van Ens - Vice President
Conference Call Participants
Nick Joseph - Citi
Austin Wurschmidt - KeyBanc Capital Markets
Steve Sakwa - Evercore ISI
Josh Dennerlein - Bank of America
Jamie Feldman - Wells Fargo
Anthony Paolone - JPMorgan
Nicholas Yulico - Scotiabank
John Kim - BMO Capital Markets
Adam Kramer - Morgan Stanley
Alexander Goldfarb - Piper Sandler
Linda Tsai - Jefferies
Presentation
Operator
Greetings, and welcome to UDR's First Quarter 2024 Earnings Call. [Operator Instructions]. As a reminder, 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 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 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 on the call today.
I will now turn the call over to UDR's Chairman and CEO, Tom Toomey.
Thomas Toomey
Thank you, Trent, and welcome to UDR's first quarter 2024 conference call. Presenting on the call with me today are President and Chief Financial Officer, Joe Fischer; and Senior Vice President of Operations, Mike Lacy; Senior Officers, Andrew Cantor; and Chris Van Ens will also be available during the Q&A portion of the call.
2024 is off to a very solid start. Due to better fundamental backdrop than initially expected and the operating strategies we continue to employ to outgrow competitors in our markets. Positive fundamental drivers for our industry include. First, year-to-date employment creation of approximately 800,000 jobs has already exceeded initial full-year economist consensus growth expectations. Second, more than 100,000 newly delivered apartment homes were absorbed during the first quarter. The strongest first quarter in over two decades....
UDR, Inc. (UDR) Q1 2024 Earnings Call Transcript