UDR - UDR Inc. (UDR) Q4 2023 Earnings Call Transcript
2024-02-07 21:37:05 ET
UDR, Inc. (UDR)
Q4 2023 Earnings Conference Call
February 7, 2024 13:00 ET
Company Participants
Trent Trujillo - Vice President, Investor Relations
Tom Toomey - Chairman and Chief Executive Officer
Joe Fisher - President and Chief Financial Officer
Mike Lacy - Senior Vice President, Operations
Conference Call Participants
Eric Wolfe - Citibank
Austin Wurschmidt - KeyBanc Capital Markets
Brad Heffern - RBC Capital Markets
Joshua Dennerlein - Bank of America
Jamie Feldman - Wells Fargo
Michael Goldsmith - UBS
Adam Kramer - Morgan Stanley
John Pawlowski - Green Street
Rich Anderson - Wedbush Securities
Haendel St. Juste - Mizuho Securities
Robin Haneland - BMO Capital Markets
Linda Tsai - Jefferies
Anthony Powell - Barclays
Presentation
Operator
Greetings and welcome to UDR’s Fourth Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference call 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, supplemental disclosure package, and related investor presentation were distributed yesterday afternoon and posted to the Investor Relations section of our website at 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 during the Q&A session today.
I will now turn over the call to UDR’s Chairman and CEO, Tom Toomey.
Tom Toomey
Thank you, Trent, and welcome to UDR’s fourth 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; Senior Officers, Andrew Cantor and Chris Van Ens will also be available during the Q&A portion of the call.
To begin, for this quarter’s call, we enhanced how we communicate our outlook for the year ahead. The volatility we have experienced over the last 5 years, combined with the supply-induced challenges our industry is expected to face in 2024 translate into a wider range of potential outcomes for this year versus our typical year. As such, in conjunction with our earnings release, we published an outlook presentation that highlights these potential outcomes and their drivers. Our prepared remarks aligned with the presentation, and those on our webcast should see the slides on your screen. We will resume our usual format of prepared remarks only on future earnings calls.
Moving on, key takeaways from our press release and our 2024 outlook are summarized on Slide 4 of the deck. These are first, fourth quarter and full year 2023 FFOA per share and same-store results met the guidance expectations set forth on our third quarter call. Full year 2023 same-store NOI growth of 6.8% was particularly strong and one of the highest amongst our peer group....
UDR, Inc. (UDR) Q4 2023 Earnings Call Transcript