UDR Second Quarter 2012 Earnings Supplement

Transcription

BEFORE
AFTER
CitySouth – San Mateo, CA; Redevelopment Completed: 2Q12
BEFORE
AFTER
Barton Creek Landing – Austin, TX; Redevelopment Completed: 2Q12
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.
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
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2Q 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, Asset Summary and Securities Ratings ...................................................... Attachment 4(A)
Coverage Ratios and Debt Covenant Analysis .............................................................................................................. 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)
Current Year-to-Date vs. Prior Year-to-Date Occupancy, and Total Income per Occupied Home Information.............. Attachment 8(E)
Current Year-to-Date vs. Prior Year-to-Date Revenue, Expense and NOI Information ................................................. Attachment 8(F)
Development, Redevelopment, Acquisitions and Dispositions
Developments and Land Summary................................................................................................................................ Attachment 9(A)
Redevelopments and Operating Joint Ventures ............................................................................................................ Attachment 9(B)
Summary of Apartment Community Acquisitions and Dispositions ................................................................................. Attachment 10
Capital Expenditures and Repair & Maintenance
Capital Expenditures and Repair & Maintenance Summary ............................................................................................ Attachment 11
Press Release
Contact: Chris Van Ens
Phone: 720.348.7762
UDR ANNOUNCES SECOND QUARTER 2012 RESULTS
~ Completes $539 Million Secondary Offering to Deleverage Enterprise ~
DENVER, CO (July 30, 2012) – UDR, Inc. (the "Company") (NYSE: UDR), a leading multifamily
real estate investment trust, today announced its second quarter 2012 results.
The Company generated Funds from Operations (FFO) of $81.2 million or $0.33 per diluted
share, for the quarter ended June 30, 2012, as compared to $63.6 million, or $0.31 per diluted
share, in the second quarter of 2011. Excluding all non-recurring items, the Company’s second
quarter 2012 FFO-Core was $0.33 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
Redemption of preferred stock
Gain on sale of TRS property
Other
FFO- Reported per diluted share
Q2 2012
$0.33
(0.001)
(0.017)
(0.011)
0.031
(0.001)
$0.33
Q2 2011
$0.32
(0.010)
0.004
$0.31
YTD 2012
$0.67
(0.003)
0.001
(0.012)
0.032
(0.001)
$0.68
YTD 2011
$0.62
(0.014)
(0.021)
0.016
0.005
$0.61
A reconciliation of FFO to GAAP Net Income can be found on Attachment 2 of the Company’s
second quarter 2012 Supplemental Financial Information.
“Our business continues to perform well, supported by advantageous multifamily supply and
demand fundamentals that look favorable over the years ahead,” said Tom Toomey, UDR’s
President and CEO. Mr. Toomey continued, “We are pleased with the deleveraging and
portfolio repositioning efforts we completed this quarter. With most of the heavy lifting behind us
regarding both of these activities, UDR is well positioned for the future.”
1
Operations
Same-store revenue increased 5.6 percent year-over-year while net operating income (NOI)
increased 6.7 percent for the second quarter 2012. Same-store physical occupancy was flat at
95.8 percent year-over-year. Same-store expenses increased 3.3 percent driven by higher real
estate taxes, utilities, repairs & maintenance, and administration and marketing costs.
The rate of turnover increased to an annualized rate of 58 percent from 55 percent in the
second quarter of 2011.
Summary Same-Store Results Second Quarter 2012 versus Second Quarter 2011
Region
Western
Mid-Atlantic
Southeastern
Southwestern
Total
¹
2
3
Revenue
Growth/
Decline
6.4%
4.2%
4.9%
8.3%
5.6%
Expense
Growth/
Decline
4.6%
4.0%
-2.1%
8.8%
3.3%
NOI
Growth/
Decline
% of SameStore
Portfolio¹
Same-Store
Occupancy2
Number of
Same-Store
Homes3
7.2%
4.3%
9.1%
8.0%
6.7%
42.7%
30.3%
20.0%
7.0%
100.0%
95.3%
96.4%
95.8%
95.9%
95.8%
12,390
9,127
9,515
3,507
34,539
Based on QTD 2012 NOI.
Average same-store occupancy for the quarter.
During the second quarter, 34,539 apartment homes, or approximately 83 percent of 41,681 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 NOI increased by 1.8 percent driven by revenue growth of 2.0 percent
and offset by a 2.5 percent increase in same-store expenses.
For the six months ended June 30, 2012, the Company’s same-store revenue increased 5.5
percent as compared to the prior year while expenses increased 1.6 percent resulting in a
same-store NOI increase of 7.4 percent as compared to the prior year period in 2011. Yearover-year occupancy decreased by 10 basis points to 95.6 percent.
Summary Same-Store Results YTD 2012 versus YTD 2011
Revenue
Expense
NOI
% of SameRegion
Growth/
Growth/
Growth/
Store
Decline
Decline
Decline
Portfolio¹
Western
Mid-Atlantic
Southeastern
Southwestern
Total
¹
2
3
6.2%
4.3%
4.8%
8.3%
5.5%
2.8%
2.1%
-1.8%
4.0%
1.6%
7.8%
5.4%
8.7%
11.5%
7.4%
42.0%
31.1%
20.5%
6.4%
100.0%
Same-Store
Occupancy2
Number of
Same-Store
Homes3
94.8%
96.2%
95.9%
96.1%
95.6%
12,066
9,127
9,515
3,115
33,823
Based on YTD 2012 NOI.
Average same-store occupancy for YTD 2012.
During the six months ended June 30, 2012, 33,823 apartment homes, or approximately 81 percent of 41,681 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 year.
2
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
Q2 2012
Q2 2011
78%
79%
57%
87%
79%
82%
62%
87%
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, from its Texas joint venture
partner. The acquisitions included a cash payment of $11.7 million and the assumption of $34.4
million in debt. The communities comprise 633 homes and had an average income per occupied
home of $907 per month in the second quarter.
Disposition Activity
During the second quarter of 2012, the Company sold fifteen unencumbered communities
containing 4,931 homes for $476 million in gross proceeds. At the time of disposition, total
income per occupied home for the communities averaged $967 per month. The dispositions
were located in Phoenix, AZ; Jacksonville, FL; Dallas, TX and Richmond, VA and marked the
Company’s exit from the Phoenix, AZ and Jacksonville, FL markets. Additional details related to
the transactions can be found in the April 4, 2012 and June 28, 2012 press releases on the
Company’s website at www.udr.com.
Joint Venture Investment Activity
The Company, through a joint venture, acquired a land parcel in Boston, MA for $25 million.
3
Capital Markets Activity
The Company completed a public offering of 21.9 million shares of common stock, including the
underwriter’s overallotment option, at a net price of $24.69 per share. Proceeds of
approximately $538.8 million, after underwriting discounts, commissions and offering expenses,
were used to repay $363.9 million of 3.3 percent secured debt due from 2012 to 2014, to
redeem all of the Company’s outstanding 6.75% Series G Preferred Stock for $81.6 million plus
accrued and unpaid dividends, to repay a portion of the outstanding balance under its
unsecured credit facility and for working capital and general corporate purposes. Additional
details related to the transactions can be found in the April 27, 2012, May 29, 2012 and May 30,
2012 press releases on the Company’s website at www.udr.com.
During the second quarter of 2012 and prior to the May secondary equity offering, the Company
raised approximately $16.8 million of equity through the sale of approximately 666 thousand
shares at a weighted average net price of $25.30 per share under its previous and new “At the
Market” equity offering program. In early April, the Company announced a new ATM program
through which it could sell up to twenty million common shares; 19.9 million shares remain
available for issuance.
On April 16, 2012, the Company repaid a $41.8 million, 2.49 percent construction loan that was
secured by it Signal Hill community in Woodbridge, VA.
Balance Sheet
At June 30, 2012, the Company had $1.2 billion in availability through a combination of cash
and undrawn capacity on its credit facilities, giving the Company ample flexibility to meet its
near-term capital needs for debt maturities, development and redevelopment activities.
The Company’s total indebtedness at June 30, 2012 was $3.3 billion. The Company ended the
second quarter with fixed-rate debt representing 89 percent of its total debt, a total blended
interest rate of 4.5 percent and a weighted average maturity of 5.1 years. UDR’s fixed charge
coverage ratio (adjusted for non-recurring items) was 2.7 times.
4
2012 Guidance
The Company re-affirms its full-year 2012 guidance which was last updated on June 11, 2012:
Original Range
As of Feb. 6, 2012
Revised Range
As of June 11 , 2012
$1.37 - $1.43
$1.34 - $1.39
Revenue
5.0% - 6.0%
5.0% - 6.0%
Expenses
3.0% - 3.5%
2.0% - 3.0%
Net operating income (NOI)
6.0% - 7.5%
6.0% - 8.0%
Original Range(1)
Completed(2)
Remaining(2)
Market dependent
FFO per diluted share
Same-store operations:
Portfolio activity ($M):
Acquisitions
Market dependent
$46
Dispositions
$400 to $600
$610
$0
Development spend
$400
$220
$180
Redevelopment Spend
$100
$40
$60
JV investments, net
$290
$290
Market dependent
Original Range(1)
Completed(2)
Remaining(2)
Market dependent
$756
Market dependent
$400
$400
Market dependent
Financing Activity ($M):
Equity
Debt
General & Administrative expenses ($M)(3)
(1)
$32 - $34
As of February 6, 2012.
(2)
As of July 30, 2012.
(3)
General and Administrative expenses are net of tax benefit and include a one-time charge for vesting of long-term incentive program.
All guidance is based on current expectations of future economic conditions and the judgment of
the Company's management team. The following reconciles from forecasted FFO per share to
GAAP Net Loss per share:
FFO Guidance Reconciliation per Diluted Share
Low
High
Forecasted 2012 FFO Guidance per Diluted Share
$1.34
$1.39
Conversion to GAAP Share Count
(0.08)
(0.08)
Depreciation
(1.50)
(1.50)
Non-Controlling Interests
(0.03)
(0.03)
Preferred Dividends
(0.01)
(0.01)
Tax Benefit
0.09
0.09
Gain on Dispositions
Forecasted 2012 GAAP Net Income per Diluted Share
0.99
0.99
$0.80
$0.85
5
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 July 30, 2012 to discuss
second 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 877-941-8609 for domestic and 480-629-9771 for
international and provide the following conference ID number: 4549991.
A replay of the conference call will be available through August 30, 2012, by dialing
800-406-7325 for domestic and 303-590-3030 for international and entering the confirmation
number, 4549991, when prompted for the pass code.
A replay of the call will be available for 90 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 second 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.
6
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, the Company's Quarterly Reports
on Form 10-Q. Actual results may differ materially from those described in the forward-looking
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 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.
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 June 30, 2012, UDR owned or had an ownership
position in 54,838 apartment homes including 2,440 homes under development. For 40 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)
In thousands, except per share amounts
Rental income
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, net
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 charges/(benefits), net (1)
Total interest
Acquisition-related costs
General and administrative (2)
Other depreciation and amortization
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
(Premium)/discount on preferred stock repurchases, net
Net income/(loss) attributable to common stockholders
Three Months Ended
June 30,
2012
2011
Six Months Ended
June 30,
2012
2011
$ 177,475
$ 150,637
$ 349,717
21,535
13,660
8,676
9,350
3,921
4,880
1,434
63,456
17,503
12,531
7,876
7,795
3,454
4,142
1,542
54,843
42,446
27,169
18,041
17,334
7,452
9,617
2,817
124,876
(2,412)
2,717
506
811
(1,348)
2,537
316
1,505
84,474
37,399
4,143
41,542
154
10,766
1,017
137,953
(23,123)
179,429
156,306
(5,954)
150,352
(931)
(909)
(2,791)
$ 145,721
(2,680)
3,811
3,123
455
4,709
172,381
76,572
(285)
76,287
496
19,803
1,935
270,902
(34,130)
49,039
14,909
(258)
14,651
(931)
(1,396)
(175)
12,149
(21,382)
264,316
242,934
(9,426)
233,508
(1,862)
(2,286)
(2,791)
$ 226,569
288,449
35,164
24,388
15,597
15,045
6,557
7,932
2,978
107,661
(5,103)
22,876
5,706
1,200
24,679
79,908
37,261
359
40
37,660
2,074
10,801
986
131,429
$
$
150,123
72,040
718
4,059
76,817
2,724
20,781
2,029
252,474
$
(66,977)
53,230
(13,747)
523
(13,224)
(1,862)
(2,833)
(175)
(18,094)
Earnings/(loss) per weighted average common share - basic and diluted:
Loss from continuing operations available to common stockholders
Net income/(loss) attributable to common stockholders
($0.14)
$0.77
$0.62
($0.19)
$0.26
$0.06
($0.17)
$1.16
$0.99
Common distributions declared per share
$0.220
$0.200
$0.440
$0.3850
234,031
190,479
227,766
186,527
Weighted average number of common shares outstanding - basic and diluted
(1) Prepayment penalties, write-off of deferred financing costs and fair market value adjustments on early debt extinguishment.
(2) Net of current quarter tax benefit and including a one-time charge for vesting of long-term incentive program.
($0.38)
$0.29
($0.10)
Attachment 2
UDR, Inc.
Funds From Operations
(Unaudited)
Three Months Ended
June 30,
2012
2011
In thousands, except per share amounts
Net income/(loss) attributable to UDR, Inc.
$ 150,352
$
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
(Premium)/discount on preferred stock repurchases, net
Funds from operations ("FFO") - basic
(1,840)
84,474
5,954
8,359
(164,257)
(2,791)
$ 80,251
(2,327)
91,161
258
2,844
(43,767)
(175)
$ 62,645
Distribution to preferred stockholders - Series E (Convertible)
931
14,651
Six Months Ended
June 30,
2012
2011
$
233,508
(4,148)
178,721
9,426
15,782
(244,782)
(22,876)
(2,791)
$ 162,840
931
(4,695)
175,276
(523)
5,692
(43,808)
(175)
$ 118,543
1,862
1,862
$ 120,405
Funds from operations - diluted
$
81,182
$
63,576
$
164,702
FFO per common share - basic
FFO per common share - diluted
$
$
0.33
0.33
$
$
0.32
0.31
$
$
0.69
0.68
Weighted average number of common shares and OP Units outstanding - basic
Weighted average number of common shares, OP Units, and common stock
equivalents outstanding - diluted
$ (13,224)
$
$
0.61
0.61
243,448
198,109
237,185
192,880
247,832
203,188
241,549
197,913
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 any related valuation allowance release, 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
June 30,
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 $0 and $226,067)
Total real estate owned, net of accumulated depreciation
Cash and cash equivalents
Restricted cash
Deferred financing costs, net
Notes receivable
Investment in unconsolidated joint ventures
Other assets
Total assets
$
$
7,479,239
(1,769,530)
5,709,709
$
7,269,347
(1,605,090)
5,664,257
282,006
246,229
5,991,715
184,112
24,580
28,579
39,409
580,098
124,128
6,972,621
332,258
6,242,744
12,503
24,634
30,068
213,040
198,365
6,721,354
$
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)
0 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
250,205,424 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
$
1,442,361
1,902,707
13,087
31,156
35,534
57,313
29,430
102,793
3,614,381
$
1,891,553
2,026,817
13,397
23,208
35,516
51,019
29,100
95,485
4,166,095
243,305
236,475
46,571
46,571
-
81,609
2,502
4,098,785
(1,024,148)
(13,604)
3,110,106
4,829
3,114,935
6,972,621
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.
June 30, 2012
(Dollars in thousands)
(Unaudited)
COMMON STOCK EQUIVALENTS
QTD Weighted
Average
234,031,006
1,348,466
7,665,171
1,751,671
3,035,547
247,831,861
(1)
Common shares
Stock options and restricted stock
Operating partnership units
Preferred operating partnership units
Convertible preferred Series E stock
Total Common Stock Equivalents
June 30, 2012
249,863,857
1,334,928
7,664,147
1,751,671
3,035,547
263,650,150
MARKET CAPITALIZATION
Total debt
Common stock equivalents at $25.84
Total market capitalization
Balance
3,345,068
6,812,720
10,157,788
% of Total
32.9%
67.1%
100.0%
Gross
Carrying Value
$
5,445,117
2,316,128
$
7,761,245
% of Total Gross
Carrying Value
70.2%
29.8%
100.0%
$
$
ASSET SUMMARY
Unencumbered assets
Encumbered assets
Number of
Homes
27,606
14,075
41,681
$
$
QTD NOI
89,753
39,158
128,911
% of NOI
69.6%
30.4%
100.0%
UDR owns 9 assets, with a net carrying value of approximately $764.9 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 $5.2 billion or 87% 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 666,000 shares at an average price of $25.81 and a net price of $25.30 during the three months
ended June 30, 2012 and 21,850,000 shares issued at the net price of $24.69 in June 2012.
Outlook
Stable
Stable
Attachment 4(B)
UDR, Inc.
June 30, 2012
(Unaudited)
COVERAGE RATIOS
Quarter Ended
June 30, 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
150,352
41,542
84,474
8,359
1,017
5,954
(164,257)
(2,027)
EBITDA
$
125,414
Interest expense
Capitalized interest expense
Total interest
$
$
41,542
5,136
46,678
Preferred dividends
$
1,840
Interest Coverage Ratio
(1)
2.69
Fixed Charge Coverage Ratio (2)
2.58
Deferred financing costs and fair market value write-off on early debt extinguishment
Acquisition-related costs (including JV's)
Gain on sale of depreciable real estate
4,143
173
(7,749)
Interest Coverage Ratio - adjusted for non-recurring items
2.77
Fixed Charge Coverage Ratio - adjusted for non-recurring items
2.66
DEBT COVENANT ANALYSIS
Unsecured Line of Credit:
Covenant
Consolidated Funded Debt as a Percentage of Tangible FMV of Assets
Consolidated Adjusted EBITDA to Consolidated Total Fixed Charges
Consolidated Secured Debt to Gross Asset Value
Gross Asset Value of the Unencumbered Pool to Consolidated Unsecured Debt
Required
≤60%
≥1.50
≤40%
≥150%
Actual
40.6%
2.43
21.3%
313.3%
Senior Unsecured Notes:
Required
Actual
Debt as a Percentage of Total Assets (3)
Ratio of Consolidated Income Available for Debt Service to Annual Service Charge
Mortgage Notes Payable as a Percentage of Total Assets, as Defined
Covenant
≤60%
≥1.50
≤40%
38.4%
2.68
16.5%
Unencumbered Assets to Unsecured Debt Ratio (4)
≥150%
332.1%
(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.
(3) Debt to Total Asset limitation has been set at 65% for all medium term notes issued since 2007.
(4) Unencumbered Asset to Unsecured Debt Ratio Covenant excludes investments in joint ventures for all medium term notes issued since 2011.
Attachment 4(C)
UDR, Inc.
June 30, 2012
(Unaudited)
DEBT STRUCTURE
Secured
Fixed
Floating
Combined
$
Balance
1,098,837
343,524
1,442,361
Unsecured
Fixed
Floating
Combined
1,867,707
35,000
1,902,707
Total Debt
Fixed
Floating
Combined
2,966,544
378,524
3,345,068
$
(1)
(2)
% of Total
32.8%
10.3%
43.1%
Interest Rate
5.2%
1.6%
4.4%
Weighted
Average Years
to Maturity
5.2
6.6
5.6
55.9%
1.0%
56.9%
4.7%
1.7%
4.6%
4.7
4.5
4.7
88.7%
11.3%
100.0%
4.9%
1.6%
4.5%
4.9
6.5
5.1
(3)
CASH AND AVAILABLE CREDIT CAPACITY
Facility
Maturity
Line of Credit
FNMA
10/2015
11/2018
Cash
Total cash and credit capacity
(1)
(2)
(3)
(4)
Total Capacity
Unsecured
Secured
$
$
900,000
500,000
1,400,000
184,112
1,584,112
Amount Drawn
$
$
411,196
411,196
411,196
Amount Available
$
$
900,000
88,804
988,804
Interest Rate
(4)
(5)
184,112
1,172,916
Includes $194.8 million of floating rate debt that has been fixed using interest rate swaps at an average rate of 4.25%.
Includes $184.7 million of debt with an average interest rate cap at 6.1%.
Includes $315 million of debt that has been fixed using interest rate swaps at an average rate of 2.85%.
Amount drawn excludes $4.1 million of letters of credit outstanding at June 30, 2012. Not included in the total amount available is the accordion feature that
allows UDR to increase the facility to $1.35 billion.
(5) Not included in the total amount available is a $150 million accordion feature on UDR's $250 million term loan due January 2016.
n/a
4.0%
Attachment 4(D)
UDR, Inc.
June 30, 2012
(Unaudited)
DEBT MATURITIES
2012 $
2013
2014
2015
2016
2017
2018
2019
2020
Thereafter
$
Secured Debt
7,062
37,415
36,865
203,836
133,965
261,423
224,787
510,008
27,000
1,442,361
(1)
(3)
Unsecured
Debt
$
122,500
312,377
324,849
433,260
297,464
412,257
$ 1,902,707
7,062
159,915
349,242
Percentage of Total
0.2%
4.8%
10.4%
Weighted Average
Interest Rate
6.5%
4.9%
5.3%
528,685
567,225
261,423
522,251
510,008
439,257
3,345,068
15.8%
17.0%
7.8%
15.6%
15.3%
13.1%
100.0%
5.4%
3.6%
4.4%
4.2%
4.2%
4.6%
4.5%
Percentage of Total
0.2%
4.8%
9.3%
16.9%
14.9%
9.9%
15.6%
15.3%
13.1%
100.0%
Weighted Average
Interest Rate
6.5%
4.9%
5.3%
5.4%
3.3%
4.7%
4.2%
4.2%
4.6%
4.5%
Balance
$
(2)
$
DEBT MATURITIES WITH EXTENSIONS
2012 $
2013
2014
2015
2016
2017
2018
2019
2020
Thereafter
$
Secured Debt
7,062
37,415
240,701
64,054
331,334
224,787
510,008
27,000
1,442,361
Unsecured
Debt
$
122,500
312,377
324,849
433,260
297,464
412,257
$ 1,902,707
Balance
$
(2)
$
7,062
159,915
312,377
565,550
497,314
331,334
522,251
510,008
439,257
3,345,068
(1) Includes $36.9 million permanent financing with a one year extension at UDR's option.
(2) There are no borrowings outstanding on our $900 million line of credit at June 30, 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.
(3) Includes $69.9 million permanent financing with a one year extension at UDR's option.
Attachment 5
UDR, Inc.
Income From Discontinued Operations
June 30, 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 June 30, 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 June 30, 2012, within the Consolidated Statements of Operations for
the periods ended June 30, 2012 and 2011, and the reclassification of the assets and liabilities within the Consolidated Balance Sheets as of June 30, 2012 and December
31, 2011.
During the six months ended June 30, 2012, UDR disposed of 21 communities with a total of 6,507 units. During the six months ended June 30, 2011, UDR disposed of 7
communities with a total of 1,707 units. During the twelve months ended December 31, 2011, UDR disposed of 18 communities with a total of 4,488 units. At June 30, 2012,
UDR has no communities 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
June 30,
2012
2011
In thousands
Rental income
$
Non-property expense
Rental expenses
Property management fee
Real estate depreciation
Interest expense
Other expenses
Income before net gain on the sale of depreciable property
Net gain on the sale of depreciable property
$
13,215
$
26,581
Six Months Ended
June 30,
2012
2011
$
30,316
$
59,271
791
4,637
364
5,792
43
9,989
731
11,253
184
22,200
791
10,566
834
6,340
18,531
88
22,102
1,630
25,153
1,744
23
50,740
7,423
172,006
179,429
4,381
44,658
49,039
11,785
252,531
264,316
8,531
44,699
53,230
$
$
$
Attachment 6
UDR, Inc.
Operating Information
June 30, 2012
(Unaudited)
Number of
Communities
REVENUES
Same-Store Communities
Acquired Communities
Redevelopment Communities
Development Communities and Other
Sold Communities
Total
EXPENSES
Sold Communities
Total
NOI
Sold Communities
Total
124
9
8
4
n/a
145
Total
Homes
34,539
3,085
2,978
1,079
n/a
41,681
Quarter Ended
June 30, 2012
$
$
$
$
$
$
OPERATING MARGIN
TOTAL INCOME PER OCCUPIED HOME
Total
PHYSICAL OCCUPANCY
Total
ROIC
Quarter Ended
March 31, 2012
132,022
20,483
16,883
8,087
13,215
190,690
$
42,813
5,250
6,360
2,719
4,637
61,779
$
89,209
15,233
10,523
5,368
8,578
128,911
$
$
$
$
67.6%
$
$
1,330
2,450
2,213
1,456
1,470
Quarter Ended
December 31, 2011
129,392
18,607
16,776
7,467
17,101
189,343
$
41,771
5,054
6,271
2,204
5,929
61,229
$
87,621
13,553
10,505
5,263
11,172
128,114
$
$
$
$
67.7%
$
$
1,309
2,624
2,172
1,019
1,395
Quarter Ended
September 30, 2011
128,000
18,440
17,115
7,133
22,103
192,791
$
40,948
4,999
7,285
2,664
8,515
64,411
$
87,052
13,441
9,830
4,469
13,588
128,380
$
$
$
$
68.0%
$
$
1,298
2,605
2,084
997
1,369
Quarter Ended
June 30, 2011
127,644
13,915
15,834
6,465
26,589
190,447
$
42,577
3,792
6,020
438
10,107
62,934
$
85,067
10,123
9,814
6,027
16,482
127,513
$
$
$
$
66.6%
$
$
1,287
2,435
2,003
1,006
1,321
125,032
10,284
9,773
5,548
26,581
177,218
41,453
2,515
2,977
2,214
9,989
59,148
83,579
7,769
6,796
3,334
16,592
118,070
66.8%
$
$
1,260
2,392
1,561
993
1,255
95.8%
96.8%
85.4%
87.6%
94.9%
95.4%
96.3%
86.5%
91.3%
94.3%
95.1%
96.1%
91.9%
93.6%
94.7%
95.7%
95.8%
92.9%
93.7%
95.2%
95.8%
95.9%
91.9%
95.0%
95.4%
7.2%
7.1%
6.9%
6.8%
6.7%
Same-Store Communities represent those communities acquired, developed and stabilized prior to April 1, 2011 and held as of June 30, 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.
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 June 30, 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
June 30, 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
New York, NY
Metropolitan DC
Baltimore, MD
Boston, MA
Richmond, VA
Norfolk, VA
Other Mid-Atlantic
Southeastern Region
Tampa, FL
Orlando, FL
Nashville, TN
Other Florida
Southwestern Region
Dallas, TX
Austin, TX
Other Southwest
Totals
Non-Mature Homes
Acquired
Development
(Completed
to Date)
Redev.
Homes in Development
Total
Consolidated
Homes
Total
Non-Mature
Other
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
1,801
2,165
919
1,565
654
914
716
366
12,390
227
227
964
288
583
1,835
-
120
120
964
635
583
2,182
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
263
263
5,214
2,861
2,720
1,771
1,565
654
914
716
936
17,351
3,516
2,301
346
1,358
1,438
168
9,127
1,207
185
833
2,225
706
187
893
360
360
252
252
1,913
984
833
3,730
1,913
4,500
2,301
1,179
1,358
1,438
168
12,857
710
923
379
1,542
960
4,514
2,623
5,423
2,680
2,721
1,358
1,438
1,128
17,371
255
255
256
256
2,623
5,934
2,680
2,721
1,358
1,438
1,128
17,882
3,452
3,167
2,260
636
9,515
-
-
-
-
-
3,452
3,167
2,260
636
9,515
464
464
3,916
3,167
2,260
636
9,979
-
-
3,916
3,167
2,260
636
9,979
3,117
390
3,507
633
633
250
250
347
347
-
347
883
1,230
3,464
1,273
4,737
2,657
259
1,582
4,498
6,121
1,532
1,582
9,235
391
391
-
6,512
1,532
1,582
9,626
34,539
3,085
2,978
707
372
7,142
41,681
10,717
52,398
1,921
519
54,838
(1) See Attachment 9(B) 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
June 30, 2012
(Unaudited)
NON-MATURE APARTMENT HOME BREAKOUT - BY REGION
Non-Mature Community
Western Region
Orange County, CA
Pine Brook Village I & II
Villa Venetia
San Francisco, CA
388 Beale
CitySouth
Bay Terrace
Category
# of Homes
NON-MATURE APARTMENT HOME BREAKOUT - BY DATE
Same-Store
Date
Same-Store
Date
Category
# of Homes
3Q12
Redevelopment
Redevelopment
496
468
3Q15
3Q15
Acquired
Redevelopment
Other
227
288
120
3Q12
3Q13
2Q13
388 Beale
Signal Hill
Inwood West
14 North
10 Hanover Square
Acquired
Development
Acquired
Acquired
Acquired
227
360
446
387
493
1,913
View 14
Dominion Middle Ridge
Acquired
Other
185
252
437
21 Chelsea
95 Wall
Acquired
Acquired
207
507
714
Barton Creek Landing
Bay Terrace
Redevelopment
Other
250
120
370
CitySouth
Lakeline Villas
Red Stone Ranch
Redevelopment
Acquired
Acquired
288
309
324
921
Savoye 2
Development
347
The Westerly on Lincoln
Redevelopment
583
Rivergate
Redevelopment
706
Pine Brook Village I & II
Villa Venetia
The Calvert
Redevelopment
Redevelopment
Redevelopment
496
468
187
1,151
4Q12
Los Angeles, CA
The Westerly on Lincoln
Mid-Atlantic Region
Metropolitan D.C.
Signal Hill
View 14
Dominion Middle Ridge
The Calvert
Redevelopment
583
2Q14
Development
Acquired
Other
Redevelopment
360
185
252
187
3Q12
4Q12
4Q12
3Q15
1Q13
2Q13
Boston, MA
Inwood West
14 North
Acquired
Acquired
446
387
3Q12
3Q12
New York, NY
10 Hanover Square
21 Chelsea
95 Wall
Rivergate
Acquired
Acquired
Acquired
Redevelopment
493
207
507
706
3Q12
1Q13
1Q13
1Q15
Southwestern Region
Dallas Metro/Addison, TX
Savoye 2
3Q13
4Q13
Development
347
4Q13
2Q14
Austin, TX
Barton Creek Landing
Lakeline Villas
Red Stone Ranch
Total
Redevelopment
Acquired
Acquired
250
309
324
7,142
2Q13
3Q13
3Q13
1Q15
3Q15
Attachment 7(C)
UDR, Inc.
Portfolio Information
June 30, 2012
(Unaudited)
NON-MATURE HOME SEQUENTIAL CHANGE
From
Category
To
# of
Homes
Redevelopment
QTD Mature
324
Mid-Atlantic Region
Richmond, VA
Dominion Creekwood
Dominion West End
Held for Disposition
Sold
Sold
503
350
Southeastern Region
Jacksonville, FL
Greentree
Westland
Antlers
St. Johns Plantation
The Kensley
Sold
Sold
Sold
Sold
Sold
352
405
400
400
300
Southwestern Region
Dallas Metro/Addison, TX
Savoye
The Belmont
Belmont Townhomes
Development
QTD Mature
Sold
Sold
392
464
13
Sold
Sold
Sold
Sold
Sold
Sold
356
322
236
200
248
382
Western Region
San Francisco, CA
Highlands of Marin
Phoenix, AZ
Finisterra
Sierra Foothills
Sierra Canyon
Waterford at Peoria
Lumiere
Residences at Stadium Village
Attachment 7(D)
UDR, Inc.
Portfolio Overview - Total Income per Occupied Home
June 30, 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
$
1,619
2,315
1,401
2,017
1,108
1,446
884
1,040
1,421
Acquired
$
Development
(Completed
to Date)
Redev.
3,702
-
$
1,651
2,144
1,697
-
$
Other
-
$
Unconsolidated
Joint Venture
Operating
(1)
Homes
Total
Consolidated
Homes
1,984
-
$
1,625
2,406
1,401
1,907
1,108
1,446
884
1,040
1,421
$
3,205
2,497
3,792
3,105
Total
Homes
(1)
(incl. JV)
$
1,625
2,410
1,487
1,962
1,108
1,446
884
1,040
1,614
Mid-Atlantic Region
New York, NY
Metropolitan DC
Baltimore, MD
Boston, MA
Richmond, VA
Norfolk, VA
Other Mid-Atlantic
1,732
1,426
2,711
1,164
990
986
3,272
2,941
1,595
-
3,619
-
1,421
-
1,358
-
3,399
1,738
1,426
1,924
1,164
990
986
4,047
2,563
1,630
1,994
2,572
3,500
1,778
1,429
1,948
1,164
990
1,867
Southeastern Region
Tampa, FL
Orlando, FL
Nashville, TN
Other Florida
1,036
960
938
1,256
-
-
-
-
1,036
960
938
1,256
1,301
-
1,039
960
938
1,256
Southwestern Region
Dallas, TX
Austin, TX
Other Southwest
1,053
1,252
-
906
-
1,402
-
1,348
-
-
1,074
1,149
-
1,204
3,627
1,299
1,091
1,411
1,299
Totals
$
1,330
$
2,450
$
2,213
$
1,392
$
1,559
$
1,470
$
2,279
$
1,520
(1) Represents joint ventures at pro rata ownership interest. See Attachment 9(B) 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.
Attachment 7(E)
UDR, Inc.
Net Operating Income Breakout by Market
June 30, 2012
(unaudited)
Percent of
Net Operating Income by Region:
Western: 36.6%
Three Months Ended
June 30, 2012
Total Net Operating
Same-Store
Income Including
Net Operating
Pro Rata
Income
Share of JVs (1)
$
89,209
$ 132,621
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: 7.8%
Southeastern: 13.6%
Mid-Atlantic: 42.0%
Total Net Operating
Income Including
Pro Rata
Share of JVs(1)
12.1%
10.0%
6.7%
3.7%
3.9%
2.1%
1.6%
1.5%
1.1%
42.7%
10.5%
9.6%
5.8%
3.5%
2.6%
1.4%
1.1%
1.1%
1.0%
36.6%
13.5%
7.5%
2.1%
3.8%
3.1%
0.3%
30.3%
13.2%
12.5%
5.3%
5.1%
2.6%
2.1%
1.2%
42.0%
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)
7.2%
6.4%
4.8%
1.6%
20.0%
5.0%
4.3%
3.2%
1.1%
13.6%
6.2%
0.8%
7.0%
5.3%
2.0%
0.5%
7.8%
100.0%
100.0%
(1) Includes our pro rata share of JV net operating income and excludes net operating income from properties sold during the quarter.
Attachment 8(A)
UDR, Inc.
Operating Information by Major Market
Current Quarter vs. Prior Year Quarter
June 30, 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
2Q 12
Total Income per Occupied Home (1)
2Q 12
2Q 11
Change
Physical Occupancy
2Q 11
Change
3,290
1,801
2,165
1,565
919
654
914
716
366
12,390
12.1%
10.0%
6.7%
3.9%
3.7%
2.1%
1.6%
1.5%
1.1%
42.7%
95.1%
95.9%
96.2%
95.1%
95.4%
94.3%
93.4%
95.1%
94.9%
95.3%
95.4%
96.5%
96.3%
94.5%
95.7%
95.0%
92.3%
95.8%
94.8%
95.4%
-0.3%
-0.6%
-0.1%
0.6%
-0.3%
-0.7%
1.1%
-0.7%
0.1%
-0.1%
3,516
2,301
1,358
1,438
346
168
9,127
13.5%
7.5%
3.8%
3.1%
2.1%
0.3%
30.3%
97.2%
96.6%
95.6%
94.8%
97.0%
96.0%
96.4%
97.2%
96.7%
96.1%
95.5%
96.4%
94.0%
96.6%
0.0%
-0.1%
-0.5%
-0.7%
0.6%
2.0%
-0.2%
3,452
3,167
2,260
636
9,515
7.2%
6.4%
4.8%
1.6%
20.0%
95.5%
95.3%
97.1%
94.2%
95.8%
95.3%
94.7%
96.8%
92.5%
95.3%
3,117
390
3,507
6.2%
0.8%
7.0%
95.8%
96.8%
95.9%
34,539
100.0%
95.8%
$
1,509
2,075
1,314
1,109
1,915
1,363
884
989
1,366
1,451
7.3%
11.6%
6.6%
-0.1%
5.3%
6.1%
0.0%
5.2%
4.0%
6.5%
1,732
1,426
1,164
990
2,711
986
1,480
1,652
1,365
1,115
987
2,533
980
1,417
4.8%
4.5%
4.4%
0.3%
7.0%
0.6%
4.4%
0.2%
0.6%
0.3%
1.7%
0.5%
1,036
960
938
1,256
1,001
998
925
880
1,207
959
3.8%
3.8%
6.6%
4.1%
4.4%
96.4%
95.9%
96.3%
-0.6%
0.9%
-0.4%
1,053
1,252
1,076
966
1,166
989
9.0%
7.4%
8.8%
95.8%
0.0%
1,260
5.6%
$
1,619
2,315
1,401
1,108
2,017
1,446
884
1,040
1,421
1,545
1,330
$
$
(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
June 30, 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
1,801
2,165
1,565
919
654
914
716
366
12,390
2Q 12
$
15,197
11,993
8,752
4,946
5,305
2,676
2,265
2,125
1,481
54,740
Revenues
2Q 11
$
Change
14,204
10,816
8,220
4,921
5,053
2,541
2,238
2,035
1,422
51,450
7.0%
10.9%
6.5%
0.5%
5.0%
5.3%
1.2%
4.4%
4.1%
6.4%
2Q 12
$
4,390
3,109
2,782
1,510
1,984
795
805
715
520
16,610
Expenses
2Q 11
$
Net Operating Income
2Q 12
2Q 11
Change
Change
4,072
2,969
2,690
1,527
1,876
864
756
662
465
15,881
7.8%
4.7%
3.4%
-1.1%
5.8%
-8.0%
6.5%
8.0%
11.8%
4.6%
$
10,807
8,884
5,970
3,436
3,321
1,881
1,460
1,410
961
38,130
$
10,132
7,847
5,530
3,394
3,177
1,677
1,482
1,373
957
35,569
6.7%
13.2%
8.0%
1.2%
4.5%
12.2%
-1.5%
2.7%
0.4%
7.2%
3,516
2,301
1,358
1,438
346
168
9,127
17,762
9,509
4,535
4,050
2,730
477
39,063
16,940
9,109
4,366
4,068
2,535
464
37,482
4.9%
4.4%
3.9%
-0.4%
7.7%
2.8%
4.2%
5,721
2,806
1,116
1,316
846
172
11,977
5,557
2,662
1,129
1,341
675
154
11,518
3.0%
5.4%
-1.2%
-1.9%
25.3%
11.7%
4.0%
12,041
6,703
3,419
2,734
1,884
305
27,086
11,383
6,447
3,237
2,727
1,860
310
25,964
5.8%
4.0%
5.6%
0.3%
1.3%
-1.6%
4.3%
3,452
3,167
2,260
636
9,515
10,242
8,689
6,175
2,258
27,364
9,851
8,321
5,778
2,131
26,081
4.0%
4.4%
6.9%
6.0%
4.9%
3,801
3,023
1,930
846
9,600
3,792
3,040
2,154
815
9,801
0.2%
-0.6%
-10.4%
3.8%
-2.1%
6,441
5,666
4,245
1,412
17,764
6,059
5,281
3,624
1,316
16,280
6.3%
7.3%
17.1%
7.3%
9.1%
3,117
390
3,507
9,437
1,418
10,855
8,711
1,308
10,019
8.3%
8.4%
8.3%
3,942
684
4,626
3,563
690
4,253
10.6%
-0.9%
8.8%
5,495
734
6,229
5,148
618
5,766
6.7%
18.8%
8.0%
125,032
5.6%
41,453
3.3%
83,579
6.7%
34,539
$
132,022
$
$
42,813
$
$
89,209
$
Attachment 8(C)
UDR, Inc.
Current Quarter vs. Last Quarter
June 30, 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
2Q 12
(1)
Physical Occupancy
1Q 12
Change
3,290
1,801
2,165
1,565
919
654
914
716
366
12,390
95.1%
95.9%
96.2%
95.1%
95.4%
94.3%
93.4%
95.1%
94.9%
95.3%
94.6%
95.8%
95.7%
92.0%
94.7%
94.9%
91.2%
93.7%
94.2%
94.3%
0.5%
0.1%
0.5%
3.1%
0.7%
-0.6%
2.2%
1.4%
0.7%
1.0%
3,516
2,301
1,358
1,438
346
168
9,127
97.2%
96.6%
95.6%
94.8%
97.0%
96.0%
96.4%
96.7%
96.7%
94.7%
94.8%
96.8%
93.2%
96.0%
0.5%
-0.1%
0.9%
0.0%
0.2%
2.8%
0.4%
3,452
3,167
2,260
636
9,515
95.5%
95.3%
97.1%
94.2%
95.8%
96.1%
95.5%
97.0%
94.7%
96.0%
3,117
390
3,507
95.8%
96.8%
95.9%
34,539
95.8%
Total Income per Occupied Home
2Q 12
1Q 12
Change
$
1,594
2,254
1,382
1,067
1,983
1,415
894
1,025
1,377
1,520
1.6%
2.7%
1.4%
3.8%
1.7%
2.2%
-1.1%
1.5%
3.2%
1.6%
1,732
1,426
1,164
990
2,711
986
1,480
1,710
1,409
1,158
986
2,686
994
1,465
1.3%
1.2%
0.5%
0.4%
0.9%
-0.8%
1.0%
-0.6%
-0.2%
0.1%
-0.5%
-0.2%
1,036
960
938
1,256
1,001
1,019
946
920
1,240
986
1.7%
1.5%
2.0%
1.3%
1.5%
95.7%
95.4%
95.7%
0.1%
1.4%
0.2%
1,053
1,252
1,076
1,028
1,235
1,051
2.4%
1.4%
2.4%
95.4%
0.4%
1,309
1.6%
$
1,619
2,315
1,401
1,108
2,017
1,446
884
1,040
1,421
1,545
1,330
$
$
Attachment 8(D)
UDR, Inc.
Current Quarter vs. Last Quarter
June 30, 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
1,801
2,165
1,565
919
654
914
716
366
12,390
2Q 12
$
15,197
11,993
8,752
4,946
5,305
2,676
2,265
2,125
1,481
54,740
Revenues
1Q 12
$
Change
14,886
11,666
8,592
4,609
5,178
2,635
2,236
2,062
1,425
53,289
2.1%
2.8%
1.9%
7.3%
2.5%
1.6%
1.3%
3.1%
3.9%
2.7%
2Q 12
$
4,390
3,109
2,782
1,510
1,984
795
805
715
520
16,610
Expenses
1Q 12
$
2Q 12
1Q 12
Change
Change
4,370
3,042
2,636
1,482
1,846
841
770
685
534
16,206
0.5%
2.2%
5.5%
1.9%
7.5%
-5.5%
4.5%
4.4%
-2.6%
2.5%
$
10,807
8,884
5,970
3,436
3,321
1,881
1,460
1,410
961
38,130
$
10,516
8,624
5,956
3,127
3,332
1,794
1,466
1,377
891
37,083
2.8%
3.0%
0.2%
9.9%
-0.3%
4.8%
-0.4%
2.4%
7.9%
2.8%
3,516
2,301
1,358
1,438
346
168
9,127
17,762
9,509
4,535
4,050
2,730
477
39,063
17,440
9,403
4,466
4,034
2,699
467
38,509
1.8%
1.1%
1.5%
0.4%
1.1%
2.1%
1.4%
5,721
2,806
1,116
1,316
846
172
11,977
5,639
2,733
1,139
1,310
848
161
11,830
1.5%
2.7%
-2.0%
0.5%
-0.2%
6.8%
1.2%
12,041
6,703
3,419
2,734
1,884
305
27,086
11,801
6,670
3,327
2,724
1,851
306
26,679
2.0%
0.5%
2.8%
0.4%
1.8%
-0.3%
1.5%
3,452
3,167
2,260
636
9,515
10,242
8,689
6,175
2,258
27,364
10,138
8,583
6,050
2,241
27,012
1.0%
1.2%
2.1%
0.8%
1.3%
3,801
3,023
1,930
846
9,600
3,677
2,953
2,010
779
9,419
3.4%
2.4%
-4.0%
8.6%
1.9%
6,441
5,666
4,245
1,412
17,764
6,461
5,630
4,040
1,462
17,593
-0.3%
0.6%
5.1%
-3.4%
1.0%
3,117
390
3,507
9,437
1,418
10,855
9,203
1,379
10,582
2.5%
2.8%
2.6%
3,942
684
4,626
3,774
542
4,316
4.5%
26.2%
7.2%
5,495
734
6,229
5,429
837
6,266
1.2%
-12.3%
-0.6%
129,392
2.0%
41,771
2.5%
87,621
1.8%
34,539
$
132,022
$
$
42,813
$
$
89,209
$
Attachment 8(E)
UDR, Inc.
Current Year-to-Date vs. Prior Year-to-Date
June 30, 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
YTD
2012 NOI
Same-Store
Total Income per Occupied Home (1)
YTD 12
YTD 11
Change
Physical Occupancy
YTD 12
YTD 11
Change
3,290
1,477
2,165
919
1,565
654
914
716
366
12,066
12.3%
8.6%
6.9%
3.9%
3.8%
2.1%
1.7%
1.6%
1.1%
42.0%
94.9%
96.2%
95.9%
95.0%
93.5%
94.6%
92.3%
94.4%
94.5%
94.8%
95.1%
97.1%
96.3%
95.7%
93.2%
94.7%
93.1%
96.1%
95.6%
95.2%
-0.2%
-0.9%
-0.4%
-0.7%
0.3%
-0.1%
-0.8%
-1.7%
-1.1%
-0.4%
3,516
2,301
1,358
1,438
346
168
9,127
13.7%
7.7%
3.9%
3.2%
2.2%
0.4%
31.1%
96.9%
96.7%
95.1%
94.8%
96.9%
94.6%
96.2%
97.2%
96.6%
96.2%
95.6%
96.2%
94.4%
96.6%
-0.3%
0.1%
-1.1%
-0.8%
0.7%
0.2%
-0.4%
3,452
3,167
2,260
636
9,515
7.5%
6.5%
4.8%
1.7%
20.5%
95.8%
95.4%
97.1%
94.5%
95.9%
95.7%
94.9%
96.5%
93.3%
95.4%
2,725
390
3,115
5.5%
0.9%
6.4%
96.1%
96.1%
96.1%
33,823
100.0%
95.6%
$
1,499
2,055
1,299
1,914
1,086
1,360
881
979
1,354
1,424
7.1%
13.1%
7.2%
4.5%
0.2%
5.2%
0.9%
5.5%
3.4%
6.6%
1,722
1,417
1,162
988
2,699
990
1,472
1,640
1,354
1,103
978
2,510
983
1,405
5.0%
4.7%
5.3%
1.0%
7.5%
0.7%
4.8%
0.1%
0.5%
0.6%
1.2%
0.5%
1,027
953
928
1,248
993
989
918
874
1,203
953
3.8%
3.8%
6.2%
3.7%
4.2%
96.3%
95.7%
96.2%
-0.2%
0.4%
-0.1%
1,009
1,244
1,038
930
1,148
958
8.5%
8.4%
8.4%
95.7%
-0.1%
1,244
5.5%
$
1,606
2,324
1,392
2,001
1,088
1,431
889
1,033
1,400
1,518
1,313
$
$
Attachment 8(F)
UDR, Inc.
Current Year-to-Date vs. Prior Year-to-Date
June 30, 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
YTD 12
$
30,083
19,816
17,344
10,483
9,555
5,311
4,502
4,187
2,908
104,189
Revenues
YTD 11
$
Change
28,137
17,682
16,253
10,098
9,502
5,054
4,500
4,041
2,843
98,110
6.9%
12.1%
6.7%
3.8%
0.6%
5.1%
0.0%
3.6%
2.3%
6.2%
YTD 12
$
8,760
4,984
5,418
3,830
2,992
1,636
1,575
1,400
1,054
31,649
Expenses
YTD 11
$
YTD 12
YTD 11
Change
Change
8,475
4,919
5,403
3,370
3,160
1,663
1,566
1,313
931
30,800
3.4%
1.3%
0.3%
13.6%
-5.3%
-1.6%
0.6%
6.6%
13.2%
2.8%
$
21,323
14,832
11,926
6,653
6,563
3,675
2,927
2,787
1,854
72,540
$
19,662
12,763
10,850
6,728
6,342
3,391
2,934
2,728
1,912
67,310
8.4%
16.2%
9.9%
-1.1%
3.5%
8.4%
-0.2%
2.2%
-3.0%
7.8%
3,516
2,301
1,358
1,438
346
168
9,127
35,202
18,912
9,001
8,084
5,429
944
77,572
33,630
18,055
8,644
8,067
5,012
935
74,343
4.7%
4.7%
4.1%
0.2%
8.3%
1.0%
4.3%
11,360
5,539
2,255
2,626
1,694
333
23,807
11,281
5,356
2,330
2,589
1,453
304
23,313
0.7%
3.4%
-3.2%
1.4%
16.6%
9.5%
2.1%
23,842
13,373
6,746
5,458
3,735
611
53,765
22,349
12,699
6,314
5,478
3,559
631
51,030
6.7%
5.3%
6.8%
-0.4%
4.9%
-3.2%
5.4%
3,452
3,167
2,260
636
9,515
20,380
17,272
12,225
4,500
54,377
19,603
16,562
11,441
4,283
51,889
4.0%
4.3%
6.9%
5.1%
4.8%
7,478
5,976
3,940
1,625
19,019
7,550
5,991
4,252
1,580
19,373
-1.0%
-0.3%
-7.3%
2.8%
-1.8%
12,902
11,296
8,285
2,875
35,358
12,053
10,571
7,189
2,703
32,516
7.0%
6.9%
15.2%
6.4%
8.7%
2,725
390
3,115
15,852
2,797
18,649
14,649
2,572
17,221
8.2%
8.7%
8.3%
6,398
1,226
7,624
6,165
1,167
7,332
3.8%
5.1%
4.0%
9,454
1,571
11,025
8,484
1,405
9,889
11.4%
11.8%
11.5%
241,563
5.5%
80,818
1.6%
160,745
7.4%
33,823
$
254,787
$
$
82,099
$
$
172,688
$
Attachment 9(A)
UDR, Inc.
Developments and Land Summary
June 30, 2012
(Unaudited)
WHOLLY OWNED DEVELOPMENT
Location
Number
of Homes
Completed
Homes
Capital View on 14th
Washington, D.C.
255
-
Fiori on Vitruvian Park ®
Addison, TX
391
-
Property
Cost to
Date
Budgeted
Cost
Estimated
Completion
Date (1)
Percentage
Leased
4Q12
n/a
3Q13
n/a
4Q13
n/a
4Q13
n/a
4Q13
n/a
Estimated
Completion
Date (1)
Percentage
Leased
75,500
1Q14
n/a
65,100
1Q14
n/a
Ownership
Interest
UDR's Equity
Investment
at 6/30/2012
Est. Cost
Per Home
Under Construction:
$
99,899
$
126,100
37,507
$
495
98,350
(2)
252
The Residences at Bella Terra
Huntington Beach, CA
467
-
61,742
150,000
321
(3)
Mission Bay
San Francisco, CA
315
-
52,492
139,600
443
(4)
Los Alisos
Mission Viejo, CA
320
-
30,366
87,050
272
1,748
-
Total
$
282,006
$
601,100
$
344
CONSOLIDATED JOINT VENTURE DEVELOPMENT
Property
Pre-Development:
Beach Walk
Number
of Homes
Location
Huntington Beach, CA
Total
173
Ownership
Interest
90%
173
Total
Investment
at 6/30/12
$
13,857
$
13,857
UNCONSOLIDATED JOINT VENTURE DEVELOPMENT
Property
Number
of Homes
Location
Completed
Homes
Ownership
Interest
Under Construction:
13th & Market
San Diego, CA
263
-
95%
Domain College Park
College Park, MD
256
-
95%
Total
519
-
UDR's Equity
Investment
at 6/30/12
$
22,461
Budgeted
Costs
$
14,413
$
36,874
$
140,600
LAND SUMMARY
WHOLLY OWNED
JOINT VENTURES
Book
Value
Property/Location
3033 Wilshire
Los Angeles, CA
$
Vitruvian Park ®
Addison, TX
(5)
7 Harcourt
Boston, MA
Total
(1)
(2)
(3)
(4)
(5)
Property/Location
16,509
399 Fremont
San Francisco, CA
92.5%
80,360
Pier 4
Boston, MA
98.0%
4,699
$
101,568
Date construction is complete, but does not represent the date of stabilization.
Includes 16,000 square feet of retail space.
Land is adjacent to our Garrison Square community.
Total
$
38,884
27,092
$
65,976
Attachment 9(B)
UDR, Inc.
Redevelopments and Operating Joint Ventures
June 30, 2012
(Unaudited)
WHOLLY OWNED REDEVELOPMENT
Property/Location
The Westerly on Lincoln (formerly Marina Pointe)
Number of
Homes
Location
Completed
Homes
Cost
to Date
Marina del Rey, CA
583
134
$
15,514
Budgeted
Cost (1)
$
36,100
Cost
Per Home (2)
$
308
Estimated
Completion
Date
Percentage
Leased
Same-Store
Date (3)
2Q13
81.8%
2Q14
Rivergate
New York, NY
706
33
6,148
60,000
687
4Q13
97.3%
1Q15
The Calvert (4)
Alexandria, VA
332
-
15,638
107,600
375
2Q14
0%
3Q15
Pine Brook I and II
Costa Mesa, CA
496
-
328
38,700
262
2Q14
95.8%
3Q15
Villa Venetia
Costa Mesa, CA
266
2Q14
90.8%
3Q15
Book Value
of JV
Real Estate
Assets
Project
Debt
6/30/2012 (6)
Weighted Avg
Interest
Rate
Debt
Maturity
664,990
4.2%
Various
Total
468
12
2,585
179
3,763
$
41,391
36,600
$
279,000
$
404
UNCONSOLIDATED OPERATING JOINT VENTURES
Joint Venture
Property
Type
Ownership
Interest
UDR's Equity
Investment
at 6/30/2012
$
323,688
YTD NOI
$
(5)
30,443
UDR's
Share
of YTD NOI
MetLife JV II (12 communities)
2,528
Garden/High-rise
50%
MetLife JV I
19 operating communities (12.6% ownership)
10 land parcels (4.0% ownership)
3,930
Garden/High-rise
Variable
100,208
33,792
3,948
1,774,994
695,199
4.2%
Various
$
15,222
$
1,281,000
$
KFH JV (3 communities)
660
High-rise
30%
32,052
6,817
2,045
279,478
165,209
3.4%
Various
Lodge at Stoughton
240
Garden
95%
16,653
113
107
44,046
26,003
3.2%
10/2014
3,359
Garden
20%
219,588
5.6%
12/2014
Texas JV (8 communities)
Total Operating Joint Ventures
(1)
(2)
(3)
(4)
(5)
(6)
Current
Number
of Homes
10,717
4,647
$
477,248
11,588
$
82,753
2,318
$
23,640
318,932
$
3,698,450
Represents our incremental capital in the projects.
Represents the cost per home after the redevelopment.
Same-Store Date represents the quarter we anticipate contributing the property to the same-store pool.
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.
Represents year-to-date net operating income at 100%.
Represents total joint venture project debt.
$
1,770,989
Attachment 10
UDR, Inc.
Summary of Apartment Community Acquisitions and Dispositions
June 30, 2012
(Unaudited)
ACQUISITIONS - JOINT VENTURES
Date
Jan-12
Jan-12
Property Name
(2)
Columbus Square
Seven communities contributed from UDR/MetLife I JV
Location/Market
New York, NY
Various
Total Joint Venture Apartment Communities
Jan-12
May-12
399 Fremont
Pier 4
San Francisco, CA
Boston, MA
Total Joint Venture Land
Ownership
Interest
50%
50% (3)
Price (1)
$
630,000
649,600
$
1,279,600
$
40,300
25,000
$
65,300
$
$
Homes
710
1,818
Price per
Home
$
887
357
2,528
$
506
22,780
26,350
309
324
$
74
81
49,130
633
$
78
Price
19,000
10,000
6,000
15,000
62,300
21,100
476,000
Homes
352
172
168
208
476
200
4,931
609,400
6,507
ACQUISITIONS - WHOLLY OWNED
Apr-12
Apr-12
Lakeline Villas
Redstone Ranch
Austin, TX
Austin, TX
Total Wholly Owned Apartment Communities
(4)
DISPOSITIONS - WHOLLY OWNED
Date
Mar-12
Mar-12
Mar-12
Mar-12
Mar-12
Mar-12
Jun-12
Property Name
Hunters Ridge
The Groves
Mallards of Brandywine
Pierpoint Port Orange
Manor at England Run
Greens at Falls Run
Portfolio disposition
Total Apartment Communities
(1)
(2)
(3)
(4)
Location/Market
Plant City, FL
Port Orange, FL
Deland, FL
Port Orange, FL
Fredericksburg, VA
Fredericksburg, VA
Various
$
$
Represents total purchase price at 100%.
Includes five recently developed high-rise apartment buildings located on the Upper West Side of Manhattan acquired by UDR/MetLife JV II.
Prior to the formation of UDR/MetLife JV II, UDR's weighted average ownership in these seven communities was 11.1%.
Communities were previously part of the Texas Joint Venture. Prior to the acquisition, UDR had a 20% ownership in the communities.
Price per
Home
$
54
58
36
72
131
106
97
$
94
Attachment 11
UDR, Inc.
Summary of Capital Expenditures and Repair & Maintenance
June 30, 2012
(Dollars in thousands, except Cost per Home)
(Unaudited)
RECURRING CAPITAL EXPENDITURES (1)
Weighted Average
Useful Life (Yrs) (2)
Six Months Ended
June 30, 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
6,708
3,889
3,064
13,661
144
84
66
294
5
6,223
134
Turnover Related
Total Recurring Capital Expenditures (4)
$
$
8,138
28,022
$
175
$
603
46,476
Average Stabilized Apartment Homes
REPAIR & MAINTENANCE
Six Months Ended
June 30, 2012
Contract Services
$
9,637
Cost
Per Home
$
207
Turnover Related Expenses
3,304
71
Other Repair & Maintenance
Building Interiors
Building Exteriors
Landscaping & Grounds
4,398
1,062
477
95
23
10
Total Repair & Maintenance
Average Stabilized Apartment Homes
$
18,878
46,476
(1) Excludes redevelopment capital.
(2) Weighted average useful life of capitalized expenses for the six months ended June 30, 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.
$
406
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UDR Second Quarter 2012 Earnings Supplement

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