Thomas Toomey, chairman, CEO and president of UDR, said in the firm’s Q2 earnings call that the company reported strong results during the second quarter and “feel good about our business for the balance of 2018.” Therefore, the REIT raised full year 2018 same-store revenue and NOI growth guidance expectations, as well as FFO, FFO as adjusted and AFFO per share guidance ranges.
“Through the first half of the year, blended lease rate have trended above original guidance. Our lease-up communities have produced results ahead of initial expectations and our investment in accretive developer capital program is producing the return we underwritten,” he said.
Adding to that point, Toomey said that “With the prime leasing season now more than half over, we are confident in our ability to continue to produce steady results throughout the remainder of 2018. Looking into 2019, we are optimistic in our prospects given the increased probability for better year-over-year revenue earnings and the anticipated improvement in bottom-line contribution from development activities.”
From a capital allocation standpoint, UDR remains flexible and will continue to invest in uses that provide the best risk-adjusted return within the confines of our annual sources and uses plan.