UDR Inc. produced “very good results” across all aspects of its business during the third quarter. That is according to chairman, CEO, and president, Tom Toomey.
Toomey explained on the firm’s Q3 call that these results and the positive outlook drove its second guidance increase this year, in earnings per share and same-store growth ranges.
He also pointed out that “the underlying macroeconomic backdrop for the apartment industry remains positive. This when combined with solid fundamentals will continue to support future growth. As such, we expect the apartments will remain a consistent short-term and long-term performer in a very volatile global economic landscape.”
In 2019, Toomey says he is very optimistic about its prospects saying that the REIT remains “confident in our innovative platform and the expected earnings from it, as well as the improved bottom line contribution from our lease-up communities… From a capital allocation standpoint, we remain flexible, and we’ll continue to invest in uses that provide the best risk adjusted return.”
Regarding development, the company pointed out that it will work towards stabilizing its development pipeline in the $400 million to $600 million range and have a path forward to do so over the next several years depending on our opportunities.