Exhibit 99.2
Financial Highlights | ||||||||||
UDR, Inc. | ||||||||||
As of End of Fourth Quarter 2016 (1) | ||||||||||
(Unaudited) | ||||||||||
Actual Results | Actual Results | Guidance as of December 31, 2016 | ||||||||
Dollars in thousands, except per share and unit | 4Q 2016 | Full-Year 2016 | 1Q 2017 | Full-Year 2017 | ||||||
GAAP Metrics | ||||||||||
Net income/(loss) attributable to common stockholders | $236,687 | $289,001 | -- | -- | ||||||
Net income/(loss) attributable to UDR, Inc. | $237,617 | $292,718 | �� | -- | -- | |||||
Income/(loss) per weighted average common share, diluted | $0.88 | $1.08 | $0.08 to $0.09 | $0.31 to $0.36 | ||||||
Per Share Metrics | ||||||||||
FFO per common share and unit, diluted | $0.47 | $1.80 | $0.44 to $0.46 | $1.83 to $1.87 | ||||||
FFO as Adjusted per common share and unit, diluted | $0.46 | $1.79 | $0.44 to $0.46 | $1.83 to $1.87 | ||||||
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted | $0.40 | $1.63 | $0.42 to $0.44 | $1.68 to $1.72 | ||||||
Dividend declared per share and unit | $0.295 | $1.18 | $0.31 | $1.24 (2) | ||||||
Same-Store Operating Metrics | ||||||||||
Revenue growth | 5.0% | 5.7% | -- | 3.00% - 4.00% | ||||||
Expense growth | 4.2% | 3.7% | -- | 2.50% - 3.50% | ||||||
NOI growth | 5.3% | 6.5% | -- | 3.25% - 4.25% | ||||||
Physical Occupancy | 96.8% | 96.7% | -- | 96.7% | ||||||
Property Metrics | Homes | Communities | % of Total NOI | |||||||
Same-Store | 32,265 | 110 | 69.9% | |||||||
Stabilized, Non-Mature | 5,793 | 11 | 14.0% | |||||||
Acquired Communities | 508 | 3 | 1.3% | |||||||
Redevelopment | 888 | 3 | 1.8% | |||||||
Non-Residential / Other | N/A | N/A | 2.5% | |||||||
Sold and Held for Disposition | - | - | 0.9% | |||||||
Joint Venture (includes completed JV developments) (3) | 6,849 | 27 | 9.6% | |||||||
Sub-total, completed homes | 46,303 | 154 | 100% | |||||||
Under Development | 1,101 | 2 | - | |||||||
Joint Venture Development | 970 | 4 | - | |||||||
Preferred Equity Investments | 1,533 | 5 | - | |||||||
Total expected homes (3)(4) | 49,907 | 165 | 100% | |||||||
Balance Sheet Metrics (adjusted for non-recurring items) | ||||||||||
4Q 2016 | 4Q 2015 | |||||||||
Interest Coverage Ratio | 4.9x | 4.2x | ||||||||
Fixed Charge Coverage Ratio | 4.8x | 4.1x | ||||||||
Leverage Ratio | 32.1% | 34.6% | ||||||||
Net Debt-to-EBITDA | 5.1x | 5.7x | ||||||||
![scorecarddev12312016.jpg](https://capedge.com/proxy/8-K/0000074208-17-000023/scorecarddev12312016.jpg)
(1) See Attachment 16 for definitions and other terms. | ||||||||||||
(2) Annualized for 2017. | ||||||||||||
(3) Joint venture NOI is based on UDR's share. Homes and communities at 100%. | ||||||||||||
(4) Excludes 218 homes at Steele Creek where we have a participating loan investment as described in Attachment 12(B). | ||||||||||||
1
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Attachment 1 | |||||||||||||||||
UDR, Inc. | |||||||||||||||||
Consolidated Statements of Operations (1) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
In thousands, except per share amounts | 2016 | 2015 | 2016 | 2015 | |||||||||||||
REVENUES: | |||||||||||||||||
Rental income | $ | 240,081 | $ | 234,352 | $ | 948,461 | $ | 871,928 | |||||||||
Joint venture management and other fees (2) | 2,927 | 3,253 | 11,400 | 22,710 | |||||||||||||
Total revenues | 243,008 | 237,605 | 959,861 | 894,638 | |||||||||||||
OPERATING EXPENSES: | |||||||||||||||||
Property operating and maintenance | 40,075 | 41,174 | 159,947 | 155,096 | |||||||||||||
Real estate taxes and insurance | 28,726 | 26,881 | 115,429 | 102,963 | |||||||||||||
Property management | 6,603 | 6,445 | 26,083 | 23,978 | |||||||||||||
Other operating expenses | 2,369 | 3,534 | 7,649 | 9,708 | |||||||||||||
Real estate depreciation and amortization | 102,537 | 104,909 | 419,615 | 374,598 | |||||||||||||
Acquisition costs | 152 | 1,433 | 213 | 2,126 | |||||||||||||
General and administrative | 13,104 | 16,560 | 49,548 | 57,564 | |||||||||||||
Casualty-related (recoveries)/charges, net | (1,102 | ) | (45 | ) | 732 | 2,335 | |||||||||||
Other depreciation and amortization | 1,458 | 1,899 | 6,023 | 6,679 | |||||||||||||
Total operating expenses | 193,922 | 202,790 | 785,239 | 735,047 | |||||||||||||
Operating income | 49,086 | 34,815 | 174,622 | 159,591 | |||||||||||||
Income/(loss) from unconsolidated entities (3) | 35,945 | 1,052 | 52,234 | 62,329 | |||||||||||||
Interest expense | (29,295 | ) | (33,170 | ) | (121,302 | ) | (121,875 | ) | |||||||||
(Cost)/benefit associated with debt extinguishment and other | — | — | (1,729 | ) | — | ||||||||||||
Total interest expense | (29,295 | ) | (33,170 | ) | (123,031 | ) | (121,875 | ) | |||||||||
Interest income and other income/(expense), net | 481 | 407 | 1,930 | 1,551 | |||||||||||||
Income/(loss) before income taxes and gain/(loss) on sale of real estate owned | 56,217 | 3,104 | 105,755 | 101,596 | |||||||||||||
Tax benefit/(provision), net | 3,063 | 1,424 | 3,774 | 3,886 | |||||||||||||
Income/(loss) from continuing operations | 59,280 | 4,528 | 109,529 | 105,482 | |||||||||||||
Gain/(loss) on sale of real estate owned, net of tax | 200,466 | 172,635 | 210,851 | 251,677 | |||||||||||||
Net income/(loss) | 259,746 | 177,163 | 320,380 | 357,159 | |||||||||||||
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership (4) (5) | (22,114 | ) | (14,966 | ) | (27,282 | ) | (16,773 | ) | |||||||||
Net (income)/loss attributable to noncontrolling interests | (15 | ) | 3 | (380 | ) | (3 | ) | ||||||||||
Net income/(loss) attributable to UDR, Inc. | 237,617 | 162,200 | 292,718 | 340,383 | |||||||||||||
Distributions to preferred stockholders - Series E (Convertible) | (930 | ) | (930 | ) | (3,717 | ) | (3,722 | ) | |||||||||
Net income/(loss) attributable to common stockholders | $ | 236,687 | $ | 161,270 | $ | 289,001 | $ | 336,661 | |||||||||
Income/(loss) per weighted average common share - basic: | $ | 0.89 | $ | 0.62 | $ | 1.09 | $ | 1.30 | |||||||||
Income/(loss) per weighted average common share - diluted: | $ | 0.88 | $ | 0.61 | $ | 1.08 | $ | 1.29 | |||||||||
Common distributions declared per share | $ | 0.2950 | $ | 0.2775 | $ | 1.1800 | $ | 1.1100 | |||||||||
Weighted average number of common shares outstanding - basic | 266,498 | 260,830 | 265,386 | 258,669 | |||||||||||||
Weighted average number of common shares outstanding - diluted | 271,551 | 266,108 | 267,311 | 263,752 | |||||||||||||
(1) See Attachment 16 for definitions and other terms. | |||||||||||||||||
(2) 4Q 2015 and YTD 2015 presented above include approximately $0.4 million and $10.0 million of promote and disposition fee income in connection with the January 2015 sale of eight communities held by the Texas Joint Venture. | |||||||||||||||||
(3) 4Q 2016, 4Q 2015, YTD 2016, and YTD 2015 presented above include approximately $36.4 million, $0.4 million, $47.8 million, and $59.4 million, respectively, of gains on the sale of unconsolidated depreciable properties. | |||||||||||||||||
(4) In October 2015, UDR completed the acquisition of six Washington, DC area communities from Home Properties, L.P. for a total purchase price of $901 million. Four of the six communities were acquired through UDR's 50.1% ownership in newly formed UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). The increase in the percentage of net income attributable to noncontrolling interests during the 4th quarter relates to third parties' 49.9% interest in the DownREIT Partnership. | |||||||||||||||||
(5) Due to the quarterly calculation of noncontrolling interest, the sum of the quarterly amounts will not equal the annual totals. | |||||||||||||||||
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Attachment 2 | |||||||||||||||||
UDR, Inc. | |||||||||||||||||
Funds From Operations (1) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
In thousands, except per share and unit amounts | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income/(loss) attributable to common stockholders | $ | 236,687 | $ | 161,270 | $ | 289,001 | $ | 336,661 | |||||||||
Real estate depreciation and amortization | 102,537 | 104,909 | 419,615 | 374,598 | |||||||||||||
Noncontrolling interests | 22,129 | 14,963 | 27,662 | 16,776 | |||||||||||||
Real estate depreciation and amortization on unconsolidated joint ventures | 13,055 | 9,389 | 47,832 | 38,652 | |||||||||||||
Net gain on the sale of unconsolidated depreciable property | (36,385 | ) | (372 | ) | (47,848 | ) | (59,445 | ) | |||||||||
Net gain on the sale of depreciable real estate owned | (200,466 | ) | (172,635 | ) | (209,166 | ) | (251,677 | ) | |||||||||
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic | $ | 137,557 | $ | 117,524 | $ | 527,096 | $ | 455,565 | |||||||||
Distributions to preferred stockholders - Series E (Convertible) (2) | 930 | 930 | 3,717 | 3,722 | |||||||||||||
FFO attributable to common stockholders and unitholders, diluted | $ | 138,487 | $ | 118,454 | $ | 530,813 | $ | 459,287 | |||||||||
FFO per common share and unit, basic | $ | 0.47 | $ | 0.41 | $ | 1.81 | $ | 1.68 | |||||||||
FFO per common share and unit, diluted | $ | 0.47 | $ | 0.41 | $ | 1.80 | $ | 1.66 | |||||||||
Weighted average number of common shares and OP/DownREIT Units outstanding - basic | 291,471 | 285,144 | 290,516 | 271,616 | |||||||||||||
Weighted average number of common shares, OP/DownREIT Units, and common stock | |||||||||||||||||
equivalents outstanding - diluted | 296,524 | 290,422 | 295,469 | 276,699 | |||||||||||||
Impact of adjustments to FFO: | |||||||||||||||||
Acquisition-related costs/(fees) | $ | 152 | $ | 1,433 | $ | 213 | $ | 2,126 | |||||||||
Acquisition-related costs/(fees) on unconsolidated joint ventures | — | — | — | 1,460 | |||||||||||||
Cost/(benefit) associated with debt extinguishment and other | — | — | 1,729 | — | |||||||||||||
Texas Joint Venture promote and disposition fee income | — | (372 | ) | — | (10,005 | ) | |||||||||||
Long-term incentive plan transition costs | 274 | 884 | 898 | 3,537 | |||||||||||||
Net gain on the sale of non-depreciable real estate owned | — | — | (1,685 | ) | — | ||||||||||||
Legal claims, net of tax | — | 705 | (480 | ) | 705 | ||||||||||||
Net loss on sale of unconsolidated land | — | — | 1,016 | — | |||||||||||||
Severance costs and other restructuring expense | 871 | — | 871 | — | |||||||||||||
Tax benefit associated with the conversion of certain TRS entities into REITs (3) | (2,436 | ) | — | (2,436 | ) | — | |||||||||||
Casualty-related (recoveries)/charges, net | (1,102 | ) | (45 | ) | 732 | 2,335 | |||||||||||
Casualty-related (recoveries)/charges on unconsolidated joint ventures, net (4) | (251 | ) | 2,218 | (3,752 | ) | 2,474 | |||||||||||
$ | (2,492 | ) | $ | 4,823 | $ | (2,894 | ) | $ | 2,632 | ||||||||
FFO as Adjusted attributable to common stockholders and unitholders, diluted | $ | 135,995 | $ | 123,277 | $ | 527,919 | $ | 461,919 | |||||||||
FFO as Adjusted per common share and unit, diluted | $ | 0.46 | $ | 0.42 | $ | 1.79 | $ | 1.67 | |||||||||
Recurring capital expenditures | (15,974 | ) | (14,419 | ) | (47,257 | ) | (45,467 | ) | |||||||||
AFFO attributable to common stockholders and unitholders | $ | 120,021 | $ | 108,858 | $ | 480,662 | $ | 416,452 | |||||||||
AFFO per common share and unit, diluted | $ | 0.40 | $ | 0.37 | $ | 1.63 | $ | 1.51 | |||||||||
(1) See Attachment 16 for definitions and other terms. | |||||||||||||||||
(2) 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. | |||||||||||||||||
(3) During 4Q16, the Company recognized a one-time tax benefit of $2.4 million related to the conversion of certain taxable REIT subsidiary entities into REITs. | |||||||||||||||||
(4) Casualty-related (recoveries)/charges on unconsolidated joint ventures, net include casualty recoveries of $0.3 million and $3.8 million for the three and twelve months ended December 31, 2016 related to UDR's share of the 717 Olympic casualty, which is included in income/(loss) from unconsolidated entities in Attachment 1. |
3
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Attachment 3 | |||||||||
UDR, Inc. | |||||||||
Consolidated Balance Sheets (1) | |||||||||
(Unaudited) | |||||||||
December 31, | December 31, | ||||||||
In thousands, except share and per share amounts | 2016 | 2015 | |||||||
ASSETS | |||||||||
Real estate owned: | |||||||||
Real estate held for investment | $ | 9,271,847 | $ | 9,053,599 | |||||
Less: accumulated depreciation | (2,923,072 | ) | (2,646,044 | ) | |||||
Real estate held for investment, net | 6,348,775 | 6,407,555 | |||||||
Real estate under development | |||||||||
(net of accumulated depreciation of $0 and $0) | 342,282 | 124,072 | |||||||
Real estate held for disposition | |||||||||
(net of accumulated depreciation of $553 and $830) | 1,071 | 11,775 | |||||||
Total real estate owned, net of accumulated depreciation | 6,692,128 | 6,543,402 | |||||||
Cash and cash equivalents | 2,112 | 6,742 | |||||||
Restricted cash | 19,994 | 20,798 | |||||||
Notes receivable, net | 19,790 | 16,694 | |||||||
Investment in and advances to unconsolidated joint ventures, net | 827,025 | 938,906 | |||||||
Other assets | 118,535 | 137,302 | |||||||
Total assets | $ | 7,679,584 | $ | 7,663,844 | |||||
LIABILITIES AND EQUITY | |||||||||
Liabilities: | |||||||||
Secured debt | $ | 1,130,858 | $ | 1,376,945 | |||||
Unsecured debt | 2,270,620 | 2,193,850 | |||||||
Real estate taxes payable | 17,388 | 18,786 | |||||||
Accrued interest payable | 29,257 | 29,162 | |||||||
Security deposits and prepaid rent | 34,238 | 36,330 | |||||||
Distributions payable | 86,936 | 80,368 | |||||||
Accounts payable, accrued expenses, and other liabilities | 103,835 | 81,356 | |||||||
Total liabilities | 3,673,132 | 3,816,797 | |||||||
Redeemable noncontrolling interests in the OP and DownREIT Partnership | 909,482 | 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 | |||||||
16,196,889 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 | |||||||||
267,259,469 shares issued and outstanding (261,844,521 shares at December 31, 2015) | 2,673 | 2,618 | |||||||
Additional paid-in capital | 4,635,413 | 4,447,816 | |||||||
Distributions in excess of net income | (1,585,825 | ) | (1,584,459 | ) | |||||
Accumulated other comprehensive income/(loss), net | (5,609 | ) | (12,678 | ) | |||||
Total stockholders' equity | 3,093,110 | 2,899,755 | |||||||
Noncontrolling interests | 3,860 | 856 | |||||||
Total equity | 3,096,970 | 2,900,611 | |||||||
Total liabilities and equity | $ | 7,679,584 | $ | 7,663,844 | |||||
(1) See Attachment 16 for definitions and other terms. |
4
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Attachment 4(A) | |||||||||||||||||||
UDR, Inc. | |||||||||||||||||||
Selected Financial Information (1) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
Common Stock and Equivalents | 2016 | 2015 | |||||||||||||||||
Common shares | 266,613,508 | 261,044,151 | |||||||||||||||||
Restricted shares | 645,961 | 800,370 | |||||||||||||||||
Total common stock | 267,259,469 | 261,844,521 | |||||||||||||||||
Stock options, LTIP Units and restricted stock equivalents | 1,372,102 | 1,181,193 | |||||||||||||||||
Operating and DownREIT Partnership units | 23,179,309 | 23,439,601 | |||||||||||||||||
Preferred OP units | 1,751,671 | 1,751,671 | |||||||||||||||||
Convertible preferred Series E stock (2) | 3,028,068 | 3,028,068 | |||||||||||||||||
Total common stock and equivalents | 296,590,619 | 291,245,054 | |||||||||||||||||
4Q 2016 Weighted | 4Q 2015 Weighted | ||||||||||||||||||
Weighted Average Number of Shares Outstanding | Average | Average | |||||||||||||||||
Weighted average number of common shares and OP/DownREIT units outstanding - basic | 291,470,551 | 285,144,377 | |||||||||||||||||
Weighted average number of OP/DownREIT units outstanding | (24,972,205 | ) | (24,314,208 | ) | |||||||||||||||
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations | 266,498,346 | 260,830,169 | |||||||||||||||||
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted | 296,523,642 | 290,422,108 | |||||||||||||||||
Weighted average number of OP/DownREIT units outstanding | (24,972,205 | ) | (24,314,208 | ) | |||||||||||||||
Weight average number of Series E preferred shares outstanding (3) | — | — | |||||||||||||||||
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations | 271,551,437 | 266,107,900 | |||||||||||||||||
Year-to-Date | Year-to-Date | ||||||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||||
Weighted average number of common shares and OP/DownREIT units outstanding - basic | 290,516,533 | 271,616,214 | |||||||||||||||||
Weighted average number of OP/DownREIT units outstanding | (25,130,101 | ) | (12,947,362 | ) | |||||||||||||||
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations | 265,386,432 | 258,668,852 | |||||||||||||||||
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted | 295,469,117 | 276,698,957 | |||||||||||||||||
Weighted average number of OP/DownREIT units outstanding | (25,130,101 | ) | (12,947,362 | ) | |||||||||||||||
Weight average number of Series E preferred shares outstanding (3) | (3,028,068 | ) | — | ||||||||||||||||
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations | 267,310,948 | 263,751,595 | |||||||||||||||||
Gross | % of | ||||||||||||||||||
Number of | 4Q 2016 NOI (1) | Carrying Value | Total Gross | ||||||||||||||||
Asset Summary | Homes | ($000s) | % of NOI | ($000s) | Carrying Value | ||||||||||||||
Unencumbered assets | 29,085 | $ | 132,351 | 77.3 | % | $ | 7,547,590 | 78.5 | % | ||||||||||
Encumbered assets | 10,369 | 38,929 | 22.7 | % | 2,068,163 | 21.5 | % | ||||||||||||
39,454 | $ | 171,280 | 100.0 | % | $ | 9,615,753 | 100.0 | % | |||||||||||
(1) See Attachment 16 for definitions and other terms. | |||||||||||||||||||
(2) At December 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). | |||||||||||||||||||
(3) Series E preferred shares are anti-dilutive for purposes of calculating earnings per share for the twelve months ended December 31, 2016. For the three months ended December 31, 2016 and three and twelve months ended December 31, 2015, the Series E preferred shares are dilutive. | |||||||||||||||||||
5
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Attachment 4(B) | ||||||||||||||||||||||
UDR, Inc. | ||||||||||||||||||||||
Selected Financial Information (1) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
![]() | Weighted | Weighted | ||||||||||||||||||||
Average | Average Years | |||||||||||||||||||||
Debt Structure, In thousands | Balance | % of Total | Interest Rate | to Maturity | ||||||||||||||||||
Secured | Fixed | $ | 747,660 | 21.9 | % | 4.53 | % | 4.7 | ||||||||||||||
Floating | 375,646 | (2) | 11.0 | % | 1.95 | % | 4.0 | |||||||||||||||
Combined | 1,123,306 | 32.9 | % | 3.66 | % | 4.4 | ||||||||||||||||
Unsecured | Fixed | 2,230,644 | (3) | 65.4 | % | 3.78 | % | 5.7 | ||||||||||||||
Floating | 56,350 | 1.7 | % | 1.60 | % | 3.3 | ||||||||||||||||
Combined | 2,286,994 | 67.1 | % | 3.73 | % | 5.7 | ||||||||||||||||
Total Debt | Fixed | 2,978,304 | 87.3 | % | 3.97 | % | 5.5 | |||||||||||||||
Floating | 431,996 | 12.7 | % | 1.90 | % | 3.9 | ||||||||||||||||
Combined | $ | 3,410,300 | 100.0 | % | 3.71 | % | 5.3 | |||||||||||||||
Total Non-Cash Adjustments (5) | (8,822 | ) | ||||||||||||||||||||
Total per Balance Sheet | $ | 3,401,478 | 3.79 | % | ||||||||||||||||||
Debt Maturities, In thousands | ||||||||||||||||||||||
Unsecured | Revolving Credit | Weighted Average | ||||||||||||||||||||
Secured Debt (6) | Debt (6) | Facilities (4) (7) | Balance | % of Total | Interest Rate | |||||||||||||||||
2017 | $ | 51,001 | $ | — | $ | — | $ | 51,001 | 1.5 | % | 1.48 | % | ||||||||||
2018 | 212,606 | 300,000 | — | 512,606 | 15.0 | % | 3.91 | % | ||||||||||||||
2019 | 317,095 | — | 21,350 | 338,445 | 9.9 | % | 4.35 | % | ||||||||||||||
2020 | 198,076 | 300,000 | — | 498,076 | 14.6 | % | 3.87 | % | ||||||||||||||
2021 | 1,117 | 350,000 | — | 351,117 | 10.3 | % | 2.17 | % | ||||||||||||||
2022 | 1,157 | 400,000 | — | 401,157 | 11.8 | % | 4.62 | % | ||||||||||||||
2023 | 137,654 | — | — | 137,654 | 4.0 | % | 2.81 | % | ||||||||||||||
2024 | — | 315,644 | — | 315,644 | 9.3 | % | 3.99 | % | ||||||||||||||
2025 | 127,600 | 300,000 | — | 427,600 | 12.5 | % | 4.26 | % | ||||||||||||||
2026 | 50,000 | 300,000 | — | 350,000 | 10.3 | % | 2.99 | % | ||||||||||||||
Thereafter | 27,000 | — | — | 27,000 | 0.8 | % | 1.33 | % | ||||||||||||||
1,123,306 | 2,265,644 | 21,350 | 3,410,300 | 100.0 | % | 3.71 | % | |||||||||||||||
Total Non-Cash Adjustments (5) | 7,552 | (16,374 | ) | — | (8,822 | ) | ||||||||||||||||
Total per Balance Sheet | $ | 1,130,858 | $ | 2,249,270 | $ | 21,350 | $ | 3,401,478 | 3.79 | % | ||||||||||||
Debt Maturities With Extensions, In thousands | ||||||||||||||||||||||
Unsecured | Revolving Credit | Weighted Average | ||||||||||||||||||||
Secured Debt (6) | Debt (6) | Facilities (4) (7) | Balance | % of Total | Interest Rate | |||||||||||||||||
2017 | $ | 51,001 | $ | — | $ | — | $ | 51,001 | 1.5 | % | 1.48 | % | ||||||||||
2018 | 212,606 | 300,000 | — | 512,606 | 15.0 | % | 3.91 | % | ||||||||||||||
2019 | 317,095 | — | 21,350 | 338,445 | 9.9 | % | 4.35 | % | ||||||||||||||
2020 | 198,076 | 300,000 | — | 498,076 | 14.6 | % | 3.87 | % | ||||||||||||||
2021 | 1,117 | 350,000 | — | 351,117 | 10.3 | % | 2.17 | % | ||||||||||||||
2022 | 1,157 | 400,000 | — | 401,157 | 11.8 | % | 4.62 | % | ||||||||||||||
2023 | 137,654 | — | — | 137,654 | 4.0 | % | 2.81 | % | ||||||||||||||
2024 | — | 315,644 | — | 315,644 | 9.3 | % | 3.99 | % | ||||||||||||||
2025 | 127,600 | 300,000 | — | 427,600 | 12.5 | % | 4.26 | % | ||||||||||||||
2026 | 50,000 | 300,000 | — | 350,000 | 10.3 | % | 2.99 | % | ||||||||||||||
Thereafter | 27,000 | — | — | 27,000 | 0.8 | % | 1.33 | % | ||||||||||||||
1,123,306 | 2,265,644 | 21,350 | 3,410,300 | 100.0 | % | 3.71 | % | |||||||||||||||
Total Non-Cash Adjustments (5) | 7,552 | (16,374 | ) | — | (8,822 | ) | ||||||||||||||||
Total per Balance Sheet | $ | 1,130,858 | $ | 2,249,270 | $ | 21,350 | $ | 3,401,478 | 3.79 | % | ||||||||||||
(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) There are no borrowings outstanding on our $1.1 billion line of credit at December 31, 2016. The facility has a maturity date of January 2020, plus two six-month extension options. The credit facility carries an interest rate equal to LIBOR plus a spread of 90 basis points and a facility fee of 15 basis points, which is not included in the interest rate above. | ||||||||||||||||||||||
(5) Includes the unamortized balance of fair market value adjustments, premiums/discounts, deferred hedge gains, and deferred financing costs. | ||||||||||||||||||||||
(6) Includes principal amortization, as applicable. | ||||||||||||||||||||||
(7) UDR's $75 million working capital credit facility has a maturity date of January 2019. The working capital credit facility carries an interest rate equal to LIBOR plus a spread of 90 basis points. | ||||||||||||||||||||||
6
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Attachment 4(C) | |||||||||||||
UDR, Inc. | |||||||||||||
Selected Financial Information (1) | |||||||||||||
(Unaudited) | |||||||||||||
Quarter Ended | |||||||||||||
Coverage Ratios | December 31, 2016 | ||||||||||||
Net income/(loss) attributable to UDR, Inc. | $ | 237,617 | |||||||||||
Adjustments: | |||||||||||||
Interest expense | 29,295 | ||||||||||||
Real estate depreciation and amortization | 102,537 | ||||||||||||
Real estate depreciation and amortization on unconsolidated joint ventures | 13,055 | ||||||||||||
Other depreciation and amortization | 1,458 | ||||||||||||
Noncontrolling interests | 22,129 | ||||||||||||
Income tax provision/(benefit) | (3,063 | ) | |||||||||||
EBITDA | $ | 403,028 | |||||||||||
Net gain on the sale of depreciable real estate owned | (200,466 | ) | |||||||||||
Net gain on the sale of unconsolidated depreciable property | (36,385 | ) | |||||||||||
Long-term incentive plan transition costs | 274 | ||||||||||||
Acquisition-related costs/(fees) | 152 | ||||||||||||
Severance costs and other restructuring expense | 871 | ||||||||||||
Casualty-related (recoveries)/charges, net | (1,102 | ) | |||||||||||
Casualty-related (recoveries)/charges on unconsolidated joint ventures, net | (251 | ) | |||||||||||
EBITDA - adjusted for non-recurring items | $ | 166,121 | |||||||||||
Annualized EBITDA - adjusted for non-recurring items | $ | 664,484 | |||||||||||
Interest expense | $ | 29,295 | |||||||||||
Capitalized interest expense | 4,361 | ||||||||||||
Total interest | $ | 33,656 | |||||||||||
Preferred dividends | $ | 930 | |||||||||||
Total debt | $ | 3,401,478 | |||||||||||
Cash | 2,112 | ||||||||||||
Net debt | $ | 3,399,366 | |||||||||||
Interest Coverage Ratio - adjusted for non-recurring items | 4.9 | x | |||||||||||
Fixed Charge Coverage Ratio - adjusted for non-recurring items | 4.8 | x | |||||||||||
Net Debt-to-EBITDA - adjusted for non-recurring items | 5.1 | x | |||||||||||
Debt Covenant Overview | |||||||||||||
Unsecured Line of Credit Covenants (2) | Required | Actual | Compliance | ||||||||||
Maximum Leverage Ratio | ≤60.0% | 33.3% | (2 | ) | Yes | ||||||||
Minimum Fixed Charge Coverage Ratio | ≥1.5x | 3.9x | Yes | ||||||||||
Maximum Secured Debt Ratio | ≤40.0% | 15.9% | Yes | ||||||||||
Minimum Unencumbered Pool Leverage Ratio | ≥150.0% | 394.3% | Yes | ||||||||||
Senior Unsecured Note Covenants (3) | Required | Actual | Compliance | ||||||||||
Debt as a percentage of Total Assets | ≤60.0% | 32.2% | (3 | ) | Yes | ||||||||
Consolidated Income Available for Debt Service to Annual Service Charge | ≥1.5x | 4.9x | Yes | ||||||||||
Secured Debt as a percentage of Total Assets | ≤40.0% | 10.7% | Yes | ||||||||||
Total Unencumbered Assets to Unsecured Debt | ≥150.0% | 338.6% | Yes | ||||||||||
Securities Ratings | Debt | Preferred | Outlook | ||||||||||
Moody's Investors Service | Baa1 | Baa2 | Stable | ||||||||||
Standard & Poor's | BBB+ | BBB- | Stable | ||||||||||
(1) See Attachment 16 for definitions and other terms. | |||||||||||||
(2) As defined in our credit agreement dated October 20, 2015. | |||||||||||||
(3) As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time. | |||||||||||||
7
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Attachment 5 | |||||||||||||||||||||||
UDR, Inc. | |||||||||||||||||||||||
Operating Information (1) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Total | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||||||
Dollars in thousands | Homes | December 31, 2016 | September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | |||||||||||||||||
Revenues | |||||||||||||||||||||||
Same-Store Communities | 32,265 | $ | 185,582 | $ | 185,329 | $ | 182,645 | $ | 179,999 | $ | 176,773 | ||||||||||||
Stabilized, Non-Mature Communities | 5,793 | 35,730 | 35,331 | 34,967 | 34,137 | 32,516 | |||||||||||||||||
Acquired Communities | 508 | 3,622 | — | — | — | — | |||||||||||||||||
Redevelopment Communities | 888 | 5,509 | 5,394 | 5,291 | 5,598 | 5,853 | |||||||||||||||||
Development Communities | — | 2 | 1 | 1 | 1 | — | |||||||||||||||||
Non-Residential / Other (2) | — | 6,590 | 7,150 | 6,153 | 4,911 | 6,674 | |||||||||||||||||
Total | 39,454 | $ | 237,035 | $ | 233,205 | $ | 229,057 | $ | 224,646 | $ | 221,816 | ||||||||||||
Expenses | |||||||||||||||||||||||
Same-Store Communities (3) | $ | 53,079 | $ | 53,281 | $ | 52,133 | $ | 51,319 | $ | 50,918 | |||||||||||||
Stabilized, Non-Mature Communities | 9,265 | 10,303 | 9,403 | 9,906 | 9,281 | ||||||||||||||||||
Acquired Communities | 1,181 | — | — | — | — | ||||||||||||||||||
Redevelopment Communities | 2,131 | 2,281 | 2,028 | 1,992 | 1,938 | ||||||||||||||||||
Development Communities | 172 | 113 | 76 | 80 | 39 | ||||||||||||||||||
Non-Residential / Other (2)(3) | 1,913 | 1,537 | 2,940 | 2,179 | 1,693 | ||||||||||||||||||
Total | $ | 67,741 | $ | 67,515 | $ | 66,580 | $ | 65,476 | $ | 63,869 | |||||||||||||
Net Operating Income | |||||||||||||||||||||||
Same-Store Communities | $ | 132,503 | $ | 132,048 | $ | 130,512 | $ | 128,680 | $ | 125,855 | |||||||||||||
Stabilized, Non-Mature Communities | 26,465 | 25,028 | 25,564 | 24,231 | 23,235 | ||||||||||||||||||
Acquired Communities | 2,441 | — | — | — | — | ||||||||||||||||||
Redevelopment Communities | 3,378 | 3,113 | 3,263 | 3,606 | 3,915 | ||||||||||||||||||
Development Communities | (170 | ) | (112 | ) | (75 | ) | (79 | ) | (39 | ) | |||||||||||||
Non-Residential / Other (2) | 4,677 | 5,613 | 3,213 | 2,732 | 4,981 | ||||||||||||||||||
Total | $ | 169,294 | $ | 165,690 | $ | 162,477 | $ | 159,170 | $ | 157,947 | |||||||||||||
Operating Margin | |||||||||||||||||||||||
Same-Store Communities | 71.4 | % | 71.3 | % | 71.5 | % | 71.5 | % | 71.2 | % | |||||||||||||
Average Physical Occupancy | |||||||||||||||||||||||
Same-Store Communities | 96.8 | % | 96.8 | % | 96.6 | % | 96.5 | % | 96.5 | % | |||||||||||||
Stabilized, Non-Mature Communities | 95.6 | % | 95.5 | % | 95.1 | % | 94.1 | % | 93.8 | % | |||||||||||||
Acquired Communities | 94.4 | % | — | — | — | — | |||||||||||||||||
Redevelopment Communities | 93.1 | % | 92.4 | % | 89.3 | % | 92.5 | % | 96.1 | % | |||||||||||||
Development Communities | — | — | — | — | — | ||||||||||||||||||
Other (4) | — | 97.2 | % | 97.1 | % | 96.9 | % | 96.9 | % | ||||||||||||||
Total | 96.5 | % | 96.6 | % | 96.2 | % | 96.1 | % | 96.1 | % | |||||||||||||
Return on Invested Capital | |||||||||||||||||||||||
Same-Store Communities | 7.6 | % | 7.6 | % | 7.5 | % | 7.4 | % | 7.3 | % | |||||||||||||
Sold and Held for Disposition Communities | |||||||||||||||||||||||
Revenues | $ | 3,046 | $ | 7,050 | $ | 7,111 | $ | 7,311 | $ | 12,536 | |||||||||||||
Expenses | 1,060 | 2,384 | 2,273 | 2,347 | 4,186 | ||||||||||||||||||
Net Operating Income/(loss) | $ | 1,986 | $ | 4,666 | $ | 4,838 | $ | 4,964 | $ | 8,350 | |||||||||||||
Total | 39,454 | $ | 171,280 | $ | 170,356 | $ | 167,315 | $ | 164,134 | $ | 166,297 | ||||||||||||
(1) See Attachment 16 for definition and other terms. | |||||||||||||||||||||||
(2) Primarily non-residential revenue and expense and straight-line adjustment for concessions. | |||||||||||||||||||||||
(3) Quarter ended September 30, 2016 expenses were lowered by $1.2 million due to the reversal of a portion of the initial expected real estate tax assessment for a 2014 San Francisco development completion. A $680 thousand reduction is included in Same-Store Communities expenses as it related to the period of time that the community was in our Same-Store population while the remaining $490 thousand is in Non-Residential / Other expense. | |||||||||||||||||||||||
(4) Includes occupancy of Sold and Held for Disposition Communities. | |||||||||||||||||||||||
8
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Attachment 6 | |||||||||||||||
UDR, Inc. | |||||||||||||||
Same-Store Operating Expense Information (1) | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
% of 4Q 2016 | |||||||||||||||
SS Operating | |||||||||||||||
Year-Over-Year Comparison | Expenses | 4Q 2016 | 4Q 2015 | % Change | |||||||||||
Real estate taxes (3) | 37.0 | % | $ | 19,659 | $ | 17,946 | 9.5 | % | |||||||
Personnel | 24.4 | % | 12,925 | 12,870 | 0.4 | % | |||||||||
Utilities | 14.5 | % | 7,706 | 7,843 | -1.7 | % | |||||||||
Repair and maintenance | 12.8 | % | 6,811 | 6,579 | 3.5 | % | |||||||||
Administrative and marketing | 6.6 | % | 3,489 | 3,347 | 4.2 | % | |||||||||
Insurance | 4.7 | % | 2,489 | 2,333 | 6.7 | % | |||||||||
Same-Store operating expenses (3) | 100.0 | % | $ | 53,079 | $ | 50,918 | 4.2 | % | |||||||
Same-Store Homes | 32,265 | ||||||||||||||
% of 4Q 2016 | |||||||||||||||
SS Operating | |||||||||||||||
Sequential Comparison | Expenses | 4Q 2016 | 3Q 2016 | % Change | |||||||||||
Real estate taxes (2) | 37.0 | % | $ | 19,659 | $ | 19,022 | 3.3 | % | |||||||
Personnel | 24.4 | % | 12,925 | 13,182 | -1.9 | % | |||||||||
Utilities | 14.5 | % | 7,706 | 8,067 | -4.5 | % | |||||||||
Repair and maintenance | 12.8 | % | 6,811 | 7,154 | -4.8 | % | |||||||||
Administrative and marketing | 6.6 | % | 3,489 | 3,663 | -4.8 | % | |||||||||
Insurance | 4.7 | % | 2,489 | 2,193 | 13.5 | % | |||||||||
Same-Store operating expenses | 100.0 | % | $ | 53,079 | $ | 53,281 | -0.4 | % | |||||||
Same-Store Homes | 32,265 | ||||||||||||||
% of YTD 2016 | |||||||||||||||
SS Operating | |||||||||||||||
Year-to-Date Comparison | Expenses | YTD 2016 | YTD 2015 | % Change | |||||||||||
Real estate taxes (3) | 37.1 | % | $ | 77,001 | $ | 70,542 | 9.2 | % | |||||||
Personnel | 24.3 | % | 50,438 | 50,004 | 0.9 | % | |||||||||
Utilities | 15.1 | % | 31,481 | 32,261 | -2.4 | % | |||||||||
Repair and maintenance | 12.8 | % | 26,568 | 26,117 | 1.7 | % | |||||||||
Administrative and marketing | 6.4 | % | 13,381 | 12,784 | 4.7 | % | |||||||||
Insurance | 4.3 | % | 8,988 | 8,765 | 2.5 | % | |||||||||
Same-Store operating expenses (3) | 100.0 | % | $ | 207,857 | $ | 200,473 | 3.7 | % | |||||||
Same-Store Homes | 31,930 | ||||||||||||||
(1) See Attachment 16 for definitions and other terms. | |||||||||||||||
(2) 3Q 2016 Same Store Expenses were lowered by $680 thousand due to the reversal of a portion of the initial expected real estate tax assessment on a 2014 San Francisco development completion. | |||||||||||||||
(3) 4Q 2016, 4Q 2015, YTD 2016, and YTD 2015 presented above include $303 thousand, $70 thousand, $745 thousand, and $140 thousand, respectively, of higher New York real estate taxes due to 421 exemption and abatement reductions. | |||||||||||||||
9
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Attachment 7(A) | ||||||||||||||||||
UDR, Inc. | ||||||||||||||||||
Apartment Home Breakout (1) | ||||||||||||||||||
Portfolio Overview as of Quarter Ended | ||||||||||||||||||
December 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 | ||||||||||||||||||
Orange County, CA | 3,367 | 1,447 | — | 4,814 | 99 | 4,913 | ||||||||||||
San Francisco, CA | 2,230 | 328 | 193 | 2,751 | 447 | 3,198 | ||||||||||||
Seattle, WA | 2,014 | 71 | 508 | 2,593 | 224 | 2,817 | ||||||||||||
Los Angeles, CA | 1,225 | — | — | 1,225 | 341 | 1,566 | ||||||||||||
Monterey Peninsula, CA | 1,565 | — | — | 1,565 | — | 1,565 | ||||||||||||
Other Southern CA | 756 | — | — | 756 | 571 | 1,327 | ||||||||||||
Portland, OR | 476 | — | — | 476 | — | 476 | ||||||||||||
11,633 | 1,846 | 701 | 14,180 | 1,682 | 15,862 | |||||||||||||
Mid-Atlantic Region | ||||||||||||||||||
Metropolitan DC | 4,824 | 3,578 | — | 8,402 | 874 | 9,276 | ||||||||||||
Richmond, VA | 1,358 | — | — | 1,358 | — | 1,358 | ||||||||||||
Baltimore, MD | 720 | — | — | 720 | 379 | 1,099 | ||||||||||||
6,902 | 3,578 | — | 10,480 | 1,253 | 11,733 | |||||||||||||
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 | ||||||||||||
Nashville, TN | 2,260 | — | — | 2,260 | — | 2,260 | ||||||||||||
Tampa, FL | 2,287 | — | — | 2,287 | — | 2,287 | ||||||||||||
Other Florida | 636 | — | — | 636 | — | 636 | ||||||||||||
7,683 | — | — | 7,683 | — | 7,683 | |||||||||||||
Southwest Region | ||||||||||||||||||
Dallas, TX | 2,040 | — | 305 | 2,345 | 1,130 | 3,475 | ||||||||||||
Austin, TX | 883 | — | 390 | 1,273 | 259 | 1,532 | ||||||||||||
Denver, CO | — | — | — | — | 223 | 223 | ||||||||||||
2,923 | — | 695 | 3,618 | 1,612 | 5,230 | |||||||||||||
Totals | 32,265 | 5,793 | 1,396 | 39,454 | 6,849 | 46,303 | ||||||||||||
Communities | 110 | 11 | 6 | 127 | 27 | 154 | ||||||||||||
Total Homes (incl. joint ventures) (4) | 46,303 | |||||||||||||||||
Homes in Development, Excluding Completed Homes (5) | ||||||||||||||||||
Current Pipeline Wholly-Owned | 1,101 | |||||||||||||||||
Current Pipeline Joint Venture (6) | 970 | |||||||||||||||||
Current Pipeline Preferred Equity Investments (6) | 1,533 | |||||||||||||||||
Total expected homes (including development) | 49,907 | |||||||||||||||||
(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(A) for UDR's joint venture and partnership ownership interests. | ||||||||||||||||||
(5) See Attachments 9 and 12(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 and 12(B) for UDR's developments and ownership interests. | ||||||||||||||||||
10
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Attachment 7(B) | |||||||||||||||||||||
UDR, Inc. | |||||||||||||||||||||
Non-Mature Home Summary (1) | |||||||||||||||||||||
Portfolio Overview as of Quarter Ended | |||||||||||||||||||||
December 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. | ||||||||||||||||||||
Eight 80 Newport Beach (3) | Stabilized, Non-Mature | 1,447 | 1Q18 | DelRay Tower | Stabilized, Non-Mature | 332 | 1Q17 | ||||||||||||||
1200 East West | Stabilized, Non-Mature | 247 | 1Q17 | ||||||||||||||||||
San Francisco, CA | Courts at Huntington Station | Stabilized, Non-Mature | 421 | 1Q17 | |||||||||||||||||
2000 Post | Stabilized, Non-Mature | 328 | 1Q17 | Eleven55 Ripley | Stabilized, Non-Mature | 379 | 1Q17 | ||||||||||||||
Edgewater | Redevelopment | 193 | 2Q18 | Arbor Park of Alexandria | Stabilized, Non-Mature | 851 | 2Q17 | ||||||||||||||
Courts at Dulles | Stabilized, Non-Mature | 411 | 1Q17 | ||||||||||||||||||
Seattle, WA | Newport Village | Stabilized, Non-Mature | 937 | 1Q17 | |||||||||||||||||
Borgata Apartment Homes | Stabilized, Non-Mature | 71 | 1Q18 | ||||||||||||||||||
Ashton Bellevue | Acquisition | 202 | 1Q18 | Northeast Region | |||||||||||||||||
Ten20 | Acquisition | 129 | 1Q18 | Boston, MA | |||||||||||||||||
Milehouse | Acquisition | 177 | 1Q18 | 100 Pier 4 | Stabilized, Non-Mature | 369 | 1Q17 | ||||||||||||||
Southwest Region | |||||||||||||||||||||
Dallas, TX | |||||||||||||||||||||
Thirty377 | Redevelopment | 305 | 2Q19 | ||||||||||||||||||
Austin, TX | |||||||||||||||||||||
Residences at the Domain | Redevelopment | 390 | 2Q18 | ||||||||||||||||||
Total | 7,189 | ||||||||||||||||||||
Non-Mature Home Breakout - By Date (quarter indicates date of Same-Store inclusion) | |||||||||||||||||||||
# of | # of | ||||||||||||||||||||
Date & Community | Category | Homes | Date & Community | Category | Homes | ||||||||||||||||
1Q17 | 1Q18 | ||||||||||||||||||||
DelRay Tower | Stabilized, Non-Mature | 332 | Borgata Apartment Homes | Stabilized, Non-Mature | 71 | ||||||||||||||||
100 Pier 4 | Stabilized, Non-Mature | 369 | Ashton Bellevue | Acquisition | 202 | ||||||||||||||||
1200 East West | Stabilized, Non-Mature | 247 | Ten20 | Acquisition | 129 | ||||||||||||||||
Courts at Huntington Station | Stabilized, Non-Mature | 421 | Milehouse | Acquisition | 177 | ||||||||||||||||
Eleven55 Ripley | Stabilized, Non-Mature | 379 | Eight 80 Newport Beach (3) | Stabilized, Non-Mature | 1,447 | ||||||||||||||||
Courts at Dulles | Stabilized, Non-Mature | 411 | |||||||||||||||||||
Newport Village | Stabilized, Non-Mature | 937 | 2Q18 | ||||||||||||||||||
2000 Post | Stabilized, Non-Mature | 328 | Edgewater | Redevelopment | 193 | ||||||||||||||||
Residences at the Domain | Redevelopment | 390 | |||||||||||||||||||
2Q17 | |||||||||||||||||||||
Arbor Park of Alexandria | Stabilized, Non-Mature | 851 | 2Q19 | ||||||||||||||||||
Thirty377 | Redevelopment | 305 | |||||||||||||||||||
Total | 7,189 | ||||||||||||||||||||
Summary of Non-Mature Home Activity | |||||||||||||||||||||
Stabilized, | Held for | ||||||||||||||||||||
Market | Non-Mature | Acquired | Redevelopment | Development | Disposition | Total | |||||||||||||||
Non-Mature Homes at September 30, 2016 | 4,448 | — | 2,406 | — | 1,402 | 8,256 | |||||||||||||||
Ashton Bellevue | Seattle, WA | — | 202 | — | — | — | 202 | ||||||||||||||
Ten20 | Seattle, WA | — | 129 | — | — | — | 129 | ||||||||||||||
Milehouse | Seattle, WA | — | 177 | — | — | — | 177 | ||||||||||||||
Borgata Apartment Homes | Seattle, WA | 71 | — | (71 | ) | — | — | — | |||||||||||||
Eight 80 Newport Beach (3) | Orange County, CA | 1,447 | — | (1,447 | ) | — | — | — | |||||||||||||
Beach & Ocean (4) | Orange County, CA | (173 | ) | — | — | — | — | (173 | ) | ||||||||||||
Dispositions | Baltimore, MD | — | — | — | — | (1,402 | ) | (1,402 | ) | ||||||||||||
Non-Mature Homes at December 31, 2016 | 5,793 | 508 | 888 | — | — | 7,189 | |||||||||||||||
(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) Eight 80 Newport Beach was formerly known as Coronado. | |||||||||||||||||||||
(4) Contributed the community to the QTD Same-Store pool in 4Q16. |
11
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Attachment 7(C) | ||||||||||||||||||||||||
UDR, Inc. | ||||||||||||||||||||||||
Total Revenue Per Occupied Home Summary (1) | ||||||||||||||||||||||||
Portfolio Overview as of Quarter Ended | ||||||||||||||||||||||||
December 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 (4) (5) | (incl. JV at share) (5) | |||||||||||||||||||
West Region | ||||||||||||||||||||||||
Orange County, CA | $ | 2,276 | $ | 1,853 | $ | — | $ | 2,151 | $ | 2,275 | $ | 2,145 | ||||||||||||
San Francisco, CA | 3,301 | 3,611 | 4,142 | 3,397 | 4,628 | 3,474 | ||||||||||||||||||
Seattle, WA | 2,048 | 2,817 | 3,220 | 2,320 | 3,960 | 2,373 | ||||||||||||||||||
Los Angeles, CA | 2,641 | — | — | 2,641 | 3,846 | 2,712 | ||||||||||||||||||
Monterey Peninsula, CA | 1,571 | — | — | 1,571 | — | 1,571 | ||||||||||||||||||
Other Southern CA | 1,771 | — | — | 1,771 | 3,081 | 2,130 | ||||||||||||||||||
Portland, OR | 1,516 | — | — | 1,516 | — | 1,516 | ||||||||||||||||||
Mid-Atlantic Region | ||||||||||||||||||||||||
Metropolitan DC | 1,977 | 1,910 | — | 1,948 | 2,773 | 1,977 | ||||||||||||||||||
Richmond, VA | 1,273 | — | — | 1,273 | — | 1,273 | ||||||||||||||||||
Baltimore, MD | 1,698 | — | — | 1,698 | 1,780 | 1,715 | ||||||||||||||||||
Northeast Region | ||||||||||||||||||||||||
New York, NY | 4,236 | — | — | 4,236 | 4,754 | 4,316 | ||||||||||||||||||
Boston, MA | 2,513 | 4,180 | — | 2,908 | 2,439 | 2,770 | ||||||||||||||||||
Philadelphia, PA | — | — | — | — | 3,203 | 3,203 | ||||||||||||||||||
Southeast Region | ||||||||||||||||||||||||
Orlando, FL | 1,209 | — | — | 1,209 | — | 1,209 | ||||||||||||||||||
Nashville, TN | 1,226 | — | — | 1,226 | — | 1,226 | ||||||||||||||||||
Tampa, FL | 1,308 | — | — | 1,308 | — | 1,308 | ||||||||||||||||||
Other Florida | 1,474 | — | — | 1,474 | — | 1,474 | ||||||||||||||||||
Southwest Region | ||||||||||||||||||||||||
Dallas, TX | 1,178 | — | 2,004 | 1,284 | 1,693 | 1,363 | ||||||||||||||||||
Austin, TX | 1,357 | — | 1,420 | 1,376 | 4,153 | 1,635 | ||||||||||||||||||
Denver, CO | — | — | — | — | 3,278 | 3,278 | ||||||||||||||||||
Weighted Average | $ | 1,981 | $ | 2,150 | $ | 2,498 | $ | 2,021 | $ | 2,962 | $ | 2,090 | ||||||||||||
(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 ownership interests. See Attachment 12(A) for UDR's joint venture and partnership ownership interests. |
12
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Attachment 7(D) | ||||||||||||||
UDR, Inc. | ||||||||||||||
Net Operating Income Breakout By Market (1) | ||||||||||||||
December 31, 2016 | ||||||||||||||
(Dollars in Thousands) | ||||||||||||||
(Unaudited) |
![a7dmap1231216.jpg](https://capedge.com/proxy/8-K/0000074208-17-000023/a7dmap1231216.jpg)
Three Months Ended December 31, 2016 | ||||||||||||||||||||
UDR's | ||||||||||||||||||||
Same-Store | Non Same-Store (2) | Share of JVs (2)(3) | Total | |||||||||||||||||
Net Operating Income | $ | 132,503 | $ | 36,791 | $ | 18,239 | $ | 187,533 | ||||||||||||
Three Months Ended December 31, 2016 | ||||||||||||||||||||
As a % of NOI | As a % of NOI | |||||||||||||||||||
Region | Same-Store | Total | Region | Same-Store | Total | |||||||||||||||
West Region | Northeast Region | |||||||||||||||||||
Orange County, CA | 12.8 | % | 12.0 | % | New York, NY | 12.7 | % | 11.6 | % | |||||||||||
San Francisco, CA | 12.1 | % | 11.8 | % | Boston, MA | 4.8 | % | 6.9 | % | |||||||||||
Seattle, WA | 6.6 | % | 7.1 | % | Philadelphia, PA | 0.0 | % | 0.7 | % | |||||||||||
Los Angeles, CA | 5.1 | % | 4.1 | % | 17.5 | % | 19.2 | % | ||||||||||||
Monterey Peninsula, CA | 4.0 | % | 2.9 | % | Southeast Region | |||||||||||||||
Other Southern CA | 2.2 | % | 2.4 | % | Orlando, FL | 4.6 | % | 3.3 | % | |||||||||||
Portland, OR | 1.1 | % | 0.8 | % | Nashville, TN | 4.5 | % | 3.2 | % | |||||||||||
43.9 | % | 41.1 | % | Tampa, FL | 4.3 | % | 3.1 | % | ||||||||||||
Other Florida | 1.3 | % | 0.9 | % | ||||||||||||||||
Mid-Atlantic Region | 14.7 | % | 10.5 | % | ||||||||||||||||
Metropolitan DC | 14.4 | % | 19.3 | % | Southwest Region | |||||||||||||||
Richmond, VA | 2.7 | % | 1.9 | % | Dallas, TX | 3.3 | % | 3.8 | % | |||||||||||
Baltimore, MD | 1.9 | % | 1.8 | % | Austin, TX | 1.6 | % | 2.0 | % | |||||||||||
19.0 | % | 23.0 | % | Denver, CO | 0.0 | % | 0.4 | % | ||||||||||||
4.9 | % | 6.2 | % | |||||||||||||||||
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 share of joint venture and partnership NOI. |
13
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Attachment 8(A) | |||||||||||||||||||||
UDR, Inc. | |||||||||||||||||||||
Same-Store Operating Information By Major Market (1) | |||||||||||||||||||||
Current Quarter vs. Prior Year Quarter | |||||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
% of Same- | |||||||||||||||||||||
Total | Store Portfolio | Same-Store | |||||||||||||||||||
Same-Store | Based on | Physical Occupancy | Total Revenue per Occupied Home | ||||||||||||||||||
Homes | 4Q 2016 NOI | 4Q 16 | 4Q 15 | Change | 4Q 16 | 4Q 15 | Change | ||||||||||||||
West Region | |||||||||||||||||||||
Orange County, CA | 3,367 | 12.8 | % | 95.8 | % | 95.6 | % | 0.2 | % | $ | 2,276 | $ | 2,155 | 5.6 | % | ||||||
San Francisco, CA | 2,230 | 12.1 | % | 96.4 | % | 96.3 | % | 0.1 | % | 3,301 | 3,233 | 2.1 | % | ||||||||
Seattle, WA | 2,014 | 6.6 | % | 96.8 | % | 96.7 | % | 0.1 | % | 2,048 | 1,907 | 7.4 | % | ||||||||
Los Angeles, CA | 1,225 | 5.1 | % | 95.7 | % | 95.6 | % | 0.1 | % | 2,641 | 2,571 | 2.7 | % | ||||||||
Monterey Peninsula, CA | 1,565 | 4.0 | % | 96.4 | % | 96.3 | % | 0.1 | % | 1,571 | 1,422 | 10.5 | % | ||||||||
Other Southern CA | 756 | 2.2 | % | 96.3 | % | 96.3 | % | 0.0 | % | 1,771 | 1,674 | 5.8 | % | ||||||||
Portland, OR | 476 | 1.1 | % | 96.5 | % | 96.9 | % | -0.4 | % | 1,516 | 1,380 | 9.9 | % | ||||||||
11,633 | 43.9 | % | 96.2 | % | 96.1 | % | 0.1 | % | 2,312 | 2,200 | 5.1 | % | |||||||||
Mid-Atlantic Region | |||||||||||||||||||||
Metropolitan DC | 4,824 | 14.4 | % | 97.4 | % | 96.5 | % | 0.9 | % | 1,977 | 1,911 | 3.5 | % | ||||||||
Richmond, VA | 1,358 | 2.7 | % | 96.5 | % | 95.6 | % | 0.9 | % | 1,273 | 1,246 | 2.2 | % | ||||||||
Baltimore, MD | 720 | 1.9 | % | 97.4 | % | 95.3 | % | 2.1 | % | 1,698 | 1,668 | 1.8 | % | ||||||||
6,902 | 19.0 | % | 97.2 | % | 96.2 | % | 1.0 | % | 1,810 | 1,756 | 3.1 | % | |||||||||
Northeast Region | |||||||||||||||||||||
New York, NY | 1,945 | 12.7 | % | 97.5 | % | 97.3 | % | 0.2 | % | 4,236 | 4,133 | 2.5 | % | ||||||||
Boston, MA | 1,179 | 4.8 | % | 96.9 | % | 96.7 | % | 0.2 | % | 2,513 | 2,370 | 6.0 | % | ||||||||
3,124 | 17.5 | % | 97.2 | % | 97.1 | % | 0.1 | % | 3,592 | 3,470 | 3.5 | % | |||||||||
Southeast Region | |||||||||||||||||||||
Orlando, FL | 2,500 | 4.6 | % | 97.1 | % | 97.0 | % | 0.1 | % | 1,209 | 1,126 | 7.4 | % | ||||||||
Nashville, TN | 2,260 | 4.5 | % | 97.7 | % | 97.7 | % | 0.0 | % | 1,226 | 1,142 | 7.4 | % | ||||||||
Tampa, FL | 2,287 | 4.3 | % | 96.6 | % | 97.0 | % | -0.4 | % | 1,308 | 1,220 | 7.2 | % | ||||||||
Other Florida | 636 | 1.3 | % | 97.3 | % | 96.2 | % | 1.1 | % | 1,474 | 1,430 | 3.1 | % | ||||||||
7,683 | 14.7 | % | 97.1 | % | 97.1 | % | 0.0 | % | 1,265 | 1,184 | 6.9 | % | |||||||||
Southwest Region | |||||||||||||||||||||
Dallas, TX | 2,040 | 3.3 | % | 96.9 | % | 96.5 | % | 0.4 | % | 1,178 | 1,110 | 6.1 | % | ||||||||
Austin, TX | 883 | 1.6 | % | 96.5 | % | 97.3 | % | -0.8 | % | 1,357 | 1,302 | 4.2 | % | ||||||||
2,923 | 4.9 | % | 96.8 | % | 96.7 | % | 0.1 | % | 1,232 | 1,168 | 5.4 | % | |||||||||
Total/Weighted Avg. | 32,265 | 100.0 | % | 96.8 | % | 96.5 | % | 0.3 | % | $ | 1,981 | $ | 1,892 | 4.7 | % | ||||||
(1) See Attachment 16 for definitions and other terms. | |||||||||||||||||||||
14
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Attachment 8(B) | ||||||||||||||||||||||||||||||
UDR, Inc. | ||||||||||||||||||||||||||||||
Same-Store Operating Information By Major Market (1) | ||||||||||||||||||||||||||||||
Current Quarter vs. Prior Year Quarter | ||||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||
Total | Same-Store ($000s) | |||||||||||||||||||||||||||||
Same-Store | Revenues | Expenses | Net Operating Income | |||||||||||||||||||||||||||
Homes | 4Q 16 | 4Q 15 | Change | 4Q 16 | 4Q 15 | Change | 4Q 16 | 4Q 15 | Change | |||||||||||||||||||||
West Region | ||||||||||||||||||||||||||||||
Orange County, CA | 3,367 | $ | 22,021 | $ | 20,810 | 5.8 | % | $ | 5,121 | $ | 4,956 | 3.3 | % | $ | 16,900 | $ | 15,854 | 6.6 | % | |||||||||||
San Francisco, CA | 2,230 | 21,287 | 20,831 | 2.2 | % | 5,317 | 5,034 | 5.6 | % | 15,970 | 15,797 | 1.1 | % | |||||||||||||||||
Seattle, WA | 2,014 | 11,979 | 11,144 | 7.5 | % | 3,253 | 3,189 | 2.0 | % | 8,726 | 7,955 | 9.7 | % | |||||||||||||||||
Los Angeles, CA | 1,225 | 9,287 | 9,032 | 2.8 | % | 2,573 | 2,469 | 4.2 | % | 6,714 | 6,563 | 2.3 | % | |||||||||||||||||
Monterey Peninsula, CA | 1,565 | 7,111 | 6,429 | 10.6 | % | 1,763 | 1,737 | 1.5 | % | 5,348 | 4,692 | 14.0 | % | |||||||||||||||||
Other Southern CA | 756 | 3,869 | 3,657 | 5.8 | % | 1,019 | 1,033 | -1.3 | % | 2,850 | 2,624 | 8.6 | % | |||||||||||||||||
Portland, OR | 476 | 2,089 | 1,909 | 9.4 | % | 569 | 521 | 9.1 | % | 1,520 | 1,388 | 9.6 | % | |||||||||||||||||
11,633 | 77,643 | 73,812 | 5.2 | % | 19,615 | 18,939 | 3.6 | % | 58,028 | 54,873 | 5.8 | % | ||||||||||||||||||
Mid-Atlantic Region | ||||||||||||||||||||||||||||||
Metropolitan DC | 4,824 | 27,866 | 26,693 | 4.4 | % | 8,818 | 8,548 | 3.2 | % | 19,048 | 18,145 | 5.0 | % | |||||||||||||||||
Richmond, VA | 1,358 | 5,003 | 4,852 | 3.1 | % | 1,395 | 1,353 | 3.1 | % | 3,608 | 3,499 | 3.1 | % | |||||||||||||||||
Baltimore, MD | 720 | 3,572 | 3,434 | 4.0 | % | 1,011 | 1,005 | 0.6 | % | 2,561 | 2,429 | 5.5 | % | |||||||||||||||||
6,902 | 36,441 | 34,979 | 4.2 | % | 11,224 | 10,906 | 2.9 | % | 25,217 | 24,073 | 4.7 | % | ||||||||||||||||||
Northeast Region | ||||||||||||||||||||||||||||||
New York, NY | 1,945 | 24,098 | 23,464 | 2.7 | % | 7,312 | 6,811 | 7.4 | % | 16,786 | 16,653 | 0.8 | % | |||||||||||||||||
Boston, MA | 1,179 | 8,613 | 8,105 | 6.3 | % | 2,250 | 2,070 | 8.7 | % | 6,363 | 6,035 | 5.4 | % | |||||||||||||||||
3,124 | 32,711 | 31,569 | 3.6 | % | 9,562 | 8,881 | 7.7 | % | 23,149 | 22,688 | 2.0 | % | ||||||||||||||||||
Southeast Region | ||||||||||||||||||||||||||||||
Orlando, FL | 2,500 | 8,804 | 8,191 | 7.5 | % | 2,649 | 2,612 | 1.4 | % | 6,155 | 5,579 | 10.3 | % | |||||||||||||||||
Nashville, TN | 2,260 | 8,119 | 7,563 | 7.3 | % | 2,151 | 2,157 | -0.3 | % | 5,968 | 5,406 | 10.4 | % | |||||||||||||||||
Tampa, FL | 2,287 | 8,671 | 8,122 | 6.8 | % | 2,922 | 2,842 | 2.8 | % | 5,749 | 5,280 | 8.9 | % | |||||||||||||||||
Other Florida | 636 | 2,736 | 2,624 | 4.2 | % | 1,007 | 944 | 6.7 | % | 1,729 | 1,680 | 2.8 | % | |||||||||||||||||
7,683 | 28,330 | 26,500 | 6.9 | % | 8,729 | 8,555 | 2.0 | % | 19,601 | 17,945 | 9.2 | % | ||||||||||||||||||
Southwest Region | ||||||||||||||||||||||||||||||
Dallas, TX | 2,040 | 6,988 | 6,558 | 6.5 | % | 2,550 | 2,340 | 9.0 | % | 4,438 | 4,218 | 5.2 | % | |||||||||||||||||
Austin, TX | 883 | 3,469 | 3,355 | 3.4 | % | 1,399 | 1,297 | 7.8 | % | 2,070 | 2,058 | 0.7 | % | |||||||||||||||||
2,923 | 10,457 | 9,913 | 5.5 | % | 3,949 | 3,637 | 8.6 | % | 6,508 | 6,276 | 3.7 | % | ||||||||||||||||||
Totals | 32,265 | $ | 185,582 | $ | 176,773 | 5.0 | % | $ | 53,079 | $ | 50,918 | 4.2 | % | $ | 132,503 | $ | 125,855 | 5.3 | % | |||||||||||
(1) See Attachment 16 for definitions and other terms. | ||||||||||||||||||||||||||||||
15
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Attachment 8(C) | |||||||||||||||||||
UDR, Inc. | |||||||||||||||||||
Same-Store Operating Information By Major Market (1) | |||||||||||||||||||
Current Quarter vs. Last Quarter | |||||||||||||||||||
December 31, 2016 | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Total | Same-Store | ||||||||||||||||||
Same-Store | Physical Occupancy | Total Revenue per Occupied Home | |||||||||||||||||
Homes | 4Q 16 | 3Q 16 | Change | 4Q 16 | 3Q 16 | Change | |||||||||||||
West Region | |||||||||||||||||||
Orange County, CA | 3,367 | 95.8 | % | 96.2 | % | -0.4 | % | $ | 2,276 | $ | 2,260 | 0.7 | % | ||||||
San Francisco, CA | 2,230 | 96.4 | % | 96.2 | % | 0.2 | % | 3,301 | 3,329 | -0.8 | % | ||||||||
Seattle, WA | 2,014 | 96.8 | % | 96.5 | % | 0.3 | % | 2,048 | 2,032 | 0.8 | % | ||||||||
Los Angeles, CA | 1,225 | 95.7 | % | 96.3 | % | -0.6 | % | 2,641 | 2,652 | -0.4 | % | ||||||||
Monterey Peninsula, CA | 1,565 | 96.4 | % | 97.3 | % | -0.9 | % | 1,571 | 1,534 | 2.4 | % | ||||||||
Other Southern CA | 756 | 96.3 | % | 96.3 | % | 0.0 | % | 1,771 | 1,762 | 0.5 | % | ||||||||
Portland, OR | 476 | 96.5 | % | 97.1 | % | -0.6 | % | 1,516 | 1,500 | 1.1 | % | ||||||||
11,633 | 96.2 | % | 96.4 | % | -0.2 | % | 2,312 | 2,304 | 0.4 | % | |||||||||
Mid-Atlantic Region | |||||||||||||||||||
Metropolitan DC | 4,824 | 97.4 | % | 96.9 | % | 0.5 | % | 1,977 | 1,964 | 0.7 | % | ||||||||
Richmond, VA | 1,358 | 96.5 | % | 96.8 | % | -0.3 | % | 1,273 | 1,285 | -0.9 | % | ||||||||
Baltimore, MD | 720 | 97.4 | % | 96.4 | % | 1.0 | % | 1,698 | 1,702 | -0.2 | % | ||||||||
6,902 | 97.2 | % | 96.8 | % | 0.4 | % | 1,810 | 1,803 | 0.4 | % | |||||||||
Northeast Region | |||||||||||||||||||
New York, NY | 1,945 | 97.5 | % | 97.3 | % | 0.2 | % | 4,236 | 4,314 | -1.8 | % | ||||||||
Boston, MA | 1,179 | 96.9 | % | 96.5 | % | 0.4 | % | 2,513 | 2,497 | 0.6 | % | ||||||||
3,124 | 97.2 | % | 97.0 | % | 0.2 | % | 3,592 | 3,632 | -1.1 | % | |||||||||
Southeast Region | |||||||||||||||||||
Orlando, FL | 2,500 | 97.1 | % | 97.1 | % | 0.0 | % | 1,209 | 1,201 | 0.7 | % | ||||||||
Nashville, TN | 2,260 | 97.7 | % | 97.8 | % | -0.1 | % | 1,226 | 1,208 | 1.5 | % | ||||||||
Tampa, FL | 2,287 | 96.6 | % | 96.9 | % | -0.3 | % | 1,308 | 1,301 | 0.5 | % | ||||||||
Other Florida | 636 | 97.3 | % | 96.6 | % | 0.7 | % | 1,474 | 1,488 | -0.9 | % | ||||||||
7,683 | 97.1 | % | 97.2 | % | -0.1 | % | 1,265 | 1,256 | 0.7 | % | |||||||||
Southwest Region | |||||||||||||||||||
Dallas, TX | 2,040 | 96.9 | % | 96.9 | % | 0.0 | % | 1,178 | 1,170 | 0.7 | % | ||||||||
Austin, TX | 883 | 96.5 | % | 97.3 | % | -0.8 | % | 1,357 | 1,363 | -0.4 | % | ||||||||
2,923 | 96.8 | % | 97.0 | % | -0.2 | % | 1,232 | 1,228 | 0.3 | % | |||||||||
Total/Weighted Avg. | 32,265 | 96.8 | % | 96.8 | % | 0.0 | % | $ | 1,981 | $ | 1,978 | 0.2 | % | ||||||
(1) See Attachment 16 for definitions and other terms. | |||||||||||||||||||
16
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Attachment 8(D) | ||||||||||||||||||||||||||||||
UDR, Inc. | ||||||||||||||||||||||||||||||
Same-Store Operating Information By Major Market (1) | ||||||||||||||||||||||||||||||
Current Quarter vs. Last Quarter | ||||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||
Total | Same-Store ($000s) | |||||||||||||||||||||||||||||
Same-Store | Revenues | Expenses | Net Operating Income | |||||||||||||||||||||||||||
Homes | 4Q 16 | 3Q 16 | Change | 4Q 16 | 3Q 16 | Change | 4Q 16 | 3Q 16 | Change | |||||||||||||||||||||
West Region | ||||||||||||||||||||||||||||||
Orange County, CA | 3,367 | $ | 22,021 | $ | 21,960 | 0.3 | % | $ | 5,121 | $ | 4,962 | 3.2 | % | $ | 16,900 | $ | 16,998 | -0.6 | % | |||||||||||
San Francisco, CA | 2,230 | 21,287 | 21,424 | -0.6 | % | 5,317 | 4,683 | 13.5 | % | (2) | 15,970 | 16,741 | -4.6 | % | ||||||||||||||||
Seattle, WA | 2,014 | 11,979 | 11,850 | 1.1 | % | 3,253 | 3,249 | 0.2 | % | 8,726 | 8,601 | 1.4 | % | |||||||||||||||||
Los Angeles, CA | 1,225 | 9,287 | 9,387 | -1.1 | % | 2,573 | 2,600 | -1.1 | % | 6,714 | 6,787 | -1.1 | % | |||||||||||||||||
Monterey Peninsula, CA | 1,565 | 7,111 | 7,006 | 1.5 | % | 1,763 | 1,781 | -1.1 | % | 5,348 | 5,225 | 2.4 | % | |||||||||||||||||
Other Southern CA | 756 | 3,869 | 3,848 | 0.6 | % | 1,019 | 1,041 | -2.1 | % | 2,850 | 2,807 | 1.5 | % | |||||||||||||||||
Portland, OR | 476 | 2,089 | 2,080 | 0.5 | % | 569 | 528 | 7.8 | % | 1,520 | 1,552 | -2.0 | % | |||||||||||||||||
11,633 | 77,643 | 77,555 | 0.1 | % | 19,615 | 18,844 | 4.1 | % | 58,028 | 58,711 | -1.2 | % | ||||||||||||||||||
Mid-Atlantic Region | ||||||||||||||||||||||||||||||
Metropolitan DC | 4,824 | 27,866 | 27,545 | 1.2 | % | 8,818 | 9,133 | -3.5 | % | 19,048 | 18,412 | 3.5 | % | |||||||||||||||||
Richmond, VA | 1,358 | 5,003 | 5,067 | -1.3 | % | 1,395 | 1,285 | 8.7 | % | 3,608 | 3,782 | -4.7 | % | |||||||||||||||||
Baltimore, MD | 720 | 3,572 | 3,545 | 0.8 | % | 1,011 | 1,025 | -1.4 | % | 2,561 | 2,520 | 1.7 | % | |||||||||||||||||
6,902 | 36,441 | 36,157 | 0.8 | % | 11,224 | 11,443 | -1.9 | % | 25,217 | 24,714 | 2.0 | % | ||||||||||||||||||
Northeast Region | ||||||||||||||||||||||||||||||
New York, NY | 1,945 | 24,098 | 24,490 | -1.6 | % | 7,312 | 7,500 | -2.5 | % | 16,786 | 16,990 | -1.2 | % | |||||||||||||||||
Boston, MA | 1,179 | 8,613 | 8,524 | 1.0 | % | 2,250 | 2,188 | 2.8 | % | 6,363 | 6,336 | 0.4 | % | |||||||||||||||||
3,124 | 32,711 | 33,014 | -0.9 | % | 9,562 | 9,688 | -1.3 | % | 23,149 | 23,326 | -0.8 | % | ||||||||||||||||||
Southeast Region | ||||||||||||||||||||||||||||||
Orlando, FL | 2,500 | 8,804 | 8,743 | 0.7 | % | 2,649 | 2,750 | -3.7 | % | 6,155 | 5,993 | 2.7 | % | |||||||||||||||||
Nashville, TN | 2,260 | 8,119 | 8,013 | 1.3 | % | 2,151 | 2,404 | -10.5 | % | 5,968 | 5,609 | 6.4 | % | |||||||||||||||||
Tampa, FL | 2,287 | 8,671 | 8,651 | 0.2 | % | 2,922 | 3,115 | -6.2 | % | 5,749 | 5,536 | 3.9 | % | |||||||||||||||||
Other Florida | 636 | 2,736 | 2,743 | -0.3 | % | 1,007 | 999 | 0.8 | % | 1,729 | 1,744 | -0.9 | % | |||||||||||||||||
7,683 | 28,330 | 28,150 | 0.6 | % | 8,729 | 9,268 | -5.8 | % | 19,601 | 18,882 | 3.8 | % | ||||||||||||||||||
Southwest Region | ||||||||||||||||||||||||||||||
Dallas, TX | 2,040 | 6,988 | 6,940 | 0.7 | % | 2,550 | 2,573 | -0.9 | % | 4,438 | 4,367 | 1.6 | % | |||||||||||||||||
Austin, TX | 883 | 3,469 | 3,513 | -1.3 | % | 1,399 | 1,465 | -4.5 | % | 2,070 | 2,048 | 1.1 | % | |||||||||||||||||
2,923 | 10,457 | 10,453 | 0.0 | % | 3,949 | 4,038 | -2.2 | % | 6,508 | 6,415 | 1.4 | % | ||||||||||||||||||
Total | 32,265 | $ | 185,582 | $ | 185,329 | 0.1 | % | $ | 53,079 | $ | 53,281 | -0.4 | % | $ | 132,503 | $ | 132,048 | 0.3 | % | |||||||||||
(1) See Attachment 16 for definitions and other terms. | ||||||||||||||||||||||||||||||
(2) 3Q16 Same Store Expenses were lowered by $680 thousand due to the reversal of a portion of the initial expected real estate tax assessment on a 2014 San Francisco development completion. | ||||||||||||||||||||||||||||||
17
![]() | ||||||||||||||||||||
Attachment 8(E) | ||||||||||||||||||||
UDR, Inc. | ||||||||||||||||||||
Same-Store Operating Information By Major Market (1) | ||||||||||||||||||||
Current Year-to-Date vs. Prior Year-to-Date | ||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
% of Same- | ||||||||||||||||||||
Total | Store Portfolio | Same-Store | ||||||||||||||||||
Same-Store | Based on | Physical Occupancy | Total Revenue per Occupied Home | |||||||||||||||||
Homes | YTD 2016 NOI | YTD 16 | YTD 15 | Change | YTD 16 | YTD 15 | Change | |||||||||||||
West Region | ||||||||||||||||||||
Orange County, CA | 3,194 | 12.3 | % | 96.0 | % | 95.6 | % | 0.4 | % | $ | 2,231 | $ | 2,089 | 6.8 | % | |||||
San Francisco, CA | 2,230 | 12.4 | % | 96.3 | % | 96.6 | % | -0.3 | % | 3,313 | 3,129 | 5.9 | % | |||||||
Seattle, WA | 1,852 | 6.0 | % | 96.7 | % | 96.9 | % | -0.2 | % | 2,023 | 1,870 | 8.2 | % | |||||||
Los Angeles, CA | 1,225 | 5.1 | % | 95.3 | % | 95.5 | % | -0.2 | % | 2,629 | 2,486 | 5.8 | % | |||||||
Monterey Peninsula, CA | 1,565 | 3.9 | % | 96.7 | % | 97.0 | % | -0.3 | % | 1,512 | 1,344 | 12.5 | % | |||||||
Other Southern CA | 756 | 2.1 | % | 95.8 | % | 96.2 | % | -0.4 | % | 1,737 | 1,636 | 6.2 | % | |||||||
Portland, OR | 476 | 1.2 | % | 97.1 | % | 97.5 | % | -0.4 | % | 1,476 | 1,303 | 13.3 | % | |||||||
11,298 | 43.0 | % | 96.2 | % | 96.3 | % | -0.1 | % | 2,287 | 2,134 | 7.2 | % | ||||||||
Mid-Atlantic Region | ||||||||||||||||||||
Metropolitan DC | 4,824 | 14.4 | % | 97.0 | % | 96.7 | % | 0.3 | % | 1,958 | 1,914 | 2.3 | % | |||||||
Richmond, VA | 1,358 | 2.8 | % | 96.6 | % | 96.1 | % | 0.5 | % | 1,270 | 1,241 | 2.3 | % | |||||||
Baltimore, MD | 720 | 2.0 | % | 96.9 | % | 96.4 | % | 0.5 | % | 1,690 | 1,660 | 1.8 | % | |||||||
6,902 | 19.2 | % | 96.9 | % | 96.5 | % | 0.4 | % | 1,795 | 1,758 | 2.1 | % | ||||||||
Northeast Region | ||||||||||||||||||||
New York, NY | 1,945 | 13.2 | % | 97.3 | % | 97.4 | % | -0.1 | % | 4,249 | 4,069 | 4.4 | % | |||||||
Boston, MA | 1,179 | 4.8 | % | 96.5 | % | 96.7 | % | -0.2 | % | 2,476 | 2,337 | 5.9 | % | |||||||
3,124 | 18.0 | % | 97.0 | % | 97.1 | % | -0.1 | % | 3,583 | 3,418 | 4.8 | % | ||||||||
Southeast Region | ||||||||||||||||||||
Orlando, FL | 2,500 | 4.6 | % | 96.8 | % | 96.9 | % | -0.1 | % | 1,188 | 1,103 | 7.7 | % | |||||||
Nashville, TN | 2,260 | 4.4 | % | 97.6 | % | 97.4 | % | 0.2 | % | 1,197 | 1,113 | 7.5 | % | |||||||
Tampa, FL | 2,287 | 4.4 | % | 96.7 | % | 97.0 | % | -0.3 | % | 1,290 | 1,201 | 7.4 | % | |||||||
Other Florida | 636 | 1.4 | % | 96.4 | % | 96.6 | % | -0.2 | % | 1,483 | 1,422 | 4.3 | % | |||||||
7,683 | 14.8 | % | 97.0 | % | 97.1 | % | -0.1 | % | 1,245 | 1,161 | 7.2 | % | ||||||||
Southwest Region | ||||||||||||||||||||
Dallas, TX | 2,040 | 3.4 | % | 96.9 | % | 96.8 | % | 0.1 | % | 1,158 | 1,093 | 5.9 | % | |||||||
Austin, TX | 883 | 1.6 | % | 96.8 | % | 97.4 | % | -0.6 | % | 1,347 | 1,285 | 4.8 | % | |||||||
2,923 | 5.0 | % | 96.8 | % | 97.0 | % | -0.2 | % | 1,216 | 1,151 | 5.5 | % | ||||||||
Total/Weighted Avg. | 31,930 | 100.0 | % | 96.7 | % | 96.7 | % | 0.0 | % | $ | 1,958 | $ | 1,854 | 5.6 | % | |||||
(1) See Attachment 16 for definitions and other terms. | ||||||||||||||||||||
18
![]() | ||||||||||||||||||||||||||||||
Attachment 8(F) | ||||||||||||||||||||||||||||||
UDR, Inc. | ||||||||||||||||||||||||||||||
Same-Store Operating Information By Major Market (1) | ||||||||||||||||||||||||||||||
Current Year-to-Date vs. Prior Year-to-Date | ||||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||
Total | Same-Store ($000s) | |||||||||||||||||||||||||||||
Same-Store | Revenues | Expenses | Net Operating Income | |||||||||||||||||||||||||||
Homes | YTD 16 | YTD 15 | Change | YTD 16 | YTD 15 | Change | YTD 16 | YTD 15 | Change | |||||||||||||||||||||
West Region | ||||||||||||||||||||||||||||||
Orange County, CA | 3,194 | $ | 82,071 | $ | 76,538 | 7.2 | % | $ | 18,586 | $ | 19,010 | -2.2 | % | $ | 63,485 | $ | 57,528 | 10.4 | % | |||||||||||
San Francisco, CA | 2,230 | 85,365 | 80,882 | 5.5 | % | 21,034 | 18,931 | 11.1 | % | 64,331 | 61,951 | 3.8 | % | |||||||||||||||||
Seattle, WA | 1,852 | 43,469 | 40,263 | 8.0 | % | 12,221 | 11,613 | 5.2 | % | 31,248 | 28,650 | 9.1 | % | |||||||||||||||||
Los Angeles, CA | 1,225 | 36,831 | 34,901 | 5.5 | % | 10,290 | 9,239 | 11.4 | % | 26,541 | 25,662 | 3.4 | % | |||||||||||||||||
Monterey Peninsula, CA | 1,565 | 27,450 | 24,485 | 12.1 | % | 7,045 | 6,756 | 4.3 | % | 20,405 | 17,729 | 15.1 | % | |||||||||||||||||
Other Southern CA | 756 | 15,094 | 14,279 | 5.7 | % | 4,076 | 3,940 | 3.5 | % | 11,018 | 10,339 | 6.6 | % | |||||||||||||||||
Portland, OR | 476 | 8,189 | 7,254 | 12.9 | % | 2,077 | 1,976 | 5.1 | % | 6,112 | 5,278 | 15.8 | % | |||||||||||||||||
11,298 | 298,469 | 278,602 | 7.1 | % | 75,329 | 71,465 | 5.4 | % | 223,140 | 207,137 | 7.7 | % | ||||||||||||||||||
Mid-Atlantic Region | ||||||||||||||||||||||||||||||
Metropolitan DC | 4,824 | 109,936 | 107,154 | 2.6 | % | 35,301 | 35,338 | -0.1 | % | 74,635 | 71,816 | 3.9 | % | |||||||||||||||||
Richmond, VA | 1,358 | 19,988 | 19,439 | 2.8 | % | 5,348 | 5,172 | 3.4 | % | 14,640 | 14,267 | 2.6 | % | |||||||||||||||||
Baltimore, MD | 720 | 14,145 | 13,830 | 2.3 | % | 4,045 | 4,200 | -3.7 | % | 10,100 | 9,630 | 4.9 | % | |||||||||||||||||
6,902 | 144,069 | 140,423 | 2.6 | % | 44,694 | 44,710 | 0.0 | % | 99,375 | 95,713 | 3.8 | % | ||||||||||||||||||
Northeast Region | ||||||||||||||||||||||||||||||
New York, NY | 1,945 | 96,487 | 92,508 | 4.3 | % | 28,310 | 26,454 | 7.0 | % | 68,177 | 66,054 | 3.2 | % | |||||||||||||||||
Boston, MA | 1,179 | 33,798 | 31,970 | 5.7 | % | 8,892 | 8,985 | -1.0 | % | 24,906 | 22,985 | 8.4 | % | |||||||||||||||||
3,124 | 130,285 | 124,478 | 4.7 | % | 37,202 | 35,439 | 5.0 | % | 93,083 | 89,039 | 4.5 | % | ||||||||||||||||||
Southeast Region | ||||||||||||||||||||||||||||||
Orlando, FL | 2,500 | 34,497 | 32,066 | 7.6 | % | 10,498 | 10,145 | 3.5 | % | 23,999 | 21,921 | 9.5 | % | |||||||||||||||||
Nashville, TN | 2,260 | 31,684 | 29,409 | 7.7 | % | 8,972 | 8,937 | 0.4 | % | 22,712 | 20,472 | 10.9 | % | |||||||||||||||||
Tampa, FL | 2,287 | 34,223 | 31,960 | 7.1 | % | 11,624 | 11,299 | 2.9 | % | 22,599 | 20,661 | 9.4 | % | |||||||||||||||||
Other Florida | 636 | 10,914 | 10,485 | 4.1 | % | 3,865 | 3,719 | 3.9 | % | 7,049 | 6,766 | 4.2 | % | |||||||||||||||||
7,683 | 111,318 | 103,920 | 7.1 | % | 34,959 | 34,100 | 2.5 | % | 76,359 | 69,820 | 9.4 | % | ||||||||||||||||||
Southwest Region | ||||||||||||||||||||||||||||||
Dallas, TX | 2,040 | 27,460 | 25,900 | 6.0 | % | 9,938 | 9,341 | 6.4 | % | 17,522 | 16,559 | 5.8 | % | |||||||||||||||||
Austin, TX | 883 | 13,813 | 13,266 | 4.1 | % | 5,735 | 5,418 | 5.9 | % | 8,078 | 7,848 | 2.9 | % | |||||||||||||||||
2,923 | 41,273 | 39,166 | 5.4 | % | 15,673 | 14,759 | 6.2 | % | 25,600 | 24,407 | 4.9 | % | ||||||||||||||||||
Totals | 31,930 | $ | 725,414 | $ | 686,589 | 5.7 | % | $ | 207,857 | $ | 200,473 | 3.7 | % | $ | 517,557 | $ | 486,116 | 6.5 | % | |||||||||||
(1) See Attachment 16 for definitions and other terms. |
19
![]() | ||||||||||||||||||||
Attachment 8(G) | ||||||||||||||||||||
UDR, Inc. | ||||||||||||||||||||
Same-Store Operating Information By Major Market (1) | ||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Effective Blended Lease Rate Growth | Effective New Lease Rate Growth | Effective Renewal Lease Rate Growth | Annualized Turnover (2) | |||||||||||||||||
4Q 2016 | 4Q 2016 | 4Q 2016 | 4Q 2016 | 4Q 2015 | YTD 2016 | YTD 2015 | ||||||||||||||
West Region | ||||||||||||||||||||
Orange County, CA | 4.3 | % | 3.2 | % | 5.9 | % | 46.7 | % | 47.6 | % | 55.2 | % | 55.6 | % | ||||||
San Francisco, CA | -1.4 | % | -5.8 | % | 3.6 | % | 48.4 | % | 45.2 | % | 57.6 | % | 55.4 | % | ||||||
Seattle, WA | 4.2 | % | 1.8 | % | 7.1 | % | 45.5 | % | 45.3 | % | 53.6 | % | 54.0 | % | ||||||
Los Angeles, CA | 2.2 | % | 1.4 | % | 3.2 | % | 35.9 | % | 47.0 | % | 51.7 | % | 52.1 | % | ||||||
Monterey Peninsula, CA | 6.2 | % | 3.5 | % | 9.1 | % | 53.0 | % | 61.3 | % | 55.1 | % | 56.6 | % | ||||||
Other Southern CA | 4.0 | % | 2.9 | % | 5.6 | % | 52.5 | % | 49.9 | % | 57.0 | % | 60.2 | % | ||||||
Portland, OR | 4.3 | % | 1.6 | % | 8.0 | % | 43.3 | % | 46.7 | % | 57.4 | % | 53.8 | % | ||||||
Mid-Atlantic Region | ||||||||||||||||||||
Metropolitan DC | 1.8 | % | -0.1 | % | 3.9 | % | 35.0 | % | 36.7 | % | 46.0 | % | 45.0 | % | ||||||
Richmond, VA | -0.2 | % | -4.6 | % | 5.0 | % | 50.2 | % | 50.8 | % | 53.8 | % | 56.3 | % | ||||||
Baltimore, MD | 0.0 | % | -4.5 | % | 4.5 | % | 38.6 | % | 50.1 | % | 54.7 | % | 51.9 | % | ||||||
Northeast Region | ||||||||||||||||||||
New York, NY | 0.6 | % | -2.7 | % | 3.6 | % | 23.7 | % | 22.2 | % | 37.9 | % | 37.9 | % | ||||||
Boston, MA | 3.4 | % | -0.1 | % | 6.2 | % | 36.0 | % | 35.7 | % | 47.2 | % | 45.2 | % | ||||||
Southeast Region | ||||||||||||||||||||
Orlando, FL | 4.2 | % | 1.5 | % | 7.4 | % | 46.8 | % | 44.6 | % | 53.5 | % | 51.3 | % | ||||||
Nashville, TN | 5.0 | % | 4.1 | % | 5.9 | % | 41.8 | % | 43.2 | % | 51.5 | % | 53.5 | % | ||||||
Tampa, FL | 3.2 | % | 1.0 | % | 5.6 | % | 45.3 | % | 43.2 | % | 55.3 | % | 53.4 | % | ||||||
Other Florida | 2.1 | % | -0.3 | % | 3.8 | % | 39.9 | % | 46.8 | % | 43.9 | % | 46.4 | % | ||||||
Southwest Region | ||||||||||||||||||||
Dallas, TX | 4.1 | % | 1.8 | % | 6.6 | % | 45.5 | % | 48.0 | % | 54.6 | % | 56.7 | % | ||||||
Austin, TX | -0.1 | % | -4.3 | % | 5.0 | % | 47.6 | % | 43.6 | % | 52.0 | % | 46.2 | % | ||||||
Total/Weighted Avg. | 2.4 | % | 0.0 | % | 5.1 | % | 42.5 | % | 43.6 | % | 51.7 | % | 51.4 | % | ||||||
Percentage of Total Repriced Homes | 52.8 | % | 47.2 | % | ||||||||||||||||
(1) See Attachment 16 for definitions and other terms. | ||||||||||||||||||||
(2) 4Q16 same-store home count: 32,265. YTD 2016 same-store home count: 31,930. | ||||||||||||||||||||
20
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Attachment 9 | ||||||||||||||||||||||||||||||
UDR, Inc. | ||||||||||||||||||||||||||||||
Development Summary (1) (2) | ||||||||||||||||||||||||||||||
December 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 | ||||||||||||||||||||||||||||||
The Residences at Pacific City | Huntington Beach, CA | 516 | — | $ | 234,275 | $ | 342,000 | $ | 663 | $ | — | 2Q15 | 2Q17 | 1Q18 | 5.8 | % | — | |||||||||||||
345 Harrison Street | Boston, MA | 585 | — | 108,007 | 366,500 | 626 | (3) | — | 1Q16 | 3Q18 | 1Q19 | — | — | |||||||||||||||||
Total | 1,101 | — | $ | 342,282 | $ | 708,500 | $ | 644 | $ | — | ||||||||||||||||||||
Completed Projects, Non-Stabilized | ||||||||||||||||||||||||||||||
N/A | N/A | — | — | $ | — | $ | — | $ | — | $ | — | N/A | N/A | N/A | — | — | ||||||||||||||
Total - Wholly Owned | 1,101 | — | $ | 342,282 | $ | 708,500 | $ | 644 | $ | — | ||||||||||||||||||||
Net Operating Income From Wholly-Owned Projects | UDR's Capitalized Interest on Wholly-Owned Development Projects | |||||||||||||||||||||||||||||
4Q 16 | 4Q 16 | |||||||||||||||||||||||||||||
Projects Under Construction | $ | (170 | ) | $ | 2,821 | |||||||||||||||||||||||||
Completed, Non-Stabilized | — | |||||||||||||||||||||||||||||
Total | $ | (170 | ) | |||||||||||||||||||||||||||
Unconsolidated Joint Ventures and Partnerships (8) | ||||||||||||||||||||||||||||||
Schedule | Percentage | |||||||||||||||||||||||||||||
Own. | # of | Compl. | Cost to | Budgeted | Project | Initial | ||||||||||||||||||||||||
Community | Location | Interest | Homes | Homes | Date (9) | Cost | Debt (10) | Start | Occ. | Compl. | Leased | Occupied | ||||||||||||||||||
Projects Under Construction | ||||||||||||||||||||||||||||||
Residences on Jamboree | Irvine, CA | 50 | % | 381 | 99 | $ | 116,266 | $ | 125,000 | $ | 50,880 | 3Q14 | 4Q16 | 1Q17 | 29.1 | % | 13.4 | % | ||||||||||||
Verve Mountain View | Mountain View, CA | 50 | % | 155 | — | 81,319 | 99,000 | (6) | 33,974 | 1Q15 | 1Q17 | 2Q17 | 4.5 | % | — | |||||||||||||||
Crescent Heights | Los Angeles, CA | 50 | % | 150 | — | 47,198 | 126,000 | (7) | — | 2Q16 | 3Q18 | 3Q18 | — | — | ||||||||||||||||
Vitruvian West | Addison, TX | 50 | % | 383 | — | 9,321 | 59,000 | — | 4Q16 | 2Q18 | 4Q18 | — | — | |||||||||||||||||
Total | 1,069 | 99 | $ | 254,104 | $ | 409,000 | $ | 84,854 | ||||||||||||||||||||||
Completed Projects, Non-Stabilized | ||||||||||||||||||||||||||||||
399 Fremont | San Francisco, CA | 51 | % | 447 | 447 | $ | 317,955 | $ | 319,000 | (4) | $ | 171,012 | 1Q14 | 1Q16 | 2Q16 | 85.5 | % | 83.0 | % | |||||||||||
3033 Wilshire | Los Angeles, CA | 50 | % | 190 | 190 | 107,171 | 108,000 | (5) | 51,630 | 4Q14 | 4Q16 | 4Q16 | 26.8 | % | 20.5 | % | ||||||||||||||
Total - Unconsolidated Joint Ventures and Partnerships | 1,706 | 736 | $ | 679,230 | $ | 836,000 | $ | 307,496 | ||||||||||||||||||||||
UDR's Capitalized Interest on Unconsolidated Development Projects | ||||||||||||||||||||||||||||||
4Q 16 | ||||||||||||||||||||||||||||||
$ | 987 | |||||||||||||||||||||||||||||
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) Includes 6,000 square feet of retail space. | ||||||||||||||||||||||||||||||
(8) Unconsolidated developments are presented at 100%. | ||||||||||||||||||||||||||||||
(9) Cost to Date includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences. | ||||||||||||||||||||||||||||||
(10) Debt balances are presented net of deferred financing costs. | ||||||||||||||||||||||||||||||
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Attachment 10 | ||||||||||||||||||||||||||||
UDR, Inc. | ||||||||||||||||||||||||||||
Redevelopment Summary (1) | ||||||||||||||||||||||||||||
December 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 (4) | San Francisco, CA | 193 | 58 | 58 | $ | 6,289 | $ | 7,000 | $ | 36 | 1Q08 | 4Q15 | 1Q17 | 2Q18 | 92.8 | % | 91.2 | % | ||||||||||
Residences at the Domain | Austin, TX | 390 | 311 | 274 | 6,159 | 8,500 | 22 | 3Q08 | 1Q16 | 1Q17 | 2Q18 | 95.9 | % | 93.3 | % | |||||||||||||
Thirty377 (4) | Dallas, TX | 305 | 56 | 19 | 2,211 | 9,500 | 31 | 3Q06 | 3Q16 | 1Q18 | 2Q19 | 94.4 | % | 93.8 | % | |||||||||||||
Total | 888 | 425 | 351 | $ | 14,659 | $ | 25,000 | $ | 28 | |||||||||||||||||||
Completed Redevelopments, Non-Stabilized | ||||||||||||||||||||||||||||
N/A | N/A | — | — | — | $ | — | $ | — | $ | — | N/A | N/A | N/A | N/A | — | — | ||||||||||||
Total - Wholly Owned | 888 | 425 | 351 | $ | 14,659 | $ | 25,000 | $ | 28 | |||||||||||||||||||
Capitalized Interest on Redevelopment Projects | ||||||||||||||||||||||||||||
4Q 16 | ||||||||||||||||||||||||||||
$ | 30 | |||||||||||||||||||||||||||
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 consists of interior home improvements and renovation of building exteriors, corridors, and common area amenities. | ||||||||||||||||||||||||||||
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Attachment 11 | |||||||||||||||
UDR, Inc. | |||||||||||||||
Land Summary (1) | |||||||||||||||
December 31, 2016 | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
UDR Ownership | Real Estate | UDR's Share | |||||||||||||
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% | $ | 7,023 | $ | 7,023 | Complete | In Process | |||||||
Vitruvian Park® | Addison, TX | 100% | 13,533 | 13,533 | Complete | In Process | |||||||||
Dublin Land | Dublin, CA | 100% | 9,181 | 9,181 | In Process | In Process | |||||||||
Total | $ | 29,737 | $ | 29,737 | |||||||||||
Real Estate | UDR's Share | ||||||||||||||
Cost Basis | Cost Basis | ||||||||||||||
Unconsolidated Joint Ventures and Partnerships | |||||||||||||||
UDR/MetLife Land - 5 parcels | Addison, TX | 50% | $ | 43,760 | $ | 21,880 | Complete | In Process | In Process | ||||||
Total | $ | 43,760 | $ | 21,880 | |||||||||||
Total | $ | 73,497 | $ | 51,617 | |||||||||||
Capitalized Interest on Land Projects | |||||||||||||||
4Q 16 | |||||||||||||||
$ | 523 | ||||||||||||||
Income from Ground Lease | |||||||||||||||
Real Estate | |||||||||||||||
Wholly-Owned Ground Lease | Cost Basis | 4Q 2016 | YTD 2016 | ||||||||||||
Wilshire at LaJolla (4) | Los Angeles, CA | 100% | $ | 31,217 | $ | 662 | $ | 1,355 | |||||||
(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) In June 2016, the Company increased its ownership interest in the parcel of land from 50% to 100%. Subsequent to the acquisition, UDR entered into a triple-net operating ground lease, to lease the land to a third-party developer. Annual lease revenue is expected to be approximately $2.6 million. The lease term is 49 years plus two 25-year extension options, and the ground lease provides the ground lessee with options to buy the fee interest in the property. | |||||||||||||||
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Attachment 12(A) | ||||||||||||||||||||||||||
UDR, Inc. | ||||||||||||||||||||||||||
Unconsolidated Joint Venture Summary (1) | ||||||||||||||||||||||||||
December 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 (5) | Interest | 4Q 16 | 4Q 16 (1) | 4Q 2016 | YTD 2016 | YTD 2016 (2) | |||||||||||||||||
UDR / MetLife | ||||||||||||||||||||||||||
Operating communities | Various | 21 | 5,302 | 50 | % | 96.3 | % | $ | 2,855 | $ | 15,261 | $ | 60,479 | $ | 120,859 | |||||||||||
Non-Mature (8) | High-rise | 1 | 151 | 50 | % | 96.7 | % | 3,846 | 551 | 1,468 | 2,929 | |||||||||||||||
Development communities (7) | Various | 6 | 736 | (3) | 64.9 | % | 3,727 | 1,335 | 1,650 | 3,207 | ||||||||||||||||
Land parcels (7) | 5 | — | 50 | % | — | — | (4 | ) | (21 | ) | (45 | ) | ||||||||||||||
UDR / KFH | High-rise | 3 | 660 | 30 | % | 97.7 | % | 2,611 | 1,096 | 4,291 | 14,304 | |||||||||||||||
Total/Weighted Average | 36 | 6,849 | 92.1 | % | $ | 2,962 | $ | 18,239 | $ | 67,867 | $ | 141,254 | ||||||||||||||
Balance Sheet Characteristics and Returns | ||||||||||||||||||||||||||
Gross Book Value | Weighted | |||||||||||||||||||||||||
of JV Real | Total Project | UDR's Equity | Avg. Debt | Debt | Returns (6) | |||||||||||||||||||||
Joint Venture and Partnerships | Estate Assets (4) | Debt (4) | Investment | Interest Rate | Maturities | ROIC | ROE | |||||||||||||||||||
UDR / MetLife | ||||||||||||||||||||||||||
Operating communities | $ | 2,150,986 | $ | 1,270,935 | $ | 321,363 | 4.43 | % | 2018-2025 | |||||||||||||||||
Non-Mature | 112,501 | 50,734 | 20,146 | 4.53 | % | 2018-2021 | ||||||||||||||||||||
Development communities | 697,484 | 307,496 | 191,770 | 2.89 | % | 2018 | ||||||||||||||||||||
Land parcels | 43,760 | — | 36,605 | N/A | N/A | |||||||||||||||||||||
UDR / KFH | 285,023 | 165,687 | 12,835 | 2.70 | % | 2025-2026 | ||||||||||||||||||||
Total/Weighted Average | $ | 3,289,754 | $ | 1,794,852 | $ | 582,719 | 4.01 | % | 5.9 | % | 7.6 | % | ||||||||||||||
Same-Store Unconsolidated Joint Venture Growth | ||||||||||||||||||||||||||
Same-Store | ||||||||||||||||||||||||||
Joint Venture | 4Q 2016 vs. 4Q 2015 Growth | 4Q 2016 vs. 3Q 2016 Growth | ||||||||||||||||||||||||
Joint Venture | Communities (4) | Revenue | Expense | NOI | Revenue | Expense | NOI | |||||||||||||||||||
UDR / MetLife | 21 | 2.6 | % | 5.2 | % | 1.3 | % | -0.8 | % | -3.1 | % | 0.2 | % | |||||||||||||
UDR / KFH | 3 | 5.2 | % | 2.5 | % | 6.3 | % | 0.6 | % | -2.2 | % | 1.7 | % | |||||||||||||
Total/Average | 24 | 2.8 | % | 5.0 | % | 1.9 | % | -0.7 | % | -3.0 | % | 0.4 | % | |||||||||||||
NOI | NOI | |||||||||||||||||||||||||
Same-Store JV Results at UDR's Ownership Interest | 1.7 | % | 0.3 | % | ||||||||||||||||||||||
Same-Store | ||||||||||||||||||||||||||
Joint Venture | YTD 2016 vs. YTD 2015 Growth | |||||||||||||||||||||||||
Joint Venture | Communities (4) | Revenue | Expense | NOI | ||||||||||||||||||||||
UDR / MetLife | 21 | 2.4 | % | 3.8 | % | 1.7 | % | |||||||||||||||||||
UDR / KFH | 3 | 3.4 | % | 1.9 | % | 4.0 | % | |||||||||||||||||||
Total/Average | 24 | 2.5 | % | 3.7 | % | 1.9 | % | |||||||||||||||||||
NOI | ||||||||||||||||||||||||||
Same-Store JV Results at UDR's Ownership Interest | 1.8 | % | ||||||||||||||||||||||||
(1) See Attachment 16 for definitions and other terms. | ||||||||||||||||||||||||||
(2) Represents NOI at 100 percent for the period ended December 31, 2016. | ||||||||||||||||||||||||||
(3) Includes 399 Fremont of which UDR owns 51.0%, Residences on Jamboree of which UDR owns 50.1%, 3033 Wilshire of which UDR owns 50.0%, Verve Mountain View of which UDR owns 50.1%, Crescent Heights of which UDR owns 50.0% and Vitruvian West of which UDR owns 50.0%. | ||||||||||||||||||||||||||
(4) Joint ventures and partnerships represented at 100%. | ||||||||||||||||||||||||||
(5) Includes homes completed for the period ended December 31, 2016. | ||||||||||||||||||||||||||
(6) Excludes non-stabilized developments. | ||||||||||||||||||||||||||
(7) Commenced construction on Vitruvian West as noted on Attachment 9. | ||||||||||||||||||||||||||
(8) On October 3, 2016, two communities in Seattle, WA were acquired 100% by UDR as noted on Attachment 13. | ||||||||||||||||||||||||||
24 |
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Attachment 12(B) | |||||||||||||||||||||||||||||||||||
UDR, Inc. | |||||||||||||||||||||||||||||||||||
Preferred Equity and Participating Loan Investments (1) | |||||||||||||||||||||||||||||||||||
December 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 (2) | Leased | Occupied | |||||||||||||||||||||||
Projects Under Construction | |||||||||||||||||||||||||||||||||||
West Coast Development JV (2) | |||||||||||||||||||||||||||||||||||
Katella Grand II | Anaheim, CA | 49 | % | 386 | — | $ | 114,660 | $ | 26,529 | $ | 3,960 | 4Q14 | 4Q17 | 3Q18 | — | — | |||||||||||||||||||
Total | 386 | — | $ | 114,660 | $ | 26,529 | $ | 3,960 | |||||||||||||||||||||||||||
Completed Projects, Non-Stabilized | |||||||||||||||||||||||||||||||||||
West Coast Development JV (2) | |||||||||||||||||||||||||||||||||||
8th & Republican (3)(5) | Seattle, WA | 48 | % | 211 | 211 | $ | 97,020 | $ | 23,971 | $ | 21,568 | 3Q14 | 2Q16 | 1Q17 | 87.2 | % | 82.9 | % | |||||||||||||||||
OLiVE DTLA (3)(4) | Los Angeles, CA | 47 | % | 293 | 293 | 129,360 | 33,698 | 24,160 | 2Q14 | 4Q16 | 4Q17 | 15.0 | % | 10.9 | % | ||||||||||||||||||||
Total | 504 | 504 | $ | 226,380 | $ | 57,669 | $ | 45,728 | |||||||||||||||||||||||||||
Completed Projects, Stabilized | |||||||||||||||||||||||||||||||||||
West Coast Development JV (2) | |||||||||||||||||||||||||||||||||||
CityLine (6) | Seattle, WA | 49 | % | 244 | 244 | $ | 80,360 | $ | 20,214 | $ | 18,621 | 3Q14 | 2Q16 | 3Q16 | 95.5 | % | 95.5 | % | |||||||||||||||||
Katella Grand I | Anaheim, CA | 49 | % | 399 | 399 | 137,935 | 34,268 | 31,531 | 4Q13 | 2Q16 | 4Q16 | 93.7 | % | 91.5 | % | ||||||||||||||||||||
Total | 643 | 643 | $ | 218,295 | $ | 54,482 | $ | 50,152 | |||||||||||||||||||||||||||
Total - Preferred Equity Investments | 1,533 | 1,147 | $ | 559,335 | $ | 138,680 | $ | 99,840 | |||||||||||||||||||||||||||
Economics For Projects Under Construction and Completed Projects, Non-Stabilized | |||||||||||||||||||||||||||||||||||
Income from Preferred | |||||||||||||||||||||||||||||||||||
UDR's Equity | Preferred | Equity Investment (7) | |||||||||||||||||||||||||||||||||
Investment (9) | Return | 4Q 2016 | YTD 2016 | ||||||||||||||||||||||||||||||||
West Coast Development JV (2) | $ | 93,323 | 6.5 | % | $ | 1,322 | $ | 5,211 | |||||||||||||||||||||||||||
Economics For Completed Projects, Stabilized | |||||||||||||||||||||||||||||||||||
Income from Preferred | Total Rev. per | Net Operating Income | |||||||||||||||||||||||||||||||||
UDR's Equity | Equity Investment (7) | Occ. Home | UDR's Share | Total | |||||||||||||||||||||||||||||||
Investment (9) | 4Q 2016 | YTD 2016 | 4Q 16 (1) | 4Q 2016 | YTD 2016 | YTD 2016 (8) | |||||||||||||||||||||||||||||
West Coast Development JV (2) | $ | 56,980 | $ | 547 | $ | 3,201 | $ | 2,118 | $ | 550 | $ | 667 | $ | 1,361 | |||||||||||||||||||||
Participating Loan Investment | |||||||||||||||||||||||||||||||||||
# of | Compl. | Cost to | Budgeted | Loan | Loan | ||||||||||||||||||||||||||||||
Community | Location | Homes | Homes | Date | Cost | Commitment (12) | Balance (12) | Leased | Occupied | ||||||||||||||||||||||||||
Steele Creek (10)(11) | Denver, CO | 218 | 218 | $ | 110,055 | $ | 110,055 | $ | 93,458 | $ | 94,003 | 86.7 | % | 85.8 | % | ||||||||||||||||||||
Total | 218 | 218 | $ | 110,055 | $ | 110,055 | $ | 93,458 | $ | 94,003 | |||||||||||||||||||||||||
Income from Participating | |||||||||||||||||||||||||||||||||||
Interest | Years to | Loan Investment | Upside | ||||||||||||||||||||||||||||||||
UDR's Investment | Rate | Maturity | 4Q 2016 | YTD 2016 | Participation | ||||||||||||||||||||||||||||||
Steele Creek (12) | $ | 94,003 | 6.5 | % | 0.6 | $ | 1,567 | $ | 6,213 | 50% | |||||||||||||||||||||||||
(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 OLiVE DTLA is held by an additional co-investor. | |||||||||||||||||||||||||||||||||||
(4) Includes 15,500 square feet of retail space. | |||||||||||||||||||||||||||||||||||
(5) Includes 13,600 square feet of retail space. | |||||||||||||||||||||||||||||||||||
(6) On January 25, 2017, CityLine was acquired 100% by UDR. | |||||||||||||||||||||||||||||||||||
(7) Excludes depreciation expense. | |||||||||||||||||||||||||||||||||||
(8) Represents NOI at 100 percent for the period ended December 31, 2016. | |||||||||||||||||||||||||||||||||||
(9) UDR's equity investment of $150.3 million is inclusive of outside basis and our accrued preferred return, which differs from our investment cost of $138.7 million. For 4Q 2016 and YTD 2016, UDR received distributions of $1.1 million and $1.8 million, respectively, related to payment of our accrued preferred return. | |||||||||||||||||||||||||||||||||||
(10) Includes 17,000 square feet of retail space. | |||||||||||||||||||||||||||||||||||
(11) UDR's participating loan is reflected as investment in and advances to unconsolidated joint ventures on the Consolidated Balance Sheets and net income/(loss) from unconsolidated entities on the Consolidated Statements of Operations in accordance with GAAP. UDR has the option to purchase the property 25 months after completion of construction, which occurred in April 2015, and receive 50% of the value created from the project upon acquisition of the community or sale to a third party. | |||||||||||||||||||||||||||||||||||
(12) Loan commitment represents loan principal and therefore excludes accrued interest. Loan balance includes interest accrued at 6.5% prior to the period end. |
25
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Attachment 13 | |||||||||||||||||||
UDR, Inc. | |||||||||||||||||||
Acquisitions and Dispositions Summary (1) | |||||||||||||||||||
December 31, 2016 | |||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Post | |||||||||||||||||||
Prior | Transaction | ||||||||||||||||||
Ownership | Ownership | # of | Price per | ||||||||||||||||
Date of Purchase | Community | Location | Interest | Interest | Price (2) | Debt (2) | Homes | Home | |||||||||||
Acquisitions - Wholly-Owned Land | |||||||||||||||||||
Jun-16 | Wilshire at LaJolla (3) | Los Angeles, CA | 50% | 100% | $ | 38,000 | $ | — | — | $ | — | ||||||||
Aug-16 | Dublin Land | Dublin, CA | 5% | 100% | 9,000 | — | — | — | |||||||||||
$ | 47,000 | $ | — | — | $ | — | |||||||||||||
Acquisitions - Wholly-Owned | |||||||||||||||||||
Oct-16 | Ashton Bellevue | Bellevue, WA | 50% | 100% | $ | 132,230 | $ | 47,771 | 202 | $ | 655 | ||||||||
Oct-16 | Ten20 | Bellevue, WA | 50% | 100% | 80,370 | 28,025 | 129 | 623 | |||||||||||
Nov-16 | Milehouse (1031 exchange) | Redmond, WA | 0% | 100% | 70,201 | — | 177 | 397 | |||||||||||
$ | 282,801 | $ | 75,796 | 508 | $ | 557 | |||||||||||||
Post | |||||||||||||||||||
Prior | Transaction | ||||||||||||||||||
Ownership | Ownership | # of | Price per | ||||||||||||||||
Date of Sale | Community | Location | Interest | Interest | Price (2) | Debt (2) | Homes | Home | |||||||||||
Dispositions - Joint Ventures | |||||||||||||||||||
Sep-16 | Cirque | Dallas, TX | 50% | 0% | $ | 74,711 | $ | 18,974 | 252 | $ | 296 | ||||||||
$ | 74,711 | $ | 18,974 | 252 | $ | 296 | |||||||||||||
Dispositions - Joint Ventures Land | |||||||||||||||||||
Feb-16 | 2919 Wilshire | Santa Monica, CA | 95% | 0% | $ | 10,500 | $ | — | — | $ | — | ||||||||
Mar-16 | 3032 Wilshire | Santa Monica, CA | 95% | 0% | 13,500 | — | — | — | |||||||||||
Aug-16 | Los Angeles Land | Los Angeles, CA | 3% | 0% | 18,000 | — | — | — | |||||||||||
Aug-16 | Bellevue Land | Bellevue, WA | 6% | 0% | 41,000 | — | — | — | |||||||||||
$ | 83,000 | $ | — | — | $ | — | |||||||||||||
Dispositions - Wholly-Owned | |||||||||||||||||||
May-16 | Bellevue Plaza (4) | Bellevue, WA | 100% | 0% | $ | 45,350 | $ | — | — | $ | — | ||||||||
Nov-16 | 7 operating communities (5) | Baltimore, MD | 100% | 0% | 236,000 | — | 1,402 | 168 | |||||||||||
Nov-16 | Highlands of Preston (1031 exchange) | Dallas, TX | 100% | 0% | 48,600 | — | 380 | 128 | |||||||||||
$ | 329,950 | $ | — | 1,782 | $ | 160 | |||||||||||||
(1) See Attachment 16 for definitions and other terms. | |||||||||||||||||||
(2) Price represents 100% of the value of assets. Debt represents 100% of the asset's indebtedness. | |||||||||||||||||||
(3) Subsequent to the acquisition, UDR entered into a triple-net operating ground lease, to lease the land to a third-party developer. Annual lease revenue is expected to be approximately $2.6 million. The lease term is 49 years plus two 25-year extension options, and the ground lease provides the ground lessee with options to buy the fee interest in the property. | |||||||||||||||||||
(4) Consists of 60,000 square feet of retail space. | |||||||||||||||||||
(5) The dispositions were executed in a series of two transactions, of which one transaction (two communities) was a reverse 1031 exchange. | |||||||||||||||||||
26
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Attachment 14 | |||||||||||||||||||||||
UDR, Inc. | |||||||||||||||||||||||
Capital Expenditure and Repair and Maintenance Summary (1) | |||||||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months | Capex | Twelve Months | Capex | ||||||||||||||||||||
Weighted Avg. | Ended | Cost | as a % | Ended | Cost | as a % | |||||||||||||||||
Category (Capitalized) | Useful Life (yrs.) (2) | December 31, 2016 | per Home | of NOI | December 31, 2016 | per Home | of NOI | ||||||||||||||||
Capital Expenditures for Consolidated Homes (3) | |||||||||||||||||||||||
Average number of homes (4) | 39,989 | 40,543 | |||||||||||||||||||||
Recurring Cap Ex | |||||||||||||||||||||||
Asset preservation | |||||||||||||||||||||||
Building interiors | 5 - 20 | $ | 5,450 | $ | 136 | $ | 17,625 | $ | 435 | ||||||||||||||
Building exteriors | 5 - 20 | 5,026 | 126 | 11,498 | 284 | ||||||||||||||||||
Landscaping and grounds | 10 | 2,498 | 62 | 5,602 | 138 | ||||||||||||||||||
Total asset preservation | 12,974 | 324 | 34,725 | 856 | |||||||||||||||||||
Turnover related | 5 | 3,000 | 75 | 12,532 | 309 | ||||||||||||||||||
Total Recurring Cap Ex | 15,974 | 399 | 10 | % | 47,257 | 1,166 | 7 | % | |||||||||||||||
Revenue Enhancing Cap Ex (5) | |||||||||||||||||||||||
Kitchen & Bath | 2,699 | 67 | 14,716 | 363 | |||||||||||||||||||
Revenue Enhancing | 7,801 | 195 | 29,698 | 733 | |||||||||||||||||||
Total Revenue Enhancing Cap Ex | 5 - 20 | 10,500 | 263 | 44,414 | 1,095 | ||||||||||||||||||
Total Recurring and Revenue Enhancing Cap Ex | $ | 26,474 | $ | 662 | $ | 91,671 | $ | 2,261 | |||||||||||||||
One-Time Infrastructure Cap Ex | 5 - 35 | $ | 581 | $ | — | $ | 2,136 | $ | — | ||||||||||||||
Three Months | Twelve Months | ||||||||||||||||||||||
Ended | Cost | Ended | Cost | ||||||||||||||||||||
Category (Expensed) | December 31, 2016 | per Home | December 31, 2016 | per Home | |||||||||||||||||||
Repair and Maintenance for Consolidated Homes | |||||||||||||||||||||||
Average number of homes (4) | 39,989 | 40,543 | |||||||||||||||||||||
Contract services | $ | 4,780 | $ | 120 | $ | 19,453 | $ | 480 | |||||||||||||||
Turnover related expenses | 1,114 | 28 | 4,054 | 100 | |||||||||||||||||||
Other Repair and Maintenance | |||||||||||||||||||||||
Building interiors | 1,965 | 49 | 7,252 | 179 | |||||||||||||||||||
Building exteriors | 454 | 11 | 1,740 | 43 | |||||||||||||||||||
Landscaping and grounds | 230 | 6 | 1,360 | 34 | |||||||||||||||||||
Total | $ | 8,543 | $ | 214 | $ | 33,859 | $ | 835 | |||||||||||||||
(1) See Attachment 16 for definitions and other terms. | |||||||||||||||||||||||
(2) Weighted average useful life of capitalized expenses for the three months ended December 31, 2016. | |||||||||||||||||||||||
(3) Excludes redevelopment capital and initial capital expenditures. | |||||||||||||||||||||||
(4) Average number of homes is calculated based on the number of homes outstanding at the end of each month. | |||||||||||||||||||||||
(5) Revenue enhancing capital expenditures were incurred at specific apartment communities in conjunction with UDR's overall capital expenditure plan. | |||||||||||||||||||||||
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Attachment 15 | |||||
UDR, Inc. | |||||
Full-Year 2017 Guidance (1) | |||||
December 31, 2016 | |||||
(Unaudited) | |||||
Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance | |||||
1Q 2017 | Full-Year 2017 | ||||
Income/(loss) per weighted average common share, diluted | $0.08 to $0.09 | $0.31 to $0.36 | |||
FFO per common share and unit, diluted | $0.44 to $0.46 | $1.83 to $1.87 | |||
FFO as Adjusted per common share and unit, diluted | $0.44 to $0.46 | $1.83 to $1.87 | |||
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted | $0.42 to $0.44 | $1.68 to $1.72 | |||
Annualized dividend per share and unit | $1.24 | ||||
Same-Store Guidance | Full-Year 2017 | ||||
Revenue growth | 3.00% - 4.00% | ||||
Expense growth | 2.50% - 3.50% | ||||
NOI growth | 3.25% - 4.25% | ||||
Physical occupancy | 96.7% | ||||
Same-Store homes | 35,689 | ||||
Sources of Funds ($ in millions) | Full-Year 2017 | ||||
AFFO in Excess of Dividends | $136 to $148 | ||||
Sales Proceeds and Debt and Equity Issuances | $300 to $500 | ||||
Construction Loan Proceeds | $50 to $75 | ||||
Uses of Funds ($ in millions) | Full-Year 2017 | ||||
Debt maturities inclusive of principal amortization (weighted average interest rate of 1.5%) | $51 | ||||
Development and redevelopment spending and land acquisitions | $350 to $450 | ||||
Acquisitions | $66 to $200 | ||||
Revenue enhancing capital expenditures inclusive of Kitchen and Bath | $40 to $50 | ||||
Other Additions/(Deductions) ($ in millions except per home amounts) | Full-Year 2017 | ||||
Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted | ($120) to ($124) | ||||
Capitalized interest (2) | $16 to $20 | ||||
General and administrative | ($46) to ($49) | ||||
Tax benefit/(provision) for TRS | ($1) to ($2) | ||||
Total joint venture FFO including fee income, net of adjustments for FFO as Adjusted | $53 to $60 | ||||
Non-recurring items: | |||||
Disposition related gains/(losses) and non-recurring fees included in FFO | $1 to $2 | ||||
Average stabilized homes | 39,500 | ||||
Recurring capital expenditures per home | $1,150 | ||||
(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, net of adjustments for FFO as Adjusted" above. | |||||
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Attachment 16(A) | |||||||||
UDR, Inc. | |||||||||
Definitions and Reconciliations | |||||||||
December 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. | |||||||||
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Attachment 16(B) | |||||||||||||||||||
UDR, Inc. | |||||||||||||||||||
Definitions and Reconciliations | |||||||||||||||||||
December 31, 2016 | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
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. | |||||||||||||||||||
Joint Venture Reconciliation at UDR's Weighted Average Ownership Interest | |||||||||||||||||||
In thousands | 4Q 2016 | YTD 2016 | |||||||||||||||||
Income/(loss) from unconsolidated entities | $ | 35,945 | $ | 52,234 | |||||||||||||||
Management fee | 1,138 | 4,711 | |||||||||||||||||
Interest expense | 8,596 | 33,233 | |||||||||||||||||
Depreciation | 13,055 | 47,832 | |||||||||||||||||
General and administrative | 124 | 536 | |||||||||||||||||
West Coast Development JV | (1,869 | ) | (8,412 | ) | |||||||||||||||
Steele Creek | (1,567 | ) | (6,213 | ) | |||||||||||||||
Other (income)/expense (includes 717 Olympic casualty (gain)/expense) | (168 | ) | (4,059 | ) | |||||||||||||||
NOI related to sold properties | (80 | ) | (4,496 | ) | |||||||||||||||
Gain on sales | (36,385 | ) | (46,832 | ) | |||||||||||||||
Total Joint Venture NOI at UDR's Ownership Interest | $ | 18,789 | $ | 68,534 | |||||||||||||||
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 its 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 | 4Q 2016 | 3Q 2016 | 2Q 2016 | 1Q 2016 | 4Q 2015 | ||||||||||||||
Net income/(loss) attributable to UDR, Inc. | $ | 237,617 | $ | 26,956 | $ | 17,946 | $ | 10,393 | $ | 162,200 | |||||||||
Property management | 6,603 | 6,607 | 6,494 | 6,379 | 6,445 | ||||||||||||||
Other operating expenses | 2,369 | 1,636 | 1,892 | 1,752 | 3,534 | ||||||||||||||
Real estate depreciation and amortization | 102,537 | 105,802 | 105,937 | 105,339 | 104,909 | ||||||||||||||
Interest expense | 29,295 | 31,954 | 30,678 | 31,104 | 33,170 | ||||||||||||||
Casualty-related (recoveries)/charges, net | (1,102 | ) | 205 | 1,629 | — | (45 | ) | ||||||||||||
General and administrative | 13,256 | 11,826 | 10,835 | 13,844 | 17,993 | ||||||||||||||
Tax (benefit)/provision, net | (3,063 | ) | 94 | (402 | ) | (403 | ) | (1,424 | ) | ||||||||||
(Income)/loss from unconsolidated entities | (35,945 | ) | (15,285 | ) | (325 | ) | (679 | ) | (1,052 | ) | |||||||||
Interest income and other (income)/expense, net | (481 | ) | (478 | ) | (540 | ) | (431 | ) | (407 | ) | |||||||||
Joint venture management and other fees | (2,927 | ) | (2,997 | ) | (2,618 | ) | (2,858 | ) | (3,253 | ) | |||||||||
Other depreciation and amortization | 1,458 | 1,526 | 1,486 | 1,553 | 1,899 | ||||||||||||||
(Gain)/loss on sale of real estate owned, net of tax | (200,466 | ) | — | (7,315 | ) | (3,070 | ) | (172,635 | ) | ||||||||||
Net income/(loss) attributable to noncontrolling interests | 22,129 | 2,510 | 1,618 | 1,211 | 14,963 | ||||||||||||||
Total consolidated NOI | $ | 171,280 | $ | 170,356 | $ | 167,315 | $ | 164,134 | $ | 166,297 | |||||||||
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Attachment 16(C) | ||||||||
UDR, Inc. | ||||||||
Definitions and Reconciliations | ||||||||
December 31, 2016 | ||||||||
(Unaudited) | ||||||||
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. | ||||||||
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 ("Cap Ex"): 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. | ||||||||
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Attachment 16(D) | ||||||||||||||
UDR, Inc. | ||||||||||||||
Definitions and Reconciliations | ||||||||||||||
December 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 2017 and first quarter of 2017 to forecasted FFO, FFO as Adjusted and AFFO per share and unit: | ||||||||||||||
Full-Year 2017 | ||||||||||||||
Low | High | |||||||||||||
Forecasted net income per diluted share | $ | 0.31 | $ | 0.36 | ||||||||||
Conversion from GAAP share count | (0.17 | ) | (0.18 | ) | ||||||||||
Depreciation | 1.69 | 1.69 | ||||||||||||
Noncontrolling interests | (0.01 | ) | (0.01 | ) | ||||||||||
Preferred dividends | 0.01 | 0.01 | ||||||||||||
Forecasted FFO per diluted share and unit | $ | 1.83 | $ | 1.87 | ||||||||||
Disposition-related FFO | — | — | ||||||||||||
Acquisition-related and other costs | — | — | ||||||||||||
Cost associated with debt extinguishment | — | — | ||||||||||||
Casualty-related (recoveries)/charges | — | — | ||||||||||||
Forecasted FFO as Adjusted per diluted share and unit | $ | 1.83 | $ | 1.87 | ||||||||||
Recurring capital expenditures | (0.15 | ) | (0.15 | ) | ||||||||||
Forecasted AFFO per diluted share and unit | $ | 1.68 | $ | 1.72 | ||||||||||
1Q 2017 | ||||||||||||||
Low | High | |||||||||||||
Forecasted net income per diluted share | $ | 0.08 | $ | 0.09 | ||||||||||
Conversion from GAAP share count | (0.06 | ) | (0.05 | ) | ||||||||||
Depreciation | 0.42 | 0.42 | ||||||||||||
Noncontrolling interests | — | — | ||||||||||||
Preferred dividends | — | — | ||||||||||||
Forecasted FFO per diluted share and unit | $ | 0.44 | $ | 0.46 | ||||||||||
Disposition-related FFO | — | — | ||||||||||||
Acquisition-related and other costs | — | — | ||||||||||||
Cost associated with debt extinguishment | — | — | ||||||||||||
Casualty-related (recoveries)/charges | — | — | ||||||||||||
Forecasted FFO as Adjusted per diluted share and unit | $ | 0.44 | $ | 0.46 | ||||||||||
Recurring capital expenditures | (0.02 | ) | (0.02 | ) | ||||||||||
Forecasted AFFO per diluted share and unit | $ | 0.42 | $ | 0.44 | ||||||||||
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