12:45 PM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target $7 to $41 on an improved rental market and a forward P/FFO of 16.7x our 2024 FFO view, just below the peer average at 17.1x. We cut our 2024 FFO estimate $0.02 to $2.46 and keep 2025's at $2.55. Rental rates have come down to low-single-digit growth from record levels since the pandemic. In Q1 2024, UDR's cash NOI was +1.2% Y/Y and total average rental rate was $2,545, or +0.8%. Average rent by market showed Northeast +3.9% Y/Y (with NYC +4.1%), Southeast +1.3% Y/Y, Southwest +0.1%, West +2.2%, Mid-Atlantic +3.6%, and Other Markets +2.7%. In 2024, UDR guides for cash NOI between -1.75% and +1.75%, new development spend of $25M-$50M, and redevelopment projects at $70M-$100M. The trust did not acquire any properties and disposed of one community in the Washington D.C. metro area for $100M. On total debt outstanding of $5.8B, only 12.3% of debt matures through 2025. Longer term, we believe multi-family residential properties are resilient and will continue to benefit from a housing shortage.