UDR Announces Fourth Quarter and Full Year 2011 Results

~ Increases 2012 Common Stock Dividend ~

~ Provides 2012 Guidance ~

DENVER--()--UDR, Inc. (NYSE: UDR), a leading multifamily real estate investment trust, today announced its fourth quarter and full year 2011 results.

The Company generated Funds from Operations (FFO) of $80.2 million or $0.35 per diluted share for the quarter ended December 31, 2011, as compared to $53.4 million or $0.28 per diluted share in the fourth quarter of 2010. Excluding all one-time items, the Company’s fourth quarter 2011 FFO-Core would have been $0.34 per diluted share. See the reconciliation below for further detail.

For the twelve-months ended December 31, 2011, UDR generated FFO of $1.28 per diluted share as compared to $1.09 per diluted share for the twelve-months ended December 31, 2010. Excluding all one-time items, the Company’s 2011 FFO-Core would have been $1.28 per diluted share. See the reconciliation below for further detail.

 
    Q4 2011   Q4 2010   YTD 2011   YTD 2010
FFO- Core per diluted share   $ 0.34   $ 0.28   $ 1.28   $ 1.13
Acquisition-related costs (0.006 ) (0.001 ) (0.028 ) (0.016 )
JV financing and acquisition fee 0.004 0.005 0.011 0.006
Restructuring charges (0.001 ) (0.035 ) (0.006 ) (0.038 )
Storm-related expenses - - - (0.004 )
Costs associated with debt extinguishment (0.002 ) - (0.021 ) (0.007 )
Gain on sale of assets/marketable securities 0.014 - 0.046 -
Other     -       0.025       -       0.027  
FFO- Reported per diluted share   $ 0.35     $ 0.28     $ 1.28     $ 1.09  
 

A reconciliation of FFO to GAAP Net Income can be found on Attachment 2 of the Company’s fourth quarter Supplemental Financial Information.

Tom Toomey, UDR’s President and CEO stated, “We are pleased with the progress we made in further transitioning our portfolio in 2011, including $1.2 billion of acquisitions in New York City, a $500 million asset exchange that increased our presence in San Francisco and the Boston metro area, the expansion of our development and redevelopment pipeline by over $800 million and the disposition of $594 million of non-core assets. These transactions improved the Company’s portfolio by increasing our ownership interests in markets characterized by above-average job growth, low home affordability, below-average new supply risk and superior revenue growth and return prospects.” Mr. Toomey continued, “Driven by sound market fundamentals, a more advantageous geographic and asset mix and our robust operating and technology platforms, 2012 will be another strong year for UDR. As a result, the Board of Directors has approved a 10% increase in our annual common stock dividend to $0.88 per share for 2012.”

Operations

Same-store net operating income increased 7.7 percent year-over-year for the fourth quarter 2011 while same-store revenue increased 5.3 percent over the same period. Same-store physical occupancy decreased 40 basis points to 95.1 percent as compared to the prior year period. Same-store expenses increased 0.5 percent driven by an increase in utilities costs and real estate taxes. The rate of turnover increased to an annualized rate of 50 percent from 47 percent in the fourth quarter of 2010.

 

Summary Same-Store Results Fourth Quarter 2011 versus Fourth Quarter 2010

 

Region

 

Revenue Growth/ Decline

 

Expense Growth/ Decline

 

NOI Growth/ Decline

  % of Same- Store Portfolio¹   Same-Store Occupancy2   Number of Same-Store Homes3
Western   6.1 %   -2.1 %   10.1 %   38.0 %   94.6 %   11,801
Mid-Atlantic 4.6 % 1.5 % 5.9 % 30.4 % 95.8 % 10,130
Southeastern 4.6 % 3.6 % 5.2 % 23.3 % 94.9 % 12,272
Southwestern   6.2 %   -0.8 %   11.4 %   8.3 %   95.1 %   4,477
Total   5.3 %   0.5 %   7.7 %   100.0 %   95.1 %   38,680
 

1 Based on QTD 2011 NOI.

2 Average same-store occupancy for the quarter.

3 During the fourth quarter, 38,680 apartment homes, or approximately 82 percent of 47,343 total apartment homes, were classified as same-store. The Company defines same-store as all multifamily communities owned and stabilized for at least one year as of the beginning of the most recent quarter.

 

Sequentially, the Company’s same-store NOI increased by 2.3 percent driven by increased revenues of 0.2 percent and a 3.9 percent decrease in same-store expenses during the fourth quarter of 2011.

For the twelve-months ended December 31, 2011, the Company’s same-store revenue increased 4.1 percent as compared to the prior year while expenses increased 1.4 percent, resulting in a same-store NOI increase of 5.6 percent as compared to the prior year period. Year-over-year occupancy decreased by 20 basis points to 95.5 percent.

 

Summary Same-Store Results YTD 2011 versus YTD 2010

 
Region   Revenue Growth/ Decline   Expense Growth/ Decline   NOI Growth/ Decline   % of Same- Store Portfolio¹   Same-Store Occupancy2   Number of Same-Store Homes3
Western   4.5 %   0.1 %   6.6 %   37.5 %   95.0 %   11,361
Mid-Atlantic 4.2 % 1.6 % 5.5 % 31.0 % 96.2 % 10,130
Southeastern 3.4 % 3.0 % 3.7 % 23.0 % 95.2 % 11,901
Southwestern   4.3 %   0.8 %   6.8 %   8.5 %   95.7 %   4,477
Total   4.1 %   1.4 %   5.6 %   100.0 %   95.5 %  

37,869

 

1 Based on YTD NOI.

2 Average same-store occupancy for YTD 2011.

3 During 2011, 37,869 apartment homes, or approximately 80 percent of 47,343 total apartment homes, were classified as same-store. The Company defines same-store as all multifamily communities owned and stabilized for at least one year as of the beginning of the most recent year.

 

Technology Platform

Improving the Company’s operational efficiency, while increasing resident satisfaction, are the compelling factors for our continued investment in technology. The Company’s technology platform has gained acceptance and recognition from our residents as shown by the following utilization rates:

 
Established Technology Initiatives:   December 2011   December 2010
   
Resident payments received via ACH 77 % 79 %
Service requests entered through MyUDR.com 79 % 79 %
Move-ins initiated via an internet source 57 % 62 %
Renewals completed electronically   86 %   81 %
 

Development and Redevelopment Activity

As previously announced during the fourth quarter of 2011, the Company acquired land for its Village at Bella Terra development project in Huntington Beach, CA. The newly started community is projected to include 467 homes, cost $150 million and be completed in the second quarter of 2013.

In addition, the Company acquired a land parcel adjacent to its Vitruvian ParkSM development in Addison, TX for $4.7 million and a land parcel adjacent to its Garrison Square community in the Boston metro area for $4.6 million.

Joint Venture Investment Activity

As previously announced on December 21, 2011, the Company and its joint venture partner Kuwait Finance House (“KFH”) acquired 1301 Thomas Circle in Washington, D.C. for $153.8 million. The 292-home apartment community is located in the Logan Circle neighborhood near the 14th Street Corridor, is within minutes of the Mt. Vernon Square and McPherson Metro Stations and is near UDR’s wholly-owned Andover House community. The 10-story community was completed in 2006, is well-amenitized, has a 256-space parking garage and had an average monthly income per occupied home of $2,740 at the time of acquisition. Additional details related to the transaction can be found in the December 21, 2011 press release on the Company’s website at www.udr.com.

Following the purchase of 1301 Thomas Circle, there remained approximately $169 million of investment capacity under the terms of the joint venture agreement.

Disposition Activity

During the fourth quarter of 2011, the Company sold nine communities containing 2,331 homes for $275.4 million in total gross proceeds, bringing full-year 2011 asset dispositions to $593.9 million. At the time of the fourth quarter dispositions, total income per occupied home for the communities sold averaged $1,065 per month. The fourth quarter dispositions were located in a variety of markets including the Eastern Shore of Maryland, Raleigh, the East Bay area of San Francisco, the Inland Empire, San Diego, Houston and San Antonio.

Capital Markets Activity

During the fourth quarter of 2011, the Company completed a number of debt related activities aimed at managing its near term maturities and capital costs.

As previously announced, on October 25, 2011, the Company entered into a new $900 million unsecured revolving credit facility, replacing its prior $600 million facility. The new facility has an initial term of four years, includes a one-year extension option and contains an accordion feature that allows the Company to increase the facility to $1.35 billion.

Based on the Company’s credit ratings at the time of closing, the credit facility carried an interest rate equal to LIBOR plus a spread of 122.5 basis points and a facility fee of 22.5 basis points.

Coinciding with the closing of the new revolving credit facility, the Company amended and re-priced its $250 million unsecured term loan due in January 2016. The term loan was re-priced to LIBOR plus 142.5 basis points from LIBOR plus 200 basis points and its underlying covenants were aligned with those of UDR’s new revolving credit facility. Additional details related to these debt activities can be found in the October 25, 2011 press release on the Company’s website at www.udr.com.

In addition, the Company prepaid a $100.0 million secured mortgage at par in November. The mortgage had an interest rate of 6.78 percent and was originally due in May of 2012.

In the fourth quarter of 2011, the Company raised $15.5 million of equity through the sale of approximately 630 thousand shares at a weighted average net price of $24.67 per share under its “At the Market” equity offering program. In 2011, the Company raised a total of $989 million of equity from a combination of “At the Market” proceeds, a secondary offering completed in July and the issuance of operating partnership units.

Balance Sheet

At December 31, 2011, UDR had $738.7 million in availability through a combination of cash and undrawn capacity on its credit facilities. Potential sources of additional capital include the Company’s $5.0 billion of unencumbered assets (on a historical non-depreciated cost basis), 7.4 million shares available for issuance under its “At the Market” equity offering program in addition to $400 to $600 million in expected dispositions in 2012.

UDR’s total indebtedness at December 31, 2011 was $3.9 billion. The Company ended the fourth quarter with fixed-rate debt representing 73 percent of its total debt, a total blended interest rate of 4.0 percent and a weighted average maturity of 4.4 years. UDR’s fixed charge coverage ratio (adjusted for non-recurring items) was 2.6 times at year-end 2011 versus 2.3 times a year ago.

Post Quarter Activity

Joint Venture Investment Activity

On January 12, 2012, UDR formed a second real estate joint venture with MetLife (UDR/MetLife II) wherein each party owns a 50 percent interest in a $1.3 billion portfolio of 12 operating communities containing 2,528 apartment homes.

The 12 operating communities in the joint venture include seven communities from the Company’s first real estate joint venture with MetLife (UDR/MetLife I) formed on November 8, 2010, while the remaining five communities were newly acquired by UDR/MetLife II. The newly acquired communities, collectively known as Columbus Square, are recently developed, high-rise apartment buildings located on the Upper West Side of Manhattan and were purchased for $630 million. Additional details related to the transaction can be found in the January 12, 2012 press release on the Company’s website at www.udr.com.

With the closing of UDR/MetLife II, the original joint venture between the parties, UDR/MetLife I, now comprises 19 operating communities containing 3,930 homes as well as 10 vacant land parcels. Historical cost of the venture is $1.8 billion and the Company’s weighted average ownership interest in the UDR/MetLife I operating communities is now 12.6 percent and 4.0 percent for the land parcels in the venture.

Capital Markets Activity

On January 5, 2012, the Company priced a ten-year, $400 million offering of 4.625 percent senior unsecured notes under its existing shelf registration. The notes will mature on January 10, 2022. This offering fulfills the Company’s full-year 2012 guidance for $400 million in new debt issuances. A portion of this offering was used to repay $100 million of 5 percent unsecured debt originally due in January 2012. Additional details related to the transaction can be found in the January 5, 2012 press release on the Company’s website at www.udr.com.

In addition, the Company prepaid a $30.6 million mortgage at par in January 2012 that was secured by its 21 Chelsea community in Manhattan.

In January 2012, the Company raised $29.1 million of equity through the sale of approximately 1.2 million shares at a weighted average net price of $24.68 per share under its “At the Market” equity offering program.

 

2012 Guidance

 
Full year 2012 guidance is as follows:
 
  Range    
FFO per diluted share $1.37 to $1.43
Dividend per share $0.88
 

Same-Store Metrics:

Range
Number of homes 38,680
Revenue growth 5.0% to 6.0%
Expense growth 3.0% to 3.5%
Net operating income growth 6.0% to 7.5%
 
G&A expenses ($M) $32 to $34
Recurring capital expenditures $1,150/stabilized home
Stabilized homes 47,545
 
Transactional Activity ($M): Range   Completed(1)
Acquisitions Market dependent
Dispositions $400 to $600
Development spend $400
Redevelopment spend $100
 
Join venture investments, net $290 $290
 
Financing Activity ($M): Range   Completed(1)
Equity Market dependent $29
Debt $400 $400
 
(1) As of February 6, 2012
 
 
FFO Per Share GAAP Reconciliation
All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following is a reconciliation from forecasted FFO per share to GAAP net loss per share:
 
Low High
Forecasted 2012 FFO Guidance per Diluted Share $1.37 $1.43
Conversion to GAAP Share Count (0.09) (0.09)
Depreciation (1.78) (1.78)
Non-Controlling Interests 0.01 0.01
Preferred Dividends (0.02) (0.02)
Forecasted 2012 GAAP Net Loss per Diluted Share ($0.51) ($0.45)
 

Supplemental Information

The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which is available on the Company’s website at www.udr.com.

Conference Call and Webcast Information

UDR will host a webcast and conference call at 11:00 a.m. EST on February 6, 2012 to discuss fourth quarter results. A webcast will be available on UDR’s website at www.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To participate in the teleconference dial 800-762-8779 for domestic and 480-629-9771 for international and provide the following conference ID number: 4501829.

A replay of the conference call will be available through February 20, 2012, by dialing 800-406-7325 for domestic and 303-590-3030 for international and entering the confirmation number, 4501829, when prompted for the pass code.

A replay of the call will be available for 90 days on UDR’s website at www.udr.com.

Full Text of the Earnings Report and Supplemental Data

Internet -- The full text of the earnings report and Supplemental Financial Information will be available on the Company’s website at www.udr.com.

Mail -- For those without Internet access, the fourth quarter 2011 earnings report and Supplemental Financial Information will be available by mail or fax, on request. To receive a copy, please call UDR Investor Relations at 720-348-7762.

Forward Looking Statements

Certain statements made in this press release may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, unfavorable changes in the apartment market, changing economic conditions, the impact of inflation/deflation on rental rates and property operating expenses, expectations concerning availability of capital and the stabilization of the capital markets, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule, expectations on job growth, home affordability and demand/supply ratio for multifamily housing, expectations concerning development and redevelopment activities, expectations on occupancy levels, expectations concerning the Vitruvian ParkSM development, expectations concerning the joint ventures with KFH and MetLife, expectations that automation will help grow net operating income, expectations on annualized net operating income and other risk factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time, including the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.

This release and these forward-looking statements include UDR’s analysis and conclusions and reflect UDR’s judgment as of the date of these materials. UDR assumes no obligation to revise or update to reflect future events or circumstances.

About UDR, Inc.

UDR, Inc. (NYSE: UDR), an S&P 400 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. As of December 31, 2011, UDR owned or had an ownership position in 60,465 apartment homes including 2,626 homes under development. For over 39 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates. Additional information can be found on the Company’s website at www.udr.com.

 

Attachment 1

 
UDR, Inc.
Consolidated Statements of Operations
(Unaudited)
 
 

Three Months Ended

 

Twelve Months Ended

December 31, December 31,
In thousands, except per share amounts   2011   2010 2011   2010
   
Rental income $ 187,999 $ 152,396 $ 691,263 $ 574,084
 
Rental expenses:
Real estate taxes and insurance 22,776 18,376 84,007 70,762
Personnel 15,076 13,445 56,617 51,696
Utilities 10,248 7,946 37,405 31,564
Repair and maintenance 9,843 8,571 37,155 32,386
Administrative and marketing 4,227 3,964 15,411 14,643
Property management 5,169 4,191 19,009 15,788
Other operating expenses 1,580 1,465 5,990 5,773
68,919 57,958 255,594 222,612
Non-property income:
Loss from unconsolidated entities (2,092) (1,447) (6,352) (4,204)
Gain on sale of investments 1,396 4,725 7,069 4,725
Interest and other income (1) 3,406 2,049 10,353 7,777
2,710 5,327 11,070 8,298
Other expenses:
Real estate depreciation and amortization 97,975 74,842 356,011 275,615
Interest 39,030 35,432 151,144 140,869
Amortization of convertible debt premium - 776 1,077 1,204
Other debt charges (2) 550 83 4,602 3,530
Total interest 39,580 36,291 156,823 145,603
Acquisition-related costs 57 186 4,828 2,865
Severance charges 317 6,803 1,342 6,803
General and administrative 5,747 10,597 35,440 39,845
Other depreciation and amortization 919 1,088 3,931 4,843
144,595 129,807 558,375 475,574
 
Loss from continuing operations (22,805) (30,042) (111,636) (115,804)
Income from discontinued operations 70,923 725 132,221 9,216
Consolidated net income/(loss) 48,118 (29,317) 20,585 (106,588)
Net (income)/loss attributable to non-controlling interests (1,620) 861 (562) 3,689
Net income/(loss) attributable to UDR, Inc. 46,498 (28,456) 20,023 (102,899)
Distributions to preferred stockholders - Series E (Convertible) (931) (932) (3,724) (3,726)
Distributions to preferred stockholders - Series G (1,377) (1,437) (5,587) (5,762)
(Premium)/discount on preferred stock repurchases, net - - (175) 25
Net income/(loss) attributable to common stockholders $ 44,190 $ (30,825) $ 10,537 $ (112,362)
 
Earnings/(loss) per weighted average common share - basic and diluted:
Loss from continuing operations available to common stockholders ($0.12) ($0.17) ($0.60) ($0.73)
Income from discontinued operations $0.33 $0.00 $0.66 $0.06
Net Income/(loss) attributable to common stockholders $0.20 ($0.17) $0.05 ($0.68)
 
Common distributions declared per share $0.2150 $0.185 $0.800 $0.730
 
Weighted average number of common shares outstanding - basic and diluted 217,823 180,743 201,294 165,857
 

(1) Includes $3.2 million and $1.7 million of management fees from joint ventures during the three months ended December 31, 2011 and 2010 and $9.6 million and $3.2 million during the twelve months ended December 31, 2011 and 2010.

(2) Write-off of deferred financing costs on early debt extinguishment, including $0 and $599 write-off of convertible debt premium for the three and twelve months ended December 31, 2010.

 
 

Attachment 2

 
UDR, Inc.
Funds From Operations
(Unaudited)
 
  Three Months Ended   Twelve Months Ended
December 31, December 31,
In thousands, except per share amounts   2011   2010 2011   2010
   
Net income/(loss) attributable to UDR, Inc. $ 46,498 $ (28,456) $ 20,023 $ (102,899)
 
Distributions to preferred stockholders (2,308) (2,369) (9,311) (9,488)
Real estate depreciation and amortization, including discontinued operations 98,513 81,922 370,343 303,446
Non-controlling interests 1,620 (861) 562 (3,689)
Real estate depreciation and amortization on unconsolidated joint ventures 2,983 2,323 11,631 5,698
Net gain on the sale of depreciable property in discontinued operations, excluding RE3 (68,045) (49) (123,217) (4,048)
(Premium)/discount on preferred stock repurchases, net - - (175) 25
Funds from operations ("FFO") - basic $ 79,261 $ 52,510 $ 269,856 $ 189,045
 
Distribution to preferred stockholders - Series E (Convertible) 931 932 3,724 3,726
       
Funds from operations - diluted $ 80,192 $ 53,442 $ 273,580 $ 192,771
 
FFO per common share - basic $ 0.35 $ 0.28 $ 1.29 $ 1.10
FFO per common share - diluted $ 0.35 $ 0.28 $ 1.28 $ 1.09
 
Weighted average number of common shares and OP Units outstanding - basic 227,248 186,041 208,896 171,569

Weighted average number of common shares, OP Units, and common stock equivalents outstanding - diluted

232,405 191,651 214,086 176,900
 

FFO is defined as net income (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate or of investments in non-consolidated investees that are driven by measurable decreases in the fair value of depreciable real estate held by the investee, gains (or losses) from sales of depreciable property, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002. UDR considers FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flows as a measure of UDR's activities in accordance with generally accepted accounting principles and is not necessarily indicative of cash available to fund cash needs.

 

RE3 gain on sales, net of taxes, is defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation. We consider FFO with RE3 gain on sales, net of taxes, to be a meaningful supplemental measure of performance because the short-term use of funds produce profits which differ from the traditional long-term investment in real estate for REITs.

 
 

Attachment 3

 
UDR, Inc.
Consolidated Balance Sheets
 
  December 31,   December 31,
In thousands, except share and per share amounts   2011   2010
(unaudited) (audited)
ASSETS
 
Real estate owned:
Real estate held for investment $ 7,825,725 $ 6,198,667
Less: accumulated depreciation   (1,831,157 )   (1,505,626 )
5,994,568 4,693,041
Real estate under development
(net of accumulated depreciation of $570 and $0) 248,176 97,912
Real estate held for disposition
(net of accumulated depreciation of $0 and $132,700)   -     452,068  
Total real estate owned, net of accumulated depreciation 6,242,744 5,243,021
Cash and cash equivalents 12,503 9,486
Marketable securities - 3,866
Restricted cash 24,634 15,447
Deferred financing costs, net 30,068 27,267
Notes receivable - 7,800
Investment in unconsolidated joint ventures 213,040 148,057
Other assets   198,365     74,596  
Total assets $ 6,721,354   $ 5,529,540  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Secured debt $ 1,891,553 $ 1,808,746
Secured debt - real estate held for disposition - 154,924
Unsecured debt 2,026,817 1,603,834
Real estate taxes payable 13,397 14,585
Accrued interest payable 23,208 20,889
Security deposits and prepaid rent 35,516 26,046
Distributions payable 51,019 36,561
Deferred fees and gains on the sale of depreciable property 29,100 28,943
Accounts payable, accrued expenses, and other liabilities   95,485     105,925  
Total liabilities 4,166,095 3,800,453
 
Redeemable non-controlling interests in operating partnership 236,475 119,057
 
Stockholders' equity

Preferred stock, no par value; 50,000,000 shares authorized

2,803,812 shares of 8.00% Series E Cumulative Convertible issued and outstanding (2,803,812 shares at December 31, 2010)

46,571 46,571

3,264,362 shares of 6.75% Series G Cumulative Redeemable issued and outstanding (3,405,562 shares at December 31, 2010)

81,609 85,139

Common stock, $0.01 par value; 250,000,000 shares authorized

219,650,225 shares issued and outstanding (182,496,330 shares at December 31, 2010)

2,197 1,825
Additional paid-in capital 3,340,470 2,450,141
Distributions in excess of net income (1,142,895 ) (973,864 )
Accumulated other comprehensive loss, net   (13,902 )   (3,469 )
Total stockholders' equity 2,314,050 1,606,343
Non-controlling interest   4,734     3,687  
Total equity   2,318,784     1,610,030  
Total liabilities and stockholders' equity $ 6,721,354   $ 5,529,540  
 
 
 

Contacts

UDR, Inc.
Chris Van Ens, 720-348-7762

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Contacts

UDR, Inc.
Chris Van Ens, 720-348-7762