1Q 2012 Supplemental Financial Information

Transcription

UDR First Quarter 2012 Earnings Supplement
13th & Market San Diego, CA
• Est. Comp. Date: 2014
Mission Bay San Francisco, CA
Capital View on 14th Washington, D.C.
Fiori at Vitruvian Park® Addison, TX
UDR, Inc. (NYSE: UDR), has a demonstrated history of delivering superior and dependable returns by
successfully managing, buying, selling, developing and redeveloping attractive real estate properties in
targeted US markets.
CFO:
David Messenger
720-283-6120
UDR, Inc.
1745 Shea Center Drive, Suite 200
Highlands Ranch, CO 80129
www.udr.com
IR Contact:
Chris Van Ens
720-348-7762
www.udr.com
UDR First Quarter 2012 Earnings Supplement
1Q 2012 Earnings Press Release ........................................................................................................................................ Pages 1-7
Company
Consolidated Statements of Operations ............................................................................................................................ Attachment 1
Funds From Operations (FFO) .......................................................................................................................................... Attachment 2
Consolidated Balance Sheets............................................................................................................................................ Attachment 3
Selected Financial Information
Common Stock Equivalents, Market Cap, Unencumbered Assets Summary and Securities Ratings ........................... Attachment 4(A)
Coverage Ratios ............................................................................................................................................................ Attachment 4(B)
Debt Structure and Cash and Available Credit Capacity ...............................................................................................Attachment 4(C)
Debt Maturities Schedules .............................................................................................................................................Attachment 4(D)
Operations
Income from Discontinued Operations .............................................................................................................................. Attachment 5
Revenue, Expense, NOI, Operating Margin, Quarterly Trends Comparison ..................................................................... Attachment 6
Portfolio Overview ......................................................................................................................................................... Attachment 7(A)
Portfolio Overview – Non-Mature Apartment Home Breakout ....................................................................................... Attachment 7(B)
Portfolio Overview – Non-Mature Sequential Home Change .........................................................................................Attachment 7(C)
Portfolio Overview – Total Income per Occupied Home ................................................................................................Attachment 7(D)
Net Operating Income Breakout by Market.................................................................................................................... Attachment 7(E)
Submarket
Current Quarter vs. Prior Year Quarter Occupancy, and Total Income per Occupied Home Information ...................... Attachment 8(A)
Current Quarter vs. Prior Year Quarter Revenue, Expense, and NOI Information ........................................................ Attachment 8(B)
Current Quarter vs. Last Quarter Occupancy, and Total Income per Occupied Home Information ...............................Attachment 8(C)
Current Quarter vs. Last Quarter Revenue, Expense and NOI Information ...................................................................Attachment 8(D)
Development, Redevelopment, Acquisitions and Dispositions
Active Development and Redevelopment Summary.......................................................................................................... Attachment 9
Joint Venture and Land Summary ................................................................................................................................... Attachment 10
Summary of Apartment Community Acquisitions and Dispositions.................................................................................. Attachment 11
Capital Expenditures and Repair & Maintenance
Capital Expenditures and Repair & Maintenance Summary ............................................................................................ Attachment 12
Press Release
Contact: Chris Van Ens
Phone: 720.348.7762
UDR ANNOUNCES FIRST QUARTER 2012 RESULTS
~FFO-Core Increases 13%~
~$610 Million of Non-Core Dispositions Completed or Under Contract~
DENVER, CO (April 30, 2012) – UDR, Inc. (the "Company") (NYSE: UDR), a leading
multifamily real estate investment trust, today announced its first quarter 2012 results.
The Company generated Funds from Operations (FFO) of $83.5 million or $0.35 per diluted
share for the quarter ended March 31, 2012, as compared to $56.8 million or $0.30 per diluted
share, in the first quarter of 2011. Excluding all non-recurring items, the Company’s first quarter
2012 FFO-Core was $0.34 per diluted share. See the reconciliation below for further detail.
FFO-Core per diluted share
Acquisition-related costs
Benefit/(Cost) associated with debt extinguishment
Gain on sale of marketable securities
FFO-Reported per diluted share
Q1 2012
$0.34)
(0.003)
0.019
$0.35)
Q1 2011
$0.30
(0.003)
(0.021)
0.016
$0.30
A reconciliation of FFO to GAAP Net Income can be found on Attachment 2 of the Company’s
First Quarter 2012 Supplemental Financial Information.
Tom Toomey, UDR’s president and CEO stated, “All aspects of our business performed well
during the first quarter and demand for our apartment homes remained robust.” Mr. Toomey
continued, “With positive apartment fundamentals still providing a powerful tailwind, our portfolio
occupancy at approximately 96 percent as of the end of April, accelerating growth in new lease
rates and still healthy renewal rate increases across our portfolio, we are well-positioned to
capitalize on the upcoming peak leasing season.”
1
Operations
Same-store net operating income increased 8.1 percent year-over-year for the first quarter
2012. Same-store revenue increased 5.3 percent while same-store expenses decreased 0.2
percent. Same-store physical occupancy decreased 30 basis points to 95.4 percent as
compared to the prior year period. The rate of turnover increased to an annualized rate of 47
percent from 44 percent in the first quarter of 2011.
Summary Same-Store Results First Quarter 2012 versus First Quarter 2011
Region
Western
Mid-Atlantic
Southeastern
Southwestern
Total
¹
2
3
Revenue
Growth/
Decline
6.0%
4.5%
4.7%
7.4%
5.3%
Expense
Growth/
Decline
1.2%
0.3%
-1.6%
-3.6%
-0.2%
NOI
Growth/
Decline
% of SameStore
Portfolio¹
Same-Store
Occupancy2
Number of
Same-Store
Homes3
8.2%
6.4%
8.4%
16.1%
8.1%
41.7%
31.2%
20.6%
6.5%
100.0%
94.3%
96.0%
96.0%
96.1%
95.4%
12,066
9,127
9,515
3,115
33,823
Based on QTD 2012 NOI.
Average same-store occupancy for the quarter.
During the first quarter, 33,823 apartment homes, or approximately 74 percent of 45,969 total consolidated apartment homes,
were classified as same-store. The Company defines same-store as all multifamily communities owned and stabilized for at
least one year as of the beginning of the most recent quarter.
Sequentially, same-store net operating income increased 0.4 percent driven by same-store
revenue growth of 1.1 percent and offset by same-store expense growth of 2.6 percent.
Technology Platform
Improving the Company’s operational efficiency, while increasing resident satisfaction, are the
compelling factors for our continued investment in technology. The Company’s technology
platform has gained acceptance and recognition from our residents as shown by the following
utilization rates:
Established Technology Initiatives:
Resident payments received via ACH
Service requests entered through MyUDR.com
Move-ins initiated via an internet source
Renewals completed electronically
Q1 2012
Q1 2011
78%
79%
56%
82%
79%
80%
62%
85%
Joint Venture Investment Activity
As previously announced, on January 12, 2012, UDR formed a second joint venture with
MetLife (UDR/MetLife II) wherein each party owns a 50 percent interest in a $1.3 billion portfolio
of 12 operating communities containing 2,528 apartment homes.
2
The 12 operating communities in the joint venture include seven communities from the
Company’s first joint venture with MetLife (UDR/MetLife I) formed on November 8, 2010, while
the remaining five communities were newly acquired by UDR/MetLife II. The newly acquired
communities, collectively known as Columbus Square, are recently developed, high-rise
apartment buildings located on the Upper West Side of Manhattan and were purchased for $630
million. Additional details related to the transaction can be found in the January 12, 2012 press
release on the Company’s website at www.udr.com.
With the closing of UDR/MetLife II, the first joint venture between the parties, UDR/MetLife I,
now comprises 19 operating communities containing 3,930 homes as well as 10 vacant land
parcels. Historical cost of the assets is $1.8 billion and the Company’s weighted average
ownership interest in the UDR/MetLife I operating communities is 12.6 percent and 4.0 percent
in the land parcels.
In addition, the Company, through a joint venture, acquired a land parcel in San Francisco, CA
for $40.3 million.
Disposition Activity
During the first quarter of 2012, the Company sold six unencumbered communities containing
1,576 homes for $133.4 million in gross proceeds. At the time of disposition, total income per
occupied home for the communities averaged $950 per month. The first quarter dispositions
included four communities located in tertiary Florida markets and two communities in
Fredericksburg, VA. These dispositions marked the Company’s exit from the Fredericksburg
market. Additional details related to the transactions can be found in the April 4, 2012 press
Capital Markets Activity
During the first quarter of 2012, the Company raised $200.8 million through the sale of
approximately eight million shares at a weighted average net price of $25.18 per share under its
“At the Market” equity offering program.
As previously announced, on January 5, 2012, the Company priced $400 million of 4.625
percent, 10-year senior unsecured notes under its existing shelf registration. The notes will
mature on January 10, 2022. This offering fulfills the Company’s full-year 2012 guidance for
$400 million in new debt issuances. A portion of the proceeds repaid $100 million of 5.0 percent
unsecured notes originally due in January 2012. Additional details related to the transaction can
be found in the January 5, 2012 press release on the Company’s website at www.udr.com.
In addition and as previously announced, the Company repaid a $30.6 million, 6.76 percent
mortgage on January 11, 2012 that was secured by its 21 Chelsea community in Manhattan.
The Company also repaid $39.5 million in secured debt with an interest rate of 2.85 percent on
February 1, 2012 from one of its Fannie Mae facilities.
3
Balance Sheet
At March 31, 2012, UDR had $954 million in availability through a combination of cash and
undrawn capacity on its credit facilities, giving the Company ample flexibility to fund its
business, debt maturities and external growth activities in 2012.
UDR’s total indebtedness at March 31, 2012 was $3.9 billion. The Company ended the first
quarter with fixed-rate debt representing 79 percent of its total debt, a total blended interest rate
of 4.2 percent and a weighted average maturity of 4.8 years. UDR’s fixed charge coverage ratio
(adjusted for non-recurring items) was 2.6 times.
Post Quarter Activity
Acquisition Activity
On April 27, 2012, the Company acquired the remaining 80 percent ownership interests in two
Austin, TX communities, Redstone Ranch and Lakeline Villas, for $11.7 million from its Texas
joint venture partner. The communities comprise 633 homes and as of March 31, 2012 had an
average income per occupied home of $877 per month.
Disposition Activity
On April 4, 2012, the Company announced it had entered into an agreement to sell 15
unencumbered communities containing 4,931 homes for $477 million in gross proceeds. At
March 31, 2012, income per occupied home for the anticipated dispositions averaged $948 per
month. The anticipated dispositions are located in Phoenix, AZ, Jacksonville, FL, Dallas, TX
and Richmond, VA and will mark the Company’s exit from the Phoenix and Jacksonville
markets. The portfolio is expected to close during the second quarter of 2012, subject to
customary closing provisions, and in combination with the first quarter community sales, will
exceed the Company’s previously announced 2012 disposition guidance of $400 to $600
million. Additional details related to the transactions can be found in the April 4, 2012 press
Capital Markets Activity
On April 4, 2012, the Company announced that it raised an additional $15.0 million through the
sale of approximately 595 thousand shares at a weighted average net price of $25.21 per share
under its “At the Market” equity offering program, thereby completing the program.
Accordingly, the Company announced a new “At the Market” equity offering program through
which it can sell up to 20 million common shares. No shares have been issued under the new
program. Additional details related to the transaction can be found in the April 4, 2012 press
In addition, on April 16, 2012, the Company repaid a $41.8 million, 2.49 percent construction
loan that was secured by its Signal Hill community in Woodbridge, VA.
4
On April 27, 2012, the Company announced that it will redeem all issued and outstanding
shares of its 6.75 percent Series G Cumulative Redeemable Preferred Stock on May 31, 2012.
Approximately 3.3 million shares are outstanding at a total cost of $81.6 million plus accrued
and unpaid dividends up to the redemption date. Additional details related to the transaction
can be found in the April 27, 2012 press release on the Company’s website at www.udr.com.
2012 Guidance
The Company will reevaluate and, if necessary, will update its guidance on its second quarter
conference call.
Supplemental Information
The Company offers Supplemental Financial Information that provides details on the financial
position and operating results of the Company which is available on the Company's website at
www.udr.com.
Conference Call and Webcast Information
UDR will host a webcast and conference call at 11:00 a.m. EDT on April 30, 2012 to discuss
first quarter results. A webcast will be available on UDR's website at www.udr.com. To listen to
a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to
register, download and install any necessary audio software.
To participate in the teleconference dial 800-762-8779 for domestic and 480-629-9818 for
international and provide the following conference ID number: 4528953.
A replay of the conference call will be available through May 30, 2012, by dialing 800-406-7325
for domestic and 303-590-3030 for international and entering the confirmation number,
4528953, when prompted for the pass code.
A replay of the call will be available for 30 days on UDR's website at www.udr.com.
Full Text of the Earnings Report and Supplemental Financial Information
Internet -- The full text of the earnings report and Supplemental Financial Information will be
available on the Company’s website at www.udr.com.
Mail -- For those without Internet access, the first quarter 2012 earnings report and
Supplemental Financial Information will be available by mail or fax, on request. To receive a
copy, please call UDR Investor Relations at 720-348-7762.
5
Forward Looking Statements
Certain statements made in this press release may constitute “forward-looking statements.”
Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,”
“estimates” and variations of such words and similar expressions are intended to identify such
forward-looking statements. Forward-looking statements, by their nature, involve estimates,
projections, goals, forecasts and assumptions and are subject to risks and uncertainties that
could cause actual results or outcomes to differ materially from those expressed in a forwardlooking statement, due to a number of factors, which include, but are not limited to, unfavorable
changes in the apartment market, changing economic conditions, the impact of
inflation/deflation on rental rates and property operating expenses, expectations concerning
availability of capital and the stabilization of the capital markets, the impact of competition and
competitive pricing, acquisitions, developments and redevelopments not achieving anticipated
results, delays in completing developments, redevelopments and lease-ups on schedule,
expectations on job growth, home affordability and demand/supply ratio for multifamily housing,
expectations concerning development and redevelopment activities, expectations on occupancy
levels, expectations concerning the Vitruvian Park® development, expectations concerning the
joint ventures with third parties, expectations that automation will help grow net operating
income, expectations on annualized net operating income and other risk factors discussed in
documents filed by the Company with the Securities and Exchange Commission from time to
time, including the Company's Annual Report on Form 10-K and the Company's Quarterly
Reports on Form 10-Q. Actual results may differ materially from those described in the forwardlooking statements. These forward-looking statements and such risks, uncertainties and other
factors speak only as of the date of this press release, and the Company expressly disclaims
any obligation or undertaking to update or revise any forward-looking statement contained
herein, to reflect any change in the Company's expectations with regard thereto, or any other
change in events, conditions or circumstances on which any such statement is based, except to
the extent otherwise required under the U.S. securities laws.
This press release and these forward-looking statements include UDR’s analysis and
conclusions and reflect UDR’s judgment as of the date of these materials. UDR assumes no
obligation to revise or update to reflect future events or circumstances.
This release and these forward-looking statements include UDR’s analysis and conclusions and
reflect UDR’s judgment as of the date of these materials. UDR assumes no obligation to revise
or update to reflect future events or circumstances.
6
About UDR, Inc.
UDR, Inc. (NYSE:UDR), an S&P 400 company, is a leading multifamily real estate investment
trust with a demonstrated performance history of delivering superior and dependable returns by
successfully managing, buying, selling, developing and redeveloping attractive real estate
properties in targeted U.S. markets. As of March 31, 2012, UDR owned or had an ownership
position in 60,211 apartment homes including 2,972 homes under development. For over 39
years, UDR has delivered long-term value to shareholders, the best standard of service to
residents, and the highest quality experience for associates. Additional information can be found
on the Company's website at www.udr.com.
7
Attachment 1
UDR, Inc.
Consolidated Statements of Operations
(Unaudited)
Three Months Ended
March 31,
2012
2011
In thousands, except per share amounts
Rental income
$ 172,242
$ 137,812
20,911
13,509
9,365
7,984
3,531
4,737
1,383
61,420
17,661
11,857
7,721
7,250
3,103
3,790
1,436
52,818
(2,691)
22,876
2,989
694
23,868
(1,332)
1,274
3,123
139
3,204
Rental expenses:
Real estate taxes and insurance
Personnel
Utilities
Repair and maintenance
Administrative and marketing
Property management
Other operating expenses
Non-property income:
Loss from unconsolidated entities
Tax benefit for taxable REIT subsidiary
Joint venture management fees
Gain on sale of investments
Interest and other income
Other expenses:
Real estate depreciation and amortization
Interest
Amortization of convertible debt premium
Other debt (benefits)/charges, net (1)
Total interest
Acquisition-related costs
General and administrative
Other depreciation and amortization
Income/(loss) from continuing operations
Income from discontinued operations
Consolidated net income/(loss)
Net (income)/loss attributable to non-controlling interests
Net income/(loss) attributable to UDR, Inc.
Distributions to preferred stockholders - Series E (Convertible)
Distributions to preferred stockholders - Series G
Net income/(loss) attributable to common stockholders
87,907
39,173
(4,428)
34,745
342
9,037
918
132,949
70,215
34,779
359
4,019
39,157
650
9,980
1,043
121,045
1,741
84,887
86,628
(3,472)
83,156
(931)
(1,377)
80,848
(32,847)
4,191
(28,656)
781
(27,875)
(931)
(1,437)
$ (30,243)
Earnings/(loss) per weighted average common share - basic and diluted:
Income/(loss) from continuing operations available to common stockholders
Net income/(loss) attributable to common stockholders
($0.02)
$0.38
$0.37
($0.19)
$0.02
($0.17)
Common distributions declared per share
$0.220
$0.185
221,500
182,531
Weighted average number of common shares outstanding - basic and diluted
$
(1) Write-off of deferred financing costs and fair market value adjustments on early debt extinguishment.
Attachment 2
UDR, Inc.
Funds From Operations
(Unaudited)
Three Months Ended
March 31,
2012
2011
In thousands, except per share amounts
Net income/(loss) attributable to UDR, Inc.
Distributions to preferred stockholders
Real estate depreciation and amortization, including discontinued operations
Non-controlling interests
Real estate depreciation and amortization on unconsolidated joint ventures
Net gain on the sale of depreciable property in discontinued operations, excluding RE3
Tax benefit for taxable REIT subsidiary
Funds from operations ("FFO") - basic
$
83,156
$
(2,308)
94,247
3,472
7,423
(80,525)
(22,876)
82,589
Distribution to preferred stockholders - Series E (Convertible)
$
(27,875)
$
(2,368)
84,115
(781)
2,848
(41)
55,898
931
931
Funds from operations - diluted
$
83,520
$
56,829
FFO per common share - basic
FFO per common share - diluted
$
$
0.36
0.35
$
$
0.30
0.30
Weighted average number of common shares and OP Units outstanding - bas
Weighted average number of common shares, OP Units, and common stock
equivalents outstanding - diluted
230,921
187,593
235,916
192,511
FFO is defined as net income (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate or of investments in
non-consolidated investees that are driven by measurable decreases in the fair value of depreciable real estate held by the investee, gains (or losses) from sales
of depreciable property, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. This
definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002. UDR considers FFO in evaluating property
acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flows
as a measure of UDR's activities in accordance with generally accepted accounting principles and is not necessarily indicative of cash available to fund cash needs.
RE3 gain on sales, net of taxes, is defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.
We consider FFO with RE3 gain on sales, net of taxes, to be a meaningful supplemental measure of performance because the short-term use of funds produce
profits which differ from the traditional long-term investment in real estate for REITs.
Attachment 3
UDR, Inc.
Consolidated Balance Sheets
March 31,
2012
(unaudited)
In thousands, except share and per share amounts
December 31,
2011
(audited)
ASSETS
Real estate owned:
Real estate held for investment
Less: accumulated depreciation
Real estate under development
(net of accumulated depreciation of $0 and $570)
Real estate sold or held for disposition
(net of accumulated depreciation of $175,964 and $226,067
Total real estate owned, net of accumulated depreciation
Cash and cash equivalents
Restricted cash
Deferred financing costs, net
Investment in unconsolidated joint ventures
Other assets
Total assets
$
$
7,372,080
(1,687,908)
5,684,172
$ 7,269,347
(1,605,090)
5,664,257
225,817
246,229
279,385
6,189,374
3,558
24,218
31,641
548,961
144,763
6,942,515
332,258
6,242,744
12,503
24,634
30,068
213,040
198,365
$ 6,721,354
1,813,942
2,099,462
16,019
31,127
33,482
53,986
29,449
75,440
4,152,907
$ 1,891,553
2,026,817
13,397
23,208
35,516
51,019
29,100
95,485
4,166,095
251,643
236,475
46,571
46,571
81,609
81,609
LIABILITIES AND STOCKHOLDERS' EQUITY
Secured debt
Unsecured debt
Real estate taxes payable
Accrued interest payable
Security deposits and prepaid rent
Distributions payable
Deferred fees and gains on the sale of depreciable property
Accounts payable, accrued expenses, and other liabilities
Total liabilities
$
Redeemable non-controlling interests in operating partnership
Stockholders' equity
Preferred stock, no par value; 50,000,000 shares authorized
2,803,812 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,803,812 shares at December 31, 2011)
3,264,362 shares of 6.75% Series G Cumulative Redeemable issued
and outstanding (3,264,362 shares at December 31, 2011)
Common stock, $0.01 par value; 350,000,000 shares authorized
227,967,573 shares issued and outstanding (219,650,225 shares at December 31, 2011)
Additional paid-in capital
Distributions in excess of net income
Accumulated other comprehensive loss, net
Total stockholders' equity
Non-controlling interest
Total equity
Total liabilities and stockholders' equity
$
2,280
3,543,219
(1,126,561)
(13,939)
2,533,179
4,786
2,537,965
6,942,515
2,197
3,340,470
(1,142,895)
(13,902)
2,314,050
4,734
2,318,784
$ 6,721,354
Attachment 4(A)
UDR, Inc.
March 31, 2012
(Dollars in thousands)
(Unaudited)
COMMON STOCK EQUIVALENTS
QTD Weighted
Average
221,500,148
1,958,716
7,669,626
1,751,671
3,035,547
235,915,708
Common shares (1)
Stock options and restricted stock
Operating partnership units
Preferred operating partnership units
Convertible preferred Series E stock
Total Common Stock Equivalents
March 31, 2012
226,754,818
2,028,160
7,669,626
1,751,671
3,035,547
241,239,822
MARKET CAPITALIZATION
Total debt
Series G preferred stock at $25.48
Common stock equivalents at $26.71
Total market capitalization
Balance
3,913,404
83,176
6,443,516
10,440,096
% of Total
37.5%
0.8%
61.7%
100.0%
Gross
Carrying Value
$
5,045,908
3,007,338
$
8,053,246
% of Total Gross
Carrying Value
62.7%
37.3%
100.0%
$
$
ASSET SUMMARY
Unencumbered assets
Encumbered assets
Number of
Homes
28,621
17,348
45,969
$
$
QTD NOI
80,009
48,105
128,114
% of NOI
62.5%
37.5%
100.0%
UDR owns 9 assets, with a net carrying value of approximately $773.3 million, for which tax protections provided to the previous owner requires the Company to undertake
tax-free exchanges in the event of their disposition. Approximately $5.4 billion or 88% of the net carrying value of real estate can be sold freely.
SECURITIES RATINGS
Moody's Investors Service
Standard & Poors
Debt
Baa2
BBB
Preferred
Baa3
BB+
(1) Includes the effect of the "At The Market" equity offering program of 8.0 million shares at an average price of $25.69 and a net price of $25.18 during the three months
ended March 31, 2012.
Outlook
Stable
Stable
Attachment 4(B)
UDR, Inc.
March 31, 2012
(Unaudited)
COVERAGE RATIOS
Quarter Ended
March 31, 2012
Net income attributable to UDR, Inc.
$
Adjustments (includes continuing and discontinued operations):
Interest expense
Real estate depreciation and amortization
Real estate depreciation and amortization on unconsolidated joint ventures
Other depreciation and amortization
Non-controlling interests
Net gain on the sale of depreciable property, excluding RE3
Income tax benefit
EBITDA
83,156
34,745
94,247
7,423
918
3,472
(80,525)
(22,876)
$
120,560
Interest expense
Capitalized interest expense
Total interest
$
$
34,745
4,852
39,597
Preferred dividends
$
2,308
Interest Coverage Ratio
(1)
Fixed Charge Coverage Ratio
3.04
(2)
Deferred financing costs and fair market value write-off on early debt extinguishment
Acquisition-related costs (including JV's)
2.88
(4,428)
606
Interest Coverage Ratio - adjusted for non-recurring items
2.75
Fixed Charge Coverage Ratio - adjusted for non-recurring items
2.62
(1) Interest coverage ratio is net income, less interest expense, real estate depreciation and amortization of wholly owned and
joint venture communities, other depreciation and amortization, minority interests, net gain on the sale of depreciable property,
excluding RE3 and income tax, divided by total interest.
(2) Fixed charge coverage ratio is net income, less interest expense, real estate depreciation and amortization of wholly owned and other
joint venture communities, other depreciation and amortization, minority interests, net gain on the sale of depreciable property,
excluding RE3 and income tax, divided by total interest plus preferred dividends.
Attachment 4(C)
UDR, Inc.
March 31, 2012
(Unaudited)
DEBT STRUCTURE
Secured
Fixed
Floating
Combined
$
Balance
1,296,618
517,324
1,813,942
Unsecured
Fixed
Floating
Combined
1,802,462
297,000
2,099,462
Total Debt
Fixed
Floating
Combined
3,099,080
814,324
3,913,404
$
(1)
(2)
% of Total
33.1%
13.2%
46.3%
Interest Rate
5.1%
1.7%
4.1%
Weighted
Average Years
to Maturity
4.8
4.9
4.8
46.1%
7.6%
53.7%
4.7%
1.5%
4.3%
4.9
4.0
4.8
79.2%
20.8%
100.0%
4.9%
1.6%
4.2%
4.9
4.5
4.8
(3)
CASH AND AVAILABLE CREDIT CAPACITY
Facility
Maturity
Line of Credit
FNMA
10/2015
11/2018
Unsecured
Secured
FNMA
Construction loans
5/2012 (5)
Various
Secured
Secured
Cash
Total cash and credit capacity
(1)
(2)
(3)
(4)
Total Capacity
$
900,000
500,000
Amount Drawn
$
200,000
84,887
1,684,887
$
3,558
1,688,445
197,000
411,196
Amount Available
$
59,529
67,151
734,876
$
734,876
703,000
88,804
140,471
17,736
950,011
$
Interest Rate
(4)
1.5%
4.0%
0.8%
2.7%
(6)
3,558
953,569
Includes $259.8 million of floating rate debt that has been fixed using interest rate swaps at an average rate of 4.0%.
Includes $184.7 million of debt with an average interest rate cap at 6.1%.
Includes $250 million of debt that has been fixed using interest rate swaps at an average rate of 2.9%.
Amount drawn excludes $5.0 million of letters of credit outstanding at March 31, 2012. Not included in the total amount available is the accordion feature that
allows UDR to increase the facility to $1.35 billion.
(5) Maturity can be extended to 2017 at UDR's option.
(6) Not included in the total amount available is a $150 million accordion feature on UDR's $250 million term loan due January 2016.
Attachment 4(D)
UDR, Inc.
March 31, 2012
(Unaudited)
DEBT MATURITIES
2012 $
2013
2014
2015
2016
2017
2018
2019
2020
Thereafter
$
Secured Debt
254,000
106,784
89,850
204,681
134,195
262,294
224,787
510,351
27,000
1,813,942
(1)
(2)
(4)
Unsecured
Debt
$
122,500
312,360
521,817
433,260
297,357
412,168
$ 2,099,462
$
(3)
$
Balance
254,000
229,284
402,210
Percentage of Total
6.5%
5.9%
10.3%
Weighted Average
Interest Rate
3.4%
4.9%
4.8%
726,498
567,455
262,294
522,144
510,351
439,168
3,913,404
18.6%
14.5%
6.7%
13.3%
13.0%
11.2%
100.0%
4.3%
3.5%
4.4%
4.2%
4.2%
4.6%
4.2%
Percentage of Total
5.0%
5.0%
10.5%
14.2%
17.7%
10.0%
13.3%
13.0%
11.3%
100.0%
Weighted Average
Interest Rate
4.2%
5.1%
4.8%
5.3%
2.7%
4.1%
4.2%
4.2%
4.6%
4.2%
DEBT MATURITIES WITH EXTENSIONS
Secured Debt
2012 $
194,471
2013
72,902
2014
98,469
2015
229,944
2016
64,354
2017
391,664
2018
224,787
2019
510,351
2020
Thereafter
27,000
$
1,813,942
Unsecured
Debt
$
122,500
312,360
324,817
630,260
297,357
412,168
$ 2,099,462
$
(3)
$
Balance
194,471
195,402
410,829
554,761
694,614
391,664
522,144
510,351
439,168
3,913,404
(1) Includes $59.5 million credit facility advance that can be extended for five years.
(2) Includes $8.7 million in permanent financing with a one year extension at UDR's option and $25.2 million for one construction loan with a two year extension.
(3) There are $197.0 million of borrowings outstanding on our $900 million line of credit at March 31, 2012. The facility has an initial term of four years and includes a one-year
extension option and contains an accordion feature that allows UDR to increase the facility to $1.35 billion.
(4) Includes $69.8 million permanent financing with a one year extension at UDR's option.
Attachment 5
UDR, Inc.
Income From Discontinued Operations
March 31, 2012
(Unaudited)
FASB ASC Subtopic 205.20, requires, among other things, that the primary assets and liabilities and the results of operations of UDR’s
real properties which have been sold or are held for disposition, be classified as discontinued operations and segregated in UDR’s
Consolidated Statements of Operations and Consolidated Balance Sheets. Properties classified as real estate held for disposition generally
represent properties actively marketed or contracted for sale which are expected to close within the next twelve months.
The primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition through March
31, 2012, are accounted for as discontinued operations for all periods presented. This presentation does not have an impact on net income
available to common stockholders, it only results in the reclassification of the operating results of all properties sold or classified as held for
disposition through March 31, 2012, within the Consolidated Statements of Operations for the periods ended March 31, 2012 and 2011, and
the reclassification of the assets and liabilities within the Consolidated Balance Sheets as of March 31, 2012 and December 31, 2011.
During the three months ended March 31, 2012, UDR disposed of six communities with a total of 1,576 units. UDR did not dispose of
any communities during the three months ended March 31, 2011. During the twelve months ended December 31, 2011, UDR disposed of
18 communities with a total of 4,488 units. At March 31, 2012, UDR has 14 communities with a total of 4,918 units classified as real estate
held for disposition. The results of operations for these properties are classified on the Consolidated Statements of Operations in the line
item entitled “Income from discontinued operations”:
Three Months Ended
March 31,
2012
2011
In thousands
Rental income
$
17,101
$
32,690
Non-property expense
Rental expenses
Property management fee
Real estate depreciation
Interest expense
Other expenses
5,929
470
6,340
12,739
45
12,113
899
13,900
1,560
23
28,540
Income before net gain on the sale of depreciable property
Net gain on the sale of depreciable property
4,362
80,525
84,887
4,150
41
4,191
$
$
Attachment 6
UDR, Inc.
Operating Information
March 31, 2012
(Unaudited)
Number of
Communities
REVENUES
Same-Store Communities
Acquired Communities
Redevelopment Communities
Held for Disposition Properties
Development Communities and Other
Sold Communities
Total
EXPENSES
Sold Communities
Total
122
7
9
14
5
n/a
157
Total
Homes
33,823
2,455
3,302
4,918
1,471
n/a
45,969
Quarter Ended
March 31, 2012
$
$
$
$
126,079
18,607
18,709
13,209
8,847
3,892
189,343
Quarter Ended
Quarter Ended
December 31, 2011 September 30, 2011
$
$
40,518
5,054
6,828
4,476
2,900
1,453
61,229
$
85,561
13,553
11,881
8,733
5,947
2,439
128,114
$
$
124,723
18,440
19,058
13,104
8,467
8,999
192,791
39,498
4,999
7,881
4,907
3,518
3,608
64,411
$
$
$
$
124,387
13,915
17,694
13,059
7,862
13,530
190,447
41,255
3,792
6,561
4,826
1,219
5,281
62,934
Quarter Ended
June 30, 2011
$
$
$
$
121,864
10,284
11,580
12,788
6,908
13,794
177,218
Quarter Ended
March 31, 2011
$
$
40,234
2,515
3,519
4,794
2,890
5,196
59,148
$
81,630
7,769
8,061
7,994
4,018
8,598
118,070
$
$
119,701
11,353
12,668
6,758
20,022
170,502
40,584
3,961
4,769
3,047
7,344
59,705
NOI
Sold Communities
Total
$
$
OPERATING MARGIN
TOTAL INCOME PER OCCUPIED HOME
Total
PHYSICAL OCCUPANCY
Total
ROIC
$
67.9%
$
$
1,302
2,624
2,164
948
1,374
1,395
85,225
13,441
11,177
8,197
4,949
5,391
128,380
$
$
68.3%
$
$
1,291
2,605
2,086
939
1,135
1,369
83,132
10,123
11,133
8,233
6,643
8,249
127,513
$
$
66.8%
$
$
1,281
2,435
2,007
934
1,096
1,321
$
67.0%
$
$
1,254
2,392
1,616
915
1,081
1,255
79,117
7,392
7,899
3,711
12,678
110,797
66.1%
$
$
1,233
1,588
906
1,141
1,205
95.4%
96.3%
87.3%
94.4%
81.0%
94.3%
95.2%
96.1%
92.2%
94.6%
91.5%
94.7%
95.7%
95.8%
92.9%
94.8%
92.9%
95.2%
95.8%
95.9%
92.0%
94.7%
95.4%
95.4%
95.7%
91.8%
94.8%
92.2%
94.9%
7.2%
7.0%
6.9%
6.8%
6.7%
Same-Store Communities represent those communities acquired, developed and stabilized prior to January 1, 2011 and held as of March 31, 2012.
Acquired Communities consist of all multifamily properties acquired by the Company, other than through development activity, that are not included in Same-Store Communities.
Redevelopment Communities consists of properties where greater than 10% of available apartment homes are off-line for major renovation.
Held for Disposition Properties consist of all properties that are actively marketed or contracted for sale which are expected to close within the next 12 months.
Development Communities consist of all multifamily properties developed or under development by the Company which are currently majority owned by the Company and had not achieved stabilization
at least one year prior to the beginning of the most recent quarter.
Other includes joint venture properties, properties being prepared for redevelopment and where a material change in home count has occurred, and the non-apartment components of mixed use properties.
Sold Communities consists of properties sold prior to March 31, 2012.
Stabilization occurs with the initial achievement of 90% occupancy for at least three consecutive months.
Total Income per Occupied Home represents total residential revenues divided by the product of occupancy and the number of mature apartment homes.
Physical Occupancy represents the number of occupied homes divided by the total homes available for a property.
Return on Invested Capital ("ROIC") represents the referenced quarter's NOI, annualized, divided by the average of beginning and ending invested capital for the quarter.
Attachment 7 (A)
UDR, Inc.
Portfolio Overview
March 31, 2012
(Unaudited)
Quarterly SameStore Portfolio
Total
Same-Store
Homes
Western Region
Orange Co., CA
San Francisco, CA
Seattle, WA
Los Angeles, CA
Monterey Peninsula, CA
Inland Empire, CA
Sacramento, CA
Portland, OR
San Diego, CA
Mid-Atlantic Region
Metropolitan DC
Baltimore, MD
Richmond, VA
Norfolk, VA
Boston, MA
New York, NY
Other Mid-Atlantic
Southeastern Region
Tampa, FL
Orlando, FL
Nashville, TN
Jacksonville, FL
Other Florida
Southwestern Region
Dallas, TX
Phoenix, AZ
Austin, TX
Other Southwest
Totals
Non-Mature Homes
Acquired
Development
(Completed
to Date)
Redev.
Homes in Development
Other/Held
for Disposition
Total
Non-Mature
Total
Consolidated
Homes
Unconsolidated
Joint Venture
Operating
Homes (1)
Total
Homes
(incl. JV)
Current
Pipeline
(Consolidated)
Total
Expected
Homes
(incl. JV)
Current
Pipeline
(Joint Venture) (1)
3,290
1,477
2,165
919
1,565
654
914
716
366
12,066
227
227
964
612
583
2,159
-
120
120
964
959
583
2,506
4,254
2,436
2,165
1,502
1,565
654
914
716
366
14,572
110
555
269
307
1,241
4,254
2,546
2,720
1,771
1,565
654
914
716
673
15,813
960
315
1,275
452
263
715
5,214
3,313
2,720
1,771
1,565
654
914
716
936
17,803
3,516
2,301
1,358
1,438
346
168
9,127
185
833
1,210
2,228
187
706
893
360
360
252
853
1,105
984
853
833
1,916
4,586
4,500
2,301
2,211
1,438
1,179
1,916
168
13,713
923
379
1,462
710
960
4,434
5,423
2,680
2,211
1,438
2,641
2,626
1,128
18,147
255
255
256
80
336
5,934
2,680
2,211
1,438
2,721
2,626
1,128
18,738
3,452
3,167
2,260
636
9,515
-
-
-
1,857
1,857
1,857
1,857
3,452
3,167
2,260
1,857
636
11,372
464
464
3,916
3,167
2,260
1,857
636
11,836
-
-
3,916
3,167
2,260
1,857
636
11,836
2,725
390
3,115
-
250
250
739
739
464
1,744
2,208
1,203
1,744
250
3,197
3,928
1,744
640
6,312
2,657
892
1,582
5,131
6,585
1,744
1,532
1,582
11,443
391
391
-
6,976
1,744
1,532
1,582
11,834
33,823
2,455
3,302
1,099
5,290
12,146
45,969
11,270
57,239
1,921
1,051
60,211
(1) See Attachment 10 for UDR's ownership percentage in the joint ventures.
Redevelopment Communities consists of properties where greater than 10% of available apartment homes have been pulled off-line for major renovation.
Development Communities consist of all multifamily properties developed or under development by the Company which are currently consolidated by the Company and had not achieved stabilization at least one year prior to the beginning of the most recent quarter.
Other include properties being prepared for redevelopment and where a material change in home count has occurred.
Attachment 7(B)
UDR, Inc.
Portfolio Information
March 31, 2012
(Unaudited)
NON-MATURE APARTMENT HOME BREAKOUT - BY DATE
NON-MATURE APARTMENT HOME BREAKOUT - BY REGION
Non-Mature Community
Western Region
Orange County, CA
Pine Brook Village I & II
Villa Venetia
Same-Store
Date
Category
# of Homes
Redevelopment
Redevelopment
496
468
3Q15
3Q15
San Francisco, CA
Highlands of Marin
388 Beale
CithSouth
Bay Terrace
Redevelopment
Acquired
Redevelopment
Other
324
227
288
120
2Q12
3Q12
4Q13
TBD
Los Angeles, CA
Marina Pointe
Redevelopment
583
2Q14
Mid-Atlantic Region
Metropolitan D.C.
Signal Hill
View 14
Dominion Middle Ridge
The Calvert
Boston, MA
Inwood West
14 North
Same-Store
Date
Category
# of Homes
2Q12
Highlands of Marin
Savoye I
Redevelopment
Development
324
392
716
388 Beale
Signal Hill
Inwood West
14 North
10 Hanover Square
Acquired
Development
Acquired
Acquired
Acquired
View 14
Dominion Middle Ridge
Acquired
Other
185
252
437
21 Chelsea
95 Wall
Acquired
Acquired
210
507
717
Barton Creek Landing
Redevelopment
250
3Q12
227
360
446
387
493
1,913
4Q12
Development
Acquired
Other
Redevelopment
Acquired
Acquired
360
185
252
187
446
387
3Q12
4Q12
4Q12
1Q15
1Q13
3Q12
3Q12
2Q13
New York, NY
10 Hanover Square
21 Chelsea
95 Wall
Acquired
Acquired
Acquired
493
210
507
3Q12
1Q13
1Q13
Rivergate
Redevelopment
706
1Q15
Development
Development
392
347
2Q12
4Q13
Southwestern Region
Dallas Metro/Addison, TX
Savoye I
Savoye 2
4Q13
CithSouth
Redevelopment
288
Savoye 2
Development
347
635
Marina Pointe
Redevelopment
583
Rivergate
The Calvert
Redevelopment
Redevelopment
706
187
893
Pine Brook Village I & II
Villa Venetia
Redevelopment
Redevelopment
496
468
964
2Q14
1Q15
Austin, TX
Barton Creek Landing
Redevelopment
Total
250
2Q13
7,228
3Q15
Various
Total
Held for disposition
4,918
12,146
Attachment 7(C)
UDR, Inc.
Portfolio Information
March 31, 2012
(Unaudited)
NON-MATURE HOME SEQUENTIAL CHANGE
Category
Acquired
QTD Mature
265
Mid-Atlantic Region
Baltimore, MD
Domain Brewers Hill
Acquired
QTD Mature
180
Boston, MA
Garrison Square
Ridge at Blue Hills
Acquired
Acquired
QTD Mature
QTD Mature
160
186
Richmond, VA
Dominion Creekwood
Dominion West End
QTD Mature
QTD Mature
Held for Disposition
503
350
Other Mid-Atlantic
Greens at Falls Run
Manor at England Run
QTD Mature
QTD Mature
Sold
Sold
200
476
QTD Mature
Sold
352
Jacksonville, FL
Greentree
Westland
Antlers
St. Johns Plantation
The Kensley
QTD Mature
QTD Mature
QTD Mature
QTD Mature
QTD Mature
352
405
400
400
300
Other Florida
The Groves
Mallards at Brandywine
Pierpoint Port Orange
QTD Mature
QTD Mature
QTD Mature
Sold
Sold
Sold
172
168
208
Southwestern Region
Dallas Metro/Addison, TX
The Belmont
Belmont Townhomes
Development
Development
464
-
QTD Mature
QTD Mature
QTD Mature
QTD Mature
QTD Mature
Development
356
322
236
200
248
382
Southeastern Region
Tampa, FL
Hunter's Ridge
Phoenix, AZ
Finisterra
Sierra Foothills
Sierra Canyon
Waterford at Peoria
Lumiere
Residences at Stadium Village
From
To
# of
Homes
Western Region
Orange County, CA
1818 Platinum
Attachment 7 (D)
UDR, Inc.
Portfolio Overview - Total Income per Occupied Home
March 31, 2012
(Unaudited)
Quarterly SameStore Portfolio
Non-Mature Homes
Same-Store
Total Income per
Occupied Home
Western Region
Orange Co., CA
San Francisco, CA
Seattle, WA
Los Angeles, CA
Inland Empire, CA
Sacramento, CA
Portland, OR
San Diego, CA
$
1,594
2,286
1,382
1,983
1,067
1,415
894
1,025
1,377
Acquired
$
Development
(Completed
to Date)
Redev.
3,535
-
$
1,651
2,103
1,728
-
$
Other/Held
for Disposition
-
$
1,986
-
Unconsolidated
Joint Venture
Operating
Homes (1)
Total
Consolidated
Homes
$
1,607
2,345
1,382
1,891
1,067
1,415
894
1,025
1,377
$
3,007
2,333
3,710
3,002
Total
Homes
(incl. JV) (1)
$
1,607
2,345
1,456
1,942
1,067
1,415
894
1,025
1,566
Mid-Atlantic Region
New York, NY
Metropolitan DC
Baltimore, MD
Boston, MA
Richmond, VA
Norfolk, VA
Other Mid-Atlantic
1,710
1,409
2,686
1,158
986
994
3,109
2,927
1,599
-
3,509
-
1,319
-
1,360
966
-
3,256
1,710
1,409
1,920
1,083
986
994
3,502
2,480
1,705
1,917
2,343
3,294
1,747
1,412
1,919
1,083
986
1,761
Southeastern Region
Tampa, FL
Orlando, FL
Nashville, TN
Jacksonville, FL
Other Florida
1,019
946
920
1,240
-
-
-
852
-
1,019
946
920
852
1,240
1,298
-
1,022
946
920
852
1,240
Southwestern Region
Dallas, TX
Phoenix, AZ
Austin, TX
Other Southwest
995
1,235
-
-
1,340
-
1,272
-
1,365
927
-
1,080
927
1,276
-
1,157
2,127
1,282
1,089
927
1,521
1,282
Totals
$
1,302
$
2,624
$
2,164
$
1,292
$
992
$
1,395
$
2,078
$
(1) Represents joint ventures at pro rata ownership interest. See Attachment 10 for UDR's ownership percentage in the joint ventures.
Total Income per Occupied Home represents total residential revenues divided by the product of occupancy and the number of apartment homes.
Redevelopment Communities consists of properties where greater than 10% of available apartment homes have been pulled off-line for major renovation.
Development Communities consist of all multifamily properties developed which are currently consolidated by the Company and had not achieved stabilization at least one year prior to the
beginning of the most recent quarter.
Other includes properties being prepared for redevelopment and where a material change in home count has occurred.
1,434
Attachment 7(E)
UDR, Inc.
Net Operating Income Breakout by Market
March 31, 2012
(unaudited)
Percent of
Net Operating Income by Region:
Western: 37.2%
Three Months Ended
March 31, 2012
Total Net Operating
Same-Store
Income Including
Net Operating
Pro Rata
Income
Share of JVs (1)
$
85,561
$ 128,329
Region
Western Region
Orange County, CA
San Francisco, CA
Seattle, WA
Los Angeles, CA
Inland Empire, CA
Sacramento, CA
Portland, OR
San Diego, CA
Mid-Atlantic Region
New York, NY
Metropolitan D.C.
Baltimore, MD
Boston, MA
Richmond, VA
Norfolk, VA
Other Mid-Atlantic
Same-Store
Net Operating
Income
Southwestern: 7.6%
Southeastern: 13.9%
Mid-Atlantic: 41.3%
Total Net Operating
Income Including
Pro Rata
Share of JVs (1)
12.3%
8.5%
7.0%
3.9%
3.7%
2.1%
1.7%
1.5%
1.0%
41.7%
11.1%
9.4%
5.9%
3.9%
2.4%
1.4%
1.1%
1.1%
0.9%
37.2%
13.8%
7.8%
2.1%
3.9%
3.2%
0.4%
31.2%
12.6%
12.6%
5.3%
4.9%
2.6%
2.1%
1.2%
41.3%
Region
Southeastern Region
Tampa, FL
Orlando, FL
Nashville, TN
Other Florida
Southwestern Region
Dallas, TX
Austin, TX
Other Southwest
Total
Same-Store
Net Operating
Income
Total Net Operating
Income Including
Pro Rata
Share of JVs (1)
7.6%
6.6%
4.7%
1.7%
20.6%
5.2%
4.4%
3.2%
1.1%
13.9%
5.5%
1.0%
6.5%
5.2%
1.9%
0.5%
7.6%
100.0%
100.0%
(1) Includes our pro rata share of JV net operating income and excludes net operating income from properties classified as held for sale and assets sold
during the quarter.
Attachment 8(A)
UDR, Inc.
Operating Information by Major Market
Current Quarter vs. Prior Year Quarter
March 31, 2012
(Unaudited)
Total
Same-Store
Homes
Western Region
Orange Co., CA
San Francisco, CA
Seattle, WA
Los Angeles, CA
Inland Empire, CA
Sacramento, CA
Portland, OR
San Diego, CA
Mid-Atlantic Region
Metropolitan DC
Baltimore, MD
Richmond, VA
Norfolk, VA
Boston, MA
Other Mid-Atlantic
Southeastern Region
Tampa, FL
Orlando, FL
Nashville, TN
Other Florida
Southwestern Region
Dallas, TX
Austin, TX
Totals
Percent of
Same-Store
Portfolio
Based on
QTD
2012 NOI
Same-Store
1Q 12
Total Income per Occupied Home (1)
1Q 12
1Q 11
Change
Physical Occupancy
1Q 11
Change
3,290
1,477
2,165
919
1,565
654
914
716
366
12,066
12.3%
8.5%
7.0%
3.9%
3.7%
2.1%
1.7%
1.5%
1.0%
41.7%
94.6%
96.1%
95.7%
94.7%
92.0%
94.9%
91.2%
93.7%
94.2%
94.3%
94.7%
96.8%
96.3%
95.8%
91.8%
94.5%
93.9%
96.4%
96.4%
95.0%
-0.1%
-0.7%
-0.6%
-1.1%
0.2%
0.4%
-2.7%
-2.7%
-2.2%
-0.7%
3,516
2,301
1,358
1,438
346
168
9,127
13.8%
7.8%
3.9%
3.2%
2.1%
0.4%
31.2%
96.7%
96.7%
94.7%
94.8%
96.8%
93.2%
96.0%
97.3%
96.4%
96.2%
95.6%
95.9%
94.7%
96.5%
3,452
3,167
2,260
636
9,515
7.6%
6.6%
4.7%
1.7%
20.6%
96.1%
95.5%
97.0%
94.7%
96.0%
2,725
390
3,115
5.5%
1.0%
6.5%
33,823
100.0%
$
1,594 $
2,286
1,382
1,983
1,067
1,415
894
1,025
1,377
1,505
1,491
2,022
1,284
1,910
1,063
1,355
878
969
1,342
1,409
6.9%
13.1%
7.6%
3.8%
0.4%
4.4%
1.8%
5.8%
2.6%
6.8%
-0.6%
0.3%
-1.5%
-0.8%
0.9%
-1.5%
-0.5%
1,710
1,409
1,158
986
2,686
994
1,465
1,626
1,344
1,092
970
2,488
987
1,395
5.2%
4.8%
6.0%
1.6%
8.0%
0.7%
5.0%
96.1%
95.0%
96.1%
94.1%
95.6%
0.0%
0.5%
0.9%
0.6%
0.4%
1,019
946
920
1,240
986
980
913
869
1,198
946
4.0%
3.6%
5.9%
3.5%
4.2%
96.2%
95.4%
96.1%
96.1%
95.4%
96.0%
0.1%
0.1%
995
1,235
1,025
929
1,132
955
7.1%
9.1%
7.3%
95.4%
95.7%
-0.3%
1,302 $
1,233
5.6%
$
(1) Total Income per Occupied Home represents total residential revenues divided by the product of occupancy and the number of mature apartment homes.
Attachment 8(B)
UDR, Inc.
Current Quarter vs. Prior Year Quarter
March 31, 2012
(Unaudited)
Same-Store
Total
Same-Store
Homes
Western Region
Orange Co., CA
San Francisco, CA
Seattle, WA
Los Angeles, CA
Inland Empire, CA
Sacramento, CA
Portland, OR
San Diego, CA
Mid-Atlantic Region
Metropolitan DC
Baltimore, MD
Richmond, VA
Norfolk, VA
Boston, MA
Other Mid-Atlantic
Southeastern Region
Tampa, FL
Orlando, FL
Nashville, TN
Other Florida
Southwestern Region
Dallas, TX
Austin, TX
Totals
3,290
1,477
2,165
919
1,565
654
914
716
366
12,066
1Q 12
$
14,886
9,733
8,592
5,178
4,609
2,635
2,236
2,062
1,425
51,356
Revenues
1Q 11
$
Change
13,933
8,674
8,033
5,045
4,581
2,513
2,262
2,006
1,421
48,468
6.8%
12.2%
7.0%
2.6%
0.6%
4.9%
-1.1%
2.8%
0.3%
6.0%
1Q 12
$
4,370
2,485
2,636
1,846
1,482
841
770
685
534
15,649
Expenses
1Q 11
$
Net Operating Income
1Q 12
1Q 11
Change
Change
4,403
2,493
2,713
1,494
1,633
799
810
651
466
15,462
-0.7%
-0.3%
-2.8%
23.6%
-9.2%
5.3%
-4.9%
5.2%
14.6%
1.2%
$
10,516
7,248
5,956
3,332
3,127
1,794
1,466
1,377
891
35,707
$
9,530
6,181
5,320
3,551
2,948
1,714
1,452
1,355
955
33,006
10.3%
17.3%
12.0%
-6.2%
6.1%
4.7%
1.0%
1.6%
-6.7%
8.2%
3,516
2,301
1,358
1,438
346
168
9,127
17,440
9,403
4,466
4,034
2,699
467
38,509
16,690
8,946
4,278
3,999
2,477
471
36,861
4.5%
5.1%
4.4%
0.9%
9.0%
-0.8%
4.5%
5,639
2,733
1,139
1,310
848
161
11,830
5,724
2,694
1,201
1,248
778
150
11,795
-1.5%
1.4%
-5.2%
5.0%
9.0%
7.3%
0.3%
11,801
6,670
3,327
2,724
1,851
306
26,679
10,966
6,252
3,077
2,751
1,699
321
25,066
7.6%
6.7%
8.1%
-1.0%
8.9%
-4.7%
6.4%
3,452
3,167
2,260
636
9,515
10,138
8,583
6,050
2,242
27,013
9,752
8,241
5,663
2,152
25,808
4.0%
4.1%
6.8%
4.2%
4.7%
3,677
2,953
2,010
779
9,419
3,758
2,951
2,098
765
9,572
-2.2%
0.1%
-4.2%
1.8%
-1.6%
6,461
5,630
4,040
1,463
17,594
5,994
5,290
3,565
1,387
16,236
7.8%
6.4%
13.3%
5.5%
8.4%
2,725
390
3,115
7,822
1,379
9,201
7,300
1,264
8,564
7.2%
9.1%
7.4%
3,078
542
3,620
3,278
477
3,755
-6.1%
13.6%
-3.6%
4,744
837
5,581
4,022
787
4,809
18.0%
6.4%
16.1%
119,701
5.3%
40,584
-0.2%
79,117
8.1%
33,823
$
126,079 $
$
40,518
$
$
85,561
$
Attachment 8(C)
UDR, Inc.
Current Quarter vs. Last Quarter
March 31, 2012
(Unaudited)
Same-Store
Total
Same-Store
Homes
Western Region
Orange Co., CA
San Francisco, CA
Seattle, WA
Los Angeles, CA
Inland Empire, CA
Sacramento, CA
Portland, OR
San Diego, CA
Mid-Atlantic Region
Metropolitan DC
Baltimore, MD
Richmond, VA
Norfolk, VA
Boston, MA
Other Mid-Atlantic
Southeastern Region
Tampa, FL
Orlando, FL
Nashville, TN
Other Florida
Southwestern Region
Dallas, TX
Austin, TX
Totals
1Q 12
Total Income per Occupied Home (1)
1Q 12
4Q 11
Change
Physical Occupancy
4Q 11
Change
3,290
1,477
2,165
919
1,565
654
914
716
366
12,066
94.6%
96.1%
95.7%
94.7%
92.0%
94.9%
91.2%
93.7%
94.2%
94.3%
94.3%
96.0%
95.2%
96.1%
93.5%
95.6%
92.4%
94.6%
93.2%
94.6%
0.3%
0.1%
0.5%
-1.4%
-1.5%
-0.7%
-1.2%
-0.9%
1.0%
-0.3%
3,516
2,301
1,358
1,438
346
168
9,127
96.7%
96.7%
94.7%
94.8%
96.8%
93.2%
96.0%
96.4%
96.5%
95.5%
93.5%
97.1%
95.3%
95.8%
3,452
3,167
2,260
636
9,515
96.1%
95.5%
97.0%
94.7%
96.0%
2,725
390
3,115
33,823
$
1,594 $
2,286
1,382
1,983
1,067
1,415
894
1,025
1,377
1,505
1,559
2,240
1,363
1,960
1,133
1,405
874
1,021
1,366
1,488
2.2%
2.1%
1.4%
1.2%
-5.8%
0.7%
2.3%
0.4%
0.8%
1.1%
0.3%
0.2%
-0.8%
1.3%
-0.3%
-2.1%
0.2%
1,710
1,409
1,158
986
2,686
994
1,465
1,706
1,397
1,161
989
2,602
982
1,458
0.2%
0.9%
-0.3%
-0.3%
3.2%
1.2%
0.5%
95.8%
94.6%
95.8%
92.8%
95.2%
0.3%
0.9%
1.2%
1.9%
0.8%
1,019
946
920
1,240
986
1,004
933
916
1,217
973
1.5%
1.4%
0.4%
1.9%
1.3%
96.2%
95.4%
96.1%
95.4%
95.6%
95.4%
0.8%
-0.2%
0.7%
995
1,235
1,025
983
1,255
1,017
1.2%
-1.6%
0.8%
95.4%
95.2%
0.2%
1,302 $
1,291
0.9%
$
(1) Total Income per Occupied Home represents total residential revenues divided by the product of occupancy and the number of mature apartment homes.
Attachment 8(D)
UDR, Inc.
Current Quarter vs. Last Quarter
March 31, 2012
(Unaudited)
Same-Store
Total
Same-Store
Homes
Western Region
Orange Co., CA
San Francisco, CA
Seattle, WA
Los Angeles, CA
Inland Empire, CA
Sacramento, CA
Portland, OR
San Diego, CA
Mid-Atlantic Region
Metropolitan DC
Baltimore, MD
Richmond, VA
Norfolk, VA
Boston, MA
Other Mid-Atlantic
Southeastern Region
Tampa, FL
Orlando, FL
Nashville, TN
Other Florida
Southwestern Region
Dallas, TX
Austin, TX
Totals
3,290
1,477
2,165
919
1,565
654
914
716
366
12,066
1Q 12
Change
14,886 $
9,733
8,592
5,178
4,609
2,635
2,236
2,062
1,425
51,356
14,507
9,527
8,425
5,193
4,972
2,635
2,215
2,075
1,398
50,947
2.6%
2.2%
2.0%
-0.3%
-7.3%
0.0%
0.9%
-0.6%
1.9%
0.8%
3,516
2,301
1,358
1,438
346
168
9,127
17,440
9,403
4,466
4,034
2,699
467
38,509
17,349
9,303
4,519
3,989
2,622
472
38,254
3,452
3,167
2,260
636
9,515
10,138
8,583
6,050
2,242
27,013
2,725
390
3,115
7,822
1,379
9,201
33,823
$
Revenues
4Q 11
$
126,079 $
1Q 12
$
Expenses
4Q 11
Change
4,370 $
2,485
2,636
1,846
1,482
841
770
685
534
15,649
4,297
2,528
2,673
1,821
1,483
691
686
680
509
15,368
1.7%
-1.7%
-1.4%
1.4%
-0.1%
21.7%
12.2%
0.7%
4.9%
1.8%
0.5%
1.1%
-1.2%
1.1%
2.9%
-1.1%
0.7%
5,639
2,733
1,139
1,310
848
161
11,830
5,177
2,669
1,096
1,261
725
168
11,096
9,962
8,384
5,952
2,154
26,452
1.8%
2.4%
1.6%
4.1%
2.1%
3,677
2,953
2,010
779
9,419
7,666
1,404
9,070
2.0%
-1.8%
1.4%
3,078
542
3,620
124,723
1.1%
$
40,518 $
1Q 12
$
Net Operating Income
4Q 11
Change
10,516 $
7,248
5,956
3,332
3,127
1,794
1,466
1,377
891
35,707
10,210
6,999
5,752
3,372
3,489
1,944
1,529
1,395
889
35,579
3.0%
3.6%
3.5%
-1.2%
-10.4%
-7.7%
-4.1%
-1.3%
0.2%
0.4%
8.9%
2.4%
3.9%
3.9%
17.0%
-4.2%
6.6%
11,801
6,670
3,327
2,724
1,851
306
26,679
12,172
6,634
3,423
2,728
1,897
304
27,158
-3.0%
0.5%
-2.8%
-0.1%
-2.4%
0.7%
-1.8%
3,533
2,914
1,875
910
9,232
4.1%
1.3%
7.2%
-14.4%
2.0%
6,461
5,630
4,040
1,463
17,594
6,429
5,470
4,077
1,244
17,220
0.5%
2.9%
-0.9%
17.6%
2.2%
3,225
577
3,802
-4.6%
-6.1%
-4.8%
4,744
837
5,581
4,441
827
5,268
6.8%
1.2%
5.9%
39,498
2.6%
85,225
0.4%
$
85,561 $
Attachment 9
UDR, Inc.
Active Developments/Redevelopments
March 31, 2012
(Unaudited)
ACTIVE DEVELOPMENT
Number
of Homes
Completed
Homes
Capital View on 14th (formerly 2400 14th Street)
Washington, DC
255
-
Fiori on Vitruvian Park ® (formerly Phase III of Vitruvian Park®)
Addison, TX
391
Village at Bella Terra
Huntington Beach, CA
Property/Location
Cost to
Date
Est. Cost
Per Home
495
(2)
Percentage
Leased
4Q12
n/a
3Q13
n/a
$ 126,100
-
24,912
98,350
252
467
-
48,243
150,000
300
(3)
4Q13
n/a
Mission Bay
San Francisco, CA
315
-
45,402
139,600
443
(4)
4Q13
n/a
Los Alisos (formerly Mission Viejo)
Mission Viejo, CA
320
-
27,786
87,050
272
4Q13
n/a
1,748
-
225,817
$ 601,100
Estimated
Completion
Date
Percentage
Leased
Same-Store
Date (6)
17,700
2Q12
98.8%
2Q13
$
$
Estimated
Completion
Date (1)
79,474
Total Active Development
$
Budgeted
Cost
$
338
WHOLLY OWNED - REDEVELOPMENT
Number of
Homes
Completed
Homes
Barton Creek Landing (7)
Austin, TX
250
250
CitySouth (formerly Lake Pines) (8)
San Mateo, CA
288
288
29,101
30,600
2Q12
99.0%
3Q13
Marina Pointe
Marina del Rey, CA
583
48
5,131
36,100
2Q13
80.5%
2Q14
Rivergate
New York, NY
706
-
4,273
60,000
4Q13
96.2%
1Q15
The Calvert (9)
Alexandria, VA
332
-
10,404
99,600
4Q13
0%
1Q15
Pine Brook I and II
Costa Mesa, CA
496
-
335
38,700
2Q14
98.0%
3Q15
Villa Venetia
Costa Mesa, CA
468
-
1,235
36,600
2Q14
96.6%
3Q15
3,123
586
67,829
$ 319,300
Property/Location
Total Wholly Owned Redevelopment
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Cost
to Date
$
$
17,350
Budgeted
Cost (5)
$
Date construction is complete, but does not represent the date of stabilization.
Includes 16,000 square feet of retail space.
Represents our incremental capital in the projects.
Same-Store Date represents the quarter we anticipate contributing the property to the same-store pool.
Exterior redevelopment was completed in the second quarter of 2010 and the interior redevelopment was completed in the fourth quarter of 2011. Work on
the garage and storage units will commence in the first quarter of 2012.
Exterior redevelopment was completed in the first quarter of 2011 and the interior redevelopment began in the fourth quarter of 2010.
Project includes the complete redevelopment of the existing 187 homes combined with the development of an additional 145 homes, 10,000 square feet of retail space
and underground parking.
Attachment 10
UDR, Inc.
Joint Venture and Land Summary
March 31, 2012
(Unaudited)
UNCONSOLIDATED OPERATING JOINT VENTURES
Current
Number
of Homes
Joint Venture
Texas JV (10 communities)
Property
Type
3,992
KFH JV (3 communities)
MetLife JV II (12 communities)
Total Operating Joint Ventures
UDR's Equity
Investment
at 3/31/2012
$
6,143
YTD NOI
$
Book Value
of JV
Real Estate
Assets
UDR's
Share
of YTD NOI
(1)
6,296
20%
254,000
5.6%
12/2014
33,087
3,281
984
279,192
165,209
3.4%
Various
3,930
Garden/High-rise
Variable
99,915
16,885
1,976
1,773,439
716,806
4.1%
Various
2,528
Garden/High-rise
50%
665,279
4.2%
Various
326,436
465,581
14,335
$
40,797
$
367,805
7,168
$
11,387
$
1,280,461
$
3,700,897
$
1,801,294
UNCONSOLIDATED DEVELOPMENT JOINT VENTURES
Joint Venture
Number
of Homes
Location
Completed
Homes
Ownership
Interest
UDR's Equity
Investment
at 3/31/2012
17,060
Percentage
Leased
Stoughton, MA
240
160
95%
43,400
2Q12
51.3%
San Diego, CA
263
-
95%
17,706
75,500
1Q14
n/a
College Park, MD
256
-
95%
11,024
65,100
1Q14
n/a
759
160
Ownership
Interest
UDR's Equity
Investment
at 3/31/2012
$
45,790
$
Completion
(3)
Date
13th & Market
Total Development Joint Ventures
$
Estimated
Cost
The Lodge at Stoughton
Domain College Park
$
184,000
CONSOLIDATED DEVELOPMENT JOINT VENTURES
Joint Venture
Beach Walk
Number
of Homes
Location
(4)
Huntington Beach, CA
Total Development Joint Ventures
Ownership
Interest
173
173
90%
Total
Investment
at 3/31/2012
Estimated
Cost
3033 Wilshire
Los Angeles, CA
13,413
$
46,000
$
13,413
$
46,000
Book
Value
$
7 Harcourt (5)
Boston, MA
(1)
(2)
(3)
(4)
(5)
3Q14
JOINT VENTURE LAND
Vitruvian Park ®
Addison, TX
Total Land
Completion
(3)
Date
$
LAND
Property/Location
Property/Location
16,273
399 Fremont
San Francisco, CA
77,907
Total Land
4,655
$
Represents year-to-date net operating income at 100%.
Represents total joint venture project debt.
Date construction is complete, but does not represent the date of stabilization.
UDR anticipates starting construction within the next six months.
Land is adjacent to our Garrison Square community.
Debt
Maturity
30%
$
1,259
Weighted Avg
Interest
Rate
Garden
11,110
$
Project
Debt
3/31/2012 (2)
High-rise
660
MetLife JV
19 operating communities (12.6% ownership)
10 land parcels (4.0% ownership)
Ownership
Interest
98,835
92.5%
$
37,590
$
37,590
Attachment 11
UDR, Inc.
Summary of Apartment Community Acquisitions and Dispositions
March 31, 2012
(Unaudited)
ACQUISITIONS - JOINT VENTURES
Date
Jan-12
Jan-12
Property Name
Columbus Square(2)
Seven communities contributed from UDR/MetLife I JV
Location/Market
New York, NY
Various
Ownership
Interest
50%
50%(3)
Total Joint Venture Apartment Communities
Jan-12
399 Fremont
San Francisco, CA
Total Joint Venture Land
Price(1)
$ 630,000
649,600
Homes
710
1,818
$ 1,279,600
2,528
$
$
Price per
Home
$
887
357
$
506
40,300
40,300
DISPOSITIONS - WHOLLY OWNED
Date
Mar-12
Mar-12
Mar-12
Mar-12
Mar-12
Mar-12
Property Name
Hunters Ridge
The Groves
Mallards of Brandywine
Pierpoint Port Orange
Manor at England Run
Greens at Falls Run
Location/Market
Plant City, FL
Port Orange, FL
Deland, FL
Port Orange, FL
Fredericksburg, VA
Fredericksburg, VA
Total Apartment Communities
(1) Represents total purchase price at 100%.
(2) Includes five recently developed high-rise apartment buildings located on the Upper West Side of Manhattan.
(3) Prior to the formation of UDR/MetLife II, UDR's weighted average ownership in these seven communities was 11.1%.
Price
$
19,000
10,000
6,000
15,000
62,300
21,100
$
133,400
Homes
352
172
168
208
476
200
1,576
Price per
Home
$
54
58
36
72
131
106
$
85
Attachment 12
UDR, Inc.
Summary of Capital Expenditures and Repair & Maintenance
March 31, 2012
(Dollars in thousands, except Cost per Home)
(Unaudited)
RECURRING CAPITAL EXPENDITURES (1)
Weighted Average
Useful Life (Yrs) (2)
Three Months Ended
March 31, 2012
Cost
Per Home
Revenue Enhancing Capital Expenditures(3)
5 - 20
Asset Preservation
Building Interiors
Building Exteriors
Landscaping & Grounds
Total Asset Preservation
5 - 20
5 - 20
10
3,340
794
709
4,843
71
17
15
103
5
2,887
61
Turnover Related
Total Recurring Capital Expenditures
(4)
$
$
Average Stabilized Apartment Homes
3,264
10,994
$
69
$
233
47,019
REPAIR & MAINTENANCE
Three Months Ended
March 31, 2012
Contract Services
$
4,657
Cost
Per Home
$
99
Turnover Related Expenses
1,607
34
Other Repair & Maintenance
Building Interiors
Building Exteriors
Landscaping & Grounds
1,909
482
253
41
10
5
Total Repair & Maintenance
Average Stabilized Apartment Homes
$
8,908
47,019
(1) Excludes redevelopment capital.
(2) Weighted average useful life of capitalized expenses for the three months ended March 31, 2012.
(3) Revenue enhancing capital expenditures were incurred at specific apartment communities in conjunction with the Company's overall
capital expenditure plan.
(4) Total recurring capital expenditures represent all asset preservation, turnover related costs and revenue enhancing activities.
$
189

1Q 2012 Supplemental Financial Information

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