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EX-99.1 - EXHIBIT 99.1 PDF - UDR, Inc.ex9911q16pressrelease4252016.pdf
EX-99.2 - EXHIBIT 99.2 PDF - UDR, Inc.ex9921q16supplement4252016cl.pdf
8-K - 8-K - UDR, Inc.form8-kx03312016.htm
EX-99.1 - EXHIBIT 99.1 - UDR, Inc.exhibit991-03312016.htm


Exhibit 99.2
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
UDR, Inc.
As of End of First Quarter 2016 (1)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual Results
 

 
Guidance as of March 31, 2016
Dollars in thousands, except per share and unit
 
1Q 2016
 

 
2Q 2016
 
Full-Year 2016
Per Share Metrics
 
 
 
 
 
 
 
 
 
 
FFO per common share and unit, diluted
 
$0.43
 

 
$0.43 to $0.45
 
$1.75 to $1.81
FFO as Adjusted per common share and unit, diluted
 
$0.43
 

 
$0.43 to $0.45
 
$1.75 to $1.81
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted
 
$0.41
 

 
$0.39 to $0.41
 
$1.59 to $1.65
Dividend declared per share and unit
 
$0.2950
 

 
$0.2950
 
$1.18 (2)
 
 
 
 
 
 
 
 
 
Same-Store Operating Metrics
 
 
 
 
 
 
 
 
Revenue growth
 
6.4%
 

 
--
 
5.50% - 6.00%
Expense growth
 
2.7%
 

 
--
 
3.00% - 3.50%
NOI growth
 
8.0%
 

 
--
 
6.50% - 7.00%
Physical Occupancy
 
96.5%
 

 
--
 
96.6%
 
 
 
 
 
 
 
 
 
 
 
Property Metrics
 
 
 
Homes
 
Communities
 
% of Total NOI
Same-Store
 
 
 
34,017

 
117
 
73.4%
Stabilized, Non-Mature
 
 
 
4,610

 
11
 
11.1%
Acquired Communities
 

 
-
 
Redevelopment
 
 
 
2,101

 
4
 
4.5%
Non-Residential / Other
 
N/A

 
N/A
 
1.4%
Sold and Held for disposition
 
 
 

 
-
 
0.1%
Joint Venture (includes completed JV developments) (3)
 
6,947

 
28
 
9.5%
Sub-total, completed homes
 
47,675

 
160
 
100%
Under Development
 
1,101

 
2
 
-
Joint Venture Development
 
922

 
4
 
-
Preferred Equity Investments
 
1,533

 
5
 
-
Total expected homes (3)(4)
 
51,231

 
171
 
100%
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet Metrics (adjusted for non-recurring items)
 
 
 
Market Capitalization
 
 
1Q 2016
 
1Q 2015
 
 
 
1Q 2016
 
% of Total
Interest Coverage Ratio
 
4.47x
 
4.09x
 
Total debt
 
$
3,411,825

 
23.0%
Fixed Charge Coverage Ratio
 
4.36x
 
3.98x
 
Common stock equivalents (5)
 
11,422,714

 
77.0%
Leverage Ratio
 
33.0%
 
37.5%
 
   Total market capitalization
 
$
14,834,539

 
100.0%
Net Debt-to-EBITDA
 
5.4x
 
6.4x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 $38.53 at March 31, 2016.
 


1



 
 
 
 
 
 
 
 
 
 
 
Attachment 1
 
UDR, Inc.
Consolidated Statements of Operations (1)
(Unaudited)
 
 
 
Three Months Ended
 
 
 
March 31,
In thousands, except per share amounts
 
2016
 
2015
REVENUES:
 
 
 
 
 
Rental income
 
 
$
231,957

 
$
207,047

Joint venture management and other fees (2)
 
2,858

 
12,706

Total revenues
 
 
234,815

 
219,753

OPERATING EXPENSES:
 
 
 
 
 
Property operating and maintenance
 
39,446

 
37,250

Real estate taxes and insurance
 
28,377

 
26,222

Property management
 
6,379

 
5,694

Other operating expenses
 
1,752

 
1,766

Real estate depreciation and amortization
 
105,339

 
88,777

Acquisition costs
 

 
199

General and administrative
 
13,844

 
11,953

Casualty-related (recoveries)/charges, net
 

 
996

Other depreciation and amortization
 
1,553

 
1,623

Total operating expenses
 
196,690

 
174,480

Operating income
 
38,125

 
45,273

Income/(loss) from unconsolidated entities (2)
 
679

 
59,159

Interest expense
 
(31,104
)
 
(28,800
)
Interest income and other income/(expense), net
 
431

 
360

Income/(loss) before income taxes and gain/(loss) on sale of real estate owned
 
8,131

 
75,992

Tax benefit/(provision), net
 
403

 
425

Income/(loss) from continuing operations
 
8,534

 
76,417

Gain/(loss) on sale of real estate owned, net of tax
 
3,070

 

Net income/(loss)
 
11,604

 
76,417

Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership
 
(905
)
 
(2,588
)
Net (income)/loss attributable to noncontrolling interests
 
(306
)
 
(7
)
Net income/(loss) attributable to UDR, Inc.
 
10,393

 
73,822

Distributions to preferred stockholders - Series E (Convertible)
 
(929
)
 
(931
)
Net income/(loss) attributable to common stockholders
 
$
9,464

 
$
72,891

 
 
 
 
 
 

 
 
 
 
Income/(loss) per weighted average common share - basic:
 
$
0.04

 
$
0.28

Income/(loss) per weighted average common share - diluted:
 
$
0.04

 
$
0.28

Common distributions declared per share
 
$
0.2950

 
$
0.2775

Weighted average number of common shares outstanding - basic
 
262,456

 
256,834

Weighted average number of common shares outstanding - diluted
 
264,285

 
258,662

 
 
 
 
 
 
  
(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 three months ended March 31, 2015.

2



 
 
 
 
 
 
 
 
 
 
 
Attachment 2
 
UDR, Inc.
Funds From Operations (1)
(Unaudited)
 
 
 
Three Months Ended
 
 
 
March 31,
In thousands, except per share and unit amounts
 
2016
 
2015
Net income/(loss) attributable to common stockholders
 
$
9,464

 
$
72,891

Real estate depreciation and amortization
 
105,339

 
88,777

Noncontrolling interests
 
1,211

 
2,595

Real estate depreciation and amortization on unconsolidated joint ventures
 
10,350

 
9,850

Net gain on the sale of unconsolidated depreciable property (2)
 

 
(59,073
)
Net gain on the sale of depreciable real estate owned (5)
 
(1,385
)
 

Funds from operations ("FFO") attributable to common stockholders and unitholders, basic
 
$
124,979

 
$
115,040

   Distributions to preferred stockholders - Series E (Convertible) (3)
 
929

 
931

FFO attributable to common stockholders and unitholders, diluted
 
$
125,908

 
$
115,971

FFO per common share and unit, basic
 
$
0.43

 
$
0.43

FFO per common share and unit, diluted
 
$
0.43

 
$
0.43

Weighted average number of common shares and OP/DownREIT Units outstanding - basic
 
287,647

 
265,999

Weighted average number of common shares, OP/DownREIT Units, and common stock
 
 
 
 
    equivalents outstanding - diluted
 
292,504

 
270,863

Impact of adjustments to FFO:
 
 
 
 
   Acquisition-related costs/(fees), including joint ventures
 
$

 
$
199

   Texas Joint Venture promote and disposition fee income (2)
 

 
(9,633
)
   Long-term incentive plan transition costs
 
323

 
854

   Net gain on the sale of non-depreciable real estate owned (5)
 
(1,685
)
 

   Casualty-related (recoveries)/charges, including joint ventures, net (4)
 
1,126

 
996

 
 
 
$
(236
)
 
$
(7,584
)
FFO as Adjusted attributable to common stockholders and unitholders, diluted
 
$
125,672

 
$
108,387

FFO as Adjusted per common share and unit, diluted
 
$
0.43

 
$
0.40

Recurring capital expenditures
 
(6,961
)
 
(7,243
)
AFFO attributable to common stockholders and unitholders
 
$
118,711

 
$
101,144

AFFO per common share and unit, diluted
 
$
0.41

 
$
0.37

 
 
 
 
 
 
(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 three months ended March 31, 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 three months ended March 31, 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 three months ended March 31, 2016 is $3.1 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.


 

3



 
 
 
 
 
 
 
 
 
 
 
Attachment 3
 
UDR, Inc.
Consolidated Balance Sheets (1)
(Unaudited)
 
 
 
March 31,
 
December 31,
In thousands, except share and per share amounts
 
2016
 
2015
ASSETS
 
 

 

Real estate owned:
 
 
 
 
 
Real estate held for investment
 
$
9,000,652

 
$
9,053,599

Less: accumulated depreciation
 
(2,743,461
)
 
(2,646,044
)
   Real estate held for investment, net
 
6,257,191

 
6,407,555

Real estate under development
 

 

(net of accumulated depreciation of $0 and $0)
 
196,402

 
124,072

Real estate held for disposition
 

 

(net of accumulated depreciation of $802 and $830)
 
31,744

 
11,775

Total real estate owned, net of accumulated depreciation
 
6,485,337

 
6,543,402

 
 
 

 

Cash and cash equivalents
 
 
3,668

 
6,742

Restricted cash
 
 
21,030

 
20,798

Notes receivable, net
 
 
16,694

 
16,694

Investment in and advances to unconsolidated joint ventures, net
 
944,864

 
938,906

Other assets
 
 
129,975

 
137,302

Total assets
 
 
$
7,601,568

 
$
7,663,844

LIABILITIES AND EQUITY
 
 
 
 
 
Liabilities:
 
 
 
 
 
Secured debt
 
 
$
1,374,670

 
$
1,376,945

Unsecured debt
 
 
2,037,155

 
2,193,850

Real estate taxes payable
 
 
16,147

 
18,786

Accrued interest payable
 
 
28,589

 
29,162

Security deposits and prepaid rent
 
35,995

 
36,330

Distributions payable
 
 
86,963

 
80,368

Accounts payable, accrued expenses, and other liabilities
 
77,676

 
81,356

Total liabilities
 
 
3,657,195

 
3,816,797

Redeemable noncontrolling interests in the OP and DownREIT Partnership
 
970,620

 
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
 

 
 
 267,137,288 shares issued and outstanding (261,844,521 shares at December 31, 2015)
 
2,671

 
2,618

Additional paid-in capital
 
4,620,946

 
4,447,816

Distributions in excess of net income
 
(1,685,173
)
 
(1,584,459
)
Accumulated other comprehensive income/(loss), net
 
(12,035
)
 
(12,678
)
Total stockholders' equity
 
 
2,972,867

 
2,899,755

Noncontrolling interests
 
 
886

 
856

Total equity
 
 
2,973,753

 
2,900,611

Total liabilities and equity
 
 
$
7,601,568

 
$
7,663,844

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) See Attachment 16 for definitions and other terms.

4



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 4(A)
 
UDR, Inc.
Selected Financial Information (1)
(Unaudited)
 
 
 
 
 
 

 

 
March 31,
 
December 31,
Common Stock and Equivalents
 
 
 

 

 
2016
 
2015
Common shares (2)
 
 
 
 
 

 

 
266,261,919

 
261,044,151

Restricted shares
 
 
 
 
 

 

 
875,369

 
800,370

Total common stock
 
 
 
 
 

 

 
267,137,288

 
261,844,521

Stock options, LTIP Units and restricted stock equivalents
 
 
 

 

 
1,106,237

 
1,181,193

Operating and DownREIT Partnership units
 
 
 

 

 
23,439,601

 
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
 
 
 

 

 
296,462,865

 
291,245,054

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
1Q 2016 Weighted
 
1Q 2015 Weighted
Weighted Average Number of Shares Outstanding
 
 
 

 

 
Average
 
Average
Weighted average number of common shares and OP/DownREIT units outstanding - basic
 

 

 
287,647,509

 
265,998,711

Weighted average number of OP/DownREIT units outstanding
 
 
 

 

 
(25,191,272
)
 
(9,165,129
)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations
 

 

 
262,456,237

 
256,833,582

 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted
 
292,504,471

 
270,863,006

Weighted average number of OP/DownREIT units outstanding
 
(25,191,272
)
 
(9,165,129
)
Weight average number of Series E preferred shares outstanding
 
(3,028,068
)
 
(3,035,548
)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations
 
264,285,131

 
258,662,329

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31,
 
 
 
December 31,
 
 
Market Capitalization, In thousands
 
 
 
2016
 
% of Total
 
2015
 
% of Total
Total debt
 
 
 
$
3,411,825

 
23.0
%
 
$
3,570,795

 
24.6
%
Common stock and equivalents ($38.53 at 3/31/16 and $37.57 at 12/31/15)
 
 
 
11,422,714

 
77.0
%
 
10,942,077

 
75.4
%
Total market capitalization
 
 
 
$
14,834,539

 
100.0
%
 
$
14,512,872

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross
 
% of
 
 
 
 
Number of
 
1Q 2016 NOI (1)
 
 
 
Carrying Value
 
Total Gross
Asset Summary
 
Homes
 
($000s)
 
% of NOI
 
($000s)
 
Carrying Value
Unencumbered assets
 
 
 
27,496

 
$
119,077

 
72.5
%
 
$
6,904,910

 
74.8
%
Encumbered assets
 
 
 
13,232

 
45,057

 
27.5
%
 
2,324,690

 
25.2
%
 
 
 
 
40,728

 
$
164,134

 
100.0
%
 
$
9,229,600

 
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 three months ended March 31, 2016.
(3) At March 31, 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).

 
 
 
 
 
 
 
 
 
 
 
 
 

5



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
$
945,198


27.6
%
 
4.93
%
 
3.5

 
 
Floating
 
 
 
425,415

(2
)
12.4
%
 
1.70
%
 
4.3

 
 
Combined
 
 
 
1,370,613


40.0
%
 
3.92
%
 
3.7

 
 
 
 
 
 
 

 
 
 
 
 
Unsecured
 
Fixed
 
 
 
1,942,324

(3
)
56.7
%
 
3.93
%
 
5.8

 
 
Floating
 
 
 
111,349


3.3
%
 
1.33
%
 
4.1

 
 
Combined
 
 
 
2,053,673


60.0
%
 
3.79
%
 
5.7

 
 
 
 
 
 
 

 
 
 
 
 
Total Debt
 
Fixed
 
 
 
2,887,522


84.3
%
 
4.25
%
 
5.1

 
 
Floating
 
 
 
536,764


15.7
%
 
1.62
%
 
4.2

 
 
Combined
 
 
 
$
3,424,286


100.0
%
 
3.84
%
 
4.9

 
 
Total Non-Cash Adjustments (6)
 
 
 
(12,461
)
 
 
 
 
 
 
 
 
Total per Balance Sheet
 
 
 
$
3,411,825

 
 
 
3.95
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Maturities, In thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured
 
Revolving Credit
 
 
 

 
Weighted Average
 
 
Secured Debt (7)
 
Debt (7)
 
Facilities (5) (8)
 
Balance
 
% of Total
 
Interest Rate
2016
 
$
146,853

(4)
$
11,680

 
$


$
158,533

 
4.6
%
 
5.06
%
2017
 
275,526



 


275,526

 
8.1
%
 
4.13
%
2018
 
211,065


300,000

 


511,065

 
14.9
%
 
3.86
%
2019
 
315,496



 
6,349


321,845

 
9.4
%
 
4.37
%
2020
 
170,664


300,000

 
70,000


540,664

 
15.8
%
 
3.53
%
2021
 


350,000

 


350,000

 
10.2
%
 
2.14
%
2022
 


400,000

 


400,000

 
11.7
%
 
4.63
%
2023
 
96,409



 


96,409

 
2.8
%
 
2.34
%
2024
 


315,644

 


315,644

 
9.2
%
 
3.99
%
2025
 
127,600


300,000

 


427,600

 
12.5
%
 
4.26
%
Thereafter
 
27,000



 

  
27,000

 
0.8
%
 
0.78
%
 
 
1,370,613


1,977,324

 
76,349


3,424,286

 
100.0
%
 
3.84
%
Total Non-Cash Adjustments (6)
 
4,057

 
(16,518
)
 

 
(12,461
)
 
 
 
 
Total per Balance Sheet
 
$
1,374,670

 
$
1,960,806

 
$
76,349

 
$
3,411,825

 
 
 
3.95
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Maturities With Extensions, In thousands
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured
 
Revolving Credit
 
 
 

 
Weighted Average
 
 
Secured Debt (7)
 
Debt (7)
 
Facilities (5) (8)
 
Balance
 
% of Total
 
Interest Rate
2016
 
$
75,853

 
$
11,680

 
$

 
$
87,533

 
2.6
%
 
4.35
%
2017
 
346,526

 

 

 
346,526

 
10.1
%
 
4.50
%
2018
 
211,065

 
300,000

 

 
511,065

 
14.9
%
 
3.86
%
2019
 
315,496

 

 
6,349


321,845

 
9.4
%
 
4.37
%
2020
 
170,664

 
300,000

 


470,664

 
13.7
%
 
3.86
%
2021
 

 
350,000

 
70,000

 
420,000

 
12.3
%
 
2.00
%
2022
 

 
400,000

 

 
400,000

 
11.7
%
 
4.63
%
2023
 
96,409

 

 

 
96,409

 
2.8
%
 
2.34
%
2024
 

 
315,644

 

 
315,644

 
9.2
%
 
3.99
%
2025
 
127,600

 
300,000

 

 
427,600

 
12.5
%
 
4.26
%
Thereafter
 
27,000

 

 

 
27,000

 
0.8
%
 
0.78
%
 
 
1,370,613

 
1,977,324

 
76,349

 
3,424,286

 
100.0
%
 
3.84
%
Total Non-Cash Adjustments (6)
 
4,057

 
(16,518
)
 

 
(12,461
)
 
 
 
 
Total per Balance Sheet
 
$
1,374,670

 
$
1,960,806

 
$
76,349

 
$
3,411,825

 
 
 
3.95
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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) Includes $71 million of financing with a one year extension at UDR's option.
(5) 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.
(6) Includes the unamortized balance of fair market value adjustments, premiums/discounts, deferred hedge gains, and deferred financing costs.
(7) Includes principal amortization, as applicable.
(8) In December 2015, UDR entered into a working capital credit facility, which provides for a $30 million unsecured revolving credit facility with a scheduled maturity date of 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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

6



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 4(C)
 
UDR, Inc.
Selected Financial Information (1)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Coverage Ratios
 
 
 
 
 
 
 
 
 
March 31, 2016
Net income/(loss) attributable to UDR, Inc.
 
 
 
 
 
 
 
$
10,393

Adjustments (includes continuing and discontinued operations):
 
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
31,104

Real estate depreciation and amortization
 
 
 
 
 
105,339

Real estate depreciation and amortization on unconsolidated joint ventures
 
 
 
 
 
10,350

Other depreciation and amortization
 
 
 
 
 
1,553

Noncontrolling interests
 
 
 
 
 
1,211

Income tax expense/(benefit)
 
 
 
 
 
(403
)
EBITDA
 
 
 
 
 
 
 
 
 
$
159,547

 
 
 
 
 
 
 
 
 
 
 
(Gain)/loss on sale of real estate owned, net of tax
 
 
 
 
 
 
 
(3,070
)
Long-term incentive plan transition costs
 
 
 
 
 
 
 
323

Casualty-related (recoveries)/charges, including joint ventures, net
 
 
 
 
 
 
 
1,126

EBITDA - adjusted for non-recurring items
 
 
 
 
 
 
 
$
157,926

Annualized EBITDA - adjusted for non-recurring items
 
 
 
 
 
$
631,704

Interest expense
 
 
 
 
 
 
 
$
31,104

Capitalized interest expense
 
 
 
 
 
 
 
4,203

Total interest
 
 
 
 
 
 
 
 
 
$
35,307

 
 
 
 
 
 
 
 
 
 
 
Preferred dividends
 
 
 
 
 
 
 
 
 
$
929

Total debt
 
 
 
 
 
 
 
 
 
$
3,411,825

Cash
 
 
 
 
 
 
 
3,668

Net debt
 
 
 
 
 
 
 
 
 
$
3,408,157

 
 
 
 
 
 
 
 
 
 
 
Interest Coverage Ratio
 
 
 
 
 
 
 
4.52
x
 
 
 
 
 
 
 
 
 
 
 
Fixed Charge Coverage Ratio
 
 
 
 
 
 
 
4.40
x
 
 
 
 
 
 
 
 
 
 
 
Interest Coverage Ratio - adjusted for non-recurring items
 
 
 
 
 
4.47
x
 
 
 
 
 
 
 
 
 
 
 
Fixed Charge Coverage Ratio - adjusted for non-recurring items
 
 
 
 
 
4.36
x
 
 
 
 
 
 
 
 
 
 
 
Net Debt-to-EBITDA - adjusted for non-recurring items
 
 
 
 
 
5.4
x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Covenant Overview
 
 
 
 
 
 
 
 
 
 
 
Unsecured Line of Credit Covenants (2)
 
 
 
Required
 
Actual
 
Compliance
Maximum Leverage Ratio
 
 
 
 
 
≤60.0%
 
33.6%
(2
)
Yes
Minimum Fixed Charge Coverage Ratio
 
 
 
≥1.5
 
3.5
 
Yes
Maximum Secured Debt Ratio
 
 
 
≤40.0%
 
17.6%
 
Yes
Minimum Unencumbered Pool Leverage Ratio
 
 
 
≥150.0%
 
400.7%
 
Yes
 
 
 
 
 
 
 
 
 
 
 
Senior Unsecured Note Covenants (3)
 
 
 
Required
 
Actual
 
Compliance
Debt as a percentage of Total Assets
 
 
 
≤60.0%
 
33.1%
(3
)
Yes
Consolidated Income Available for Debt Service to Annual Service Charge
 
≥1.5
 
4.8
 
Yes
Secured Debt as a percentage of Total Assets
 
 
 
≤40.0%
 
13.3%
 
Yes
Total Unencumbered Assets to Unsecured Debt
 
 
 
≥150.0%
 
346.3%
 
Yes
 
 
 
 
 
 
 
 
 
 
 
Securities Ratings
 
 
 
 
 
Debt
 
Preferred
 
Outlook
Moody's Investors Service
 
 
 
 
 
Baa1
 
Baa2
 
Stable
Standard & Poor's
 
 
 
 
 
BBB+
 
BB+
 
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.


 
 
 
 
 
 
 
 
 
 
 

7



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 5
 
UDR, Inc.
Operating Information (1)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
Quarter Ended
 
Quarter Ended
 
Quarter Ended
 
Quarter Ended
 
Quarter Ended
Dollars in thousands
 
Homes
 
March 31, 2016
 
December 31, 2015
 
September 30, 2015
 
June 30, 2015
 
March 31, 2015
Revenues
 
 
 
 
 
 
 
 
 
 
 
Same-Store Communities
34,017

 
$
186,745

 
$
183,595

 
$
182,739

 
$
179,235

 
$
175,487

Stabilized, Non-Mature Communities
4,610

 
28,468

 
26,679

 
9,675

 
6,889

 
5,631

Acquired Communities

 

 

 

 

 

Redevelopment Communities
2,101

 
11,471

 
11,756

 
11,773

 
11,562

 
11,272

Development Communities

 
1

 

 

 

 

Non-Residential / Other (2)

 
4,911

 
6,674

 
5,727

 
5,259

 
4,302

Total
 
40,728

 
$
231,596

 
$
228,704

 
$
209,914

 
$
202,945

 
$
196,692

Expenses
 
 
 
 
 
 
 
 
 
 
 
 
Same-Store Communities
 
 
$
53,781

 
$
53,179

 
$
54,433

 
$
51,699

 
$
52,361

Stabilized, Non-Mature Communities
 
 
8,365

 
7,838

 
3,106

 
2,597

 
2,118

Acquired Communities
 
 

 

 

 

 

Redevelopment Communities
 
 
3,290

 
3,224

 
3,348

 
3,171

 
3,235

Development Communities
 
 
80

 
39

 
56

 
9

 
10

Non-Residential / Other (2)
 
 
2,179

 
1,693

 
581

 
1,628

 
2,251

Total
 
 
 
$
67,695

 
$
65,973

 
$
61,524

 
$
59,104

 
$
59,975

Net Operating Income
 
 
 
 
 
 
 
 
 
 
 
Same-Store Communities
 
 
$
132,964

 
$
130,416

 
$
128,306

 
$
127,536

 
$
123,126

Stabilized, Non-Mature Communities
 
 
20,103

 
18,841

 
6,569

 
4,292

 
3,513

Acquired Communities
 
 

 

 

 

 

Redevelopment Communities
 
 
8,181

 
8,532

 
8,425

 
8,391

 
8,037

Development Communities
 
 
(79
)
 
(39
)
 
(56
)
 
(9
)
 
(10
)
Non-Residential / Other (2)
 
 
2,732

 
4,981

 
5,146

 
3,631

 
2,051

Total
 
 
 
$
163,901

 
$
162,731

 
$
148,390

 
$
143,841

 
$
136,717

Operating Margin
 
 
 
 
 
 
 
 
 
 
 
 
Same-Store Communities
 
 
71.2
%
 
71.0
%
 
70.2
%
 
71.2
%
 
70.2
%
Average Physical Occupancy
 
 
 
 
 
 
 
 
 
 
 
Same-Store Communities
 
 
96.5
%
 
96.6
%
 
96.7
%
 
96.9
%
 
96.7
%
Stabilized, Non-Mature Communities
 
 
94.1
%
 
93.4
%
 
87.3
%
 
74.1
%
 
76.1
%
Acquired Communities
 
 

 

 

 

 

Redevelopment Communities
 
 
93.3
%
 
95.2
%
 
95.9
%
 
95.9
%
 
95.9
%
Development Communities
 
 

 

 

 

 

Other (3)
 
 

 

 
95.7
%
 
96.3
%
 
96.0
%
Total
 
 
 
96.1
%
 
96.2
%
 
96.2
%
 
96.2
%
 
95.6
%
Return on Invested Capital
 
 
 
 
 
 
 
 
 
 
 
Same-Store Communities
 
 
7.5
%
 
7.3
%
 
7.3
%
 
7.2
%
 
7.1
%
Sold and Held for Disposition Communities

 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
$
361

 
$
5,648

 
$
7,851

 
$
9,819

 
$
10,355

Expenses
 
 
 
128

 
2,082

 
2,676

 
3,228

 
3,497

Net Operating Income/(loss)
 
 
$
233

 
$
3,566

 
$
5,175

 
$
6,591

 
$
6,858

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
40,728

 
$
164,134

 
$
166,297

 
$
153,565

 
$
150,432

 
$
143,575

 
 
 
 
 
 
 
 
 
 
 
 
 
(1) See Attachment 16 for definition and other terms.
(2) Primarily non-residential revenue and expense and straight-line adjustment for concessions.
(3) Includes occupancy of Sold and Held for Disposition Communities.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

8



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 6
 
UDR, Inc.
Same-Store Operating Expense Information (1)
(Dollars in Thousands)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
% of 1Q 2016
 
 
 
 
 
 
 
 
 
SS Operating
 
 
 
 
 
 
Year-Over-Year Comparison
 
 
Expenses
 
1Q 2016
 
1Q 2015
 
% Change
Real estate taxes (2)
 
 
37.0
%
 
$
19,917

 
$
19,062

 
4.5
 %
Personnel
 
 
24.2
%
 
12,995

 
12,570

 
3.4
 %
Utilities
 
 
16.2
%
 
8,737

 
9,034

 
-3.3
 %
Repair and maintenance
 
 
12.6
%
 
6,757

 
6,504

 
3.9
 %
Administrative and marketing
 
 
5.9
%
 
3,150

 
3,205

 
-1.7
 %
Insurance
 
 
4.1
%
 
2,225

 
1,986

 
12.0
 %
Same-Store operating expenses (2)
 
 
100.0
%
 
$
53,781

 
$
52,361

 
2.7
 %
Same-Store Homes
 
 
34,017

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% of 1Q 2016
 
 
 
 
 
 
 
 
 
SS Operating
 
 
 
 
 
 
Sequential Comparison
 
 
Expenses
 
1Q 2016
 
4Q 2015
 
% Change
Real estate taxes
 
 
37.0
%
 
$
19,917

 
$
18,938

 
5.2
 %
Personnel
 
 
24.2
%
 
12,995

 
13,329

 
-2.5
 %
Utilities
 
 
16.2
%
 
8,737

 
8,057

 
8.4
 %
Repair and maintenance
 
 
12.6
%
 
6,757

 
6,902

 
-2.1
 %
Administrative and marketing
 
 
5.9
%
 
3,150

 
3,425

 
-8.0
 %
Insurance
 
 
4.1
%
 
2,225

 
2,528

 
-12.0
 %
Same-Store operating expenses
 
 
100.0
%
 
$
53,781

 
$
53,179

 
1.1
 %
Same-Store Homes
 
 
34,017

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) See Attachment 16 for definitions and other terms.
(2) 1Q16 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 would have been as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
1Q 2016 vs.
1Q 2015
 

 

 
 
Real estate taxes
 
 
3.6
%
 

 

 
 
Same-Store operating expenses
 
 
2.4
%
 

 

 
 




9



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 7(A)
 
UDR, Inc.
Apartment Home Breakout (1)
Portfolio Overview as of Quarter Ended
March 31, 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
 
 
 
 
 
 
 
 
 
 
 
 
San Francisco, CA
 
2,230

 
328

 
193

 
2,751

 
251

 
3,002

Orange County, CA
 
3,194

 
173

 
1,447

 
4,814

 

 
4,814

Seattle, WA
 
1,852

 
162

 
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

 
 
11,298

 
663

 
1,711

 
13,672

 
1,528

 
15,200

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
 
34,017

 
4,610

 
2,101

 
40,728

 
6,947

 
47,675

 
 
 
 
 
 
 
 
 
 
 
 
 
Communities
 
117

 
11

 
4

 
132

 
28

 
160

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Homes (incl. joint ventures) (4)
 
 
 
47,675

 
 
 
 
 
 
Homes in Development, Excluding Completed Homes (5)
 
 
 
 
 
 
 
 
Current Pipeline Wholly-Owned
 
 
 
1,101

 
 
 
 
 
 
Current Pipeline Joint Venture (6)
 
 
 
922

 
 
 
 
 
 
Current Pipeline Preferred Equity Investments (6)
 
 
 
1,533

 
 
 
 
 
 
Total expected homes (including development)
 
 
 
51,231

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 

10



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 7(B)
 
UDR, Inc.
Non-Mature Home Summary (1)
Portfolio Overview as of Quarter Ended
March 31, 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
 
 

 

 

 

 
 
 
 
 
 
Lightbox
 
 
Stabilized, Non-Mature
 
162
 
2Q16
 
Northeast Region
 

 

 


Borgata Apartment Homes
 
 
Redevelopment
 
71
 
2Q18
 
Boston, MA
 
 
 
 
 
 

 
 

 

 

 
100 Pier 4
 
Stabilized, Non-Mature
 
369

 
1Q17

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Southwest Region
 
 
 

 
 
 
 
 
 
 
 
 
 
 
Austin, TX
 

 

 


 
 
 
 
 
 
 
 
 
Residences at the Domain
 
Redevelopment
 
390

 
2Q18

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
6,711

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Mature Home Breakout - By Date (quarter indicates date of Same-Store inclusion)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
# of
 
 
 
 
 
 
 
# of
 
 
Date & Community
 
 
Category
 
Homes
 
 
 
Date & Community
 
Category
 
Homes
 
 
2Q16
 
 
 
 
 
 
 
 
2Q17
 
 
 
 
 
 
Lightbox
 
 
Stabilized, Non-Mature
 
162

 
 
 
Arbor Park of Alexandria
 
Stabilized, Non-Mature
 
851

 
 

 
 

 

 
 
 

 

 

 
 
4Q16
 
 

 

 
 
 
2Q18
 

 

 
 
Beach & Ocean
 
 
Stabilized, Non-Mature
 
173

 
 
 
Edgewater
 
Redevelopment
 
193

 
 

 
 

 

 
 
 
Borgata Apartment Homes
 
Redevelopment
 
71

 
 
1Q17
 
 
 
 
 
 
 
 
Coronado
 
Redevelopment
 
1,447

 
 
DelRay Tower
 
 
Stabilized, Non-Mature
 
332

 
 
 
Residences at the Domain
 
Redevelopment
 
390

 
 
100 Pier 4
 
 
Stabilized, Non-Mature
 
369

 
 
 

 

 

 
 
1200 East West
 
 
Stabilized, Non-Mature
 
247

 
 
 

 
 
 

 
 
Courts at Huntington Station
 
 
Stabilized, Non-Mature
 
421

 
 
 

 

 

 
 
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
 

 
6,711

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of Non-Mature Home Activity
 
 
 
 
 
 
 
 
 
 
 
 
 
Stabilized,
 
 
 
 
 
 
 
Held for
 
 
 
 
 
Market
 
Non-Mature
 
Acquired
 
Redevelopment
 
Development
 
Disposition
 
Total
Non-Mature Homes at December 31, 2015
 
 

 
2,292

 
3,246

 
592

 

 

 
6,130

Los Alisos (3)
 
 
Orange County, CA
 
(320
)
 

 

 

 

 
(320
)
Waterscape (3)
 
 
Seattle, WA
 
(196
)
 

 

 

 

 
(196
)
View 34 (3)
 
 
New York, NY
 
(740
)
 

 

 

 

 
(740
)
Coronado
 
 
Orange County, CA
 

 

 
1,447

 

 

 
1,447

Residences at the Domain
 
 
Austin, TX
 

 

 
390

 

 

 
390

2000 Post
 
 
San Francisco, CA
 
328

 

 
(328
)
 

 

 

Q4 2015 Acquisitions
 
 
Metropolitan, D.C.
 
3,246

 
(3,246
)
 

 

 

 

Non-Mature Homes at March 31, 2016
 
 

 
4,610

 

 
2,101

 

 

 
6,711

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


(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 1Q16.
 
 

11



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 7(C)
 
UDR, Inc.
Total Revenue Per Occupied Home Summary (1)
Portfolio Overview as of Quarter Ended
March 31, 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
 
 
 
 
 
 
 
 
 
 
 
 
San Francisco, CA
 
$
3,302

 
$
3,563

 
$
4,277

 
$
3,397

 
$

 
$
3,397

Orange County, CA
 
2,187

 
2,431

 
1,768

 
2,070

 

 
2,070

Seattle, WA
 
1,952

 
1,671

 
2,171

 
1,937

 
3,517

 
2,121

Los Angeles, CA
 
2,612

 

 

 
2,612

 

 
2,612

Monterey Peninsula, CA
 
1,452

 

 

 
1,452

 

 
1,452

Other Southern CA
 
1,687

 

 

 
1,687

 
2,983

 
2,041

Portland, OR
 
1,428

 

 

 
1,428

 

 
1,428

Mid-Atlantic Region
 
 
 
 
 
 
 
 
 
 
 
 
Metropolitan DC
 
1,936

 
1,870

 

 
1,908

 
2,733

 
1,937

Baltimore, MD
 
1,493

 

 

 
1,493

 
1,741

 
1,513

Richmond, VA
 
1,257

 

 

 
1,257

 

 
1,257

Northeast Region
 
 
 
 
 
 
 
 
 
 
 
 
New York, NY
 
4,201

 

 

 
4,201

 
4,670

 
4,272

Boston, MA
 
2,420

 
4,108

 

 
2,825

 
2,384

 
2,694

Philadelphia, PA
 

 

 

 

 
3,262

 
3,262

Southeast Region
 
 
 
 
 
 
 
 
 
 
 
 
Orlando, FL
 
1,158

 

 

 
1,158

 

 
1,158

Tampa, FL
 
1,265

 

 

 
1,265

 

 
1,265

Nashville, TN
 
1,160

 

 

 
1,160

 

 
1,160

Other Florida
 
1,481

 

 

 
1,481

 

 
1,481

Southwest Region
 
 
 
 
 
 
 
 
 
 
 
 
Dallas, TX
 
1,231

 

 

 
1,231

 
1,859

 
1,355

Austin, TX
 
1,319

 

 
1,490

 
1,369

 
4,262

 
1,635

Denver, CO
 

 

 

 

 
3,262

 
3,262

Weighted Average
 
$
1,897

 
$
2,187

 
$
1,951

 
$
1,931

 
$
2,830

 
$
1,995

 
 
 
 
 
 
 
 
 
 
 
 
 
(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.

12



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 7(D)
 
 
 
 
UDR, Inc.
Net Operating Income Breakout By Market (1)
March 31, 2016
(Dollars in Thousands)
(Unaudited)
 
Three Months Ended March 31, 2016
 
 
 
 
 
 
 
 
 
Pro-Rata
 
 
 
 
 
 
 
Same-Store
 
Non Same-Store (2)
 
Share of JVs (3)
 
Total
 
 
 
Net Operating Income
 
$
132,964

 
$
30,937

 
$
17,207

 
$
181,108

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2016
 
 
 
Three Months Ended March 31, 2016
 
 
As a % of NOI
 
 
 
As a % of NOI
Region
 
Same-Store
 
Total
 
Region
 
Same-Store
 
Total
West Region
 
 
 
 
 
Northeast Region
 
 
 
 
 
San Francisco, CA
 
12.3
%
 
11.4
%
 
New York, NY
 
12.8
%
 
 
12.1
%
Orange County, CA
 
11.8
%
 
12.2
%
 
Boston, MA
 
4.5
%
 
 
6.9
%
Seattle, WA
 
5.6
%
 
6.1
%
 
Philadelphia, PA
 
0.0
%
 
 
0.7
%
Los Angeles, CA
 
4.9
%
 
3.5
%
 

 
17.3
%
 
 
19.7
%
Monterey Peninsula, CA
 
3.6
%
 
2.6
%
 
Southeast Region
 

 
 

Other Southern CA
 
2.0
%
 
2.3
%
 
Orlando, FL
 
4.4
%
 
 
3.2
%
Portland, OR
 
1.1
%
 
0.8
%
 
Tampa, FL
 
4.2
%
 
 
3.1
%
 
 
41.3
%
 
38.9
%
 
Nashville, TN
 
4.1
%
 
 
3.0
%
 
 
 
 
 
 
Other Florida
 
1.4
%
 
 
1.0
%
Mid-Atlantic Region
 
 
 
 
 
 
 
14.1
%
 
 
10.3
%
Metropolitan DC
 
13.6
%
 
18.2
%
 
Southwest Region
 
 
 
 
 
Baltimore, MD
 
4.8
%
 
3.9
%
 
Dallas, TX
 
4.7
%
 
 
4.6
%
Richmond, VA
 
2.7
%
 
2.0
%
 
Austin, TX
 
1.5
%
 
 
2.0
%

 
21.1
%
 
24.1
%
 
Denver, CO
 
0.0
%
 
 
0.4
%

 

 

 
 
 
6.2
%
 
 
7.0
%
 
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
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.


13



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 8(A)
 
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Prior Year Quarter
March 31, 2016
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% of Same-
 
 
 
 
 
 
 
 
 
 
Total
Store Portfolio
 
Same-Store
 
 
Same-Store
Based on
 
Physical Occupancy
 
Total Revenue per Occupied Home
 
 
Homes
1Q 2016 NOI
 
1Q 16
1Q 15
Change
 
1Q 16
1Q 15
Change
West Region
 
 
 
 
 
 
 
 
 
 
 
San Francisco, CA
 
2,230

12.3
%
 
96.5
%
97.1
%
-0.6
 %
 
$
3,302

$
2,994

10.3
%
Orange County, CA
 
3,194

11.8
%
 
96.1
%
95.7
%
0.4
 %
 
2,187

2,025

8.0
%
Seattle, WA
 
1,852

5.6
%
 
96.7
%
96.9
%
-0.2
 %
 
1,952

1,797

8.6
%
Los Angeles, CA
 
1,225

4.9
%
 
94.7
%
95.0
%
-0.3
 %
 
2,612

2,393

9.2
%
Monterey Peninsula, CA
 
1,565

3.6
%
 
95.8
%
97.1
%
-1.3
 %
 
1,452

1,266

14.7
%
Other Southern CA
 
756

2.0
%
 
95.4
%
96.4
%
-1.0
 %
 
1,687

1,606

5.0
%
Portland, OR
 
476

1.1
%
 
97.1
%
98.4
%
-1.3
 %
 
1,428

1,226

16.5
%
 
 
11,298

41.3
%
 
96.1
%
96.5
%
-0.4
 %
 
2,248

2,051

9.6
%
Mid-Atlantic Region
 
 
 
 
 
 
 
 
 
 
 
Metropolitan DC
 
4,824

13.6
%
 
96.6
%
96.7
%
-0.1
 %
 
1,936

1,895

2.2
%
Baltimore, MD
 
2,122

4.8
%
 
96.8
%
97.1
%
-0.3
 %
 
1,493

1,469

1.6
%
Richmond, VA
 
1,358

2.7
%
 
96.3
%
95.9
%
0.4
 %
 
1,257

1,224

2.7
%
 
 
8,304

21.1
%
 
96.6
%
96.7
%
-0.1
 %
 
1,712

1,677

2.1
%
Northeast Region
 
 
 
 
 
 
 
 
 
 
 
New York, NY
 
1,945

12.8
%
 
97.3
%
97.3
%
0.0
 %
 
4,201

3,970

5.8
%
Boston, MA
 
1,179

4.5
%
 
96.0
%
95.9
%
0.1
 %
 
2,420

2,286

5.9
%
 
 
3,124

17.3
%
 
96.8
%
96.8
%
0.0
 %
 
3,534

3,340

5.8
%
Southeast Region
 
 
 
 
 
 
 
 
 
 
 
Orlando, FL
 
2,500

4.4
%
 
96.6
%
96.6
%
0.0
 %
 
1,158

1,070

8.2
%
Tampa, FL
 
2,287

4.2
%
 
96.7
%
97.0
%
-0.3
 %
 
1,265

1,172

7.9
%
Nashville, TN
 
2,260

4.1
%
 
97.2
%
97.1
%
0.1
 %
 
1,160

1,085

6.9
%
Other Florida
 
636

1.4
%
 
95.8
%
96.8
%
-1.0
 %
 
1,481

1,401

5.7
%
 
 
7,683

14.1
%
 
96.7
%
96.9
%
-0.2
 %
 
1,217

1,132

7.5
%
Southwest Region
 
 
 
 
 
 
 
 
 
 
 
Dallas, TX
 
2,725

4.7
%
 
97.0
%
97.1
%
-0.1
 %
 
1,231

1,162

5.9
%
Austin, TX
 
883

1.5
%
 
96.8
%
96.7
%
0.1
 %
 
1,319

1,269

3.9
%
 
 
3,608

6.2
%
 
97.0
%
97.0
%
0.0
 %
 
1,253

1,188

5.4
%
 
 
 
 
 
 
 
 
 
 
 
 
Total/Weighted Avg.
 
34,017

100.0
%
 
96.5
%
96.7
%
-0.2
 %
 
$
1,897

$
1,778

6.7
%
 
 
 
 
 
 
 
 
 
 
 
 
(1) See Attachment 16 for definitions and other terms.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


14



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Attachment 8(B)
 
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Prior Year Quarter
March 31, 2016
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
Same-Store ($000s)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-Store
 
Revenues
 
Expenses
 
Net Operating Income
 
 
Homes
 
1Q 16
1Q 15
Change
 
1Q 16
1Q 15
Change
 
1Q 16
1Q 15
Change
 
West Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
San Francisco, CA
2,230

 
$
21,320

$
19,452

9.6
%
 
$
4,922

$
4,598

7.0
 %
 
$
16,398

$
14,854

10.4
%
 
Orange County, CA
3,194

 
20,134

18,572

8.4
%
 
4,517

4,710

-4.1
 %
 
15,617

13,862

12.7
%
 
Seattle, WA
1,852

 
10,488

9,675

8.4
%
 
3,008

2,830

6.3
 %
 
7,480

6,845

9.3
%
 
Los Angeles, CA
1,225

 
9,089

8,354

8.8
%
 
2,553

2,396

6.6
 %
 
6,536

5,958

9.7
%
 
Monterey Peninsula, CA
1,565

 
6,530

5,772

13.1
%
 
1,731

1,650

4.9
 %
 
4,799

4,122

16.5
%
 
Other Southern CA
756

 
3,650

3,511

4.0
%
 
1,024

887

15.4
 %
 
2,626

2,624

0.1
%
 
Portland, OR
476

 
1,980

1,723

14.9
%
 
484

439

10.3
 %
 
1,496

1,284

16.5
%
 
 
11,298

 
73,191

67,059

9.1
%
 
18,239

17,510

4.2
 %
 
54,952

49,549

10.9
%
 
Mid-Atlantic Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Metropolitan DC
4,824

 
27,070

26,515

2.1
%
 
8,996

8,847

1.7
 %
 
18,074

17,668

2.3
%
 
Baltimore, MD
2,122

 
9,202

9,080

1.3
%
 
2,782

2,707

2.8
 %
 
6,420

6,373

0.7
%
 
Richmond, VA
1,358

 
4,932

4,783

3.1
%
 
1,371

1,291

6.2
 %
 
3,561

3,492

2.0
%
 
 
8,304

 
41,204

40,378

2.0
%
 
13,149

12,845

2.4
 %
 
28,055

27,533

1.9
%
 
Northeast Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New York, NY
1,945

 
23,853

22,541

5.8
%
 
6,880

6,359

8.2
 %
(2)
16,973

16,182

4.9
%
(2)
Boston, MA
1,179

 
8,217

7,754

6.0
%
 
2,257

2,402

-6.0
 %
 
5,960

5,352

11.4
%
 
 
3,124

 
32,070

30,295

5.9
%
 
9,137

8,761

4.3
 %
 
22,933

21,534

6.5
%
 
Southeast Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Orlando, FL
2,500

 
8,392

7,750

8.3
%
 
2,484

2,435

2.1
 %
 
5,908

5,315

11.1
%
 
Tampa, FL
2,287

 
8,393

7,800

7.6
%
 
2,756

2,758

-0.1
 %
 
5,637

5,042

11.8
%
 
Nashville, TN
2,260

 
7,645

7,145

7.0
%
 
2,172

2,316

-6.1
 %
 
5,473

4,829

13.3
%
 
Other Florida
636

 
2,707

2,587

4.6
%
 
928

886

4.7
 %
 
1,779

1,701

4.6
%
 
 
7,683

 
27,137

25,282

7.3
%
 
8,340

8,395

-0.6
 %
 
18,797

16,887

11.3
%
 
Southwest Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dallas, TX
2,725

 
9,762

9,223

5.8
%
 
3,466

3,467

0.0
 %
 
6,296

5,756

9.4
%
 
Austin, TX
883

 
3,381

3,250

4.0
%
 
1,450

1,383

4.9
 %
 
1,931

1,867

3.4
%
 
 
3,608

 
13,143

12,473

5.4
%
 
4,916

4,850

1.4
 %
 
8,227

7,623

7.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals
34,017

 
$
186,745

$
175,487

6.4
%
 
$
53,781

$
52,361

2.7
 %
(2)
$
132,964

$
123,126

8.0
%
(2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) See Attachment 16 for definitions and other terms.
 
(2) 1Q16 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 2.4% and 8.2%, respectively; and the percent change in New York expense and NOI would have been 4.9% and 6.4%, respectively.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

15



 
 
 
 
 
 
 
 
 
 
                        
 
 
 
 
 
 
 
 
 
 
Attachment 8(C)
 
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
March 31, 2016
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
Same-Store
 
 
Same-Store
 
Physical Occupancy
 
Total Revenue per Occupied Home
 
 
Homes
 
1Q 16
4Q 15
Change
 
1Q 16
4Q 15
Change
West Region
 
 
 
 
 
 
 
 
 
 
San Francisco, CA
 
2,230

 
96.5
%
96.3
%
0.2
 %
 
$
3,302

$
3,233

2.1
%
Orange County, CA
 
3,194

 
96.1
%
95.6
%
0.5
 %
 
2,187

2,154

1.5
%
Seattle, WA
 
1,852

 
96.7
%
96.9
%
-0.2
 %
 
1,952

1,928

1.2
%
Los Angeles, CA
 
1,225

 
94.7
%
95.6
%
-0.9
 %
 
2,612

2,571

1.6
%
Monterey Peninsula, CA
 
1,565

 
95.8
%
96.3
%
-0.5
 %
 
1,452

1,422

2.1
%
Other Southern CA
 
756

 
95.4
%
96.3
%
-0.9
 %
 
1,687

1,674

0.8
%
Portland, OR
 
476

 
97.1
%
96.9
%
0.2
 %
 
1,428

1,380

3.5
%
 
 
11,298

 
96.1
%
96.2
%
-0.1
 %
 
2,248

2,208

1.8
%
Mid-Atlantic Region
 
 
 
 
 
 
 
 
 
 
Metropolitan DC
 
4,824

 
96.6
%
96.5
%
0.1
 %
 
1,936

1,911

1.3
%
Baltimore, MD
 
2,122

 
96.8
%
96.1
%
0.7
 %
 
1,493

1,488

0.3
%
Richmond, VA
 
1,358

 
96.3
%
95.6
%
0.7
 %
 
1,257

1,246

0.9
%
 
 
8,304

 
96.6
%
96.3
%
0.3
 %
 
1,712

1,695

1.0
%
Northeast Region
 
 
 
 
 
 
 
 
 
 
New York, NY
 
1,945

 
97.3
%
97.3
%
0.0
 %
 
4,201

4,133

1.6
%
Boston, MA
 
1,179

 
96.0
%
96.7
%
-0.7
 %
 
2,420

2,370

2.1
%
 
 
3,124

 
96.8
%
97.1
%
-0.3
 %
 
3,538

3,470

2.0
%
Southeast Region
 
 
 
 
 
 
 
 
 
 
Orlando, FL
 
2,500

 
96.6
%
97.0
%
-0.4
 %
 
1,158

1,126

2.8
%
Tampa, FL
 
2,287

 
96.7
%
97.0
%
-0.3
 %
 
1,265

1,220

3.7
%
Nashville, TN
 
2,260

 
97.2
%
97.7
%
-0.5
 %
 
1,160

1,142

1.6
%
Other Florida
 
636

 
95.8
%
96.2
%
-0.4
 %
 
1,481

1,430

3.6
%
 
 
7,683

 
96.7
%
97.1
%
-0.4
 %
 
1,217

1,184

2.8
%
Southwest Region
 
 
 
 
 
 
 
 
 
 
Dallas, TX
 
2,725

 
97.0
%
96.7
%
0.3
 %
 
1,231

1,208

1.9
%
Austin, TX
 
883

 
96.8
%
97.3
%
-0.5
 %
 
1,319

1,301

1.4
%
 
 
3,608

 
97.0
%
96.9
%
0.1
 %
 
1,253

1,231

1.8
%
 
 
 
 
 
 
 
 
 
 
 
Total/Weighted Avg.
 
34,017

 
96.5
%
96.6
%
-0.1
 %
 
$
1,897

$
1,862

1.9
%
 
 
 
 
 
 
 
 
 
 
 
(1) See Attachment 16 for definitions and other terms.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


16



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 8(D)
 
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
March 31, 2016
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
Same-Store ($000s)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-Store
 
Revenues
 
Expenses
 
Net Operating Income
 
 
Homes
 
1Q 16
4Q 15
Change
 
1Q 16
4Q 15
Change
 
1Q 16
4Q 15
Change
 
West Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
San Francisco, CA
2,230

 
$
21,320

$
20,831

2.3
 %
 
$
4,922

$
5,034

-2.2
 %
 
$
16,398

$
15,797

3.8
 %
 
Orange County, CA
3,194

 
20,134

19,734

2.0
 %
 
4,517

4,645

-2.8
 %
 
15,617

15,089

3.5
 %
 
Seattle, WA
1,852

 
10,488

10,381

1.0
 %
 
3,008

2,988

0.7
 %
 
7,480

7,393

1.2
 %
 
Los Angeles, CA
1,225

 
9,089

9,032

0.6
 %
 
2,553

2,469

3.4
 %
 
6,536

6,563

-0.4
 %
 
Monterey Peninsula, CA
1,565

 
6,530

6,429

1.6
 %
 
1,731

1,737

-0.4
 %
 
4,799

4,692

2.3
 %
 
Other Southern CA
756

 
3,650

3,657

-0.2
 %
 
1,024

1,033

-0.8
 %
 
2,626

2,624

0.1
 %
 
Portland, OR
476

 
1,980

1,909

3.7
 %
 
484

521

-6.9
 %
 
1,496

1,388

7.7
 %
 
 
11,298

 
73,191

71,973

1.7
 %
 
18,239

18,427

-1.0
 %
 
54,952

53,546

2.6
 %
 
Mid-Atlantic Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Metropolitan DC
4,824

 
27,070

26,693

1.4
 %
 
8,996

8,548

5.2
 %
 
18,074

18,145

-0.4
 %
 
Baltimore, MD
2,122

 
9,202

9,105

1.1
 %
 
2,782

2,714

2.5
 %
 
6,420

6,391

0.4
 %
 
Richmond, VA
1,358

 
4,932

4,852

1.7
 %
 
1,371

1,353

1.3
 %
 
3,561

3,499

1.8
 %
 
 
8,304

 
41,204

40,650

1.4
 %
 
13,149

12,615

4.2
 %
 
28,055

28,035

0.1
 %
 
Northeast Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New York, NY
1,945

 
23,853

23,465

1.7
 %
 
6,880

6,811

1.0
 %
 
16,973

16,654

1.9
 %
 
Boston, MA
1,179

 
8,217

8,105

1.4
 %
 
2,257

2,070

9.0
 %
 
5,960

6,035

-1.2
 %
 
 
3,124

 
32,070

31,570

1.6
 %
 
9,137

8,881

2.9
 %
 
22,933

22,689

1.1
 %
 
Southeast Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Orlando, FL
2,500

 
8,392

8,191

2.5
 %
 
2,484

2,612

-4.9
 %
 
5,908

5,579

5.9
 %
 
Tampa, FL
2,287

 
8,393

8,122

3.3
 %
 
2,756

2,842

-3.0
 %
 
5,637

5,280

6.8
 %
 
Nashville, TN
2,260

 
7,645

7,563

1.1
 %
 
2,172

2,157

0.7
 %
 
5,473

5,406

1.2
 %

Other Florida
636

 
2,707

2,624

3.1
 %
 
928

944

-1.7
 %
 
1,779

1,680

5.9
 %
 
 
7,683

 
27,137

26,500

2.4
 %
 
8,340

8,555

-2.5
 %
 
18,797

17,945

4.7
 %
 
Southwest Region
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dallas, TX
2,725

 
9,762

9,548

2.2
 %
 
3,466

3,404

1.8
 %
 
6,296

6,144

2.5
 %
 
Austin, TX
883

 
3,381

3,354

0.8
 %
 
1,450

1,297

11.8
 %
 
1,931

2,057

-6.1
 %
 
 
3,608

 
13,143

12,902

1.9
 %
 
4,916

4,701

4.6
 %
 
8,227

8,201

0.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
34,017

 
$
186,745

$
183,595

1.7
 %
 
$
53,781

$
53,179

1.1
 %

$
132,964

$
130,416

2.0
 %

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) See Attachment 16 for definitions and other terms.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

17



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 8(E)
 
UDR, Inc.
Same-Store Operating Information By Major Market (1)
March 31, 2016
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 

 

 

 
 
Effective New Lease Rate Growth
 
Effective Renewal Lease Rate Growth
 
Annualized Turnover (2)
 
 
1Q 2016
 
1Q 2016
 
1Q 2016
1Q 2015
West Region
 
 
 
 
 
 
 
San Francisco, CA
 
4.6
 %
 
7.9
%
 
47.5
%
41.7
%
Orange County, CA
 
5.0
 %
 
6.5
%
 
41.8
%
44.8
%
Seattle, WA
 
5.4
 %
 
8.5
%
 
45.3
%
44.2
%
Los Angeles, CA
 
5.2
 %
 
7.9
%
 
53.4
%
42.2
%
Monterey Peninsula, CA
 
7.6
 %
 
12.0
%
 
50.2
%
35.6
%
Other Southern CA
 
4.0
 %
 
5.6
%
 
52.0
%
48.8
%
Portland, OR
 
5.0
 %
 
11.5
%
 
50.6
%
47.2
%
 
 


 


 




Mid-Atlantic Region
 
 
 
 
 
 
 
Metropolitan DC
 
1.0
 %
 
4.5
%
 
38.0
%
36.2
%
Baltimore, MD
 
-4.3
 %
 
4.0
%
 
42.7
%
36.3
%
Richmond, VA
 
-3.1
 %
 
4.1
%
 
42.8
%
46.4
%
 
 


 


 




Northeast Region
 
 
 
 
 
 
 
New York, NY
 
2.8
 %
 
6.2
%
 
19.6
%
29.7
%
Boston, MA
 
3.4
 %
 
8.1
%
 
36.7
%
35.4
%
 
 
 
 
 
 
 
 
Southeast Region
 
 
 
 
 
 
 
Orlando, FL
 
5.4
 %
 
9.2
%
 
41.6
%
42.2
%
Tampa, FL
 
7.5
 %
 
8.3
%
 
44.4
%
46.5
%
Nashville, TN
 
6.7
 %
 
6.9
%
 
45.1
%
46.7
%
Other Florida
 
3.3
 %
 
6.2
%
 
36.6
%
30.3
%
 
 
 
 
 
 
 
 
Southwest Region
 
 
 
 
 
 
 
Dallas, TX
 
5.7
 %
 
6.8
%
 
44.3
%
47.2
%
Austin, TX
 
0.7
 %
 
6.7
%
 
45.9
%
39.5
%
 
 


 


 




 
 
 
 
 
 
 
 
Total/Weighted Avg.
 
3.7
 %
 
6.9
%
 
42.2
%
41.1
%
 
 
 
 
 
 
 
 
Percentage of Total Repriced Homes
50.9
 %
 
49.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
1Q 2016
 
1Q 2015
 
 
 
Total Combined New and Renewal Lease Rate Growth
5.3
 %
 
4.9
%
 
 
 
 
 
 
 
 
 
 
(1) See Attachment 16 for definitions and other terms.
(2) 1Q16 same-store home count: 34,017.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


18



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                               
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 9(A)
 
UDR, Inc.
Development Summary (1) (2)
March 31, 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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacific City
Huntington Beach, CA
516


$
151,951

$
342,000

$
663


$

2Q15

2Q17
1Q18
 

 

345 Harrison Street
Boston, MA
585


44,451

366,500

626

(3)

1Q16

3Q18
1Q19
 

 

Total
 
1,101


$
196,402

$
708,500

$
644

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Completed Projects, Non-Stabilized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
N/A
N/A


$

$

$

 
$

N/A

N/A
N/A
 

 

Total - Wholly Owned
 
1,101


$
196,402

$
708,500

$
644

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Operating Income From Wholly-Owned Projects
 
 
 
 
 
 
UDR's Capitalized Interest on Wholly-Owned Development Projects
 
 
 
 
1Q 16
 
 
 
 
 
 
1Q 16


 

 
 
Projects Under Construction
 
$
(79
)
 
 
 
 
 
 
$
1,699



 

 
 
Completed, Non-Stabilized
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
(79
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated Joint Ventures and Partnerships (7)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule
 
Percentage
 
 
Own.
# of
Compl.
Cost to
Budgeted
 
Project
 
Initial
 
 
 
 
 
Community
Location
Interest
Homes
Homes
Date (8)
Cost
 
Debt (9)
Start
Occ.
Compl.
 
Leased
 
Occupied
Projects Under Construction
 
 
 
 
 
 
 
 
 
 
 
 
 
 
399 Fremont
San Francisco, CA
51
%
447

251

$
311,744

$
317,700

(4)
$
147,622

1Q14

1Q16
2Q16
 
25.5
%
 
15.2
%
Residences on Jamboree
Irvine, CA
50
%
381


88,049

125,000

 
24,545

3Q14

3Q16
1Q17
 

 

3033 Wilshire
Los Angeles, CA
50
%
190


81,703

107,000

(5)
23,509

4Q14

4Q16
1Q17
 

 

Domain Mountain View
Mountain View, CA
50
%
155


50,178

99,000

(6)
6,092

1Q15

1Q17
2Q17
 

 

Total
 
 
1,173

251

$
531,674

$
648,700

 
$
201,768

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Completed Projects, Non-Stabilized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
N/A
N/A



$

$

 
$

N/A

N/A
N/A
 

 

Total - Unconsolidated Joint Ventures and Partnerships
1,173

251

$
531,674

$
648,700

 
$
201,768

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UDR's Capitalized Interest on Unconsolidated Development Projects
 
 
 
 
 
 
 
 
 
 
 
1Q 16
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
1,606

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Projected Weighted Average Stabilized Yield on Development Projects Over Respective Market Cap Rates:
150-200 bps
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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) Unconsolidated developments are presented at 100%.
(8) Cost to Date includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences.
(9) Debt balances are presented net of deferred financing costs.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

19



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                               
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 9(B)
 
UDR, Inc.
Preferred Equity and Participating Loan Investments (1)
March 31, 2016
(Dollars in Thousands)
(Unaudited)
Preferred Equity Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UDR
UDR
 
 
 
 
 
Own.
# of
Compl.
Going-in
Investment
Share of
Schedule
 
Percentage
Community
Location
Interest
Homes
Homes
Valuation
Cost
Debt
Start
Compl.
Stabilization
 
Leased
 
Occupied
Projects Under Construction
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
West Coast Development JV (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8th & Republican (3)(4)
Seattle, WA
48
%
211


$
97,020

$
23,971

 
$
18,431

3Q14

2Q16

2Q17

 
7.6
%
 

Katella Grand I
Anaheim, CA
49
%
399

236

137,935

34,268

 
26,226

4Q13

2Q16

2Q17

 
36.8
%
 
29.1
%
CityLine (5)
Seattle, WA
49
%
244

112

80,360

20,214

 
16,952

3Q14

2Q16

3Q16

 
47.1
%
 
34.0
%
12th & Olive (3)(6)
Los Angeles, CA
47
%
293


129,360

33,698

 
13,959

2Q14

3Q16

4Q17

 

 

Katella Grand II
Anaheim, CA
49
%
386


114,660

24,176



4Q14

2Q17

2Q18

 

 

Total
 
 
1,533

348

$
559,335

$
136,327

 
$
75,568

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Completed Projects, Non-Stabilized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
N/A
N/A



$

$

 
$

N/A
N/A
N/A
 

 

Total - Preferred Equity Investments
 
1,533

348

$
559,335

$
136,327

 
$
75,568

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Participating Loan Investment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
# 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

$
109,536

$
109,950

 
$
93,458

$
93,463

97.7
%
95.0
%
 
 
 
 
Total
 
 
218

218

$
109,536

$
109,950

 
$
93,458

$
93,463

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


20



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                          
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 10
 
UDR, Inc.
Redevelopment Summary (1)
March 31, 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

13

$
1,151

$
9,000

$
47

 
1Q08
4Q15
1Q17
2Q18
 
91.2
%
87.0
%
Borgata Apartment Homes
Bellevue, WA
71

71

40

2,639

4,000

56

 
2Q07
4Q15
1Q17
2Q18
 
88.7
%
76.1
%
Coronado (6)
Newport Beach, CA
1,447

(4)

(4)

6,764

24,000

17

 
(6)
1Q16
1Q17
2Q18
 
95.6
%
94.2
%
Residences at the Domain
Austin, TX
390

311

34

700

8,000

21

 
3Q08
1Q16
1Q17
2Q18
 
88.0
%
86.2
%
Total
 
2,101

479

87

$
11,254

$
45,000

$
21

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Completed Redevelopments, Non-Stabilized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
N/A
N/A



$

$

$

 
N/A
N/A
N/A
N/A
 


Total - Wholly Owned
 
2,101

479

87

$
11,254

$
45,000

$
21

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized Interest on Redevelopment Projects
 
 
 
 
 
 
 
 
1Q 16
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
74

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Projected Weighted Average Return on Incremental Capital Invested:
7.0% to 9.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

21



 
 
 
 
 
 
 
                               
 
 
 
 
 
 
 
 Attachment 11
 
UDR, Inc.
Land Summary (1)
March 31, 2016
(Dollars in Thousands)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
UDR Ownership
Real Estate
UDR Pro-Rata
 
 
 
Parcel
Location
Interest
Cost Basis
Cost Basis
Status Update (2)
 
 
 
 
 
 
 
 
 
 
 
 
 

Design
Hold for Future
 
 
 
 
 
Entitlements
Development
Development
Wholly-Owned
 
 
 
 
 
 
 
7 Harcourt (3)
Boston, MA
100%
$
6,677

$
6,677

Complete
In Process
 
Vitruvian Park®
Addison, TX
100%
13,835

13,835

Complete
 
In Process
Total
 
 
$
20,512

$
20,512

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate
UDR Pro-Rata
 
 
 
 
 
 
Cost Basis (4)
Cost Basis (4)
 
 
 
Unconsolidated Joint Ventures and Partnerships
 
 
 
 
 
 
 
UDR/MetLife I - 3 parcels (5)
Various
5%
$
70,441

$
3,463

In Process
 
In Process
UDR/MetLife Land - 8 parcels (6)
Various
50%
95,517

47,778

Complete
In Process
In Process
Total
 
 
$
165,958

$
51,241

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
$
186,470

$
71,753

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized Interest on Land Projects
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1Q 16
 
 
 
 
 
 
 
$
824

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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) Includes 6 parcels in Addison, TX and 2 parcels in Los Angeles, CA.


 
 
 
 
 
 
 
 

22



 
 
 
 
 
 
 
 
                            
 
 
 
 
 
 
 
 
Attachment 12
 
 
 
 
 
 
 
 
 
UDR, Inc.
Unconsolidated Joint Venture Summary (1)
March 31, 2016
(Dollars in Thousands)
(Unaudited)
Portfolio Characteristics
 
 
 
 
 
 
 
 
 
 
 
# 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
1Q 16
1Q 16 (1)
1Q 2016
1Q 2016 (2)
UDR / MetLife








Operating communities
Various
24

5,885

50
%
95.4
%
$
2,848

$
16,382

$
32,740

Non-Mature (11)
Various
1

151

50
%


(83
)
(165
)
Development communities
Various
4

251

(4)



(126
)
(247
)
Land parcels
 
11


(5)



(25
)
(101
)
UDR / KFH
High-rise
3

660

30
%
97.2
%
2,563

1,059

3,531

Total/Weighted Average
 
43

6,947

 
95.6
%
$
2,830

$
17,207

$
35,758

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet Characteristics and Returns
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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



 




Operating communities
$
2,433,594

$
1,276,540

$
473,991

 
4.45
%
2018-2023


Non-Mature
105,673

35,474

25,723

 
4.87
%
2018-2021


Development communities
543,598

201,769

160,860

 
2.88
%
2018


Land parcels
186,331


28,471

 
N/A

N/A
 
 
UDR / KFH
284,267

164,363

16,147

 
3.15
%
2016-2025
 
 
Total/Weighted Average
$
3,553,463

$
1,678,146

$
705,192

 
4.14
%
 
5.8
%
7.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-Store Unconsolidated Joint Venture Growth
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-Store
 
 
 
 
 
 
 
 
Joint Venture
1Q 2016 vs. 1Q 2015 Growth
 
1Q 2016 vs. 4Q 2015 Growth
Joint Venture
Communities (6)
Revenue
Expense
NOI
 
Revenue
Expense
NOI
UDR / MetLife
24

3.0
%
6.9
%
1.1
%
 
0.7
%
5.5
%
-1.5
 %
UDR / KFH
3

1.8
%
1.2
%
2.1
%
 
2.8
%
3.1
%
2.7
 %
Total/Average
27

2.9
%
6.4
%
1.2
%
 
0.9
%
5.3
%
-1.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI
 
 
 
NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest
 
 
 
1.2
%
 
 
 
-1.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Participating Loan Investment
 
 
 
Income from
 
 
 
 
 
 
 
 
Participating
 

 
 
Interest
Years to
 
 
Loan Investment
Upside
 
 
UDR's Investment
Rate
Maturity
 
 
1Q 2016
Participation

Steele Creek (9)
$
93,463

6.5
%
1.3

 
 
$
1,519

50
%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity Investment
 
 
 
 
 
Income from
 
 
 
 
 
 
 
 
Preferred Equity
 
 
 
UDR's Equity
Preferred
 
 
 
Investment
 
 
 
Investment (10)
Return
 
 
 
1Q 2016 (3)

 
West Coast Development JV (9)
$
146,209

6.5
%
 
 
 
$
2,097


 
 
 
 
 
 
 
 
 
 
(1) See Attachment 16 for definitions and other terms.
(2) Represents NOI at 100 percent for the period ended March 31, 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% and Domain Mountain View of which UDR owns 50.1%.
(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 March 31, 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 $146.2 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) 13th & Market and Fiori moved into Operating communities in 1Q16. 717 Olympic remains in Non-Mature.

 
 
 
 
 
 
 
 

23



 
 
 
 
 
 
 
 
 
 
 
 
 
                         
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 13
 
UDR, Inc.
Acquisitions and Dispositions Summary (1)
March 31, 2016
(Dollars in Thousands)
(Unaudited)
 
 
 
 
 
 
 
 
Post
 
 
 
 
 
 
 
 
 
 
 
 
Prior
Transaction
 
 
 
 
 
 
 
 
 
 
 
 
Ownership
Ownership
 
 
 
FFO
# of
Price per
Date of Purchase
 
Community
 
Location
 
Interest
Interest
 
Price (2)
Debt (2)
Gain
Homes
Home
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
None
 

 

 


 


 



 

 

 


 


 



 

 

 


 


 



 

 

 


 


 



 

 

 


 


 



 

 

 


 


 



 

 

 


 


 


 
 
 
 
 
 
 
 
 


 


 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 

 


 


 



 

 

 


 


 



 
 
 
 
 
 


 


 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 

 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Post
 
 
 
 
 
 
 
 
 
 
 
 
Prior
Transaction
 
 
 
 
 
 
 
 
 
 
 
 
Ownership
Ownership
 
 
 
FFO
# of
Price per
Date of Sale
 
Community
 
Location
 
Interest
Interest
 
Price (2)
Debt (2)
Gain
Homes
Home
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dispositions - Consolidated Joint Ventures Land
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Feb-16
 
2919 Wilshire
 
Santa Monica, CA
 
95%
0%
 
$
10,500

$

$
1,474


$

Mar-16
 
3032 Wilshire
 
Santa Monica, CA
 
95%
0%
 
13,500


211




 

 

 


 
$
24,000

$

$
1,685


$


 

 

 


 


 



 

 

 


 


 



 

 

 


 


 



 

 

 


 


 



 

 


 


 



 

 

 


 


 



 

 

 


 


 



 

 

 


 


 



 

 

 


 


 



 

 


 


 



 
 
 
 
 
 


 



 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 

 

 

 


 


 



 

 

 


 


 


 
 
 
 
 
 
 
 
 


 


 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.


 

24



 
 
 
 
 
 
 
                             
 
 
 
 
 
 
 
Attachment 14
 
UDR, Inc.
Capital Expenditure and Repair and Maintenance Summary (1)
March 31, 2016
(Dollars in Thousands)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months
 
 
 
 
 
Weighted Avg.
 
Ended
 
Cost
Category (Capitalized)
 
 
Useful Life (yrs) (2)
 
March 31, 2016
 
per Home
Capital Expenditures for Consolidated Homes (3)
 
 
 
 
 
 
Average number of homes (4)
 
 
 
 
40,728

 
 
Recurring Cap Ex
 
 
 
 
 
 
 
Asset preservation
 
 
 
 
 
 
 
Building interiors
 
 
5 - 20

 
$
2,909

 
$
71

Building exteriors
 
 
5 - 20

 
1,078

 
26

Landscaping and grounds
 
 
10

 
512

 
13

Total asset preservation
 
 
 
 
4,499

 
110

Turnover related
 
 
5

 
2,462

 
60

Total Recurring Cap Ex
 
 
 
6,961

 
171

Revenue Enhancing Cap Ex (5)
 
 
 
 
 
 
Kitchen & Bath
 
 
 
 
1,710

 
42

Revenue Enhancing
 
 
 
 
5,461

 
134

Total Revenue Enhancing Cap Ex
 
 
5 - 20

 
7,171

 
176

 
 
 
 
 
 
 
 
Total Recurring and Revenue Enhancing Cap Ex
 
 
 
 
$
14,132

 
$
347

 
 
 
 
 
 
 
 
One-Time Infrastructure Cap Ex
 
 
5 - 35

 
$
637

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months
 
 
 
 
 
 
 
Ended
 
Cost
Category (Expensed)
 
 
 
March 31, 2016
 
per Home
Repair and Maintenance for Consolidated Homes
 
 
 
 
 
 
Average number of homes (4)
 
 
 
 
40,728

 
 
Contract services
 
 
 
 
$
4,562

 
$
112

Turnover related expenses
 
 
 
 
869

 
21

Other Repair and Maintenance
 
 
 
 
 
 
Building interiors
 
 
 
 
1,571

 
39

Building exteriors
 
 
 
 
357

 
9

Landscaping and grounds
 
 
 
 
762

 
19

Total
 
 
 
 
$
8,121

 
$
199

 
 
 
 
 
 
 
 
(1) See Attachment 16 for definitions and other terms.
(2) Weighted average useful life of capitalized expenses for the three months ended March 31, 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

25



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment 15
 
UDR, Inc.
Full-Year 2016 Guidance (1)
March 31, 2016
(Unaudited)
 
 
 
 
 
 
FFO and AFFO per Share and Unit Guidance
 
 
 
 
 
 
 
2Q 2016
 
Full Year 2016
FFO per common share and unit, diluted
 
$0.43 to $0.45
 
$1.75 to $1.81
FFO As Adjusted per common share and unit, diluted
 
$0.43 to $0.45
 
$1.75 to $1.81
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted
 
$0.39 to $0.41
 
$1.59 to $1.65
Annualized dividend per share and unit
 
 
 
$1.18
 
 
 
 
 
 
 
 
 
 
 
 
Same-Store Guidance
 
 
 
 
Full Year 2016
Revenue growth
 
 
 
5.50% - 6.00%
Expense growth
 
 
 
3.00% - 3.50%
NOI growth
 
 
 
6.50% - 7.00%
Physical occupancy
 
 
 
96.6%
Same-Store homes
 
 
 
34,017
 
 
 
 
 
 
 
 
 
 
 
 
Sources of Funds ($ in millions)
 
 
 
Full Year 2016
Sales Proceeds and Debt and Equity Issuances
 
 
 
$550 to $700
Construction Loan Proceeds
 
 
 
$100 to $125
 
 
 
 
 
 
 
 
 
 
 
 
Uses of Funds ($ in millions)
 
 
 
Full Year 2016
Debt maturities inclusive of principal amortization (weighted average interest rate of 5.1%)
 
 
 
$266
Development and redevelopment spending and land acquisitions
 
 
 
$450 to $550
Acquisitions
 
 
 
$0 to $100
 
 
 
 
 
 
 
 
 
 
 
 
Other Additions/(Deductions) ($ in millions except per home amounts)
 
 
 
Full Year 2016
Consolidated interest expense, net of capitalized interest
 
 
 
($121) to ($125)
Capitalized interest (2)
 
 
 
$14 to $18
General and administrative (3)
 
 
 
($50) to ($54)
Tax benefit for TRS
 
 
 
$1 to $2
Total joint venture FFO, including fee income (net of adjustments for FFO as Adjusted)
 
 
 
$60 to $65
Non-recurring items:
 
 
 

    Disposition related gains and non-recurring fees included in FFO
 
 
 
$1.7 to $2.5
    Long-term incentive plan transition costs
 
 
 
$1 to $2
Average stabilized homes
 
 
 
 
40,700
Recurring capital expenditures per home
 
 
 
$1,150
Revenue enhancing capital expenditures
 
 
 
$21 to $23
Kitchen & Bath capital expenditures
 
 
 
$13 to $17
One-time infrastructure capital expenditures
 
 
 
$2 to $3
 
 
(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 $12 million to $14 million of long-term incentive plan compensation expense, including $1.5 million related to program transition expense.
 
 
 
 
 
 
 
 
 
 
 
 

26



 
 
 
 
 
 
 
 
 
                                 
 
 
 
 
 
 
 
 
 
 
                                              
Attachment 16(A)
 
UDR, Inc.
Definitions and Reconciliations
March 31, 2016
(Unaudited)
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
Management considers effective new lease rate growth a useful metric for investors as it assesses market-level new demand trends.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
Management considers effective renewal lease rate growth a useful metric for investors as it assesses market-level, in-place demand trends.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.

27



 
 
 
 
 
 
 
 
 
                                 
 
 
 
 
 
 
 
 
 
Attachment 16(B)
 
UDR, Inc.
Definitions and Reconciliations
March 31, 2016
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Joint Venture Reconciliation at UDR's Weighted Average Pro-Rata Ownership Interest
 
 
 
 
 
 
 
 
 
 
In thousands
 
 
 
1Q 2016
 

 
 
 
Income/(loss) from unconsolidated entities
 
 
$
679

 

 
 
 
Management fee
 
 
1,105

 

 
 
 
Interest expense
 
 
7,882

 

 
 
 
Depreciation
 
 
10,350

 

 
 
 
General and administrative
 
 
160

 

 
 
 
West Coast Development JV
 
 
(1,427
)
 

 
 
 
Steele Creek
 
 
(1,519
)
 

 
 
 
Other income/expense (includes 717 Olympic casualty expense)
 
(23
)
 
 
 
 
 
Total Joint Venture NOI at UDR's Pro-Rata Ownership Interest
 
$
17,207

 

 
 
 
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
In thousands
 
 
1Q 2016
4Q 2015
 
3Q 2015
2Q 2015
1Q 2015
 
Net income/(loss) attributable to UDR, Inc.
 
$
10,393

$
162,200

 
$
13,291

$
86,855

$
73,822

 
Property management
 
6,379

6,445

 
5,988

5,851

5,694

 
Other operating expenses
 
1,752

3,534

 
2,639

1,769

1,766

 
Real estate depreciation and amortization
 
105,339

104,909

 
90,568

90,344

88,777

 
Interest expense
 
31,104

33,170

 
30,232

29,673

28,800

 
Casualty-related (recoveries)/charges, net
 

(45
)
 
541

843

996

 
General and administrative
 
13,844

17,993

 
15,824

13,721

12,152

 
Tax (benefit)/provision, net
(403
)
(1,424
)
 
(633
)
(1,404
)
(425
)
 
(Income)/loss from unconsolidated entities
(679
)
(1,052
)
 
(2,691
)
573

(59,159
)
 
Interest income and other (income)/expense, net
 
(431
)
(407
)
 
(402
)
(382
)
(360
)
 
Joint venture management and other fees
(2,858
)
(3,253
)
 
(3,653
)
(3,098
)
(12,706
)
 
Other depreciation and amortization
 
1,553

1,899

 
1,457

1,700

1,623

 
(Gain)/loss on sale of real estate owned, net of tax
(3,070
)
(172,635
)
 

(79,042
)

 
Net income/(loss) attributable to noncontrolling interests
1,211

14,963

 
404

3,029

2,595

 
Total consolidated NOI
 
$
164,134

$
166,297

 
$
153,565

$
150,432

$
143,575

 
 
 
 
 
 
 
 
 
 
 
Non-Mature:  The Company defines Non-Mature Communities as those communities that have not met the criteria to be included in Same-Store Communities.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
Physical Occupancy:  The Company defines physical occupancy as the number of occupied homes divided by the total homes available at a community.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
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. 
 
 
 
 
 
 
 
 
 
 

28



 
 
 
 
 
 
 
 
                        
 
 
 
 
 
 
 
 
 
                                      
 Attachment 16(C)
 
UDR, Inc.
Definitions and Reconciliations
March 31, 2016
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
Revenue Enhancing Capital Expenditures:  The Company defines revenue-enhancing capital expenditures as expenditures that result in increased income generation over time.
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
Sold Communities:  The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter.
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
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.    
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 

29



 
 
 
 
 
 
 
 
 
 
                         
 
 
 
 
 
 
 
 
 
 
Attachment 16(D)
 
UDR, Inc.
Definitions and Reconciliations
March 31, 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 second quarter of 2016 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Full Year 2016
 
 
 
 
 
 
 
 
Low
 
High
 
 
Forecasted earnings per diluted share
 
 
 
 
$
0.35

 
$
0.42

 
 
Conversion from GAAP share count
 
 
 
 
(0.16
)
 
(0.17
)
 
 
Depreciation
 
 
 
 
1.56

 
1.56

 
 
Noncontrolling interests
 
 
 
 
(0.01
)
 
(0.01
)
 
 
Preferred dividends
 
 
 
 
0.01

 
0.01

 
 
Forecasted FFO per diluted share and unit
 
 
 
 
$
1.75

 
$
1.81

 
 
Disposition-related FFO
 
 
 
 
(0.01
)
 
(0.01
)
 
 
Long-term incentive plan transition costs
 
 
 
 
0.01

 
0.01

 
 
Forecasted FFO as Adjusted per diluted share and unit
 
 
$
1.75

 
$
1.81

 
 
Recurring capital expenditures
 
 
(0.16
)
 
(0.16
)
 
 
Forecasted AFFO per diluted share and unit
 
 
$
1.59

 
$
1.65

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2Q 2016
 
 
 
 
 
 
 
 
Low
 
High
 
 
Forecasted earnings per diluted share
 
 
 
 
$
0.08

 
$
0.10

 
 
Conversion from GAAP share count
 
 
 
(0.04
)
 
(0.04
)
 
 
Depreciation
 
 
0.39

 
0.39

 
 
Noncontrolling interests
 
 
 
 

 

 
 
Preferred dividends
 
 
 
 

 

 
 
Forecasted FFO per diluted share and unit
 
 
$
0.43

 
$
0.45

 
 
Disposition-related FFO
 
 
 

 

 
 
Long-term incentive plan transition costs
 
 
 

 

 
 
Forecasted FFO as Adjusted per diluted share and unit
 
 
$
0.43

 
$
0.45

 
 
Recurring capital expenditures
 
 
 
 
(0.04
)
 
(0.04
)
 
 
Forecasted AFFO per diluted share and unit
 
 
$
0.39

 
$
0.41

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30





























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