Recent Earnings

UDR, Inc.

UDR

2025 Q2

Financial Services

2mo

Financial Performance Summary

Blended lease rate growth was 2.8%, driven by 5% renewal rate growth and 30 basis points new lease rate growth.
Debt to enterprise value was 28%, net debt-to-EBITDAre was 5.5x, and liquidity was over $1.1 billion as of June 30.
Occupancy averaged 96.9%, 30 basis points higher than historical second quarter averages.
Second quarter FFO as adjusted per share was $0.64, exceeding the high end of prior guidance, a 5% sequential increase.
UDR reported second quarter 2025 same-store revenue growth of 2.5% and NOI growth of 2.9%, both exceeding initial guidance.
Year-over-year same-store expense growth was only 1.7%, better than expected due to favorable real estate taxes and insurance savings.
Year-to-date results exceeded initial expectations, leading to a raised full year 2025 FFOA per share guidance range of $2.49 to $2.55.

RenaissanceRe Holdings Ltd.

RNR

2025 Q2

Financial Services

3mo

Operating Return on Equity Beat

24%

We delivered a 24% operating return on equity this quarter and grew tangible book value per share by 10% year-to-date and over 20% over the past 12 months.

Public Storage

PSA

2025 Q2

Financial Services

2mo

Financial Performance Summary

Expense control was strong, leading to better than anticipated NOI outcomes.
Non-same-store and ancillary NOI growth contributed positively to overall financial results.
Public Storage reported core FFO growth of 1.2% in the second quarter, with FFO growth accelerating 240 basis points from the prior year quarter.
Rental rates increased 0.6%, offsetting a slight occupancy decline of 40 basis points, improved from 80 basis points at the start of the year.
Same-store revenue growth was in the 2% to 4% range in key markets like the West Coast, Washington, D.C., and Chicago.
Tenant insurance premiums and adoption increased, contributing to ancillary business outperformance.

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