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Like its apartment REIT peers, UDR noted better-than-expected operating conditions in its first-quarter 2024 results in late April. CEO Tom Toomey said the company had “more robust traffic, higher leasing activity, lower turnover, lower concessions, higher occupancy and better pricing power than originally expected,” during the Highlands Ranch, Colorado-based REIT’s Q1 earnings call. UDR’s Q1 year-over-year same-store revenue and net operating income growth of 3.1% and 1.2%, respectively, and 0.4% sequential same-store revenue growth were slightly above its expectations. The REIT’s 0.8% blended lease rate growth, a combination of nearly 4% renewal rate growth and new lease rate growth of negative 2.5%, helped drive the revenue and NOI outperformance.