UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 26, 2016
UDR, Inc.
(Exact name of registrant as specified in its charter)
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Maryland | 1-10524 | 54-0857512 |
(State or other jurisdiction | (Commission | (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
| | |
1745 Shea Center Drive, Suite 200, Highlands Ranch, Colorado | | 80129 |
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (720) 283-6120
Not Applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On July 26, 2016, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2016. This press release is furnished as Exhibit 99.1 to this Report and refers to supplemental financial information that is available on the Company’s website and furnished as Exhibit 99.2 to this Report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Ex. No. | | Description |
99.1 | | Earnings press release dated July 26, 2016. |
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99.2 | | Supplemental Financial Information dated July 26, 2016. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | UDR, Inc. |
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July 26, 2016 | | By: | | /s/ Shawn G. Johnston |
| | | | Name: Shawn G. Johnston |
| | | | Title: Chief Accounting Officer and Vice President (Principal Accounting Officer and Interim Principal Financial Officer) |
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| | Exhibit 99.1
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Press Release | | | | |
DENVER, CO—July 26, 2016 | | | Contact: Shelby Noble |
| | | | Phone: 720.922.6082 |
UDR ANNOUNCES SECOND QUARTER 2016 RESULTS AND UPDATES FULL-YEAR GUIDANCE
UDR (the “Company”) Second Quarter 2016 Highlights:
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• | Net income per share was $0.06, Funds from Operations (“FFO”) per share was $0.44, FFO as Adjusted per share was $0.45, and Adjusted Funds from Operations (“AFFO”) per share was $0.41. |
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• | Net income attributable to common stockholders was $17.0 million as compared to $85.9 million in the prior year. The decrease year-over-year was primarily due to lower gains on the sale of real estate. |
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• | Year-over-year same-store (“SS”) revenue, expense and net operating income (“NOI”) growth for the quarter were 5.7 percent, 5.5 percent and 5.7 percent, respectively. |
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• | Construction was completed on three West Coast Development JV communities located in Seattle, WA and Anaheim, CA with a total going-in valuation of $315 million. |
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• | Commenced the construction of Crescent Heights, a 150-home development in a 50%/50% joint venture with MetLife in Los Angeles, CA, with a total estimated cost of $126 million and an expected completion of 2018. |
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• | Sold one wholly-owned retail property located in Bellevue, WA for approximately $45 million. |
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• | Updated full-year 2016 earnings growth guidance: |
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◦ | Tightened and increased Net income per share guidance to $0.23 to $0.27 from $0.20 to $0.26; |
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◦ | Tightened FFO per share guidance to $1.76 to $1.80 from $1.75 to $1.81; and |
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◦ | Tightened and increased FFO as Adjusted and AFFO per share guidance to $1.77 to $1.80 from $1.75 to $1.81 and $1.61 to $1.64 from $1.59 to $1.65, respectively. |
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| Q2 2016 | Q2 2015 | YTD 2016 | YTD 2015 | |
Net income per common share, diluted | $0.06 | $0.33 | $0.10 | $0.61 | |
Conversion from GAAP share count | (0.003) | (0.014) | (0.010) | (0.025) | |
Net gain on the sale of depreciable real estate owned | (0.025) | (0.291) | (0.030) | (0.509) | |
Depreciation | 0.399 | 0.369 | 0.794 | 0.733 | |
Noncontrolling interests and preferred dividends | 0.009 | 0.015 | 0.016 | 0.028 | |
FFO per common share and unit, diluted | $0.44 | $0.41 | $0.87 | $0.84 | |
Acquisition-related costs/(fees), including joint ventures | — | 0.006 | — | 0.006 | |
Texas Joint Venture promote and disposition fee income | — | — | — | (0.035) | |
Long-term incentive plan transition costs | 0.000 | 0.004 | 0.001 | 0.007 | |
Net gain on the sale of non-depreciable real estate owned | — | — | (0.006) | — | |
Casualty-related (recoveries)/charges, including joint ventures, net | 0.005 | 0.003 | 0.009 | 0.007 | |
FFO as Adjusted per common share and unit, diluted | $0.45 | $0.42 | $0.88 | $0.82 | |
Recurring capital expenditures | (0.037) | (0.037) | (0.061) | (0.064) | |
AFFO per common share and unit, diluted | $0.41 | $0.38 | $0.81 | $0.76 | |
A reconciliation of FFO, FFO as Adjusted and AFFO to GAAP Net income attributable to common stockholders can be found on Attachment 2 of the Company’s second quarter Supplemental Financial Information.
Operations
Total revenue increased by $22.9 million or 11 percent, to $238.8 million for the second quarter and $38.0 million or 9 percent, to $473.6 million year-to-date. This increase is primarily due to growth in revenue from stabilized, non-mature communities and same-store communities.
Same-store NOI increased 5.7 percent year-over-year in the second quarter of 2016 driven by same-store revenue growth of 5.7 percent coupled with a 5.5 percent increase in same-store expenses. Same-store expenses during the second quarter and year-to-date were elevated due to a $1.1 million expense resulting from a higher-than-expected initial stabilized real estate tax assessment on a 2014, San Francisco, development completion. Same-store physical occupancy was 96.6 percent as compared to 96.9 percent in the prior year period. The second quarter annualized rate of turnover was 56.8 percent representing an 80 basis point increase year-over-year.
Summary of Same-Store Results Second Quarter 2016 versus Second Quarter 2015
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Region | Revenue Growth | Expense Growth/(Decline) | NOI Growth | % of Same- Store Portfolio(1) | Same-Store Occupancy(2) | Number of Same-Store Homes(3) |
West | 8.0 | % | 11.7 | % | 6.7 | % | 40.8 | % | 96.1 | % | 11,460 |
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Mid-Atlantic | 1.6 | % | (1.4 | )% | 3.0 | % | 21.6 | % | 96.9 | % | 8,304 |
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Northeast | 5.0 | % | 3.3 | % | 5.7 | % | 17.5 | % | 96.8 | % | 3,124 |
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Southeast | 7.2 | % | 2.4 | % | 9.5 | % | 14.1 | % | 96.9 | % | 7,683 |
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Southwest | 4.6 | % | 10.4 | % | 1.3 | % | 6.0 | % | 96.4 | % | 3,608 |
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Total | 5.7 | % | 5.5 | % | 5.7 | % | 100.0 | % | 96.6 | % | 34,179 |
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(2) | Weighted average same-store occupancy for the quarter. |
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(3) | During the second quarter, 34,179 apartment homes, or approximately 84 percent of 40,728 total consolidated apartment homes (versus 51,381 apartment homes inclusive of joint ventures, preferred equity investments and development pipeline homes upon completion), were classified as same-store. The Company defines QTD SS Communities as those communities stabilized for five full consecutive quarters. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and not held for disposition. |
Sequentially, same-store NOI increased by 1.4 percent on revenue growth of 1.5 percent coupled with a 1.5 percent increase in expenses in the second quarter of 2016.
Year-to-date, for the six months ended June 30, 2016, the Company’s same-store revenue increased 6.0 percent coupled with a 4.1 percent increase in same-store expenses resulting in a same-store NOI increase of 6.8 percent year-over-year. Same-store physical occupancy was 96.6% as compared to 96.8% in the prior year period.
Summary of Same-Store Results YTD 2016 versus YTD 2015 |
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Region | Revenue Growth | Expense Growth | NOI Growth | % of Same- Store Portfolio(1) | Same-Store Occupancy(2) | Number of Same-Store Homes(3) |
West | 8.6 | % | 8.1 | % | 8.8 | % | 40.8 | % | 96.1 | % | 11,298 |
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Mid-Atlantic | 1.8 | % | 0.5 | % | 2.4 | % | 21.4 | % | 96.8 | % | 8,304 |
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Northeast | 5.4 | % | 3.8 | % | 6.1 | % | 17.4 | % | 96.8 | % | 3,124 |
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Southeast | 7.3 | % | 0.9 | % | 10.4 | % | 14.2 | % | 96.8 | % | 7,683 |
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Southwest | 5.0 | % | 5.8 | % | 4.5 | % | 6.2 | % | 96.7 | % | 3,608 |
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Total | 6.0 | % | 4.1 | % | 6.8 | % | 100.0 | % | 96.6 | % | 34,017 |
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(1) | Based on YTD 2016 NOI. |
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(2) | Average same-store occupancy for YTD 2016. |
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(3) | During the six months, 34,017 apartment homes, or approximately 84 percent of 40,728 total consolidated apartment homes (versus 51,381 apartment homes inclusive of joint ventures, preferred equity investments and development pipeline homes upon completion), were classified as same-store. The Company defines QTD SS Communities as those communities stabilized for five full consecutive quarters. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and not held for disposition. |
Development and Redevelopment Activity
At the end of the first quarter, the Company had a completed and under-construction development pipeline for which its pro rata share totaled $1.1 billion. The $1.1 billion consisted of a $162 million completed, non-stabilized project and $937 million of under-construction projects. The $937 million of under-construction development projects will be delivered over the next three years, with $166 million in 2017, $405 million in 2018 and the balance in early 2019. The development pipeline is currently expected to produce a weighted average spread between estimated stabilized yields and current market cap rates above the upper end of the Company’s 150 to 200 basis point targeted range.
In addition, the Company had preferred equity and participating loan investments for which its pro rata share totaled $364 million with 100 percent of the equity commitment funded. The $364 million consisted of $247 million completed, non-stabilized projects and $117 million of under-construction projects. Of the $117 million in development projects left to complete, $61 million is expected to be completed in 2016 and the balance in 2017.
The Company commenced one new development project during the second quarter. Crescent Heights, a 150-home community located in Los Angeles, CA, is being developed in a 50%/50% joint venture with MetLife for a total budgeted cost of $126 million and is included in the Company’s $1.1 billion development pipeline. The project is expected to be completed in 2018.
Transactional Activity
During the quarter, the Company increased its ownership interest in a parcel of land located in Los Angeles, CA from 50 percent to 100 percent for an incremental cost of $19 million. Subsequent to the acquisition, UDR entered into a triple-net operating ground lease, to lease the land to a third-party developer. Annual lease revenue is expected to be approximately $2.6 million. The lease term is 49 years plus two 25-year extension options, and the ground lease provides the ground lessee with options to buy the fee interest in the property.
Additionally, the Company disposed of a retail property located in Bellevue, WA for a sales price of approximately $45 million and a gain, net of tax, of $7.3 million.
Balance Sheet
At June 30, 2016, the Company had $876 million in availability through a combination of cash and undrawn capacity on its credit facilities.
The Company’s total indebtedness at June 30, 2016 was $3.5 billion. The Company ended the quarter with fixed-rate debt representing 79.3 percent of its total debt, a total blended interest rate of 3.76 percent and a weighted average maturity of 4.9 years. The Company’s leverage was 33.2 percent versus 37.5 percent a year ago, net debt-to-EBITDA was 5.3x versus 6.2x a year ago and fixed charge coverage was 4.63x versus 4.21x a year ago.
Dividend
As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the second quarter of 2016 in the amount of $0.295 per share. The dividend will be paid in cash on August 1, 2016 to UDR common stock shareholders of record as of July 11, 2016. The second quarter 2016 dividend will represent the 175th consecutive quarterly dividend paid by the Company on its common stock.
On an annualized declared basis, the Company’s $1.18 per share 2016 dividend represents a 6 percent increase versus 2015.
Outlook
For the third quarter of 2016, the Company has established the following earnings guidance ranges:
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| Net income per share: | $0.04 to $0.07 | | | |
| FFO per share | $0.44 to $0.46 | | | |
| FFO as Adjusted per share | $0.44 to $0.46 | | | |
| AFFO per share | $0.39 to $0.41 | | | |
For the full-year 2016, the Company has updated its previously provided earnings guidance ranges:
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| | Revised | | Prior Guidance | |
| Net income per share: | $0.23 to $0.27 | | $0.20 to $0.26 | |
| FFO per share | $1.76 to $1.80 | | $1.75 to $1.81 | |
| FFO as Adjusted per share | $1.77 to $1.80 | | $1.75 to $1.81 | |
| AFFO per share | $1.61 to $1.64 | | $1.59 to $1.65 | |
For the full-year 2016, the Company has reaffirmed its previously provided same-store growth guidance ranges:
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| Revenue | 5.50% to 6.00% | | | |
| Expense | 3.00% to 3.50% | | | |
| Net operating income | 6.50% to 7.00% | | | |
Additional assumptions for the Company’s third quarter and full-year 2016 guidance can be found on Attachment 15 of the Company’s second quarter Supplemental Financial Information. A reconciliation of FFO per share, FFO as Adjusted per share and AFFO per share to GAAP Net income per share can be found on Attachment 16(D) of the Company’s second quarter Supplemental Financial Information. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 16(A) through 16(D), “Definitions and Reconciliations,” of the Company’s second quarter Supplemental Financial Information.
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 ir.udr.com.
Conference Call and Webcast Information
UDR will host a webcast and conference call at 1:00 p.m. Eastern Time on July 27, 2016 to discuss second quarter results. The webcast will be available on UDR's website at ir.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 877-795-3647 for domestic and 719-325-4903 for international and provide the following conference ID number: 2041191.
A replay of the conference call will be available through August 27, 2016, by dialing 888-203-1112 for domestic and 719-457-0820 for international and entering the confirmation number, 2041191, when prompted for the passcode.
A replay of the call will be available for 30 days on UDR's website at ir.udr.com.
Full Text of the Earnings Report and Supplemental Data
Internet -- The full text of the earnings report and Supplemental Financial Information will be available on the Company’s website at ir.udr.com.
Mail -- For those without Internet access, the second quarter 2016 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 720-922-6082.
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 forward-looking 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 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 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 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.
About UDR, Inc.
UDR, Inc. (NYSE:UDR), an S&P 500 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, 2016, UDR owned or had an ownership position in 51,381 apartment homes including 3,510 homes under development or in preferred equity investments. For over 44 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 ir.udr.com.
Exhibit 99.2
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Financial Highlights |
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UDR, Inc. |
As of End of Second Quarter 2016 (1) |
(Unaudited) |
| | | | | | | | | | |
| | | | Actual Results | | Actual Results | | Guidance as of June 30, 2016 |
Dollars in thousands, except per share and unit | | 2Q 2016 | | YTD 2016 | | 3Q 2016 | | Full-Year 2016 |
GAAP Metrics | | | | | | | | | | |
Net income/(loss) attributable to common stockholders | | $17,017 | | $26,481 | | -- | | -- |
Net income/(loss) attributable to UDR, Inc. | | $17,946 | | $28,339 | | -- | | -- |
Income/(loss) per weighted average common share, diluted | | $0.06 | | $0.10 | | $0.04 to $0.07 | | $0.23 to $0.27 |
| | | | | | | | |
Per Share Metrics | | | | | | | | |
FFO per common share and unit, diluted | | $0.44 | | $0.87 | | $0.44 to $0.46 | | $1.76 to $1.80 |
FFO as Adjusted per common share and unit, diluted | | $0.45 | | $0.88 | | $0.44 to $0.46 | | $1.77 to $1.80 |
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted | | $0.41 | | $0.81 | | $0.39 to $0.41 | | $1.61 to $1.64 |
Dividend declared per share and unit | | $0.2950 | | $0.5900 | | $0.2950 | | $1.18 (2) |
| | | | | | | | | | |
Same-Store Operating Metrics | | | | | | | | |
Revenue growth | | 5.7% | | 6.0% | | -- | | 5.50% - 6.00% |
Expense growth | | 5.5% | | 4.1% | | -- | | 3.00% - 3.50% |
NOI growth | | 5.7% | | 6.8% | | -- | | 6.50% - 7.00% |
Physical Occupancy | | 96.6% | | 96.6% | | -- | | 96.6% |
| | | | | | | | | | |
Property Metrics | | | | Homes | | Communities | | % of Total NOI |
Same-Store | | | | 34,179 | | 118 | | 73.1% |
Stabilized, Non-Mature | | | | 4,448 | | 10 | | 11.1% |
Acquired Communities | | - | | - | | - |
Redevelopment | | | | 2,101 | | 4 | | 4.3% |
Non-Residential / Other | | N/A | | N/A | | 1.7% |
Sold and Held for disposition | | | | - | | - | | 0.0% |
Joint Venture (includes completed JV developments) (3) | | 7,143 | | 29 | | 9.8% |
Sub-total, completed homes | | 47,871 | | 161 | | 100% |
Under Development | | 1,101 | | 2 | | - |
Joint Venture Development | | 876 | | 4 | | - |
Preferred Equity Investments | | 1,533 | | 5 | | - |
Total expected homes (3)(4) | | 51,381 | | 172 | | 100% |
| | | | | | | | | | |
Balance Sheet Metrics (adjusted for non-recurring items) | | | | Market Capitalization |
| | 2Q 2016 | | 2Q 2015 | | | | 2Q 2016 | | % of Total |
Interest Coverage Ratio | | 4.76x | | 4.32x | | Total debt | | $ | 3,465,177 |
| | 24.1% |
Fixed Charge Coverage Ratio | | 4.63x | | 4.21x | | Common stock equivalents (5) | | 10,940,803 |
| | 75.9% |
Leverage Ratio | | 33.2% | | 37.5% | | Total market capitalization | | $ | 14,405,980 |
| | 100.0% |
Net Debt-to-EBITDA | | 5.3x | | 6.2x | | | | | | |
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| (1) See Attachment 16 for definitions and other terms. | |
| (2) Annualized for 2016. | |
| (3) Joint venture NOI is based on UDR's pro rata share. Homes and communities at 100%. | |
| (4) Excludes 218 homes at Steele Creek where we have a participating loan investment as described in Attachment 9(B). | |
| (5) Based on a common share price of $36.92 at June 30, 2016. | |
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Attachment 1 |
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UDR, Inc. |
Consolidated Statements of Operations (1) |
(Unaudited) |
| | | Three Months Ended | | Six Months Ended |
| | | June 30, | | June 30, |
In thousands, except per share amounts | | 2016 | | 2015 | | 2016 | | 2015 |
REVENUES: | | | | | | | | | |
Rental income | | | $ | 236,168 |
| | $ | 212,764 |
| | $ | 468,125 |
| | $ | 419,811 |
|
Joint venture management and other fees (2) | | 2,618 |
| | 3,098 |
| | 5,476 |
| | 15,804 |
|
Total revenues | | | 238,786 |
| | 215,862 |
| | 473,601 |
| | 435,615 |
|
OPERATING EXPENSES: | | | | | | | | | |
Property operating and maintenance | | 38,574 |
| | 37,194 |
| | 78,020 |
| | 74,444 |
|
Real estate taxes and insurance | | 30,279 |
| | 25,138 |
| | 58,656 |
| | 51,360 |
|
Property management | | 6,494 |
| | 5,851 |
| | 12,873 |
| | 11,545 |
|
Other operating expenses | | 1,892 |
| | 1,769 |
| | 3,644 |
| | 3,535 |
|
Real estate depreciation and amortization | | 105,937 |
| | 90,344 |
| | 211,276 |
| | 179,121 |
|
Acquisition costs | | — |
| | 84 |
| | — |
| | 283 |
|
General and administrative | | 10,835 |
| | 13,637 |
| | 24,679 |
| | 25,590 |
|
Casualty-related (recoveries)/charges, net | | 1,629 |
| | 843 |
| | 1,629 |
| | 1,839 |
|
Other depreciation and amortization | | 1,486 |
| | 1,700 |
| | 3,039 |
| | 3,323 |
|
Total operating expenses | | 197,126 |
| | 176,560 |
| | 393,816 |
| | 351,040 |
|
Operating income | | 41,660 |
| | 39,302 |
| | 79,785 |
| | 84,575 |
|
Income/(loss) from unconsolidated entities (2) | | 325 |
| | (573 | ) | | 1,004 |
| | 58,586 |
|
Interest expense | | (30,678 | ) | | (29,673 | ) | | (61,782 | ) | | (58,473 | ) |
Interest income and other income/(expense), net | | 540 |
| | 382 |
| | 971 |
| | 742 |
|
Income/(loss) before income taxes and gain/(loss) on sale of real estate owned | | 11,847 |
| | 9,438 |
| | 19,978 |
| | 85,430 |
|
Tax benefit/(provision), net | | 402 |
| | 1,404 |
| | 805 |
| | 1,829 |
|
Income/(loss) from continuing operations | | 12,249 |
| | 10,842 |
| | 20,783 |
| | 87,259 |
|
Gain/(loss) on sale of real estate owned, net of tax | | 7,315 |
| | 79,042 |
| | 10,385 |
| | 79,042 |
|
Net income/(loss) | | 19,564 |
| | 89,884 |
| | 31,168 |
| | 166,301 |
|
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership | | (1,610 | ) | | (3,029 | ) | | (2,515 | ) | | (5,617 | ) |
Net (income)/loss attributable to noncontrolling interests | | (8 | ) | | — |
| | (314 | ) | | (7 | ) |
Net income/(loss) attributable to UDR, Inc. | | 17,946 |
| | 86,855 |
| | 28,339 |
| | 160,677 |
|
Distributions to preferred stockholders - Series E (Convertible) | | (929 | ) | | (931 | ) | | (1,858 | ) | | (1,862 | ) |
Net income/(loss) attributable to common stockholders | | $ | 17,017 |
| | $ | 85,924 |
| | $ | 26,481 |
| | $ | 158,815 |
|
| | | | | | | | | |
| | | | | | | | |
Income/(loss) per weighted average common share - basic: | | $ | 0.06 |
| | $ | 0.33 |
| | $ | 0.10 |
| | $ | 0.62 |
|
Income/(loss) per weighted average common share - diluted: | | $ | 0.06 |
| | $ | 0.33 |
| | $ | 0.10 |
| | $ | 0.61 |
|
Common distributions declared per share | | $ | 0.2950 |
| | $ | 0.2775 |
| | $ | 0.5900 |
| | $ | 0.5550 |
|
Weighted average number of common shares outstanding - basic | | 266,268 |
| | 257,849 |
| | 264,362 |
| | 257,344 |
|
Weighted average number of common shares outstanding - diluted | | 268,174 |
| | 262,806 |
| | 266,227 |
| | 259,267 |
|
| | | | | | | | | |
|
(1) See Attachment 16 for definitions and other terms. |
(2) In January 2015, the eight communities held by the Texas Joint Venture were sold, generating proceeds to UDR of $43.5 million. The Company recorded promote and disposition fee income of approximately $9.6 million and a gain of approximately $59.1 million in connection with the sale during the six months ended June 30, 2015. |
|
| | | | | | | | | | | | | | | | | |
| | | | | | | | | |
|
| | | | | | | | |
Attachment 2 |
|
UDR, Inc. |
Funds From Operations (1) |
(Unaudited) |
| | | Three Months Ended | | Six Months Ended |
| | | June 30, | | June 30, |
In thousands, except per share and unit amounts | | 2016 | | 2015 | | 2016 | | 2015 |
Net income/(loss) attributable to common stockholders | | $ | 17,017 |
| | $ | 85,924 |
| | $ | 26,481 |
| | $ | 158,815 |
|
Real estate depreciation and amortization | | 105,937 |
| | 90,344 |
| | 211,276 |
| | 179,121 |
|
Noncontrolling interests | | 1,618 |
| | 3,029 |
| | 2,829 |
| | 5,624 |
|
Real estate depreciation and amortization on unconsolidated joint ventures | | 12,299 |
| | 10,017 |
| | 22,649 |
| | 19,867 |
|
Net gain on the sale of unconsolidated depreciable property (2) | | — |
| | — |
| | — |
| | (59,073 | ) |
Net gain on the sale of depreciable real estate owned (5) | | (7,315 | ) | | (79,042 | ) | | (8,700 | ) | | (79,042 | ) |
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic | | $ | 129,556 |
| | $ | 110,272 |
| | $ | 254,535 |
| | $ | 225,312 |
|
Distributions to preferred stockholders - Series E (Convertible) (3) | | 929 |
| | 931 |
| | 1,858 |
| | 1,862 |
|
FFO attributable to common stockholders and unitholders, diluted | | $ | 130,485 |
| | $ | 111,203 |
| | $ | 256,393 |
| | $ | 227,174 |
|
FFO per common share and unit, basic | | $ | 0.44 |
| | $ | 0.41 |
| | $ | 0.88 |
| | $ | 0.85 |
|
FFO per common share and unit, diluted | | $ | 0.44 |
| | $ | 0.41 |
| | $ | 0.87 |
| | $ | 0.84 |
|
Weighted average number of common shares and OP/DownREIT Units outstanding - basic | | 291,458 |
| | 266,974 |
| | 289,553 |
| | 266,489 |
|
Weighted average number of common shares, OP/DownREIT Units, and common stock | | | | | | | | |
equivalents outstanding - diluted | | 296,392 |
| | 271,931 |
| | 294,446 |
| | 271,448 |
|
Impact of adjustments to FFO: | | | | | | | | |
Acquisition-related costs/(fees), including joint ventures | | $ | — |
| | $ | 1,544 |
| | $ | — |
| | $ | 1,743 |
|
Texas Joint Venture promote and disposition fee income (2) | | — |
| | — |
| | — |
| | (9,633 | ) |
Long-term incentive plan transition costs | | 28 |
| | 1,008 |
| | 351 |
| | 1,862 |
|
Net gain on the sale of non-depreciable real estate owned (5) | | — |
| | — |
| | (1,685 | ) | | — |
|
Casualty-related (recoveries)/charges, including joint ventures, net (4) | | 1,629 |
| | 843 |
| | 2,755 |
| | 1,839 |
|
| | | $ | 1,657 |
| | $ | 3,395 |
| | $ | 1,421 |
| | $ | (4,189 | ) |
FFO as Adjusted attributable to common stockholders and unitholders, diluted | | $ | 132,142 |
| | $ | 114,598 |
| | $ | 257,814 |
| | $ | 222,985 |
|
FFO as Adjusted per common share and unit, diluted | | $ | 0.45 |
| | $ | 0.42 |
| | $ | 0.88 |
| | $ | 0.82 |
|
Recurring capital expenditures | | (11,052 | ) | | (10,111 | ) | | (18,013 | ) | | (17,354 | ) |
AFFO attributable to common stockholders and unitholders | | $ | 121,090 |
| | $ | 104,487 |
| | $ | 239,801 |
| | $ | 205,631 |
|
AFFO per common share and unit, diluted | | $ | 0.41 |
| | $ | 0.38 |
| | $ | 0.81 |
| | $ | 0.76 |
|
| | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. |
(2) In January 2015, the eight communities held by the Texas Joint Venture were sold, generating proceeds to UDR of $43.5 million. The Company recorded promote and disposition fee income of approximately $9.6 million and a gain of approximately $59.1 million in connection with the sale during the six months ended June 30, 2015. |
(3) Series E preferred shares are dilutive for purposes of calculating FFO per share. Consequently, distributions to Series E preferred shareholders are added to FFO and the weighted average number of shares are included in the denominator when calculating FFO per common share and unit, diluted. |
(4) Casualty-related charges for the six months ended June 30, 2016 include $1.1 million related to UDR's share of the 717 Olympic casualty, which is included in income/(loss) from unconsolidated entities in Attachment 1. |
(5) The GAAP gain for the six months ended June 30, 2016 is $10.4 million, of which $1.7 million is FFO gain related to the sale of two land parcels. The FFO gain is backed out for FFO as Adjusted. |
|
|
|
|
| | | | | | | | | |
| | | | | |
|
| | | | |
Attachment 3 |
|
UDR, Inc. |
Consolidated Balance Sheets (1) |
(Unaudited) |
| | | June 30, | | December 31, |
In thousands, except share and per share amounts | | 2016 | | 2015 |
ASSETS | | |
| |
|
Real estate owned: | | | | | |
Real estate held for investment | | $ | 9,073,474 |
| | $ | 9,053,599 |
|
Less: accumulated depreciation | | (2,842,273 | ) | | (2,646,044 | ) |
Real estate held for investment, net | | 6,231,201 |
| | 6,407,555 |
|
Real estate under development | |
| |
|
(net of accumulated depreciation of $0 and $0) | | 238,938 |
| | 124,072 |
|
Real estate held for disposition | |
| |
|
(net of accumulated depreciation of $0 and $830) | | — |
| | 11,775 |
|
Total real estate owned, net of accumulated depreciation | | 6,470,139 |
| | 6,543,402 |
|
| | |
| |
|
Cash and cash equivalents | | | 5,167 |
| | 6,742 |
|
Restricted cash | | | 20,524 |
| | 20,798 |
|
Funds held in escrow from IRC Section 1031 exchanges | | 34,732 |
| | — |
|
Notes receivable, net | | | 19,694 |
| | 16,694 |
|
Investment in and advances to unconsolidated joint ventures, net | | 933,403 |
| | 938,906 |
|
Other assets | | | 126,423 |
| | 137,302 |
|
Total assets | | | $ | 7,610,082 |
| | $ | 7,663,844 |
|
LIABILITIES AND EQUITY | | | | | |
Liabilities: | | | | | |
Secured debt | | | $ | 1,256,119 |
| | $ | 1,376,945 |
|
Unsecured debt | | | 2,209,058 |
| | 2,193,850 |
|
Real estate taxes payable | | | 23,168 |
| | 18,786 |
|
Accrued interest payable | | | 26,735 |
| | 29,162 |
|
Security deposits and prepaid rent | | 37,916 |
| | 36,330 |
|
Distributions payable | | | 86,957 |
| | 80,368 |
|
Accounts payable, accrued expenses, and other liabilities | | 91,275 |
| | 81,356 |
|
Total liabilities | | | 3,731,228 |
| | 3,816,797 |
|
Redeemable noncontrolling interests in the OP and DownREIT Partnership | | 929,985 |
| | 946,436 |
|
Equity: | | | | | |
Preferred stock, no par value; 50,000,000 shares authorized | | | | |
2,796,903 shares of 8.00% Series E Cumulative Convertible issued | | | | |
and outstanding (2,796,903 shares at December 31, 2015) | | 46,457 |
| | 46,457 |
|
16,452,496 shares of Series F outstanding (16,452,496 shares | | | | |
at December 31, 2015) | | 1 |
| | 1 |
|
Common stock, $0.01 par value; 350,000,000 shares authorized | |
| | |
267,058,578 shares issued and outstanding (261,844,521 shares at December 31, 2015) | | 2,671 |
| | 2,618 |
|
Additional paid-in capital | | 4,622,939 |
| | 4,447,816 |
|
Distributions in excess of net income | | (1,712,418 | ) | | (1,584,459 | ) |
Accumulated other comprehensive income/(loss), net | | (12,974 | ) | | (12,678 | ) |
Total stockholders' equity | | | 2,946,676 |
| | 2,899,755 |
|
Noncontrolling interests | | | 2,193 |
| | 856 |
|
Total equity | | | 2,948,869 |
| | 2,900,611 |
|
Total liabilities and equity | | | $ | 7,610,082 |
| | $ | 7,663,844 |
|
| | | | | |
| | | | | |
| | | | | |
(1) See Attachment 16 for definitions and other terms. |
|
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
|
| | | | | | | | | | | |
Attachment 4(A) |
|
UDR, Inc. |
Selected Financial Information (1) |
(Unaudited) |
| | | | | |
| |
| | June 30, | | December 31, |
Common Stock and Equivalents | | | |
| |
| | 2016 | | 2015 |
Common shares (2) | | | | | |
| |
| | 266,279,716 |
| | 261,044,151 |
|
Restricted shares | | | | | |
| |
| | 778,862 |
| | 800,370 |
|
Total common stock | | | | | |
| |
| | 267,058,578 |
| | 261,844,521 |
|
Stock options, LTIP Units and restricted stock equivalents | | | |
| |
| | 1,062,270 |
| | 1,181,193 |
|
Operating and DownREIT Partnership units | | | |
| |
| | 23,437,521 |
| | 23,439,601 |
|
Preferred OP units | | | | | |
| |
| | 1,751,671 |
| | 1,751,671 |
|
Convertible preferred Series E stock (3) | | | |
| |
| | 3,028,068 |
| | 3,028,068 |
|
Total common stock and equivalents | | | |
| |
| | 296,338,108 |
| | 291,245,054 |
|
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | 2Q 2016 Weighted | | 2Q 2015 Weighted |
Weighted Average Number of Shares Outstanding | | | |
| |
| | Average | | Average |
Weighted average number of common shares and OP/DownREIT units outstanding - basic | |
| |
| | 291,458,215 |
| | 266,973,865 |
|
Weighted average number of OP/DownREIT units outstanding | | | |
| |
| | (25,190,083 | ) | | (9,124,983 | ) |
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations | |
| |
| | 266,268,132 |
| | 257,848,882 |
|
| | | | | | | | | | | | |
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted | | 296,392,394 |
| | 271,931,010 |
|
Weighted average number of OP/DownREIT units outstanding | | (25,190,083 | ) | | (9,124,983 | ) |
Weight average number of Series E preferred shares outstanding (4) | | (3,028,068 | ) | | — |
|
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations | | 268,174,243 |
| | 262,806,027 |
|
| | | | | | | | | | | | |
| | | | | | | | | | Year-to-Date | | Year-to-Date |
| | | | | | | | | | Weighted Average | | Weighted Average |
Weighted average number of common shares and OP/DownREIT units outstanding - basic | | 289,552,862 |
| | 266,488,982 |
|
Weighted average number of OP/DownREIT units outstanding | | (25,190,678 | ) | | (9,144,945 | ) |
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations | | 264,362,184 |
| | 257,344,037 |
|
| | | | |
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted | | 294,445,610 |
| | 271,447,391 |
|
Weighted average number of OP/DownREIT units outstanding | | (25,190,678 | ) | | (9,144,945 | ) |
Weight average number of Series E preferred shares outstanding (4) | | (3,028,068 | ) | | (3,035,548 | ) |
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations | | 266,226,864 |
| | 259,266,898 |
|
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | June 30, | | | | December 31, | | |
Market Capitalization, In thousands | | | | 2016 | | % of Total | | 2015 | | % of Total |
Total debt | | | | $ | 3,465,177 |
| | 24.1 | % | | $ | 3,570,795 |
| | 24.6 | % |
Common stock and equivalents ($36.92 at 6/30/16 and $37.57 at 12/31/15) | | | | 10,940,803 |
| | 75.9 | % | | 10,942,077 |
| | 75.4 | % |
Total market capitalization | | | | $ | 14,405,980 |
| | 100.0 | % | | $ | 14,512,872 |
| | 100.0 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | Gross | | % of |
| | | | Number of | | 2Q 2016 NOI (1) | | | | Carrying Value | | Total Gross |
Asset Summary | | Homes | | ($000s) | | % of NOI | | ($000s) | | Carrying Value |
Unencumbered assets | | | | 28,364 |
| | $ | 124,125 |
| | 74.2 | % | | $ | 7,219,115 |
| | 77.5 | % |
Encumbered assets | | | | 12,364 |
| | 43,190 |
| | 25.8 | % | | 2,093,297 |
| | 22.5 | % |
| | | | 40,728 |
| | $ | 167,315 |
| | 100.0 | % | | $ | 9,312,412 |
| | 100.0 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. |
(2) Includes the effect of 5.0 million shares issued at a net price of $34.73 during the six months ended June 30, 2016. |
(3) At June 30, 2016 and December 31, 2015, a total of 2,796,903 shares of the Series E were outstanding, which is equivalent to 3,028,068 shares of common stock if converted (after adjusting for the special dividend paid in 2008). |
(4) Series E preferred shares are anti-dilutive for purposes of calculating earnings per share for the three and six months ended June 30, 2016 and the six months ended June 30, 2015. For the three months ended June 30, 2015, the Series E preferred shares are dilutive. |
|
| | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
|
| | | | | | | | | | | |
Attachment 4(B) |
|
UDR, Inc. |
Selected Financial Information (1) |
(Unaudited) |
| | | | | | | | | | Weighted | | Weighted |
| | | | | | | | | | Average | | Average Years |
Debt Structure, In thousands | | | | | | Balance | | % of Total | | Interest Rate | | to Maturity |
Secured | | Fixed | | | | $ | 826,904 |
|
| 23.8 | % | | 4.87 | % | | 4.0 |
|
| | Floating | | | | 425,415 |
| (2) | 12.2 | % | | 1.78 | % | | 4.0 |
|
| | Combined | | | | 1,252,319 |
|
| 36.0 | % | | 3.82 | % | | 4.0 |
|
| | | | | | |
| | | | | |
Unsecured | | Fixed | | | | 1,930,644 |
| (3) | 55.5 | % | | 3.91 | % | | 5.6 |
|
| | Floating | | | | 294,199 |
|
| 8.5 | % | | 1.36 | % | | 3.7 |
|
| | Combined | | | | 2,224,843 |
|
| 64.0 | % | | 3.58 | % | | 5.4 |
|
| | | | | | |
| | | | | |
Total Debt | | Fixed | | | | 2,757,548 |
|
| 79.3 | % | | 4.20 | % | | 5.1 |
|
| | Floating | | | | 719,614 |
|
| 20.7 | % | | 1.61 | % | | 3.9 |
|
| | Combined | | | | $ | 3,477,162 |
|
| 100.0 | % | | 3.66 | % | | 4.9 |
|
| | Total Non-Cash Adjustments (5) | | | | (11,985 | ) | | | | | | |
| | Total per Balance Sheet | | | | $ | 3,465,177 |
| | | | 3.76 | % | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Debt Maturities, In thousands | | | | | | | | | | |
| | | | Unsecured | | Revolving Credit | | | |
| | Weighted Average |
| | Secured Debt (6) | | Debt (6) | | Facilities (4) (7) | | Balance | | % of Total | | Interest Rate |
2016 | | $ | 3,559 |
|
| $ | — |
| | $ | — |
|
| $ | 3,559 |
| | 0.1 | % | | 5.28 | % |
2017 | | 275,526 |
|
| — |
| | — |
|
| 275,526 |
| | 7.9 | % | | 4.13 | % |
2018 | | 211,065 |
|
| 300,000 |
| | — |
|
| 511,065 |
| | 14.7 | % | | 3.87 | % |
2019 | | 315,496 |
|
| — |
| | 4,199 |
|
| 319,695 |
| | 9.2 | % | | 4.44 | % |
2020 | | 170,664 |
|
| 300,000 |
| | 255,000 |
|
| 725,664 |
| | 20.8 | % | | 2.98 | % |
2021 | | — |
|
| 350,000 |
| | — |
|
| 350,000 |
| | 10.1 | % | | 2.15 | % |
2022 | | — |
|
| 400,000 |
| | — |
|
| 400,000 |
| | 11.5 | % | | 4.63 | % |
2023 | | 96,409 |
|
| — |
| | — |
|
| 96,409 |
| | 2.8 | % | | 2.37 | % |
2024 | | — |
|
| 315,644 |
| | — |
|
| 315,644 |
| | 9.1 | % | | 3.99 | % |
2025 | | 127,600 |
|
| 300,000 |
| | — |
|
| 427,600 |
| | 12.3 | % | | 4.26 | % |
Thereafter | | 52,000 |
|
| — |
| | — |
| | 52,000 |
| | 1.5 | % | | 2.22 | % |
| | 1,252,319 |
|
| 1,965,644 |
| | 259,199 |
|
| 3,477,162 |
| | 100.0 | % | | 3.66 | % |
Total Non-Cash Adjustments (5) | | 3,800 |
| | (15,785 | ) | | — |
| | (11,985 | ) | | | | |
Total per Balance Sheet | | $ | 1,256,119 |
| | $ | 1,949,859 |
| | $ | 259,199 |
| | $ | 3,465,177 |
| | | | 3.76 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Debt Maturities With Extensions, In thousands | | | | | | | | |
| | | | Unsecured | | Revolving Credit | | | |
| | Weighted Average |
| | Secured Debt (6) | | Debt (6) | | Facilities (4) (7) | | Balance | | % of Total | | Interest Rate |
2016 | | $ | 3,559 |
| | $ | — |
| | $ | — |
| | $ | 3,559 |
| | 0.1 | % | | 5.28 | % |
2017 | | 275,526 |
| | — |
| | — |
| | 275,526 |
| | 7.9 | % | | 4.13 | % |
2018 | | 211,065 |
| | 300,000 |
| | — |
| | 511,065 |
| | 14.7 | % | | 3.87 | % |
2019 | | 315,496 |
| | — |
| | 4,199 |
|
| 319,695 |
| | 9.2 | % | | 4.44 | % |
2020 | | 170,664 |
| | 300,000 |
| | — |
|
| 470,664 |
| | 13.5 | % | | 3.86 | % |
2021 | | — |
| | 350,000 |
| | 255,000 |
| | 605,000 |
| | 17.4 | % | | 1.81 | % |
2022 | | — |
| | 400,000 |
| | — |
| | 400,000 |
| | 11.5 | % | | 4.63 | % |
2023 | | 96,409 |
| | — |
| | — |
| | 96,409 |
| | 2.8 | % | | 2.37 | % |
2024 | | — |
| | 315,644 |
| | — |
| | 315,644 |
| | 9.1 | % | | 3.99 | % |
2025 | | 127,600 |
| | 300,000 |
| | — |
| | 427,600 |
| | 12.3 | % | | 4.26 | % |
Thereafter | | 52,000 |
| | — |
| | — |
| | 52,000 |
| | 1.5 | % | | 2.22 | % |
| | 1,252,319 |
| | 1,965,644 |
| | 259,199 |
| | 3,477,162 |
| | 100.0 | % | | 3.66 | % |
Total Non-Cash Adjustments (5) | | 3,800 |
| | (15,785 | ) | | — |
| | (11,985 | ) | | | | |
Total per Balance Sheet | | $ | 1,256,119 |
| | $ | 1,949,859 |
| | $ | 259,199 |
| | $ | 3,465,177 |
| | | | 3.76 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. |
(2) Includes $336.3 million of debt with a weighted average interest cap of 8.0% on the underlying index. |
(3) Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 2.23%. |
(4) UDR's $1.1 billion line of credit has a maturity date of January 2020, plus two six-month extension options. The credit facility carries an interest rate equal to LIBOR plus a spread of 90 basis points and a facility fee of 15 basis points, which is not included in the interest rate above. |
(5) Includes the unamortized balance of fair market value adjustments, premiums/discounts, deferred hedge gains, and deferred financing costs. |
(6) Includes principal amortization, as applicable. |
(7) Subsequent to quarter end, UDR amended its working capital credit facility. The amendment increases the unsecured revolving credit facility size from $30 million to $75 million. The scheduled maturity date continues to be January 1, 2019. Based on UDR's current credit rating, the working capital credit facility has an interest rate equal to LIBOR plus a spread of 90 basis points.
|
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Attachment 4(C) |
|
UDR, Inc. |
Selected Financial Information (1) |
(Unaudited) |
| | | | | | | | | | Quarter Ended |
Coverage Ratios | | | | | | | | | | June 30, 2016 |
Net income/(loss) attributable to UDR, Inc. | | | | | | | | $ | 17,946 |
|
Adjustments: | | | | | | | | |
Interest expense | | | | | | | | 30,678 |
|
Real estate depreciation and amortization | | | | | | 105,937 |
|
Real estate depreciation and amortization on unconsolidated joint ventures | | | | | | 12,299 |
|
Other depreciation and amortization | | | | | | 1,486 |
|
Noncontrolling interests | | | | | | 1,618 |
|
Income tax provision/(benefit) | | | | | | (402 | ) |
EBITDA | | | | | | | | | | $ | 169,562 |
|
| | | | | | | | | | |
(Gain)/loss on sale of real estate owned, net of tax | | | | | | | | (7,315 | ) |
Long-term incentive plan transition costs | | | | | | | | 28 |
|
Casualty-related (recoveries)/charges, including joint ventures, net | | | | | | | | 1,629 |
|
EBITDA - adjusted for non-recurring items | | | | | | | | $ | 163,904 |
|
Annualized EBITDA - adjusted for non-recurring items | | | | | | $ | 655,616 |
|
Interest expense | | | | | | | | $ | 30,678 |
|
Capitalized interest expense | | | | | | | | 3,786 |
|
Total interest | | | | | | | | | | $ | 34,464 |
|
| | | | | | | | | | |
Preferred dividends | | | | | | | | | | $ | 929 |
|
Total debt | | | | | | | | | | $ | 3,465,177 |
|
Cash | | | | | | | | 5,167 |
|
Net debt | | | | | | | | | | $ | 3,460,010 |
|
| | | | | | | | | | |
Interest Coverage Ratio | | | | | | | | 4.92 | x |
| | | | | | | | | | |
Fixed Charge Coverage Ratio | | | | | | | | 4.79 | x |
| | | | | | | | | | |
Interest Coverage Ratio - adjusted for non-recurring items | | | | | | 4.76 | x |
| | | | | | | | | | |
Fixed Charge Coverage Ratio - adjusted for non-recurring items | | | | | | 4.63 | x |
| | | | | | | | | | |
Net Debt-to-EBITDA - adjusted for non-recurring items | | | | | | 5.3 | x |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Debt Covenant Overview |
| | | | | | | | | | |
Unsecured Line of Credit Covenants (2) | | | | Required | | Actual | | Compliance |
Maximum Leverage Ratio | | | | | | ≤60.0% | | 34.1% | (2 | ) | Yes |
Minimum Fixed Charge Coverage Ratio | | | | ≥1.5x | | 3.7x | | Yes |
Maximum Secured Debt Ratio | | | | ≤40.0% | | 16.8% | | Yes |
Minimum Unencumbered Pool Leverage Ratio | | | | ≥150.0% | | 378.2% | | Yes |
| | | | | | | | | | |
Senior Unsecured Note Covenants (3) | | | | Required | | Actual | | Compliance |
Debt as a percentage of Total Assets | | | | ≤60.0% | | 33.3% | (3 | ) | Yes |
Consolidated Income Available for Debt Service to Annual Service Charge | | ≥1.5x | | 4.9x | | Yes |
Secured Debt as a percentage of Total Assets | | | | ≤40.0% | | 12.0% | | Yes |
Total Unencumbered Assets to Unsecured Debt | | | | ≥150.0% | | 333.6% | | Yes |
| | | | | | | | | | |
Securities Ratings | | | | | | Debt | | Preferred | | Outlook |
Moody's Investors Service | | | | | | Baa1 | | Baa2 | | Stable |
Standard & Poor's | | | | | | BBB+ | | BBB- | | Stable |
| | | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. |
(2) As defined in our credit agreement dated October 20, 2015. |
(3) As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time. |
|
|
| | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
|
| | | | | | | | | | | |
Attachment 5 |
|
UDR, Inc. |
Operating Information (1) |
(Unaudited) |
| | | | | | | | | | | | |
| | Total | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended |
Dollars in thousands | | Homes | | June 30, 2016 | | March 31, 2016 | | December 31, 2015 | | September 30, 2015 | | June 30, 2015 |
Revenues | | | | | | | | | | | |
Same-Store Communities | 34,179 |
| | $ | 190,243 |
| | $ | 187,511 |
| | $ | 184,358 |
| | $ | 183,511 |
| | $ | 180,027 |
|
Stabilized, Non-Mature Communities | 4,448 |
| | 28,383 |
| | 27,702 |
| | 25,916 |
| | 8,903 |
| | 6,097 |
|
Acquired Communities | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
Redevelopment Communities | 2,101 |
| | 11,277 |
| | 11,471 |
| | 11,756 |
| | 11,773 |
| | 11,562 |
|
Development Communities | — |
| | 1 |
| | 1 |
| | — |
| | — |
| | — |
|
Non-Residential / Other (2) | — |
| | 6,153 |
| | 4,911 |
| | 6,674 |
| | 5,727 |
| | 5,259 |
|
Total | | 40,728 |
| | $ | 236,057 |
| | $ | 231,596 |
| | $ | 228,704 |
| | $ | 209,914 |
| | $ | 202,945 |
|
Expenses | | | | | | | | | | | | |
Same-Store Communities (3) | | | $ | 54,732 |
| | $ | 53,922 |
| | $ | 53,380 |
| | $ | 54,633 |
| | $ | 51,878 |
|
Stabilized, Non-Mature Communities | | | 7,786 |
| | 8,224 |
| | 7,637 |
| | 2,906 |
| | 2,418 |
|
Acquired Communities | | | — |
| | — |
| | — |
| | — |
| | — |
|
Redevelopment Communities | | | 3,260 |
| | 3,290 |
| | 3,224 |
| | 3,348 |
| | 3,171 |
|
Development Communities | | | 76 |
| | 80 |
| | 39 |
| | 56 |
| | 9 |
|
Non-Residential / Other (2)(3) | | | 2,940 |
| | 2,179 |
| | 1,693 |
| | 581 |
| | 1,628 |
|
Total | | | | $ | 68,794 |
| | $ | 67,695 |
| | $ | 65,973 |
| | $ | 61,524 |
| | $ | 59,104 |
|
Net Operating Income | | | | | | | | | | | |
Same-Store Communities | | | $ | 135,511 |
| | $ | 133,589 |
| | $ | 130,978 |
| | $ | 128,878 |
| | $ | 128,149 |
|
Stabilized, Non-Mature Communities | | | 20,597 |
| | 19,478 |
| | 18,279 |
| | 5,997 |
| | 3,679 |
|
Acquired Communities | | | — |
| | — |
| | — |
| | — |
| | — |
|
Redevelopment Communities | | | 8,017 |
| | 8,181 |
| | 8,532 |
| | 8,425 |
| | 8,391 |
|
Development Communities | | | (75 | ) | | (79 | ) | | (39 | ) | | (56 | ) | | (9 | ) |
Non-Residential / Other (2) | | | 3,213 |
| | 2,732 |
| | 4,981 |
| | 5,146 |
| | 3,631 |
|
Total | | | | $ | 167,263 |
| | $ | 163,901 |
| | $ | 162,731 |
| | $ | 148,390 |
| | $ | 143,841 |
|
Operating Margin | | | | | | | | | | | | |
Same-Store Communities | | | 71.2 | % | | 71.2 | % | | 71.0 | % | | 70.2 | % | | 71.2 | % |
Average Physical Occupancy | | | | | | | | | | | |
Same-Store Communities | | | 96.6 | % | | 96.5 | % | | 96.6 | % | | 96.7 | % | | 96.9 | % |
Stabilized, Non-Mature Communities | | | 95.6 | % | | 94.1 | % | | 93.4 | % | | 87.3 | % | | 74.1 | % |
Acquired Communities | | | — |
| | — |
| | — |
| | — |
| | — |
|
Redevelopment Communities | | | 91.6 | % | | 93.3 | % | | 95.2 | % | | 95.9 | % | | 95.9 | % |
Development Communities | | | — |
| | — |
| | — |
| | — |
| | — |
|
Other (4) | | | — |
| | — |
| | — |
| | 95.7 | % | | 96.3 | % |
Total | | | | 96.2 | % | | 96.1 | % | | 96.2 | % | | 96.2 | % | | 96.2 | % |
Return on Invested Capital | | | | | | | | | | | |
Same-Store Communities | | | 7.5 | % | | 7.5 | % | | 7.3 | % | | 7.3 | % | | 7.2 | % |
Sold and Held for Disposition Communities |
| | | | | | | | | | |
Revenues | | — | | $ | 111 |
| | $ | 361 |
| | $ | 5,648 |
| | $ | 7,851 |
| | $ | 9,819 |
|
Expenses | | | | 59 |
| | 128 |
| | 2,082 |
| | 2,676 |
| | 3,228 |
|
Net Operating Income/(loss) | | | $ | 52 |
| | $ | 233 |
| | $ | 3,566 |
| | $ | 5,175 |
| | $ | 6,591 |
|
| | | | | | | | | | | | |
Total | | 40,728 |
| | $ | 167,315 |
| | $ | 164,134 |
| | $ | 166,297 |
| | $ | 153,565 |
| | $ | 150,432 |
|
| | | | | | | | | | | | |
(1) See Attachment 16 for definition and other terms. |
(2) Primarily non-residential revenue and expense and straight-line adjustment for concessions. |
(3) Quarter ended June 30, 2016 was elevated due to a $2.2 million expense resulting from a higher-than-expected initial stabilized real estate tax assessment on a 2014, San Francisco, development completion. $1.1 million is included in Same-Store Communities expense as it related to the period of time that the community was in our Same-Store population while the remaining $1.1 million is in Non-Residential / Other expense. |
(4) Includes occupancy of Sold and Held for Disposition Communities. |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
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| | | | | | | | | | | | | | | |
| | | | | | | | | |
|
| | | | | | | | |
Attachment 6 |
|
UDR, Inc. |
Same-Store Operating Expense Information (1) |
(Dollars in Thousands) |
(Unaudited) |
| | | | | | | | | |
| | | % of 2Q 2016 | | | | | | |
| | | SS Operating | | | | | | |
Year-Over-Year Comparison | | | Expenses | | 2Q 2016 | | 2Q 2015 | | % Change |
Real estate taxes (2)(3) | | | 38.4 | % | | $ | 21,031 |
| | $ | 18,601 |
| | 13.1 | % |
Personnel | | | 23.9 | % | | 13,084 |
| | 13,220 |
| | -1.0 | % |
Utilities | | | 14.0 | % | | 7,658 |
| | 7,893 |
| | -3.0 | % |
Repair and maintenance | | | 12.4 | % | | 6,806 |
| | 6,781 |
| | 0.4 | % |
Administrative and marketing | | | 6.6 | % | | 3,612 |
| | 3,222 |
| | 12.1 | % |
Insurance | | | 4.7 | % | | 2,541 |
| | 2,161 |
| | 17.6 | % |
Same-Store operating expenses (3) | | | 100.0 | % | | $ | 54,732 |
| | $ | 51,878 |
| | 5.5 | % |
Same-Store Homes | | | 34,179 |
| | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | % of 2Q 2016 | | | | | | |
| | | SS Operating | | | | | | |
Sequential Comparison | | | Expenses | | 2Q 2016 | | 1Q 2016 | | % Change |
Real estate taxes (2) | | | 38.4 | % | | $ | 21,031 |
| | $ | 19,918 |
| | 5.6 | % |
Personnel | | | 23.9 | % | | 13,084 |
| | 13,057 |
| | 0.2 | % |
Utilities | | | 14.0 | % | | 7,658 |
| | 8,768 |
| | -12.7 | % |
Repair and maintenance | | | 12.4 | % | | 6,806 |
| | 6,779 |
| | 0.4 | % |
Administrative and marketing | | | 6.6 | % | | 3,612 |
| | 3,169 |
| | 14.0 | % |
Insurance | | | 4.7 | % | | 2,541 |
| | 2,231 |
| | 13.9 | % |
Same-Store operating expenses | | | 100.0 | % | | $ | 54,732 |
| | $ | 53,922 |
| | 1.5 | % |
Same-Store Homes | | | 34,179 |
| | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | % of YTD 2016 | | | | | | |
| | | SS Operating | | | | | | |
Year-to-Date Comparison | | | Expenses | | YTD 2016 | | YTD 2015 | | % Change |
| | | | | | | | | |
Real estate taxes (2)(3) | | | 37.8 | % | | $ | 40,927 |
| | $ | 37,640 |
| | 8.7 | % |
Personnel | | | 24.0 | % | | 25,986 |
| | 25,717 |
| | 1.0 | % |
Utilities | | | 15.1 | % | | 16,392 |
| | 16,878 |
| | -2.9 | % |
Repair and maintenance | | | 12.5 | % | | 13,551 |
| | 13,282 |
| | 2.0 | % |
Administrative and marketing | | | 6.2 | % | | 6,745 |
| | 6,407 |
| | 5.3 | % |
Insurance | | | 4.4 | % | | 4,760 |
| | 4,136 |
| | 15.1 | % |
Same-Store operating expenses (3) | | | 100.0 | % | | $ | 108,361 |
| | $ | 104,060 |
| | 4.1 | % |
Same-Store Homes | | | 34,017 |
| | | | | | |
| | | | | | | | | |
| | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. |
(2) 2Q 2016 and YTD 2016 Same Store Expense was elevated due to a $1.1 million expense resulting from a higher-than-expected initial stabilized real estate tax assessment on a 2014, San Francisco, development completion. |
(3) 2Q 2016 and YTD 2016 presented above includes $70 thousand and $140 thousand of higher New York real estate taxes due to 421 exemption and abatement reductions. Had the Same Store Expense included 100% of the NY real estate taxes before 421 savings, in all periods presented, the percent change would have been as follows: |
| | | | | | | | | |
| | | 2Q 2016 vs. 2Q 2015 | | YTD 2016 vs. YTD 2015 | |
| | |
Real estate taxes | | | 11.0 | % | | 7.3 | % | |
| | |
Same-Store operating expenses | | | 5.1 | % | | 3.8 | % | |
| | |
|
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| | | | | | | | | | | | |
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Attachment 7(A) |
|
UDR, Inc. |
Apartment Home Breakout (1) |
Portfolio Overview as of Quarter Ended |
June 30, 2016 |
(Unaudited) |
| | | | | | | | | | | | |
| | | | Non-Mature Homes | | | | Unconsolidated | | |
| | Total | | | | | | Total | | Joint Venture | | Total |
| | Same-Store | | | | Non- | | Consolidated | | Operating | | Homes |
| | Homes | | Stabilized (2) | | Stabil. / Other (3) | | Homes | | Homes (4) | | (incl. JV) (4) |
West Region | | | | | | | | | | | | |
Orange County, CA | | 3,194 |
| | 173 |
| | 1,447 |
| | 4,814 |
| | — |
| | 4,814 |
|
San Francisco, CA | | 2,230 |
| | 328 |
| | 193 |
| | 2,751 |
| | 447 |
| | 3,198 |
|
Seattle, WA | | 2,014 |
| | — |
| | 71 |
| | 2,085 |
| | 555 |
| | 2,640 |
|
Los Angeles, CA | | 1,225 |
| | — |
| | — |
| | 1,225 |
| | 151 |
| | 1,376 |
|
Monterey Peninsula, CA | | 1,565 |
| | — |
| | — |
| | 1,565 |
| | — |
| | 1,565 |
|
Other Southern CA | | 756 |
| | — |
| | — |
| | 756 |
| | 571 |
| | 1,327 |
|
Portland, OR | | 476 |
| | — |
| | — |
| | 476 |
| | — |
| | 476 |
|
| | 11,460 |
| | 501 |
| | 1,711 |
| | 13,672 |
| | 1,724 |
| | 15,396 |
|
Mid-Atlantic Region | | | | | | | | | | | | |
Metropolitan DC | | 4,824 |
| | 3,578 |
| | — |
| | 8,402 |
| | 874 |
| | 9,276 |
|
Baltimore, MD | | 2,122 |
| | — |
| | — |
| | 2,122 |
| | 379 |
| | 2,501 |
|
Richmond, VA | | 1,358 |
| | — |
| | — |
| | 1,358 |
| | — |
| | 1,358 |
|
| | 8,304 |
| | 3,578 |
| | — |
| | 11,882 |
| | 1,253 |
| | 13,135 |
|
Northeast Region | | | | | | | | | | | | |
New York, NY | | 1,945 |
| | — |
| | — |
| | 1,945 |
| | 710 |
| | 2,655 |
|
Boston, MA | | 1,179 |
| | 369 |
| | — |
| | 1,548 |
| | 1,302 |
| | 2,850 |
|
Philadelphia, PA | | — |
| | — |
| | — |
| | — |
| | 290 |
| | 290 |
|
| | 3,124 |
| | 369 |
| | — |
| | 3,493 |
| | 2,302 |
| | 5,795 |
|
| |
| |
| |
| |
| |
| |
|
Southeast Region | | | | | | | | | | | | |
Orlando, FL | | 2,500 |
| | — |
| | — |
| | 2,500 |
| | — |
| | 2,500 |
|
Tampa, FL | | 2,287 |
| | — |
| | — |
| | 2,287 |
| | — |
| | 2,287 |
|
Nashville, TN | | 2,260 |
| | — |
| | — |
| | 2,260 |
| | — |
| | 2,260 |
|
Other Florida | | 636 |
| | — |
| | — |
| | 636 |
| | — |
| | 636 |
|
| | 7,683 |
| | — |
| | — |
| | 7,683 |
| | — |
| | 7,683 |
|
Southwest Region | | | | | | | | | | | | |
Dallas, TX | | 2,725 |
| | — |
| | — |
| | 2,725 |
| | 1,382 |
| | 4,107 |
|
Austin, TX | | 883 |
| | — |
| | 390 |
| | 1,273 |
| | 259 |
| | 1,532 |
|
Denver, CO | | — |
| | — |
| | — |
| | — |
| | 223 |
| | 223 |
|
| | 3,608 |
| | — |
| | 390 |
| | 3,998 |
| | 1,864 |
| | 5,862 |
|
Totals | | 34,179 |
| | 4,448 |
| | 2,101 |
| | 40,728 |
| | 7,143 |
| | 47,871 |
|
| | | | | | | | | | | | |
Communities | | 118 |
| | 10 |
| | 4 |
| | 132 |
| | 29 |
| | 161 |
|
| | | | | | | | | | | | |
Total Homes (incl. joint ventures) (4) | | | | 47,871 |
| | | | | | |
Homes in Development, Excluding Completed Homes (5) | | | | | | | | |
Current Pipeline Wholly-Owned | | | | 1,101 |
| | | | | | |
Current Pipeline Joint Venture (6) | | | | 876 |
| | | | | | |
Current Pipeline Preferred Equity Investments (6) | | | | 1,533 |
| | | | | | |
Total expected homes (including development) | | | | 51,381 |
| | | | | | |
| | | | | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. |
(2) Represents homes included in Stabilized, Non-Mature Communities category on Attachment 5. |
(3) Represents homes included in Acquired, Development, Redevelopment, Non-Residential/Other and Sold and Held for Disposition Communities categories on Attachment 5. Excludes development homes not yet completed. |
(4) Represents joint venture homes at 100 percent. See Attachment 12 for UDR's joint venture and partnership ownership interests. |
(5) See Attachments 9(A) and 9(B) for details of our development communities. |
(6) Represents joint venture and preferred equity investment homes at 100 percent. Excludes 218 homes at Steele Creek where we have a participating loan investment. See Attachments 9(A) and 9(B) for UDR's developments and ownership interests. |
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Attachment 7(B) |
|
UDR, Inc. |
Non-Mature Home Summary (1) |
Portfolio Overview as of Quarter Ended |
June 30, 2016 |
(Unaudited) |
| | | | | | | | | | | | | | | |
Non-Mature Home Breakout - By Region (includes development homes that have been completed) | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | # of | | Same-Store | | | | | | # of | | Same-Store |
Community | | | Category | | Homes | | Date (2) | | Community | | Category | | Homes | | Date (2) |
West Region | | | | | | | | | Mid-Atlantic Region | | | | | | |
Orange County, CA | | | | | | | | | Metropolitan D.C. | | | | | | |
Beach & Ocean | | | Stabilized, Non-Mature | | 173 | | 4Q16 | | DelRay Tower | | Stabilized, Non-Mature | | 332 |
| | 1Q17 |
|
Coronado | | | Redevelopment | | 1,447 | | 2Q18 | | 1200 East West | | Stabilized, Non-Mature | | 247 |
| | 1Q17 |
|
| | |
| |
| |
| | Courts at Huntington Station | | Stabilized, Non-Mature | | 421 |
| | 1Q17 |
|
San Francisco, CA | | |
| |
| |
| | Eleven55 Ripley | | Stabilized, Non-Mature | | 379 |
| | 1Q17 |
|
2000 Post | | | Stabilized, Non-Mature | | 328 | | 1Q17 | | Arbor Park of Alexandria | | Stabilized, Non-Mature | | 851 |
| | 2Q17 |
|
Edgewater | | | Redevelopment | | 193 | | 2Q18 | | Courts at Dulles | | Stabilized, Non-Mature | | 411 |
| | 1Q17 |
|
| | |
| |
| |
| | Newport Village | | Stabilized, Non-Mature | | 937 |
| | 1Q17 |
|
Seattle, WA | | |
| |
| |
| |
| | | | | | |
Borgata Apartment Homes | | | Redevelopment | | 71 | | 2Q18 | | Northeast Region | |
| |
| |
|
|
| | |
| |
| |
| | Boston, MA | | | | | | |
| | |
| |
| |
| | 100 Pier 4 | | Stabilized, Non-Mature | | 369 |
| | 1Q17 |
|
| | | | | | | | | | | | | | | |
| | | | | | | | | Southwest Region | | | |
| | |
| | | | | | | | | Austin, TX | |
| |
| |
|
|
| | | | | | | | | Residences at the Domain | | Redevelopment | | 390 |
| | 2Q18 |
|
| | | | | | | | | | | | | | | |
| | | | | | | | | Total | | | | 6,549 |
| | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Non-Mature Home Breakout - By Date (quarter indicates date of Same-Store inclusion) | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | # of | | | | | | | | # of | | |
Date & Community | | | Category | | Homes | | | | Date & Community | | Category | | Homes | | |
4Q16 | | | | | | | | | 2Q17 | | | | | | |
Beach & Ocean | | | Stabilized, Non-Mature | | 173 |
| | | | Arbor Park of Alexandria | | Stabilized, Non-Mature | | 851 |
| | |
| | |
| |
| | | |
| |
| |
| | |
1Q17 | | |
| |
| | | | 2Q18 | |
| |
| | |
DelRay Tower | | | Stabilized, Non-Mature | | 332 |
| | | | Edgewater | | Redevelopment | | 193 |
| | |
100 Pier 4 | | | Stabilized, Non-Mature | | 369 |
| | | | Borgata Apartment Homes | | Redevelopment | | 71 |
| | |
1200 East West | | | Stabilized, Non-Mature | | 247 |
| | | | Coronado | | Redevelopment | | 1,447 |
| | |
Courts at Huntington Station | | | Stabilized, Non-Mature | | 421 |
| | | | Residences at the Domain | | Redevelopment | | 390 |
| | |
Eleven55 Ripley | | | Stabilized, Non-Mature | | 379 |
| | | |
| |
| |
| | |
Courts at Dulles | | | Stabilized, Non-Mature | | 411 |
| | | |
| | | |
| | |
Newport Village | | | Stabilized, Non-Mature | | 937 |
| | | |
| |
| |
| | |
2000 Post | | | Stabilized, Non-Mature | | 328 |
| | | |
| |
| |
| | |
| | |
| |
| | | | | | | | | | |
| | |
| |
| | | |
| | | | | | |
| | |
| |
| | | | Total | |
| | 6,549 |
| | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Summary of Non-Mature Home Activity | | | | | | | | |
| | | | | Stabilized, | | | | | | | | Held for | | |
| | | Market | | Non-Mature | | Acquired | | Redevelopment | | Development | | Disposition | | Total |
Non-Mature Homes at March 31, 2016 | | |
| | 4,610 |
| | — |
| | 2,101 |
| | — |
| | — |
| | 6,711 |
|
Lightbox (3) | | | Seattle, WA | | (162 | ) | | — |
| | — |
| | — |
| | — |
| | (162 | ) |
Non-Mature Homes at June 30, 2016 | | |
| | 4,448 |
| | — |
| | 2,101 |
| | — |
| | — |
| | 6,549 |
|
| | | | | | | | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. |
(2) Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD Same-Store pool. |
(3) Contributed the community to the QTD Same-Store pool in 2Q16. |
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
|
| | | | | | | | | | | |
Attachment 7(C) |
|
UDR, Inc. |
Total Revenue Per Occupied Home Summary (1) |
Portfolio Overview as of Quarter Ended |
June 30, 2016 |
(Unaudited) |
| | | | | | | | | | | | |
| | | | Non-Mature Homes | | | | Unconsolidated | | |
| | Total | | | | | | Total | | Joint Venture | | Total |
| | Same-Store | | | | Non- | | Consolidated | | Operating | | Homes |
| | Homes | | Stabilized (2) | | Stabilized (3) (4) | | Homes | | Homes (5) | | (incl. pro rata JV) (5) |
West Region | | | | | | | | | | | | |
Orange County, CA | | $ | 2,227 |
| | $ | 2,408 |
| | $ | 1,804 |
| | $ | 2,108 |
| | $ | — |
| | $ | 2,108 |
|
San Francisco, CA | | 3,318 |
| | 3,525 |
| | 4,065 |
| | 3,391 |
| | 4,548 |
| | 3,421 |
|
Seattle, WA | | 1,995 |
| | — |
| | 2,271 |
| | 2,003 |
| | 3,583 |
| | 2,187 |
|
Los Angeles, CA | | 2,614 |
| | — |
| | — |
| | 2,614 |
| | 3,904 |
| | 2,613 |
|
Monterey Peninsula, CA | | 1,487 |
| | — |
| | — |
| | 1,487 |
| | — |
| | 1,487 |
|
Other Southern CA | | 1,723 |
| | — |
| | — |
| | 1,723 |
| | 3,010 |
| | 2,076 |
|
Portland, OR | | 1,462 |
| | — |
| | — |
| | 1,462 |
| | — |
| | 1,462 |
|
Mid-Atlantic Region | | | | | | | | | | | | |
Metropolitan DC | | 1,958 |
| | 1,911 |
| | — |
| | 1,938 |
| | 2,776 |
| | 1,968 |
|
Baltimore, MD | | 1,500 |
| | — |
| | — |
| | 1,500 |
| | 1,751 |
| | 1,521 |
|
Richmond, VA | | 1,265 |
| | — |
| | — |
| | 1,265 |
| | — |
| | 1,265 |
|
Northeast Region | | | | | | | | | | | | |
New York, NY | | 4,253 |
| | — |
| | — |
| | 4,253 |
| | 4,723 |
| | 4,324 |
|
Boston, MA | | 2,469 |
| | 4,046 |
| | — |
| | 1,840 |
| | 2,415 |
| | 2,714 |
|
Philadelphia, PA | | — |
| | — |
| | — |
| | — |
| | 3,352 |
| | 3,352 |
|
Southeast Region | | | | | | | | | | | | |
Orlando, FL | | 1,182 |
| | — |
| | — |
| | 1,182 |
| | — |
| | 1,182 |
|
Tampa, FL | | 1,284 |
| | — |
| | — |
| | 1,284 |
| | — |
| | 1,284 |
|
Nashville, TN | | 1,194 |
| | — |
| | — |
| | 1,194 |
| | — |
| | 1,194 |
|
Other Florida | | 1,490 |
| | — |
| | — |
| | 1,490 |
| | — |
| | 1,490 |
|
Southwest Region | | | | | | | | | | | | |
Dallas, TX | | 1,248 |
| | — |
| | — |
| | 1,248 |
| | 1,867 |
| | 1,371 |
|
Austin, TX | | 1,349 |
| | — |
| | 1,440 |
| | 1,375 |
| | 4,216 |
| | 1,641 |
|
Denver, CO | | — |
| | — |
| | — |
| | — |
| | 3,301 |
| | 3,301 |
|
Weighted Average | | $ | 1,921 |
| | $ | 2,226 |
| | $ | 1,953 |
| | $ | 1,956 |
| | $ | 2,916 |
| | $ | 2,027 |
|
| | | | | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. |
(2) Represents homes included in Stabilized, Non-Mature Communities category on Attachment 5. |
(3) Represents homes included in Acquired, Development, Redevelopment, Non-Residential/Other and Sold and Held for Disposition Communities categories on Attachment 5. |
(4) Development revenue per occupied home can be affected by the timing of home deliveries during a quarter and the effects of upfront rental rate concessions on cash-based calculations. |
(5) Represents joint ventures at UDR's pro-rata ownership interests. See Attachment 12 for UDR's joint venture and partnership ownership interests. |
|
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | |
| | | | | | | | | | | | | |
Attachment 7(D) |
| | | |
UDR, Inc. |
Net Operating Income Breakout By Market (1) |
June 30, 2016 |
(Dollars in Thousands) |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2016 | | | |
| | | | | | Pro-Rata | | | | | |
| | Same-Store | | Non Same-Store (2) | | Share of JVs (3) | | Total | | | |
Net Operating Income | | $ | 135,511 |
| | $ | 31,752 |
| | $ | 18,279 |
| | $ | 185,542 |
| | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | Three Months Ended June 30, 2016 | | | | Three Months Ended June 30, 2016 |
| | As a % of NOI | | | | As a % of NOI |
Region | | Same-Store | | Total | | Region | | Same-Store | | Total |
West Region | | | | | | Northeast Region | | | | | |
Orange County, CA | | 11.7 | % | | 12.0 | % | | New York, NY | | 12.9 | % | | | 12.1 | % |
San Francisco, CA | | 11.2 | % | | 10.6 | % | | Boston, MA | | 4.6 | % | | | 7.0 | % |
Seattle, WA | | 6.3 | % | | 6.2 | % | | Philadelphia, PA | | 0.0 | % | | | 0.7 | % |
Los Angeles, CA | | 4.8 | % | | 3.7 | % | |
| | 17.5 | % | | | 19.8 | % |
Monterey Peninsula, CA | | 3.7 | % | | 2.7 | % | | Southeast Region | |
| | |
|
Other Southern CA | | 2.0 | % | | 2.4 | % | | Orlando, FL | | 4.4 | % | | | 3.2 | % |
Portland, OR | | 1.1 | % | | 0.8 | % | | Tampa, FL | | 4.2 | % | | | 3.1 | % |
| | 40.8 | % | | 38.4 | % | | Nashville, TN | | 4.2 | % | | | 3.0 | % |
| | | | | | Other Florida | | 1.3 | % | | | 1.0 | % |
Mid-Atlantic Region | | | | | | | | 14.1 | % | | | 10.3 | % |
Metropolitan DC | | 14.1 | % | | 19.0 | % | | Southwest Region | | | | | |
Baltimore, MD | | 4.8 | % | | 3.9 | % | | Dallas, TX | | 4.5 | % | | | 4.3 | % |
Richmond, VA | | 2.7 | % | | 2.0 | % | | Austin, TX | | 1.5 | % | | | 2.0 | % |
| | 21.6 | % | | 24.9 | % | | Denver, CO | | 0.0 | % | | | 0.3 | % |
| |
| |
| | | | 6.0 | % | | | 6.6 | % |
| |
| |
| | | | | | | |
| | | | | | Total | | 100.0 | % | | | 100.0 | % |
| | | | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. |
(2) Excludes results from Sold and Held for Disposition Communities. |
(3) Includes UDR's pro rata share of joint venture and partnership NOI. |
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
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| | | | | | | | | | |
Attachment 8(A) |
|
UDR, Inc. |
Same-Store Operating Information By Major Market (1) |
Current Quarter vs. Prior Year Quarter |
June 30, 2016 |
(Unaudited) |
| | | | | | | | | | | |
| | | % of Same- | | | | | | | | |
| | Total | Store Portfolio | | Same-Store |
| | Same-Store | Based on | | Physical Occupancy | | Total Revenue per Occupied Home |
| | Homes | 2Q 2016 NOI | | 2Q 16 | 2Q 15 | Change | | 2Q 16 | 2Q 15 | Change |
West Region | | | | | | | | | | | |
Orange County, CA | | 3,194 |
| 11.7 | % | | 95.8 | % | 95.4 | % | 0.4 | % | | $ | 2,227 |
| $ | 2,055 |
| 8.4 | % |
San Francisco, CA | | 2,230 |
| 11.2 | % | | 96.1 | % | 97.0 | % | -0.9 | % | | 3,318 |
| 3,092 |
| 7.3 | % |
Seattle, WA | | 2,014 |
| 6.3 | % | | 96.6 | % | 97.2 | % | -0.6 | % | | 1,995 |
| 1,828 |
| 9.1 | % |
Los Angeles, CA | | 1,225 |
| 4.8 | % | | 94.4 | % | 95.6 | % | -1.2 | % | | 2,614 |
| 2,453 |
| 6.6 | % |
Monterey Peninsula, CA | | 1,565 |
| 3.7 | % | | 97.4 | % | 97.5 | % | -0.1 | % | | 1,487 |
| 1,311 |
| 13.4 | % |
Other Southern CA | | 756 |
| 2.0 | % | | 95.4 | % | 96.4 | % | -1.0 | % | | 1,723 |
| 1,622 |
| 6.2 | % |
Portland, OR | | 476 |
| 1.1 | % | | 97.7 | % | 97.5 | % | 0.2 | % | | 1,462 |
| 1,268 |
| 15.3 | % |
| | 11,460 |
| 40.8 | % | | 96.1 | % | 96.5 | % | -0.4 | % | | 2,271 |
| 2,096 |
| 8.4 | % |
Mid-Atlantic Region | | | | | | | | | | | |
Metropolitan DC | | 4,824 |
| 14.1 | % | | 96.9 | % | 96.9 | % | 0.0 | % | | 1,958 |
| 1,924 |
| 1.8 | % |
Baltimore, MD | | 2,122 |
| 4.8 | % | | 97.0 | % | 97.3 | % | -0.3 | % | | 1,500 |
| 1,483 |
| 1.1 | % |
Richmond, VA | | 1,358 |
| 2.7 | % | | 96.8 | % | 96.9 | % | -0.1 | % | | 1,265 |
| 1,236 |
| 2.3 | % |
| | 8,304 |
| 21.6 | % | | 96.9 | % | 97.0 | % | -0.1 | % | | 1,728 |
| 1,699 |
| 1.7 | % |
Northeast Region | | | | | | | | | | | |
New York, NY | | 1,945 |
| 12.9 | % | | 96.9 | % | 97.6 | % | -0.7 | % | | 4,253 |
| 4,035 |
| 5.4 | % |
Boston, MA | | 1,179 |
| 4.6 | % | | 96.7 | % | 97.1 | % | -0.4 | % | | 2,469 |
| 2,316 |
| 6.6 | % |
| | 3,124 |
| 17.5 | % | | 96.8 | % | 97.4 | % | -0.6 | % | | 3,581 |
| 3,388 |
| 5.7 | % |
Southeast Region | | | | | | | | | | | |
Orlando, FL | | 2,500 |
| 4.4 | % | | 96.5 | % | 97.0 | % | -0.5 | % | | 1,182 |
| 1,098 |
| 7.7 | % |
Tampa, FL | | 2,287 |
| 4.2 | % | | 96.6 | % | 97.0 | % | -0.4 | % | | 1,284 |
| 1,194 |
| 7.5 | % |
Nashville, TN | | 2,260 |
| 4.2 | % | | 97.7 | % | 97.3 | % | 0.4 | % | | 1,194 |
| 1,103 |
| 8.3 | % |
Other Florida | | 636 |
| 1.3 | % | | 96.0 | % | 96.6 | % | -0.6 | % | | 1,490 |
| 1,427 |
| 4.4 | % |
| | 7,683 |
| 14.1 | % | | 96.9 | % | 97.1 | % | -0.2 | % | | 1,240 |
| 1,155 |
| 7.4 | % |
Southwest Region | | | | | | | | | | | |
Dallas, TX | | 2,725 |
| 4.5 | % | | 96.4 | % | 97.0 | % | -0.6 | % | | 1,248 |
| 1,181 |
| 5.7 | % |
Austin, TX | | 883 |
| 1.5 | % | | 96.5 | % | 97.6 | % | -1.1 | % | | 1,349 |
| 1,289 |
| 4.7 | % |
| | 3,608 |
| 6.0 | % | | 96.4 | % | 97.1 | % | -0.7 | % | | 1,273 |
| 1,208 |
| 5.4 | % |
| | | | | | | | | | | |
Total/Weighted Avg. | | 34,179 |
| 100.0 | % | | 96.6 | % | 96.9 | % | -0.3 | % | | $ | 1,921 |
| $ | 1,812 |
| 6.0 | % |
| | | | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. |
| | | | | | | | | | | |
| | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | |
Attachment 8(B) |
|
UDR, Inc. |
Same-Store Operating Information By Major Market (1) |
Current Quarter vs. Prior Year Quarter |
June 30, 2016 |
(Unaudited) |
| | | | | | | | | | | | | | |
| Total | | Same-Store ($000s) | |
| | | | | | | | | | | | | |
| Same-Store | | Revenues | | Expenses | | Net Operating Income | |
| Homes | | 2Q 16 | 2Q 15 | Change | | 2Q 16 | 2Q 15 | Change | | 2Q 16 | 2Q 15 | Change | |
West Region | | | | | | | | | | | | | | |
Orange County, CA | 3,194 |
| | $ | 20,444 |
| $ | 18,781 |
| 8.9 | % | | $ | 4,697 |
| $ | 4,777 |
| -1.7 | % | | $ | 15,747 |
| $ | 14,004 |
| 12.4 | % | |
San Francisco, CA | 2,230 |
| | 21,334 |
| 20,067 |
| 6.3 | % | | 6,111 |
| 4,592 |
| 33.1 | % | (2) | 15,223 |
| 15,475 |
| -1.6 | % | |
Seattle, WA | 2,014 |
| | 11,645 |
| 10,733 |
| 8.5 | % | | 3,165 |
| 3,016 |
| 4.9 | % | | 8,480 |
| 7,717 |
| 9.9 | % | |
Los Angeles, CA | 1,225 |
| | 9,068 |
| 8,617 |
| 5.2 | % | | 2,564 |
| 2,267 |
| 13.1 | % | | 6,504 |
| 6,350 |
| 2.4 | % | |
Monterey Peninsula, CA | 1,565 |
| | 6,802 |
| 5,999 |
| 13.4 | % | | 1,769 |
| 1,603 |
| 10.4 | % | | 5,033 |
| 4,396 |
| 14.5 | % | |
Other Southern CA | 756 |
| | 3,727 |
| 3,547 |
| 5.1 | % | | 992 |
| 963 |
| 3.0 | % | | 2,735 |
| 2,584 |
| 5.9 | % | |
Portland, OR | 476 |
| | 2,040 |
| 1,766 |
| 15.5 | % | | 497 |
| 511 |
| -2.9 | % | | 1,543 |
| 1,255 |
| 23.0 | % | |
| 11,460 |
| | 75,060 |
| 69,510 |
| 8.0 | % | | 19,795 |
| 17,729 |
| 11.7 | % | | 55,265 |
| 51,781 |
| 6.7 | % | |
Mid-Atlantic Region | | | | | | | | | | | | | | |
Metropolitan DC | 4,824 |
| | 27,455 |
| 26,977 |
| 1.8 | % | | 8,354 |
| 8,750 |
| -4.5 | % | | 19,101 |
| 18,227 |
| 4.8 | % | |
Baltimore, MD | 2,122 |
| | 9,264 |
| 9,185 |
| 0.9 | % | | 2,753 |
| 2,639 |
| 4.3 | % | | 6,511 |
| 6,546 |
| -0.5 | % | |
Richmond, VA | 1,358 |
| | 4,987 |
| 4,879 |
| 2.2 | % | | 1,298 |
| 1,196 |
| 8.5 | % | | 3,689 |
| 3,683 |
| 0.1 | % | |
| 8,304 |
| | 41,706 |
| 41,041 |
| 1.6 | % | | 12,405 |
| 12,585 |
| -1.4 | % | | 29,301 |
| 28,456 |
| 3.0 | % | |
Northeast Region | | | | | | | | | | | | | | |
New York, NY | 1,945 |
| | 24,046 |
| 22,980 |
| 4.6 | % | | 6,617 |
| 6,380 |
| 3.7 | % | (3) | 17,429 |
| 16,600 |
| 5.0 | % | (3) |
Boston, MA | 1,179 |
| | 8,444 |
| 7,955 |
| 6.1 | % | | 2,196 |
| 2,147 |
| 2.3 | % | | 6,248 |
| 5,808 |
| 7.6 | % | |
| 3,124 |
| | 32,490 |
| 30,935 |
| 5.0 | % | | 8,813 |
| 8,527 |
| 3.3 | % | | 23,677 |
| 22,408 |
| 5.7 | % | |
Southeast Region | | | | | | | | | | | | | | |
Orlando, FL | 2,500 |
| | 8,558 |
| 7,991 |
| 7.1 | % | | 2,615 |
| 2,484 |
| 5.3 | % | | 5,943 |
| 5,507 |
| 7.9 | % | |
Tampa, FL | 2,287 |
| | 8,508 |
| 7,945 |
| 7.1 | % | | 2,830 |
| 2,805 |
| 0.9 | % | | 5,678 |
| 5,140 |
| 10.5 | % | |
Nashville, TN | 2,260 |
| | 7,907 |
| 7,277 |
| 8.7 | % | | 2,245 |
| 2,175 |
| 3.3 | % | | 5,662 |
| 5,102 |
| 11.0 | % | |
Other Florida | 636 |
| | 2,729 |
| 2,631 |
| 3.7 | % | | 931 |
| 954 |
| -2.5 | % | | 1,798 |
| 1,677 |
| 7.2 | % | |
| 7,683 |
| | 27,702 |
| 25,844 |
| 7.2 | % | | 8,621 |
| 8,418 |
| 2.4 | % | | 19,081 |
| 17,426 |
| 9.5 | % | |
Southwest Region | | | | | | | | | | | | | | |
Dallas, TX | 2,725 |
| | 9,836 |
| 9,365 |
| 5.0 | % | | 3,677 |
| 3,260 |
| 12.8 | % | | 6,159 |
| 6,105 |
| 0.9 | % | |
Austin, TX | 883 |
| | 3,449 |
| 3,332 |
| 3.5 | % | | 1,421 |
| 1,359 |
| 4.6 | % | | 2,028 |
| 1,973 |
| 2.8 | % | |
| 3,608 |
| | 13,285 |
| 12,697 |
| 4.6 | % | | 5,098 |
| 4,619 |
| 10.4 | % | | 8,187 |
| 8,078 |
| 1.3 | % | |
| | | | | | | | | | | | | | |
Totals | 34,179 |
| | $ | 190,243 |
| $ | 180,027 |
| 5.7 | % | | $ | 54,732 |
| $ | 51,878 |
| 5.5 | % | (3) | $ | 135,511 |
| $ | 128,149 |
| 5.7 | % | (3) |
| | | | | | | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. | |
(2) 2Q16 Same Store Expense was elevated due to a $1.1 million expense resulting from a higher-than-expected initial stabilized real estate tax assessment on a 2014, San Francisco, development completion. | |
(3) 2Q16 presented above includes $70 thousand of higher New York real estate taxes due to 421 exemption and abatement reductions. Had the Same Store Expense included 100% of the NY real estate taxes before 421 savings, in all periods presented, the percent change in Total Same Store expense and NOI would have been 5.1% and 5.9%, respectively; and the percent change in New York expense and NOI would have been 1.8% and 6.5%, respectively. | |
| |
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
|
| | | | | | | | | |
Attachment 8(C) |
|
UDR, Inc. |
Same-Store Operating Information By Major Market (1) |
Current Quarter vs. Last Quarter |
June 30, 2016 |
(Unaudited) |
| | | | | | | | | | |
| | Total | | Same-Store |
| | Same-Store | | Physical Occupancy | | Total Revenue per Occupied Home |
| | Homes | | 2Q 16 | 1Q 16 | Change | | 2Q 16 | 1Q 16 | Change |
West Region | | | | | | | | | | |
Orange County, CA | | 3,194 |
| | 95.8 | % | 96.1 | % | -0.3 | % | | $ | 2,227 |
| $ | 2,187 |
| 1.8 | % |
San Francisco, CA | | 2,230 |
| | 96.1 | % | 96.5 | % | -0.4 | % | | 3,318 |
| 3,302 |
| 0.5 | % |
Seattle, WA | | 2,014 |
| | 96.6 | % | 96.5 | % | 0.1 | % | | 1,995 |
| 1,930 |
| 3.4 | % |
Los Angeles, CA | | 1,225 |
| | 94.4 | % | 94.7 | % | -0.3 | % | | 2,614 |
| 2,612 |
| 0.1 | % |
Monterey Peninsula, CA | | 1,565 |
| | 97.4 | % | 95.8 | % | 1.6 | % | | 1,487 |
| 1,452 |
| 2.4 | % |
Other Southern CA | | 756 |
| | 95.4 | % | 95.4 | % | 0.0 | % | | 1,723 |
| 1,687 |
| 2.1 | % |
Portland, OR | | 476 |
| | 97.7 | % | 97.1 | % | 0.6 | % | | 1,462 |
| 1,428 |
| 2.4 | % |
| | 11,460 |
| | 96.1 | % | 96.1 | % | 0.0 | % | | 2,271 |
| 2,240 |
| 1.4 | % |
Mid-Atlantic Region | | | | | | | | | | |
Metropolitan DC | | 4,824 |
| | 96.9 | % | 96.6 | % | 0.3 | % | | 1,958 |
| 1,936 |
| 1.1 | % |
Baltimore, MD | | 2,122 |
| | 97.0 | % | 96.8 | % | 0.2 | % | | 1,500 |
| 1,493 |
| 0.5 | % |
Richmond, VA | | 1,358 |
| | 96.8 | % | 96.3 | % | 0.5 | % | | 1,265 |
| 1,257 |
| 0.6 | % |
| | 8,304 |
| | 96.9 | % | 96.6 | % | 0.3 | % | | 1,728 |
| 1,712 |
| 0.9 | % |
Northeast Region | | | | | | | | | | |
New York, NY | | 1,945 |
| | 96.9 | % | 97.3 | % | -0.4 | % | | 4,253 |
| 4,201 |
| 1.2 | % |
Boston, MA | | 1,179 |
| | 96.7 | % | 96.0 | % | 0.7 | % | | 2,469 |
| 2,420 |
| 2.0 | % |
| | 3,124 |
| | 96.8 | % | 96.8 | % | 0.0 | % | | 3,581 |
| 3,534 |
| 1.3 | % |
Southeast Region | | | | | | | | | | |
Orlando, FL | | 2,500 |
| | 96.5 | % | 96.6 | % | -0.1 | % | | 1,182 |
| 1,158 |
| 2.1 | % |
Tampa, FL | | 2,287 |
| | 96.6 | % | 96.7 | % | -0.1 | % | | 1,284 |
| 1,265 |
| 1.5 | % |
Nashville, TN | | 2,260 |
| | 97.7 | % | 97.2 | % | 0.5 | % | | 1,194 |
| 1,160 |
| 2.9 | % |
Other Florida | | 636 |
| | 96.0 | % | 95.8 | % | 0.2 | % | | 1,490 |
| 1,481 |
| 0.6 | % |
| | 7,683 |
| | 96.9 | % | 96.7 | % | 0.2 | % | | 1,240 |
| 1,217 |
| 1.9 | % |
Southwest Region | | | | | | | | | | |
Dallas, TX | | 2,725 |
| | 96.4 | % | 97.0 | % | -0.6 | % | | 1,248 |
| 1,231 |
| 1.4 | % |
Austin, TX | | 883 |
| | 96.5 | % | 96.8 | % | -0.3 | % | | 1,349 |
| 1,319 |
| 2.3 | % |
| | 3,608 |
| | 96.4 | % | 97.0 | % | -0.6 | % | | 1,273 |
| 1,253 |
| 1.6 | % |
| | | | | | | | | | |
Total/Weighted Avg. | | 34,179 |
| | 96.6 | % | 96.5 | % | 0.1 | % | | $ | 1,921 |
| $ | 1,895 |
| 1.4 | % |
| | | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. |
| | | | | | | | | | |
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Attachment 8(D) |
|
UDR, Inc. |
Same-Store Operating Information By Major Market (1) |
Current Quarter vs. Last Quarter |
June 30, 2016 |
(Unaudited) |
| | | | | | | | | | | | | | |
| Total | | Same-Store ($000s) | |
| | | | | | | | | | | | | |
| Same-Store | | Revenues | | Expenses | | Net Operating Income | |
| Homes | | 2Q 16 | 1Q 16 | Change | | 2Q 16 | 1Q 16 | Change | | 2Q 16 | 1Q 16 | Change | |
West Region | | | | | | | | | | | | | | |
Orange County, CA | 3,194 |
| | $ | 20,444 |
| $ | 20,134 |
| 1.5 | % | | $ | 4,697 |
| $ | 4,517 |
| 4.0 | % | | $ | 15,747 |
| $ | 15,617 |
| 0.8 | % | |
San Francisco, CA | 2,230 |
| | 21,334 |
| 21,320 |
| 0.1 | % | | 6,111 |
| 4,922 |
| 24.2 | % | (2) | 15,223 |
| 16,398 |
| -7.2 | % | |
Seattle, WA | 2,014 |
| | 11,645 |
| 11,254 |
| 3.5 | % | | 3,165 |
| 3,149 |
| 0.5 | % | | 8,480 |
| 8,105 |
| 4.6 | % | |
Los Angeles, CA | 1,225 |
| | 9,068 |
| 9,089 |
| -0.2 | % | | 2,564 |
| 2,553 |
| 0.4 | % | | 6,504 |
| 6,536 |
| -0.5 | % | |
Monterey Peninsula, CA | 1,565 |
| | 6,802 |
| 6,530 |
| 4.2 | % | | 1,769 |
| 1,731 |
| 2.2 | % | | 5,033 |
| 4,799 |
| 4.9 | % | |
Other Southern CA | 756 |
| | 3,727 |
| 3,650 |
| 2.1 | % | | 992 |
| 1,024 |
| -3.2 | % | | 2,735 |
| 2,626 |
| 4.2 | % | |
Portland, OR | 476 |
| | 2,040 |
| 1,980 |
| 3.0 | % | | 497 |
| 484 |
| 2.5 | % | | 1,543 |
| 1,496 |
| 3.2 | % | |
| 11,460 |
| | 75,060 |
| 73,957 |
| 1.5 | % | | 19,795 |
| 18,380 |
| 7.7 | % | | 55,265 |
| 55,577 |
| -0.6 | % | |
Mid-Atlantic Region | | | | | | | | | | | | | | |
Metropolitan DC | 4,824 |
| | 27,455 |
| 27,070 |
| 1.4 | % | | 8,354 |
| 8,996 |
| -7.1 | % | | 19,101 |
| 18,074 |
| 5.7 | % | |
Baltimore, MD | 2,122 |
| | 9,264 |
| 9,202 |
| 0.7 | % | | 2,753 |
| 2,782 |
| -1.0 | % | | 6,511 |
| 6,420 |
| 1.4 | % | |
Richmond, VA | 1,358 |
| | 4,987 |
| 4,932 |
| 1.1 | % | | 1,298 |
| 1,371 |
| -5.3 | % | | 3,689 |
| 3,561 |
| 3.6 | % | |
| 8,304 |
| | 41,706 |
| 41,204 |
| 1.2 | % | | 12,405 |
| 13,149 |
| -5.7 | % | | 29,301 |
| 28,055 |
| 4.4 | % | |
Northeast Region | | | | | | | | | | | | | | |
New York, NY | 1,945 |
| | 24,046 |
| 23,853 |
| 0.8 | % | | 6,617 |
| 6,880 |
| -3.8 | % | | 17,429 |
| 16,973 |
| 2.7 | % | |
Boston, MA | 1,179 |
| | 8,444 |
| 8,217 |
| 2.8 | % | | 2,196 |
| 2,257 |
| -2.7 | % | | 6,248 |
| 5,960 |
| 4.8 | % | |
| 3,124 |
| | 32,490 |
| 32,070 |
| 1.3 | % | | 8,813 |
| 9,137 |
| -3.5 | % | | 23,677 |
| 22,933 |
| 3.2 | % | |
Southeast Region | | | | | | | | | | | | | | |
Orlando, FL | 2,500 |
| | 8,558 |
| 8,392 |
| 2.0 | % | | 2,615 |
| 2,484 |
| 5.2 | % | | 5,943 |
| 5,908 |
| 0.6 | % | |
Tampa, FL | 2,287 |
| | 8,508 |
| 8,393 |
| 1.4 | % | | 2,830 |
| 2,756 |
| 2.7 | % | | 5,678 |
| 5,637 |
| 0.7 | % | |
Nashville, TN | 2,260 |
| | 7,907 |
| 7,645 |
| 3.4 | % | | 2,245 |
| 2,172 |
| 3.4 | % | | 5,662 |
| 5,473 |
| 3.4 | % |
|
Other Florida | 636 |
| | 2,729 |
| 2,707 |
| 0.8 | % | | 931 |
| 928 |
| 0.3 | % | | 1,798 |
| 1,779 |
| 1.1 | % | |
| 7,683 |
| | 27,702 |
| 27,137 |
| 2.1 | % | | 8,621 |
| 8,340 |
| 3.4 | % | | 19,081 |
| 18,797 |
| 1.5 | % | |
Southwest Region | | | | | | | | | | | | | | |
Dallas, TX | 2,725 |
| | 9,836 |
| 9,762 |
| 0.8 | % | | 3,677 |
| 3,466 |
| 6.1 | % | | 6,159 |
| 6,296 |
| -2.2 | % | |
Austin, TX | 883 |
| | 3,449 |
| 3,381 |
| 2.0 | % | | 1,421 |
| 1,450 |
| -2.0 | % | | 2,028 |
| 1,931 |
| 5.0 | % | |
| 3,608 |
| | 13,285 |
| 13,143 |
| 1.1 | % | | 5,098 |
| 4,916 |
| 3.7 | % | | 8,187 |
| 8,227 |
| -0.5 | % | |
| | | | | | | | | | | | | | |
Total | 34,179 |
| | $ | 190,243 |
| $ | 187,511 |
| 1.5 | % | | $ | 54,732 |
| $ | 53,922 |
| 1.5 | % |
| $ | 135,511 |
| $ | 133,589 |
| 1.4 | % |
|
| | | | | | | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. | |
(2) 2Q16 Same Store Expense was elevated due to a $1.1 million expense resulting from a higher-than-expected initial stabilized real estate tax assessment on a 2014, San Francisco, development completion. | |
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Attachment 8(E) |
|
UDR, Inc. |
Same-Store Operating Information By Major Market (1) |
Current Year-to-Date vs. Prior Year-to-Date |
June 30, 2016 |
(Unaudited) |
| | | | | | | | | | |
| | % of Same- | | | | | | | | |
| Total | Store Portfolio | | Same-Store |
| Same-Store | Based on | | Physical Occupancy | | Total Revenue per Occupied Home |
| Homes | YTD 2016 NOI | | YTD 16 | YTD 15 | Change | | YTD 16 | YTD 15 | Change |
West Region | | | | | | | | | | |
Orange County, CA | 3,194 |
| 11.7 | % | | 96.0 | % | 95.6 | % | 0.4 | % | | $ | 2,206 |
| $ | 2,039 |
| 8.2 | % |
San Francisco, CA | 2,230 |
| 11.7 | % | | 96.3 | % | 97.1 | % | -0.8 | % | | 3,310 |
| 3,042 |
| 8.8 | % |
Seattle, WA | 1,852 |
| 5.7 | % | | 96.7 | % | 97.1 | % | -0.4 | % | | 1,983 |
| 1,818 |
| 9.1 | % |
Los Angeles, CA | 1,225 |
| 4.9 | % | | 94.6 | % | 95.3 | % | -0.7 | % | | 2,611 |
| 2,423 |
| 7.8 | % |
Monterey Peninsula, CA | 1,565 |
| 3.7 | % | | 96.6 | % | 97.3 | % | -0.7 | % | | 1,470 |
| 1,288 |
| 14.1 | % |
Other Southern CA | 756 |
| 2.0 | % | | 95.4 | % | 96.4 | % | -1.0 | % | | 1,705 |
| 1,614 |
| 5.6 | % |
Portland, OR | 476 |
| 1.1 | % | | 97.4 | % | 98.0 | % | -0.6 | % | | 1,445 |
| 1,247 |
| 15.9 | % |
| 11,298 |
| 40.8 | % | | 96.1 | % | 96.5 | % | -0.4 | % | | 2,263 |
| 2,076 |
| 9.0 | % |
Mid-Atlantic Region | | | | | | | | | | |
Metropolitan DC | 4,824 |
| 13.9 | % | | 96.8 | % | 96.8 | % | 0.0 | % | | 1,946 |
| 1,909 |
| 1.9 | % |
Baltimore, MD | 2,122 |
| 4.8 | % | | 96.9 | % | 97.2 | % | -0.3 | % | | 1,497 |
| 1,476 |
| 1.4 | % |
Richmond, VA | 1,358 |
| 2.7 | % | | 96.6 | % | 96.4 | % | 0.2 | % | | 1,260 |
| 1,230 |
| 2.4 | % |
| 8,304 |
| 21.4 | % | | 96.8 | % | 96.8 | % | 0.0 | % | | 1,719 |
| 1,687 |
| 1.9 | % |
Northeast Region | | | | | | | | | | |
New York, NY | 1,945 |
| 12.8 | % | | 97.1 | % | 97.4 | % | -0.3 | % | | 4,227 |
| 4,005 |
| 5.5 | % |
Boston, MA | 1,179 |
| 4.6 | % | | 96.3 | % | 96.5 | % | -0.2 | % | | 2,446 |
| 2,301 |
| 6.3 | % |
| 3,124 |
| 17.4 | % | | 96.8 | % | 97.1 | % | -0.3 | % | | 3,558 |
| 3,366 |
| 5.7 | % |
Southeast Region | | | | | | | | | | |
Orlando, FL | 2,500 |
| 4.4 | % | | 96.6 | % | 96.8 | % | -0.2 | % | | 1,170 |
| 1,084 |
| 7.9 | % |
Tampa, FL | 2,287 |
| 4.2 | % | | 96.7 | % | 97.0 | % | -0.3 | % | | 1,274 |
| 1,183 |
| 7.7 | % |
Nashville, TN | 2,260 |
| 4.3 | % | | 97.4 | % | 97.2 | % | 0.2 | % | | 1,178 |
| 1,094 |
| 7.7 | % |
Other Florida | 636 |
| 1.3 | % | | 95.9 | % | 96.7 | % | -0.8 | % | | 1,485 |
| 1,414 |
| 5.0 | % |
| 7,683 |
| 14.2 | % | | 96.8 | % | 97.0 | % | -0.2 | % | | 1,229 |
| 1,144 |
| 7.5 | % |
Southwest Region | | | | | | | | | | |
Dallas, TX | 2,725 |
| 4.7 | % | | 96.7 | % | 97.1 | % | -0.4 | % | | 1,240 |
| 1,171 |
| 5.9 | % |
Austin, TX | 883 |
| 1.5 | % | | 96.6 | % | 97.1 | % | -0.5 | % | | 1,335 |
| 1,279 |
| 4.4 | % |
| 3,608 |
| 6.2 | % | | 96.7 | % | 97.1 | % | -0.4 | % | | 1,263 |
| 1,197 |
| 5.5 | % |
| | | | | | | | | | |
Total/Weighted Avg. | 34,017 |
| 100.0 | % | | 96.6 | % | 96.8 | % | -0.2 | % | | $ | 1,909 |
| $ | 1,795 |
| 6.3 | % |
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| | | | | | | | | | |
(1) See Attachment 16 for definitions and other terms. |
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Attachment 8(F)
|
|
UDR, Inc. |
Same-Store Operating Information By Major Market (1) |
Current Year-to-Date vs. Prior Year-to-Date |
June 30, 2016 |
(Unaudited) |
| | | | | | | | | | | | | | |
| Total | | Same-Store ($000s) | |
| | | | | | | | | | | | | |
| Same-Store | | Revenues | | Expenses | | Net Operating Income | |
| Homes | | YTD 16 | YTD 15 | Change | | YTD 16 | YTD 15 | Change | | YTD 16 | YTD 15 | Change | |
West Region | | | | | | | | | | | | | | |
Orange County, CA | 3,194 |
| | $ | 40,578 |
| $ | 37,353 |
| 8.6 | % | | $ | 9,213 |
| $ | 9,486 |
| -2.9 | % | | $ | 31,365 |
| $ | 27,867 |
| 12.6 | % | |
San Francisco, CA | 2,230 |
| | 42,654 |
| 39,519 |
| 7.9 | % | | 11,033 |
| 9,190 |
| 20.1 | % | (2) | 31,621 |
| 30,329 |
| 4.3 | % | |
Seattle, WA | 1,852 |
| | 21,305 |
| 19,616 |
| 8.6 | % | | 6,022 |
| 5,667 |
| 6.3 | % | | 15,283 |
| 13,949 |
| 9.6 | % | |
Los Angeles, CA | 1,225 |
| | 18,156 |
| 16,971 |
| 7.0 | % | | 5,117 |
| 4,663 |
| 9.7 | % | | 13,039 |
| 12,308 |
| 5.9 | % | |
Monterey Peninsula, CA | 1,565 |
| | 13,333 |
| 11,771 |
| 13.3 | % | | 3,500 |
| 3,253 |
| 7.6 | % | | 9,833 |
| 8,518 |
| 15.4 | % | |
Other Southern CA | 756 |
| | 7,377 |
| 7,058 |
| 4.5 | % | | 2,016 |
| 1,850 |
| 9.0 | % | | 5,361 |
| 5,208 |
| 2.9 | % | |
Portland, OR | 476 |
| | 4,020 |
| 3,489 |
| 15.2 | % | | 981 |
| 950 |
| 3.2 | % | | 3,039 |
| 2,539 |
| 19.7 | % | |
| 11,298 |
| | 147,423 |
| 135,777 |
| 8.6 | % | | 37,882 |
| 35,059 |
| 8.1 | % | | 109,541 |
| 100,718 |
| 8.8 | % | |
Mid-Atlantic Region | | | | | | | | | | | | | | |
Metropolitan DC | 4,824 |
| | 54,525 |
| 53,491 |
| 1.9 | % | | 17,349 |
| 17,596 |
| -1.4 | % | | 37,176 |
| 35,895 |
| 3.6 | % | |
Baltimore, MD | 2,122 |
| | 18,466 |
| 18,265 |
| 1.1 | % | | 5,536 |
| 5,346 |
| 3.6 | % | | 12,930 |
| 12,919 |
| 0.1 | % | |
Richmond, VA | 1,358 |
| | 9,919 |
| 9,662 |
| 2.7 | % | | 2,668 |
| 2,487 |
| 7.3 | % | | 7,251 |
| 7,175 |
| 1.0 | % | |
| 8,304 |
| | 82,910 |
| 81,418 |
| 1.8 | % | | 25,553 |
| 25,429 |
| 0.5 | % | | 57,357 |
| 55,989 |
| 2.4 | % | |
Northeast Region | | | | | | | | | | | | | | |
New York, NY | 1,945 |
| | 47,899 |
| 45,521 |
| 5.2 | % | | 13,497 |
| 12,739 |
| 5.9 | % | (3) | 34,402 |
| 32,782 |
| 4.9 | % | (3) |
Boston, MA | 1,179 |
| | 16,661 |
| 15,709 |
| 6.1 | % | | 4,454 |
| 4,550 |
| -2.1 | % | | 12,207 |
| 11,159 |
| 9.4 | % | |
| 3,124 |
| | 64,560 |
| 61,230 |
| 5.4 | % | | 17,951 |
| 17,289 |
| 3.8 | % | | 46,609 |
| 43,941 |
| 6.1 | % | |
Southeast Region | | | | | | | | | | | | | | |
Orlando, FL | 2,500 |
| | 16,950 |
| 15,742 |
| 7.7 | % | | 5,099 |
| 4,919 |
| 3.7 | % | | 11,851 |
| 10,823 |
| 9.5 | % | |
Tampa, FL | 2,287 |
| | 16,901 |
| 15,744 |
| 7.3 | % | | 5,587 |
| 5,564 |
| 0.4 | % | | 11,314 |
| 10,180 |
| 11.1 | % | |
Nashville, TN | 2,260 |
| | 15,552 |
| 14,422 |
| 7.8 | % | | 4,417 |
| 4,491 |
| -1.6 | % |
| 11,135 |
| 9,931 |
| 12.1 | % |
|
Other Florida | 636 |
| | 5,436 |
| 5,218 |
| 4.2 | % | | 1,859 |
| 1,840 |
| 1.0 | % | | 3,577 |
| 3,378 |
| 5.9 | % | |
| 7,683 |
| | 54,839 |
| 51,126 |
| 7.3 | % | | 16,962 |
| 16,814 |
| 0.9 | % | | 37,877 |
| 34,312 |
| 10.4 | % | |
Southwest Region | | | | | | | | | | | | | | |
Dallas, TX | 2,725 |
| | 19,598 |
| 18,588 |
| 5.4 | % | | 7,142 |
| 6,727 |
| 6.2 | % | | 12,456 |
| 11,861 |
| 5.0 | % | |
Austin, TX | 883 |
| | 6,830 |
| 6,583 |
| 3.8 | % | | 2,871 |
| 2,742 |
| 4.7 | % | | 3,959 |
| 3,841 |
| 3.1 | % | |
| 3,608 |
| | 26,428 |
| 25,171 |
| 5.0 | % | | 10,013 |
| 9,469 |
| 5.8 | % | | 16,415 |
| 15,702 |
| 4.5 | % | |
| | | | | | | | | | | | | | |
Totals | 34,017 |
| | $ | 376,160 |
| $ | 354,722 |
| 6.0 | % | | $ | 108,361 |
| $ | 104,060 |
| 4.1 | % | (3) | $ | 267,799 |
| $ | 250,662 |
| 6.8 | % | (3) |
| | | | | | | | | | | | | | |
| |
(1) See Attachment 16 for definitions and other terms. | |
(2) YTD16 Same Store Expense was elevated due to a $1.1 million expense resulting from a higher-than-expected initial stabilized real estate tax assessment on a 2014, San Francisco, development completion. | |
(3) 2016 presented above includes $140 thousand of higher New York real estate taxes due to 421 exemption and abatement reductions. Had the Same Store Expense included 100% of the NY real estate taxes before 421 savings, in all periods presented, the percent change in Total Same Store expense and NOI would have been 3.8% and 7.1%, respectively; and the percent change in New York expense and NOI would have been 3.4% and 6.5%, respectively. | |
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Attachment 8(G) |
|
UDR, Inc. |
Same-Store Operating Information By Major Market (1) |
June 30, 2016 |
(Unaudited) |
| | | | | | | | | | |
| | Effective New Lease Rate Growth | | Effective Renewal Lease Rate Growth | | Annualized Turnover (2) |
| | 2Q 2016 | | 2Q 2016 | | 2Q 2016 | 2Q 2015 | | YTD 2016 | YTD 2015 |
West Region | | | | | | | | | | |
Orange County, CA | | 5.9 | % | | 7.1 | % | | 65.3 | % | 64.3 | % | | 53.6 | % | 54.6 | % |
San Francisco, CA | | 3.5 | % | | 7.3 | % | | 63.5 | % | 61.7 | % | | 55.5 | % | 51.7 | % |
Seattle, WA | | 8.9 | % | | 8.5 | % | | 59.5 | % | 57.2 | % | | 51.8 | % | 49.8 | % |
Los Angeles, CA | | -0.1 | % | | 4.5 | % | | 59.6 | % | 51.7 | % | | 56.5 | % | 47.0 | % |
Monterey Peninsula, CA | | 13.5 | % | | 10.3 | % | | 55.6 | % | 60.5 | % | | 52.9 | % | 48.1 | % |
Other Southern CA | | 8.0 | % | | 6.9 | % | | 53.1 | % | 64.2 | % | | 52.5 | % | 56.5 | % |
Portland, OR | | 9.8 | % | | 8.2 | % | | 66.6 | % | 55.6 | % | | 58.6 | % | 51.4 | % |
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Mid-Atlantic Region | | | | | | | | | | |
Metropolitan DC | | 1.7 | % | | 4.7 | % | | 47.1 | % | 48.4 | % | | 42.6 | % | 42.3 | % |
Baltimore, MD | | -0.3 | % | | 3.6 | % | | 58.2 | % | 50.5 | % | | 50.5 | % | 43.4 | % |
Richmond, VA | | 3.6 | % | | 4.1 | % | | 56.1 | % | 58.8 | % | | 49.5 | % | 52.6 | % |
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Northeast Region | | | | | | | | | | |
New York, NY | | 1.9 | % | | 5.6 | % | | 49.3 | % | 46.6 | % | | 34.4 | % | 38.2 | % |
Boston, MA | | 5.9 | % | | 7.3 | % | | 50.0 | % | 52.7 | % | | 43.4 | % | 44.1 | % |
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Southeast Region | | | | | | | | | | |
Orlando, FL | | 4.9 | % | | 7.9 | % | | 59.0 | % | 57.3 | % | | 50.3 | % | 49.7 | % |
Tampa, FL | | 6.2 | % | | 7.3 | % | | 61.2 | % | 60.2 | % | | 52.8 | % | 53.3 | % |
Nashville, TN | | 6.5 | % | | 5.3 | % | | 57.0 | % | 59.6 | % | | 51.0 | % | 53.2 | % |
Other Florida | | 4.1 | % | | 5.1 | % | | 47.9 | % | 60.5 | % | | 42.3 | % | 45.4 | % |
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Southwest Region | | | | | | | | | | |
Dallas, TX | | 6.7 | % | | 6.9 | % | | 59.9 | % | 56.7 | % | | 52.2 | % | 52.0 | % |
Austin, TX | | 4.6 | % | | 6.0 | % | | 51.8 | % | 46.8 | % | | 48.8 | % | 43.2 | % |
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Total/Weighted Avg. | | 4.4 | % | | 6.3 | % | | 56.8 | % | 56.0 | % | | 49.5 | % | 48.5 | % |
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Percentage of Total Repriced Homes | | 51.8 | % | | 48.2 | % | | | | | | |
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| | 2Q 2016 | | 2Q 2015 | | | | | | |
Total Combined New and Renewal Lease Rate Growth | 5.3 | % | | 7.4 | % | | | | | | |
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(1) See Attachment 16 for definitions and other terms. | | | | | | | | |
(2) 2Q16 same-store home count: 34,179. YTD 2016 same-store home count: 34,017. |
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Attachment 9(A) |
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UDR, Inc. |
Development Summary (1) (2) |
June 30, 2016 |
(Dollars in Thousands) |
(Unaudited) |
Wholly-Owned | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | Schedule | | Percentage |
| | # of | Compl. | Cost to | Budgeted | Est. Cost | | Project | | Initial | | | | | |
Community | Location | Homes | Homes | Date | Cost | per Home | | Debt | Start | Occ. | Compl. | | Leased | | Occupied |
Projects Under Construction | | | | | | | | | | | | | | |
The Residences at Pacific City | Huntington Beach, CA | 516 |
| — |
| $ | 176,707 |
| $ | 342,000 |
| $ | 663 |
|
| $ | — |
| 2Q15 |
| 2Q17 | 1Q18 | | — |
| | — |
|
345 Harrison Street | Boston, MA | 585 |
| — |
| 62,231 |
| 366,500 |
| 626 |
| (3) | — |
| 1Q16 |
| 3Q18 | 1Q19 | | — |
| | — |
|
Total | | 1,101 |
| — |
| $ | 238,938 |
| $ | 708,500 |
| $ | 644 |
| | $ | — |
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Completed Projects, Non-Stabilized | | | | | | | | | | | | | | | |
N/A | N/A | — |
| — |
| $ | — |
| $ | — |
| $ | — |
| | $ | — |
| N/A |
| N/A | N/A | | — |
| | — |
|
Total - Wholly Owned | | 1,101 |
| — |
| $ | 238,938 |
| $ | 708,500 |
| $ | 644 |
| | $ | — |
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Net Operating Income From Wholly-Owned Projects | | | | | | | UDR's Capitalized Interest on Wholly-Owned Development Projects | | |
| | 2Q 16 | | | | | | | 2Q 16 |
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Projects Under Construction | | $ | (75 | ) | | | | | | | $ | 2,006 |
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Completed, Non-Stabilized | | — |
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Total | | $ | (75 | ) | | | | | | | | | | | | | |
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Unconsolidated Joint Ventures and Partnerships (8) | | | | | | | | | | | | | |
| | | | | | | | | Schedule | | Percentage |
| | Own. | # of | Compl. | Cost to | Budgeted | | Project | | Initial | | | | | |
Community | Location | Interest | Homes | Homes | Date (9) | Cost | | Debt (10) | Start | Occ. | Compl. | | Leased | | Occupied |
Projects Under Construction | | | | | | | | | | | | | | |
Residences on Jamboree | Irvine, CA | 50 | % | 381 |
| — |
| $ | 96,954 |
| $ | 125,000 |
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| $ | 30,386 |
| 3Q14 |
| 3Q16 | 1Q17 | | — |
| | — |
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3033 Wilshire | Los Angeles, CA | 50 | % | 190 |
| — |
| 95,777 |
| 107,000 |
| (5) | 33,627 |
| 4Q14 |
| 4Q16 | 1Q17 | | — |
| | — |
|
Verve Mountain View | Mountain View, CA | 50 | % | 155 |
| — |
| 58,759 |
| 99,000 |
| (6) | 14,129 |
| 1Q15 |
| 1Q17 | 2Q17 | | — |
| | — |
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Crescent Heights | Los Angeles, CA | 50 | % | 150 |
| — |
| 31,941 |
| 126,000 |
| (7) | — |
| 2Q16 |
| 3Q18 | 3Q18 | | — |
| | — |
|
Total | | | 876 |
| — |
| $ | 283,431 |
| $ | 457,000 |
| | $ | 78,142 |
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Completed Projects, Non-Stabilized | | | | | | | | | | | | | | |
399 Fremont | San Francisco, CA | 51 | % | 447 |
| 447 |
| $ | 315,149 |
| $ | 317,700 |
| (4) | $ | 157,859 |
| 1Q14 |
| 1Q16 | 2Q16 | | 49.9 | % | | 42.5 | % |
Total - Unconsolidated Joint Ventures and Partnerships | 1,323 |
| 447 |
| $ | 598,580 |
| $ | 774,700 |
| | $ | 236,001 |
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| | | | | | | | | | | | | | | |
| | | | | | | | UDR's Capitalized Interest on Unconsolidated Development Projects | | |
| | | | | | | | | 2Q 16 | | | | | | |
| | | | | | | | | $ | 1,080 |
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Projected Weighted Average Stabilized Yield on Development Projects Over Respective Market Cap Rates: | 150-200 bps | | | | | |
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(1) See Attachment 16 for definitions and other terms. |
(2) The development summary above includes all communities under development that UDR wholly owns or owns an interest in through an unconsolidated joint venture. |
(3) Includes 35,200 square feet of retail space. |
(4) Includes 3,800 square feet of retail space. |
(5) Includes 5,500 square feet of retail space. |
(6) Includes 4,500 square feet of retail space. |
(7) Includes 6,000 square feet of retail space. |
(8) Unconsolidated developments are presented at 100%. |
(9) Cost to Date includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences. |
(10) Debt balances are presented net of deferred financing costs. |
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Attachment 9(B) |
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UDR, Inc. |
Preferred Equity and Participating Loan Investments (1) |
June 30, 2016 |
(Dollars in Thousands) |
(Unaudited) |
Preferred Equity Investments | | | | | | | | | | | | | | |
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| | | UDR | UDR | | | | |
| Own. | # of | Compl. | Going-in | Investment | Share of | Schedule | | Percentage |
Community | Location | Interest | Homes | Homes | Valuation | Cost | Debt | Start | Compl. | Stabilization (2) | | Leased | | Occupied |
Projects Under Construction | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
West Coast Development JV (2) | | | | | | | | | | | | | | | |
12th & Olive (3)(6) | Los Angeles, CA | 47 | % | 293 |
| — |
| $ | 129,360 |
| $ | 33,698 |
| | $ | 19,055 |
| 2Q14 |
| 3Q16 |
| 4Q17 |
| | — |
| | — |
|
Katella Grand II | Anaheim, CA | 49 | % | 386 |
| — |
| 114,660 |
| 24,176 |
| | — |
| 4Q14 |
| 2Q17 |
| 2Q18 |
| | — |
| | — |
|
Total | | | 679 |
| — |
| $ | 244,020 |
| $ | 57,874 |
| | $ | 19,055 |
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Completed Projects, Non-Stabilized | | | | | | | | | | | | | | |
West Coast Development JV (2) |
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8th & Republican (3)(4) | Seattle, WA | 48 | % | 211 |
| 211 |
| $ | 97,020 |
| $ | 23,971 |
| | $ | 19,869 |
| 3Q14 |
| 2Q16 |
| 2Q17 |
| | 46.9 | % | | 37.0 | % |
Katella Grand I | Anaheim, CA | 49 | % | 399 |
| 399 |
| 137,935 |
| 34,268 |
| | 29,669 |
| 4Q13 |
| 2Q16 |
| 2Q17 |
| | 65.2 | % | | 58.4 | % |
CityLine (5) | Seattle, WA | 49 | % | 244 |
| 244 |
| $ | 80,360 |
| 20,214 |
| | 18,313 |
| 3Q14 |
| 2Q16 |
| 3Q16 |
| | 86.9 | % | | 84.4 | % |
Total - Preferred Equity Investments | | 1,533 |
| 854 |
| $ | 559,335 |
| $ | 136,327 |
| | $ | 86,906 |
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Participating Loan Investment | | | | | | | | | | | | | | |
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| | # of | Compl. | Cost to | Budgeted | | Loan | Loan | | | | |
Community | Location | | Homes | Homes | Date | Cost | | Commitment (9) | Balance (9) | Leased | Occupied | | | | |
Steele Creek (7)(8) | Denver, CO | | 218 |
| 218 |
| $ | 109,930 |
| $ | 109,950 |
| | $ | 93,458 |
| $ | 93,902 |
| 95.4 | % | 91.3 | % | | | | |
Total | | | 218 |
| 218 |
| $ | 109,930 |
| $ | 109,950 |
| | $ | 93,458 |
| $ | 93,902 |
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(1) See Attachment 16 for definitions and other terms. |
(2) In May 2015, UDR agreed to pay $136 million, net of debt, to acquire a 48% weighted average ownership interest in a $559 million, West Coast Development joint venture consisting of five communities in various stages of construction. UDR receives a 6.5% preferred return on our equity investment cost until stabilization. Our partner assumes all economics until stabilization. Upon stabilization, economics will be shared between UDR and our partner. UDR has the option to purchase each property at a fixed price one year after completion at an all-in option price of $597 million. A community is considered stabilized when it reaches 80% occupancy for ninety consecutive days. |
(3) A small ownership interest in 8th & Republican and 12th & Olive is held by an additional co-investor. |
(4) Includes 13,600 square feet of retail space. |
(5) UDR will have an option to acquire an interest in the second phase that is adjacent to the first phase. |
(6) Includes 15,500 square feet of retail space. |
(7) Includes 17,000 square feet of retail space. Refer to Attachment 12 for terms of our participating loan investment. |
(8) UDR's participating loan is reflected as investment in and advances to unconsolidated joint ventures on the Consolidated Balance Sheets and net income/(loss) from unconsolidated entities on the Consolidated Statements of Operations in accordance with GAAP. UDR has the option to purchase the property 25 months after completion of construction, which occured in April 2015, and receive 50% of the value created from the project upon acquisition of the community or sale to a third party. |
(9) Loan commitment represents loan principal and therefore excludes accrued interest. Loan balance includes interest accrued at 6.5% prior to the period end. |
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Attachment 10 |
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UDR, Inc. |
Redevelopment Summary (1) |
June 30, 2016 |
(Dollars in Thousands) |
(Unaudited) |
Wholly-Owned | | | | | | | | | | | | | | | |
| | | Sched. | | | | | | | | | | | | |
| | # of | Redev. | Compl. | Cost to | Budgeted | Est. Cost | | Schedule | | Percentage |
Community | Location | Homes | Homes | Homes | Date | Cost (2) | per Home | | Acq. | Start | Compl. | Same-Store (3) | | Leased | Occupied |
Projects in Redevelopment | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Edgewater (5) | San Francisco, CA | 193 |
| 97 |
| 45 |
| $ | 2,561 |
| $ | 9,000 |
| $ | 47 |
| | 1Q08 | 4Q15 | 1Q17 | 2Q18 | | 92.8 | % | 90.2 | % |
Borgata Apartment Homes | Bellevue, WA | 71 |
| 71 |
| 62 |
| 4,085 |
| 4,400 |
| 62 |
| | 2Q07 | 4Q15 | 1Q17 | 2Q18 | | 95.8 | % | 80.3 | % |
Coronado (6) | Newport Beach, CA | 1,447 |
| (4) |
| (4) |
| 11,790 |
| 24,000 |
| 17 |
| | (6) | 1Q16 | 1Q17 | 2Q18 | | 95.4 | % | 93.8 | % |
Residences at the Domain | Austin, TX | 390 |
| 311 |
| 126 |
| 2,316 |
| 8,000 |
| 21 |
| | 3Q08 | 1Q16 | 1Q17 | 2Q18 | | 90.3 | % | 87.2 | % |
Total | | 2,101 |
| 479 |
| 233 |
| $ | 20,752 |
| $ | 45,400 |
| $ | 22 |
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Completed Redevelopments, Non-Stabilized | | | | | | | | | | | | | | |
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N/A | N/A | — |
| — |
| — |
| $ | — |
| $ | — |
| $ | — |
| | N/A | N/A | N/A | N/A | | — |
| — |
|
Total - Wholly Owned | | 2,101 |
| 479 |
| 233 |
| $ | 20,752 |
| $ | 45,400 |
| $ | 22 |
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Capitalized Interest on Redevelopment Projects | | | | | | | |
| 2Q 16 | | | | | | | | | | | | | | |
| $ | 89 |
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| | Projected Weighted Average Return on Incremental Capital Invested: | 7.0% to 9.0% | | | | | | | | | |
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(1) See Attachment 16 for definitions and other terms. |
(2) Represents UDR's incremental capital invested in the projects. |
(3) Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool. |
(4) Redevelopment projects will not impact the interior of the individual homes. The projects include renovation of building exteriors, corridors, and common area amenities. |
(5) Redevelopment project consists of interior home improvements and renovation of building exteriors, corridors, and common area amenities. |
(6) Includes Coronado at Newport - North which was acquired in October 2004 and Coronado South which was acquired in March 2005. |
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Attachment 11 |
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UDR, Inc. |
Land Summary (1) |
June 30, 2016 |
(Dollars in Thousands) |
(Unaudited) |
| | | | | | | |
| | UDR Ownership | Real Estate | UDR Pro-Rata | | | |
Parcel | Location | Interest | Cost Basis | Cost Basis | Status Update (2) |
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| Design | Hold for Future |
| | | | | Entitlements | Development | Development |
Wholly-Owned | | | | | | | |
7 Harcourt (3) | Boston, MA | 100% | $ | 6,763 |
| $ | 6,763 |
| Complete | In Process | |
Vitruvian Park® | Addison, TX | 100% | 13,843 |
| 13,843 |
| Complete | | In Process |
Total | | | $ | 20,606 |
| $ | 20,606 |
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| | | Real Estate | UDR Pro-Rata | | | |
| | | Cost Basis (4) | Cost Basis (4) | | | |
Unconsolidated Joint Ventures and Partnerships | | | | | | | |
UDR/MetLife I - 3 parcels (5) | Various | 5% | $ | 70,450 |
| $ | 3,463 |
| In Process | | In Process |
UDR/MetLife Land - 6 parcels | Addison, TX | 50% | 52,029 |
| 26,015 |
| Complete | In Process | In Process |
Total | | | $ | 122,479 |
| $ | 29,478 |
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Total | | | $ | 143,085 |
| $ | 50,084 |
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Capitalized Interest on Land Projects | | | | | | | |
| | | | | | | |
| 2Q 16 | | | | | | |
| $ | 611 |
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| | | | Income from Ground Lease | | |
| | | Real Estate | | | | |
Wholly-Owned Ground Lease | | | Cost Basis | 2Q 2016 | YTD 2016 | | |
Wilshire LaJolla (6) | Los Angeles, CA | 100 | % | $ | 31,096 |
| $ | 59 |
| $ | 59 |
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(1) See Attachment 16 for definitions and other terms. |
(2) Pursuing Entitlements: During this phase the Company is actively pursuing the necessary approvals for the rights to develop multifamily and/or mixed use communities. |
Design Development: During this phase the Company is actively working to complete architectural and engineering documents in preparation for the commencement of construction of multifamily and/or mixed uses communities. |
Hold for Future Development: Entitled and/or unentitled land sites that the Company holds for future development. |
(3) Land is adjacent to UDR's Garrison Square community. |
(4) Cost basis includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences. |
(5) Parcels are located in Bellevue, WA; Los Angeles, CA; and Dublin, CA. |
(6) In June 2016, the Company increased its ownership interest in the parcel of land from 50% to 100%. Subsequent to the acquisition, UDR entered into a triple-net operating ground lease, to lease the land to a third-party developer. Annual lease revenue is expected to be approximately $2.6 million. The lease term is 49 years plus two 25-year extension options, and the ground lease provides the ground lessee with options to buy the fee interest in the property. |
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Attachment 12 |
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UDR, Inc. |
Unconsolidated Joint Venture Summary (1) |
June 30, 2016 |
(Dollars in Thousands) |
(Unaudited) |
Portfolio Characteristics | | |
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| | # of | | | Physical | Total Rev. per | Net Operating Income | | |
| Property | Comm. / | # of | Own. | Occupancy | Occ. Home | UDR's Share | | Total |
Joint Venture and Partnerships | Type | Parcels | Homes (7) | Interest | 2Q 16 | 2Q 16 (1) | 2Q 2016 | YTD 2016 | | YTD 2016 (2) |
UDR / MetLife |
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Operating communities | Various | 24 |
| 5,885 |
| 50 | % | 95.5 | % | $ | 2,874 |
| $ | 16,615 |
| $ | 32,997 |
| | $ | 65,944 |
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Non-Mature | High-rise | 1 |
| 151 |
| 50 | % | 86.6 | % | 3,904 |
| 410 |
| 327 |
| | 653 |
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Development communities | Various | 5 |
| 447 |
| (4) |
| 30.4 | % | 4,548 |
| 205 |
| 68 |
| | 129 |
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Land parcels (11) | | 9 |
| — |
| (5) |
| — |
| — |
| (10 | ) | (17 | ) | | (93 | ) |
UDR / KFH | High-rise | 3 |
| 660 |
| 30 | % | 97.0 | % | 2,598 |
| 1,059 |
| 2,118 |
| | 7,060 |
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Total/Weighted Average | | 42 |
| 7,143 |
| | 91.4 | % | $ | 2,916 |
| $ | 18,279 |
| $ | 35,493 |
| | $ | 73,693 |
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Balance Sheet Characteristics and Returns | | | | | | | | | |
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| Gross Book Value | | | | Weighted | | | | | |
| of JV Real | Total Project | UDR's Equity | | Avg. Debt | Debt | Returns (8) | | |
Joint Venture and Partnerships | Estate Assets (6) | Debt (6) | Investment | | Interest Rate | Maturities | ROIC | ROE | | |
UDR / MetLife |
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Operating communities | $ | 2,436,275 |
| $ | 1,271,642 |
| $ | 470,497 |
| | 4.45 | % | 2018-2025 |
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Non-Mature | 105,662 |
| 35,337 |
| 25,619 |
| | 4.87 | % | 2018-2021 |
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Development communities | 614,300 |
| 236,001 |
| 176,549 |
| | 2.83 | % | 2018 |
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Land parcels | 122,479 |
| — |
| 4,209 |
| | N/A |
| N/A | | | | |
UDR / KFH | 284,535 |
| 164,426 |
| 15,126 |
| | 3.15 | % | 2016-2025 | | | | |
Total/Weighted Average | $ | 3,563,251 |
| $ | 1,707,406 |
| $ | 692,000 |
| | 4.11 | % | | 5.7 | % | 7.1 | % | | |
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Same-Store Unconsolidated Joint Venture Growth | | | | | | | | | |
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| Same-Store | | | | | | | | | |
| Joint Venture | 2Q 2016 vs. 2Q 2015 Growth | | 2Q 2016 vs. 1Q 2016 Growth | | |
Joint Venture | Communities (6) | Revenue | Expense | NOI | | Revenue | Expense | NOI | | |
UDR / MetLife | 24 |
| 2.0 | % | 1.7 | % | 2.2 | % | | 1.1 | % | 0.6 | % | 1.3 | % | | |
UDR / KFH | 3 |
| 3.7 | % | 4.1 | % | 3.5 | % | | 1.2 | % | 4.2 | % | -0.1 | % | | |
Total/Average | 27 |
| 2.2 | % | 1.9 | % | 2.3 | % | | 1.1 | % | 0.9 | % | 1.2 | % | | |
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| | | | NOI | | | | NOI | | |
Same-Store JV Results at UDR's Pro-rata Ownership Interest | | | | 2.2 | % | | | | 1.2 | % | | |
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| Same-Store | | | | | | | | | |
| Joint Venture | YTD 2016 vs. YTD 2015 Growth | | | | | | |
Joint Venture | Communities (6) | Revenue | Expense | NOI | | | | | | |
UDR / MetLife | 24 |
| 2.5 | % | 4.2 | % | 1.7 | % | | | | | | |
UDR / KFH | 3 |
| 2.8 | % | 2.7 | % | 2.8 | % | | | | | | |
Total/Average | 27 |
| 2.5 | % | 4.1 | % | 1.8 | % | | | | | | |
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| | | | NOI | | | | | | |
Same-Store JV Results at UDR's Pro-rata Ownership Interest | | | | 1.7 | % | | | | | | |
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Participating Loan Investment | | | |
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| | | | | | Income from Participating |
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| | Interest | Years to | | | Loan Investment | Upside | | |
| UDR's Investment | Rate | Maturity | | | 2Q 2016 | YTD 2016 | Participation | | |
Steele Creek (9) | $ | 93,902 |
| 6.5 | % | 1.1 |
| | | $ | 1,560 |
| $ | 3,079 |
| 50 | % | | |
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Preferred Equity Investment | | | | | |
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| | | | | | Income from Preferred | | | |
| UDR's Equity | Preferred | | | | Equity Investment (3) | | | |
| Investment (10) | Return | | | | 2Q 2016 | YTD 2016 | | | |
West Coast Development JV (9) | $ | 147,501 |
| 6.5 | % | | | | $ | 2,230 |
| $ | 4,327 |
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(1) See Attachment 16 for definitions and other terms. | | |
(2) Represents NOI at 100 percent for the period ended June 30, 2016. | | |
(3) Excludes depreciation expense. | | |
(4) Includes 399 Fremont of which UDR owns 51.0%, Residences on Jamboree of which UDR owns 50.1%, 3033 Wilshire of which UDR owns 50.0%, Verve Mountain View of which UDR owns 50.1% and Crescent Heights of which UDR owns 50.0%. | | |
(5) See summary of unconsolidated land parcels on Attachment 11. | | |
(6) Joint ventures and partnerships represented at 100%. | | |
(7) Includes homes completed for the period ended June 30, 2016. | | |
(8) Excludes non-stabilized developments. | | |
(9) See Attachment 9(B) for additional details of our participating loan and preferred equity investments. |
(10) UDR's equity investment of $147.5 million is inclusive of outside basis and our accrued preferred return, which differs from our upfront investment cost of $136.3 million in Attachment 9(B). | | |
(11) Crescent Heights moved into Development communities and Wilshire at LaJolla was acquired 100% by UDR as noted on Attachments 11 and 13. | | |
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Attachment 13 |
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UDR, Inc. |
Acquisitions and Dispositions Summary (1) |
June 30, 2016 |
(Dollars in Thousands) |
(Unaudited) |
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| | | | | | Prior | Transaction | | | | | |
| | | | | | Ownership | Ownership | | | | # of | Price per |
Date of Purchase | | Community | | Location | | Interest | Interest | | Price (2) | Debt (2) | Homes | Home |
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Acquisitions - Wholly-Owned Land | | | | | | | | | | |
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Jun-16 | | Wilshire at LaJolla (3) | | Los Angeles, CA | | 50% | 100% | | $ | 38,000 |
| $ | — |
| — |
| $ | — |
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| | $ | 38,000 |
| $ | — |
| — |
| $ | — |
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| | | | | | Prior | Transaction | | | | | |
| | | | | | Ownership | Ownership | | | | # of | Price per |
Date of Sale | | Community | | Location | | Interest | Interest | | Price (2) | Debt (2) | Homes | Home |
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Dispositions - Consolidated Joint Ventures Land | | | | | | | | | | |
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Feb-16 | | 2919 Wilshire | | Santa Monica, CA | | 95% | 0% | | $ | 10,500 |
| $ | — |
| — |
| $ | — |
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Mar-16 | | 3032 Wilshire | | Santa Monica, CA | | 95% | 0% | | 13,500 |
| — |
| — |
| — |
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| | $ | 24,000 |
| $ | — |
| — |
| $ | — |
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Dispositions - Wholly-Owned | |
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May-16 | | Bellevue Plaza (4) | | Bellevue, WA | | 100% | 0% | | $ | 45,350 |
| $ | — |
| — |
| $ | — |
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| | $ | 45,350 |
| $ | — |
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(1) See Attachment 16 for definitions and other terms. |
(2) Price represents 100% of the value of assets. Debt represents 100% of the asset's indebtedness. |
(3) Subsequent to the acquisition, UDR entered into a triple-net operating ground lease, to lease the land to a third-party developer. Annual lease revenue is expected to be approximately $2.6 million. The lease term is 49 years plus two 25-year extension options, and the ground lease provides the ground lessee with options to buy the fee interest in the property. |
(4) Consists of 60,000 square feet of retail space. |
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Attachment 14 |
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UDR, Inc. |
Capital Expenditure and Repair and Maintenance Summary (1) |
June 30, 2016 |
(Dollars in Thousands) |
(Unaudited) |
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| | | | | Three Months | | | | Six Months | | |
| | | Weighted Avg. | | Ended | | Cost | | Ended | | Cost |
Category (Capitalized) | | | Useful Life (yrs) (2) | | June 30, 2016 | | per Home | | June 30, 2016 | | per Home |
Capital Expenditures for Consolidated Homes (3) | | | | | | | | | | |
Average number of homes (4) | | | | | 40,728 |
| | | | 40,728 |
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Recurring Cap Ex | | | | | | | | | | | |
Asset preservation | | | | | | | | | | | |
Building interiors | | | 5 - 20 |
| | $ | 4,054 |
| | $ | 100 |
| | $ | 6,963 |
| | $ | 171 |
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Building exteriors | | | 5 - 20 |
| | 2,557 |
| | 63 |
| | 3,635 |
| | 89 |
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Landscaping and grounds | | | 10 |
| | 1,370 |
| | 34 |
| | 1,882 |
| | 46 |
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Total asset preservation | | | | | 7,981 |
| | 196 |
| | 12,480 |
| | 306 |
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Turnover related | | | 5 |
| | 3,071 |
| | 75 |
| | 5,533 |
| | 136 |
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Total Recurring Cap Ex | | | | 11,052 |
| | 271 |
| | 18,013 |
| | 442 |
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Revenue Enhancing Cap Ex (5) | | | | | | | | | | |
Kitchen & Bath | | | | | 4,470 |
| | 110 |
| | 6,180 |
| | 152 |
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Revenue Enhancing | | | | | 9,468 |
| | 232 |
| | 14,929 |
| | 367 |
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Total Revenue Enhancing Cap Ex | | | 5 - 20 |
| | 13,938 |
| | 342 |
| | 21,109 |
| | 518 |
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Total Recurring and Revenue Enhancing Cap Ex | | | | $ | 24,990 |
| | $ | 614 |
| | $ | 39,122 |
| | $ | 961 |
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One-Time Infrastructure Cap Ex | | | 5 - 35 |
| | $ | 559 |
| | $ | — |
| | $ | 1,196 |
| | $ | — |
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| | | | | Three Months | | | | Six Months | | |
| | | | | Ended | | Cost | | Ended | | Cost |
Category (Expensed) | | | | June 30, 2016 | | per Home | | June 30, 2016 | | per Home |
Repair and Maintenance for Consolidated Homes | | | | | | | | | | |
Average number of homes (4) | | | | | 40,728 |
| | | | 40,728 |
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Contract services | | | | | $ | 4,975 |
| | $ | 122 |
| | $ | 9,537 |
| | $ | 234 |
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Turnover related expenses | | | | | 905 |
| | 22 |
| | 1,774 |
| | 44 |
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Other Repair and Maintenance | | | | | | | | | | |
Building interiors | | | | | 1,646 |
| | 40 |
| | 3,217 |
| | 79 |
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Building exteriors | | | | | 416 |
| | 10 |
| | 773 |
| | 19 |
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Landscaping and grounds | | | | | 176 |
| | 4 |
| | 938 |
| | 23 |
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Total | | | | | $ | 8,118 |
| | $ | 199 |
| | $ | 16,239 |
| | $ | 399 |
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(1) See Attachment 16 for definitions and other terms. |
(2) Weighted average useful life of capitalized expenses for the three months ended June 30, 2016. |
(3) Excludes redevelopment capital. |
(4) Average number of homes is calculated based on the number of homes outstanding at the end of each month. |
(5) Revenue enhancing capital expenditures were incurred at specific apartment communities in conjunction with UDR's overall capital expenditure plan. |
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Attachment 15 | | |
| | |
UDR, Inc. | | |
Full-Year 2016 Guidance (1) | | |
June 30, 2016 | | |
(Unaudited) | | |
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Net Income, FFO and AFFO per Share and Unit Guidance | | | | | | |
| | | 3Q 2016 | | Full-Year 2016 | | Prior Guidance |
Income/(loss) per weighted average common share, diluted | | $0.04 to $0.07 | | $0.23 to $0.27 | | $0.20 to $0.26 |
FFO per common share and unit, diluted | | $0.44 to $0.46 | | $1.76 to $1.80 | | $1.75 to $1.81 |
FFO as Adjusted per common share and unit, diluted | | $0.44 to $0.46 | | $1.77 to $1.80 | | $1.75 to $1.81 |
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted | | $0.39 to $0.41 | | $1.61 to $1.64 | | $1.59 to $1.65 |
Annualized dividend per share and unit | | | | $1.18 | | $1.18 |
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Same-Store Guidance | | | | | Full-Year 2016 | | Prior Guidance |
Revenue growth | | | | 5.50% - 6.00% | | 5.50% - 6.00% |
Expense growth | | | | 3.00% - 3.50% | | 3.00% - 3.50% |
NOI growth | | | | 6.50% - 7.00% | | 6.50% - 7.00% |
Physical occupancy | | | | 96.6% | | 96.6% |
Same-Store homes | | | | 34,017 | | 34,017 |
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Sources of Funds ($ in millions) | | | | Full-Year 2016 | | Prior Guidance |
Sales Proceeds and Debt and Equity Issuances | | | | $650 to $750 | | $550 to $700 |
Construction Loan Proceeds | | | | $100 to $125 | | $100 to $125 |
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Uses of Funds ($ in millions) | | | | Full-Year 2016 | | Prior Guidance |
Debt maturities inclusive of principal amortization (weighted average interest rate of 4.6%) | | | | $326 | | $266 |
Development and redevelopment spending and land acquisitions | | | | $400 to $500 | | $450 to $550 |
Acquisitions | | | | $100 to $200 | | $0 to $100 |
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Other Additions/(Deductions) ($ in millions except per home amounts) | | | | Full-Year 2016 | | Prior Guidance |
Consolidated interest expense, net of capitalized interest | | | | ($121) to ($125) | | ($121) to ($125) |
Capitalized interest (2) | | | | $14 to $18 | | $14 to $18 |
General and administrative (3) | | | | ($48) to ($52) | | ($50) to ($54) |
Tax benefit for TRS | | | | $1 to $2 | | $1 to $2 |
Total joint venture FFO, including fee income (net of adjustments for FFO as Adjusted) | | | | $60 to $65 | | $60 to $65 |
Non-recurring items: | | | |
| | |
Disposition related gains and non-recurring fees included in FFO | | | | $1.7 to $2.5 | | $1.7 to $2.5 |
Long-term incentive plan transition costs | | | | $1 | | $1 to $2 |
Average stabilized homes | | | | | 40,700 | | 40,700 |
Recurring capital expenditures per home | | | | $1,150 | | $1,150 |
Revenue enhancing capital expenditures | | | | $21 to $23 | | $21 to $23 |
Kitchen & Bath capital expenditures | | | | $13 to $17 | | $13 to $17 |
One-time infrastructure capital expenditures | | | | $2 to $3 | | $2 to $3 |
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(1) See Attachment 16 for definitions and other terms. | | |
(2) Excludes capitalized interest on joint venture and partnership level debt, which is included in the guidance for "Total joint venture FFO, including fee income" above. | | |
(3) Includes an estimated $10 million to $12 million of long-term incentive plan compensation expense, including $1 million related to program transition expense. | | |
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Attachment 16(A) |
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UDR, Inc. |
Definitions and Reconciliations |
June 30, 2016 |
(Unaudited) |
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Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter. |
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Adjusted Funds From Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures that are necessary to help preserve the value of and maintain functionality at our communities. |
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Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO will enable investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income attributable to common stockholders to AFFO is provided on Attachment 2. |
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Development Communities: The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter. |
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Effective New Lease Rate Growth: The Company defines effective new lease rate growth as the increase in gross potential rent realized less all concessions for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on all new leases commenced during the current quarter. |
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Management considers effective new lease rate growth a useful metric for investors as it assesses market-level new demand trends. |
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Effective Renewal Lease Rate Growth: The Company defines effective renewal lease rate growth as the increase in gross potential rent realized less all concessions for the new lease term (current effective rent) versus prior effective rent for the prior lease term on all renewed leases commenced during the current quarter. |
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Management considers effective renewal lease rate growth a useful metric for investors as it assesses market-level, in-place demand trends. |
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Estimated Quarter of Completion: The Company defines estimated quarter of completion of a development or redevelopment project as the date on which construction is expected to be completed, but does not represent the date of stabilization. |
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Fixed Charge Coverage Ratio: The Company defines Fixed Charge Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain/(loss) on the sale of real estate owned, TRS income tax, divided by total interest plus preferred dividends. |
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Management considers fixed charge coverage a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise fixed charge coverage is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. |
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Funds From Operations as Adjusted attributable to common stockholders and unitholders: The Company defines FFO attributable to common stockholders and unitholders as Adjusted as FFO excluding the impact of acquisition-related costs and other non-comparable items including, but not limited to, prepayment costs/benefits associated with early debt retirement, gains on sales of marketable securities and TRS property, deferred tax valuation allowance increases and decreases, casualty-related expenses and recoveries, severance costs and legal costs. |
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Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income attributable to common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to common stockholders to FFO as Adjusted is provided on Attachment 2. |
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Funds From Operations ("FFO") attributable to common stockholders and unitholders: The Company defines FFO as net income attributable to common stockholders and unitholders, 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 noncontrolling interests, unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002. In the computation of diluted FFO, unvested restricted stock, unvested LTIP units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive; therefore, they are included in the diluted share count. |
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Activities of our taxable REIT subsidiary (TRS), include development and land entitlement. From time to time, we develop and subsequently sell a TRS property which results in a short-term use of funds that produces a profit that differs from the traditional long-term investment in real estate for REITs. We believe that the inclusion of these TRS gains in FFO is consistent with the standards established by NAREIT as the short-term investment is incidental to our main business. TRS gains on sales, net of taxes, are defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation. |
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Management considers FFO a useful metric for investors as the Company uses 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 flow as a measure of the Company's activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation from net income attributable to common stockholders to FFO is provided on Attachment 2. |
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Attachment 16(B) |
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UDR, Inc. |
Definitions and Reconciliations |
June 30, 2016 |
(Unaudited) |
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Held For Disposition Communities: The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter. |
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Interest Coverage Ratio: The Company defines Interest Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and joint venture communities, other depreciation and amortization, noncontrolling interests, net gain/(loss) on the sale of real estate owned, TRS income tax, divided by total interest. |
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Management considers interest coverage ratio a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise interest coverage ratio is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. |
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Joint Venture Reconciliation at UDR's Weighted Average Pro-Rata Ownership Interest |
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In thousands | | | | 2Q 2016 | | YTD 2016 | | | |
Income/(loss) from unconsolidated entities | | | $ | 325 |
| | $ | 1,004 |
| | | |
Management fee | | | 1,132 |
| | 2,237 |
| | | |
Interest expense | | | 8,310 |
| | 16,192 |
| | | |
Depreciation | | | 12,299 |
| | 22,649 |
| | | |
General and administrative | | | 239 |
| | 399 |
| | | |
West Coast Development JV | | | (2,230 | ) | | (4,327 | ) | | | |
Steele Creek | | | (1,560 | ) | | (3,079 | ) | | | |
Other income/expense (includes 717 Olympic casualty expense) | | (236 | ) | | 418 |
| | | |
Total Joint Venture NOI at UDR's Pro-Rata Ownership Interest | | $ | 18,279 |
| | $ | 35,493 |
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JV Return on Equity ("ROE"): The Company defines JV ROE as the pro rata share of property NOI plus property and asset management fee revenue less interest expense, divided by the average of beginning and ending equity capital for the quarter. |
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Management considers ROE a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on a leveraged basis. |
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JV Return on Invested Capital ("ROIC"): The Company defines JV ROIC as the pro rata share of property NOI plus property and asset management fee revenue divided by the average of beginning and ending invested capital for the quarter. |
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Management considers ROIC a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on an unleveraged basis. |
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Net Debt to EBITDA: The Company defines net debt to EBITDA as total debt net of cash and cash equivalents divided by EBITDA. EBITDA is defined as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain/(loss) on the sale of real estate owned, and TRS income tax. |
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Management considers net debt to EBITDA a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income and EBITDA is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. |
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Net Operating Income (“NOI”): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. |
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Management considers NOI a useful metric for investors as it is a more meaningful representation of a community’s continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization and is a widely used input, along with capitalization rates, in the determination of real estate valuations. A reconciliation from net income attributable to UDR, Inc. to NOI is provided below. |
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In thousands | | | 2Q 2016 | 1Q 2016 | | 4Q 2015 | 3Q 2015 | 2Q 2015 | |
Net income/(loss) attributable to UDR, Inc. | | $ | 17,946 |
| $ | 10,393 |
| | $ | 162,200 |
| $ | 13,291 |
| $ | 86,855 |
| |
Property management | | 6,494 |
| 6,379 |
| | 6,445 |
| 5,988 |
| 5,851 |
| |
Other operating expenses | | 1,892 |
| 1,752 |
| | 3,534 |
| 2,639 |
| 1,769 |
| |
Real estate depreciation and amortization | | 105,937 |
| 105,339 |
| | 104,909 |
| 90,568 |
| 90,344 |
| |
Interest expense | | 30,678 |
| 31,104 |
| | 33,170 |
| 30,232 |
| 29,673 |
| |
Casualty-related (recoveries)/charges, net | | 1,629 |
| — |
| | (45 | ) | 541 |
| 843 |
| |
General and administrative | | 10,835 |
| 13,844 |
| | 17,993 |
| 15,824 |
| 13,721 |
| |
Tax (benefit)/provision, net | (402 | ) | (403 | ) | | (1,424 | ) | (633 | ) | (1,404 | ) | |
(Income)/loss from unconsolidated entities | (325 | ) | (679 | ) | | (1,052 | ) | (2,691 | ) | 573 |
| |
Interest income and other (income)/expense, net | | (540 | ) | (431 | ) | | (407 | ) | (402 | ) | (382 | ) | |
Joint venture management and other fees | (2,618 | ) | (2,858 | ) | | (3,253 | ) | (3,653 | ) | (3,098 | ) | |
Other depreciation and amortization | | 1,486 |
| 1,553 |
| | 1,899 |
| 1,457 |
| 1,700 |
| |
(Gain)/loss on sale of real estate owned, net of tax | (7,315 | ) | (3,070 | ) | | (172,635 | ) | — |
| (79,042 | ) | |
Net income/(loss) attributable to noncontrolling interests | 1,618 |
| 1,211 |
| | 14,963 |
| 404 |
| 3,029 |
| |
Total consolidated NOI | | $ | 167,315 |
| $ | 164,134 |
| | $ | 166,297 |
| $ | 153,565 |
| $ | 150,432 |
| |
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Attachment 16(C) |
|
UDR, Inc. |
Definitions and Reconciliations |
June 30, 2016 |
(Unaudited) |
| | | | | | | | |
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Non-Mature: The Company defines Non-Mature Communities as those communities that have not met the criteria to be included in Same-Store Communities. |
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Non-Residential / Other: The Company defines Non-Residential / Other as non-apartment components of mixed-use properties, land held, properties being prepared for redevelopment and properties where a material change in home count has occurred. |
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Physical Occupancy: The Company defines physical occupancy as the number of occupied homes divided by the total homes available at a community. |
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QTD Same-Store ("SS") Communities: The Company defines QTD SS Communities as those communities stabilized for five full consecutive quarters. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and not held for disposition. |
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Recurring Capital Expenditures: The Company defines recurring capital expenditures as expenditures that are necessary to help preserve the value of and maintain functionality at its communities. |
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Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress that is expected to have a material impact on the community's operations, including occupancy levels and future rental rates. |
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Redevelopment Projected Weighted Average Return on Incremental Capital Invested: The projected weighted average return on incremental capital invested for redevelopment projects is NOI as set forth in the Stabilization Period for Redevelopment Yield definition, less Recurring Capital Expenditures, minus the project’s annualized operating NOI prior to commencing the redevelopment, less Recurring Capital Expenditures, divided by total cost of the project. |
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Return on Equity ("ROE"): The Company defines ROE as a referenced quarter's NOI less interest expense, annualized, divided by the average of beginning and ending equity capital for the quarter. |
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Management considers ROE a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on a leveraged basis. |
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Return on Invested Capital ("ROIC"): The Company defines ROIC as a referenced quarter's NOI, annualized, divided by the average of beginning and ending invested capital for the quarter. |
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Management considers ROIC a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on an unleveraged basis. |
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Revenue Enhancing Capital Expenditures: The Company defines revenue-enhancing capital expenditures as expenditures that result in increased income generation over time. |
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Management considers revenue enhancing capital expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues. |
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Sold Communities: The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter. |
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Stabilization for Same Store Classification: The Company generally defines stabilization as when a community’s occupancy reaches 90% or above for at least three consecutive months. |
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Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that are stabilized but not yet in the Company's Same-Store portfolio. |
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Stabilization Period for Development Yield: The Company defines the stabilization period for development property yield as the forward twelve month NOI, excluding any remaining lease-up concessions outstanding, commencing one year following the delivery of the final home of the project. |
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Stabilization Period for Redevelopment Yield: The Company defines the stabilization period for a redevelopment property yield for purposes of computing the Projected Weighted Average Return on Incremental Capital Invested, as the forward twelve month NOI, excluding any remaining lease-up concessions outstanding, commencing one year following the delivery of the final home of a project. |
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Stabilized Yield on Developments: Expected stabilized yields on development are calculated as follows, projected stabilized NOI less management fees divided by budgeted construction cost on a project-specific basis. Projected stabilized NOI for development projects, calculated in accordance with the NOI reconciliation provided on Attachment 16(B), is set forth in the definition of Stabilization Period for Development Yield. Given the differing completion dates and years for which NOI is being projected for these communities as well as the complexities associated with estimating other expenses upon completion such as corporate overhead allocation, general and administrative costs and capital structure, a reconciliation to GAAP measures is not meaningful. Projected NOI for these projects is neither provided, nor is representative of Management’s expectations for the Company’s overall financial performance or cash flow growth and there can be no assurances that forecast NOI growth implied in the estimated construction yield of any project will be achieved. |
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Management considers estimated stabilized yield on development as a useful metric for investors as it helps provide context to the expected effects that development projects will have on the Company’s future performance once stabilized. |
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Total Revenue per Occupied Home: The Company defines total revenue per occupied home as rental and other revenues, calculated in accordance with GAAP, divided by the product of occupancy and the number of apartment homes. |
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Management considers total revenue per occupied home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical. |
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TRS: The Company's taxable REIT subsidiary ("TRS") focuses on development, land entitlement and short-term hold investments. TRS gains 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. |
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YTD Same-Store ("SS") Communities: The Company defines YTD SS Communities as those communities stabilized for two full consecutive calendar years. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and not held for disposition. |
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Attachment 16(D) |
|
UDR, Inc. |
Definitions and Reconciliations |
June 30, 2016 |
(Unaudited) |
| | | | | | | | | | |
All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for full year 2016 and third quarter of 2016 to forecasted FFO, FFO as Adjusted and AFFO per share and unit: |
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| | | | | | Full-Year 2016 | | |
| | | | | | Low | | High | | |
Forecasted net income per diluted share | | | | | $ | 0.23 |
| | $ | 0.27 |
| | |
Conversion from GAAP share count | | | | | (0.02 | ) | | (0.02 | ) | | |
Net gain on the sale of depreciable real estate owned | | (0.03 | ) | | (0.03 | ) | | |
Depreciation | | | | | 1.58 |
| | 1.58 |
| | |
Noncontrolling interests | | | | | (0.01 | ) | | (0.01 | ) | | |
Preferred dividends | | | | | 0.01 |
| | 0.01 |
| | |
Forecasted FFO per diluted share and unit | | | | | $ | 1.76 |
| | $ | 1.80 |
| | |
Disposition-related FFO | | | | | (0.01 | ) | | (0.01 | ) | | |
Long-term incentive plan transition costs | | | | | — |
| | — |
| | |
Casualty-related (recoveries)/charges | | | | | 0.01 |
| | 0.01 |
| | |
Forecasted FFO as Adjusted per diluted share and unit | | | $ | 1.77 |
| | $ | 1.80 |
| | |
Recurring capital expenditures | | | (0.16 | ) | | (0.16 | ) | | |
Forecasted AFFO per diluted share and unit | | | $ | 1.61 |
| | $ | 1.64 |
| | |
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| | | | | | 3Q 2016 | | |
| | | | | | Low | | High | | |
Forecasted net income per diluted share | | | | | $ | 0.04 |
| | $ | 0.07 |
| | |
Conversion from GAAP share count | | | | — |
| | (0.01 | ) | | |
Depreciation | | | 0.40 |
| | 0.40 |
| | |
Noncontrolling interests | | | | | — |
| | — |
| | |
Preferred dividends | | | | | — |
| | — |
| | |
Forecasted FFO per diluted share and unit | | | $ | 0.44 |
| | $ | 0.46 |
| | |
Disposition-related FFO | | | | — |
| | — |
| | |
Long-term incentive plan transition costs | | | | — |
| | — |
| | |
Casualty-related (recoveries)/charges | | | | | — |
| | — |
| | |
Forecasted FFO as Adjusted per diluted share and unit | | | $ | 0.44 |
| | $ | 0.46 |
| | |
Recurring capital expenditures | | | | | (0.05 | ) | | (0.05 | ) | | |
Forecasted AFFO per diluted share and unit | | | $ | 0.39 |
| | $ | 0.41 |
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This regulatory filing also includes additional resources:
a2q16pressreleasefinalex991.pdf
a2q16supplementfinalex992.pdf
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