UDR Announces First Quarter 2021 Results and Increases Certain Full-Year 2021 Guidance Ranges
UDR reported first-quarter 2021 results, revealing a net income of $2.0 million, down from $4.2 million YoY, with FFO per share of $0.32 and AFFO per share at $0.44. Same-Store NOI decreased by 10.4% YoY. Revenue fell by $20 million, or 6.2%, to $301.4 million, primarily due to declines in mature communities. The company has acquired properties worth a total of $187 million and projects to raise full-year 2021 guidance. Despite ongoing regulatory challenges, occupancy rates show signs of improvement, positioning the company for potential growth.
- Acquired one community in Boston for $77.4 million, and entered into agreements for additional acquisitions worth $277 million in Dallas.
- Raised full-year 2021 guidance expectations based on current operating trends.
- Cash revenue collection rates improved to 95.2% in Q1 2021.
- Implemented Next Generation Operating Platform, limiting expense growth to 0.7% sequentially.
- Net income decreased to $2.0 million compared to $4.2 million last year.
- Same-Store NOI declined by 10.4% YoY, indicating operational challenges.
- Total revenue decreased by $20 million YoY, a 6.2% drop.
UDR, Inc. (the “Company”) First Quarter 2021 Highlights:
-
Net income per share was
$0.01 , Funds from Operations (“FFO”) per share was$0.32 , FFO as Adjusted (“FFOA”) per share was$0.47 , and Adjusted FFO (“AFFO”) per share was$0.44 . -
Net income attributable to common stockholders was
$2.0 million compared to net income of$4.2 million in the prior year period, primarily due to higher costs associated with debt extinguishment and a decline in Same-Store net operating income (“NOI”), partially offset by gains from the sale of communities during the quarter. - Year-over-year (“YOY”) Same-Store results during the first quarter of 2021, with concessions accounted for on cash and straight-line bases, as compared to the first quarter of 2020 were as follows:
Region |
Revenue Growth / (Decline) |
Expense Growth / (Decline) |
NOI Growth / (Decline) |
% of Same-Store Portfolio(1) |
Physical Occupancy(2) |
YOY Change in Occupancy |
||||||||||||
West |
(10.6 |
)% |
0.3 |
% |
(14.1 |
)% |
36.4 |
% |
95.8 |
% |
(1.1 |
)% |
||||||
Mid-Atlantic |
(4.1 |
)% |
1.6 |
% |
(6.4 |
)% |
22.4 |
% |
96.6 |
% |
(0.4 |
)% |
||||||
Northeast |
(9.7 |
)% |
8.5 |
% |
(17.9 |
)% |
16.8 |
% |
95.5 |
% |
(1.0 |
)% |
||||||
Southeast |
2.3 |
% |
10.5 |
% |
(1.2 |
)% |
11.7 |
% |
97.3 |
% |
0.5 |
% |
||||||
Southwest |
(2.0 |
)% |
(0.4 |
)% |
(3.0 |
)% |
7.2 |
% |
96.9 |
% |
(0.2 |
)% |
||||||
Other Markets |
0.1 |
% |
0.0 |
% |
0.1 |
% |
5.5 |
% |
97.2 |
% |
1.0 |
% |
||||||
Total (Cash) |
(6.4 |
)% |
3.3 |
% |
(10.4 |
)% |
100.0 |
% |
96.4 |
% |
(0.4 |
)% |
||||||
Total (Straight-Line) |
(6.7 |
)% |
- |
|
(10.8 |
)% |
- |
|
- |
|
- |
|
||||||
(1) |
Based on Q1 2021 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information. |
|
(2) |
Weighted average Same-Store physical occupancy for the quarter. |
- The Company continues to implement its Next Generation Operating Platform, which assisted in limiting first quarter 2021 Same-Store controllable expense growth to 0.7 percent sequentially and 2.0 percent YOY.
-
During the quarter, the Company
-
Entered into forward sale agreements for approximately 9.3 million shares of common stock at a weighted average initial forward price per share of
$43.60 for estimated future proceeds of approximately$404.6 million , subject to adjustment as described later in this release. No shares under the forward sale agreements have been settled. -
Issued
$300.0 million of unsecured debt at an effective interest rate of 2.14 percent that matures in June 2033 and repaid$300.0 million of higher cost, 4.00 percent debt originally due in 2025. -
Acquired one multifamily community in suburban Boston (Franklin), MA, for
$77.4 million . -
Through its Developer Capital Program, committed to invest
$50.1 million into two multifamily developments, one each in Herndon, VA, and Allen, TX. Each investment yields 9.0 percent on the Company’s capital outstanding and includes profit participation upon a liquidity event. -
Sold one wholly owned community in Orange County (Anaheim), CA, and one joint venture community in Los Angeles, CA, for total net proceeds of
$187.0 million at the Company’s ownership share.
-
Entered into forward sale agreements for approximately 9.3 million shares of common stock at a weighted average initial forward price per share of
-
Subsequent to quarter-end, the Company:
-
Acquired one community in suburban Dallas (Farmers Branch), TX, for
$110.0 million and is under contract to acquire another community in suburban Dallas (Frisco), TX, for$167.0 million , which the Company expects to close during the second quarter of 2021, subject to customary closing conditions.
-
Acquired one community in suburban Dallas (Farmers Branch), TX, for
“First quarter 2021 earnings results met our expectations, and I am encouraged by continued improvement in our operating trends, collections, and the pace of the economic recovery. As a result of these factors and the accretive transactions we have completed and identified to-date, we have raised full-year 2021 guidance expectations,” said Tom Toomey, UDR’s Chairman and CEO. “While a variety of regulatory restrictions remain in place, the transition from stabilizing business trends to growth implies the low point for our quarterly earnings is behind us. Despite the economic uncertainties that remain, we expect our innovative Next Generation Operating Platform and accretive capital deployment to drive strong growth in 2021 and beyond.”
Recent Operating Trends
The table presented below is a summary of fourth quarter 2020 and first quarter 2021 residential operating trends. Additional disclosure, including April forecasts, is provided on the “Recent Operating Trends” section of the Company’s quarterly Supplemental Financial Information.
“Billed revenue is demonstrating signs of sequential quarterly improvement, cash revenue collection rates are increasing, rising traffic volume is supportive of continued strength in occupancy, and pricing power has returned across most of our markets, as evidenced by sequential quarterly improvements in effective blended lease rate growth,” said Mike Lacy, UDR’s Senior Vice President of Operations. “Collectively, these trends have resulted in positive sequential revenue growth. Combined with the continued successful rollout of our Next Generation Operating Platform, we are well positioned as we approach the traditional leasing season.”
Summary of Fourth Quarter 2020 and First Quarter 2021 Residential Operating Trends(1)
|
As of and Through April 25, 2021 |
|||||||||
Metric |
Q4 2020 |
Jan 2021 |
Feb 2021 |
Mar 2021 |
Q1 2021 |
|||||
Cash revenue collected (% of billed) during billing period |
95.4 |
% |
93.3 |
% |
93.3 |
% |
93.8 |
% |
95.2 |
% |
Cash revenue collected (% of billed) subsequent to billing period(1) |
1.6 |
% |
3.2 |
% |
2.8 |
% |
1.6 |
% |
0.8 |
% |
Cash revenue collected (% of billed) as of April 25, 2021(1) |
97.0 |
% |
96.5 |
% |
96.1 |
% |
95.4 |
% |
|
(2) |
Revenue reserved or written-off(2) |
2.4 |
% |
N/A |
|
N/A |
|
N/A |
|
2.6 |
% |
Same-Store Leasing Traffic (daily avg.)(3) |
815 |
|
930 |
|
931 |
|
1,170 |
|
1,013 |
|
Same-Store Visits (total for period)(3) |
22,445 |
|
9,909 |
|
8,820 |
|
13,275 |
|
32,004 |
|
Same-Store Metrics |
|
|
|
|
|
|||||
Weighted Average Physical Occupancy |
96.1 |
% |
96.4 |
% |
96.3 |
% |
96.5 |
% |
96.4 |
% |
Effective Blended Lease Rate Growth(3) |
(0.3 |
)% |
0.1 |
% |
0.3 |
% |
0.3 |
% |
0.3 |
% |
(1) |
Metrics shown here are as of April 25, 2021, and are for the Company’s total residential portfolio, unless otherwise indicated. Cash revenue collected as a percentage of billed revenue for Q2 2020 and Q3 2020 are 98.3 percent and 97.9 percent, respectively, as of April 25, 2021. |
|
(2) |
For Q1 2021, the Company reserved (reflected as a reduction to revenue) approximately 1.5 percent, or |
|
(3) |
The Company defines (a) Leasing Traffic as average daily leads to lease a home for the period indicated. The Company defines (b) Visits as the summation of tours taken by current and prospective residents, whether in-person (where allowed) or by virtual means, for the period indicated. The Company defines (c) Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level new and in-place demand trends. Please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information for additional details. |
Outlook
For the second quarter of 2021, the Company has established the following earnings guidance ranges. For the full-year 2021, the Company increased its previously provided same-store and certain earnings guidance ranges(1):
|
Q1 2021 Actual) |
Q2 2021 (Outlook) |
Prior Full-Year 2021 Outlook |
Updated Full-Year 2021 Outlook |
Change to 2021 Guidance, at Midpoint |
Net Income / (Loss) per share |
|
|
|
|
|
FFO per share |
|
|
|
|
|
FFOA per share |
|
|
|
|
|
AFFO per share |
|
|
|
|
|
YOY Same-Store Revenue Growth / (Decline), with concessions reported on a cash basis |
(6.4)% |
N/A |
(2.5)% to |
(2.0)% to |
|
YOY Same-Store Revenue Growth / (Decline), with concessions reported on a straight-line basis |
(6.7)% |
N/A |
(4.5)% to (1.5)% |
(4.0)% to (1.5)% |
|
YOY Same-Store Expense Growth |
|
N/A |
|
|
(0.50)% |
YOY Same-Store NOI Growth / (Decline), with concessions reported on a cash basis |
(10.4)% |
N/A |
(4.0)% to |
(3.25)% to |
|
YOY Same-Store NOI Growth / (Decline), with concessions reported on a straight-line basis |
(10.8)% |
N/A |
(6.5)% to (2.5)% |
(5.75)% to (2.5)% |
|
(1) |
Additional assumptions for the Company’s second quarter and 2021 outlook can be found on Attachment 15 of the Company’s related quarterly Supplemental Financial Information. A reconciliation of FFO per share, FFOA per share, and AFFO per share to GAAP Net Income per share can be found on Attachment 16(E) of the Company’s related quarterly Supplemental Financial Information. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 16(A) through 16(E), “Definitions and Reconciliations,” of the Company’s related quarterly Supplemental Financial Information. |
First Quarter 2021 Operations
In the first quarter, total revenue decreased by
Approximately 25 percent of the Company’s first quarter 2021 Same-Store NOI came from communities located in New York, NY, the San Francisco Bay Area, CA, and Boston, MA. As shown in the following table, sequential rent growth and occupancy improved during the first quarter as concessionary activity decreased and demand increased versus the prior quarter. These trends have continued into April 2021.
Summary of First Quarter 2021 versus Fourth Quarter 2020 Same-Store Growth and Occupancy Trends
|
|
Revenue Growth / (Decline) |
NOI Growth / (Decline) |
Physical Occupancy(3) |
||||||||||
Market |
% of Same-Store Portfolio(1) |
Cash Basis(2) |
Straight- Line Basis(2) |
Cash Basis(2) |
Straight- Line Basis(2) |
Q1 2021 |
As of April 25, 2021 |
|||||||
New York, NY |
5.2 |
% |
10.9 |
% |
(3.3 |
)% |
23.7 |
% |
(6.9 |
)% |
94.6 |
% |
95.9 |
% |
San Francisco, CA |
8.6 |
% |
1.4 |
% |
(3.7 |
)% |
2.4 |
% |
(5.0 |
)% |
92.8 |
% |
94.5 |
% |
Boston, MA |
11.6 |
% |
0.5 |
% |
(0.8 |
)% |
(1.7 |
)% |
(3.6 |
)% |
95.9 |
% |
96.5 |
% |
Subtotal / Wtd. Avg. |
25.4 |
% |
2.9 |
% |
(2.4 |
)% |
4.9 |
% |
(4.7 |
)% |
94.6 |
% |
95.8 |
% |
Remaining Markets |
74.6 |
% |
(0.7 |
)% |
(1.4 |
)% |
(1.5 |
)% |
(2.6 |
)% |
96.7 |
% |
97.0 |
% |
Total / Wtd. Avg. |
100.0 |
% |
0.3 |
% |
(1.7 |
)% |
(0.2 |
)% |
(3.1 |
)% |
96.4 |
% |
96.8 |
% |
(1) |
Based on Q1 2021 Same-Store NOI. Totals may not equate to the displayed subtotals or weighted averages due to rounding. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information. |
|
(2) |
“Cash Basis” and “Straight-Line Basis” present concessions reported on a cash or straight-line basis, respectively. |
|
(3) |
Weighted average Same-Store physical occupancy for the first quarter 2021 and April 2021 as of and through April 25, 2021, respectively. |
In the table below, the Company has presented sequential Same-Store results by region, with concessions accounted for on cash and straight-line bases.
Summary of Same-Store Results in First Quarter 2021 versus Fourth Quarter 2020
Region |
Revenue Growth / (Decline) |
Expense Growth / (Decline) |
NOI Growth / (Decline) |
% of Same-Store Portfolio(1) |
Physical Occupancy(2) |
Sequential Change in Occupancy |
||||||
West |
(0.1 |
)% |
(0.6 |
)% |
0.2 |
% |
36.4 |
% |
95.8 |
% |
0.8 |
% |
Mid-Atlantic |
(1.9 |
)% |
4.0 |
% |
(4.3 |
)% |
22.4 |
% |
96.6 |
% |
(0.4 |
)% |
Northeast |
4.3 |
% |
3.2 |
% |
5.0 |
% |
16.8 |
% |
95.5 |
% |
1.2 |
% |
Southeast |
0.1 |
% |
1.1 |
% |
(0.4 |
)% |
11.7 |
% |
97.3 |
% |
0.1 |
% |
Southwest |
(0.4 |
)% |
1.7 |
% |
(1.8 |
)% |
7.2 |
% |
96.9 |
% |
(0.2 |
)% |
Other Markets |
(0.1 |
)% |
(3.5 |
)% |
1.4 |
% |
5.5 |
% |
97.2 |
% |
(0.2 |
)% |
Total (Cash) |
0.3 |
% |
1.5 |
% |
(0.2 |
)% |
100.0 |
% |
96.4 |
% |
0.3 |
% |
Total (Straight-Line) |
(1.7 |
)% |
- |
|
(3.1 |
)% |
- |
|
- |
|
- |
|
(1) |
Based on Q1 2021 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information. |
|
(2) |
Weighted average Same-Store physical occupancy for the quarter. |
In the table below, the Company has presented components of residential revenue contribution that drove the year-over-year decrease and sequential increase in Same-Store revenue during the first quarter, as reported on a cash basis. The changes are a result of the following:
|
Year-Over-Year Contribution to Growth / (Decline)(1) |
Sequential Contribution to Growth / (Decline)(1) |
||||||
Residential Revenue Components |
Q1 2020 to Q1 2021 ($ in millions) |
Q1 2020 to Q1 2021 (%) |
Q4 2020 to Q1 2021 ($ in millions) |
Q4 2020 to Q1 2021 (%) |
||||
Base Quarter Same-Store Revenue |
|
|
|
|
|
|
||
Gross Rents |
|
) |
(2.6 |
)% |
|
) |
(0.6 |
)% |
Concessions(2) |
|
) |
(1.2 |
)% |
|
|
1.4 |
% |
Economic Occupancy Loss |
|
) |
(0.7 |
)% |
|
|
0.2 |
% |
Bad Debt Reserve and Net Bad Debt Write-Offs |
|
) |
(1.8 |
)% |
|
) |
(0.3 |
)% |
Fee and Other Income |
|
) |
(0.1 |
)% |
|
) |
(0.4 |
)% |
Q1 2021 Same-Store Revenue |
|
|
(6.4 |
)% |
|
|
0.3 |
% |
(1) |
Totals may not sum to |
|
(2) |
Concessions exclude direct leasing costs. Please see Attachment 16(C), “Definitions and Reconciliations,” of the Company’s related quarterly Supplemental Financial Information for a reconciliation of Same-Store Revenue with concessions on a cash basis to Same-Store Revenue on a straight-line basis. |
Transactional Activity
During the quarter, the Company:
-
Acquired Union Place, a 300-home community located in suburban Boston (Franklin), MA, for
$77.4 million , or$258,000 per home. At the time of acquisition, the 15-year-old property, which affords substantial operating and renovation upside, had average monthly revenue per occupied home of$1,707 and occupancy of 94 percent. -
Sold Parallel, a 386-home community located in Orange County (Anaheim), CA, for gross proceeds of
$156.0 million , or$404,000 per home. At the time of sale, the community had a weighted average monthly revenue per occupied home of$2,160 and physical occupancy of 96 percent. -
Sold OLiVE DTLA, a 293-home joint venture community located in Los Angeles, CA, in which the Company had 47 percent ownership, for a gross sales price of
$121.0 million , or$413,000 per home, at 100 percent. At the time of sale, the community had a weighted average monthly revenue per occupied home of$2,550 and physical occupancy of 93 percent.
Subsequent to quarter-end, the Company:
-
Acquired The Canal, a 636-home community located in suburban Dallas (Farmers Branch), TX, for
$110.0 million , or$173,000 per home. At the time of acquisition, the community, which was constructed in two phases in 2017 and 2019, had average monthly revenue per occupied home of$1,369 , occupancy of 93 percent, and was encumbered with$42.0 million of secured debt. The Canal is located proximate to four wholly owned UDR communities (2,876 homes), which the Company expects should drive additional operating efficiencies as its Next Generation Operating Platform is deployed. -
Is under contract to acquire a 945-home community in suburban Dallas (Frisco), TX, for
$167.0 million , or$177,000 per home, which the Company expects to close during the second quarter of 2021, subject to customary closing conditions. At the time the Company entered into a purchase agreement, the community, which was constructed in two phases in 2009 and 2012, had average monthly revenue per occupied home of$1,095 , occupancy of 96 percent, and was encumbered with$89.5 million of secured debt. The community is located proximate to a wholly owned UDR community (Legacy Village Apartment Homes, 1,043 homes), which the Company expects should drive additional operating efficiencies as its Next Generation Operating Platform is deployed.
Development Activity
At the end of the first quarter, the Company’s development pipeline totaled
Developer Capital Program (“DCP”) Activity
At the end of the first quarter, the Company’s DCP investments, including accrued return, totaled
During the quarter, the Company committed to invest
Capital Markets and Balance Sheet Activity
As previously announced, during the quarter the Company:
-
Entered into forward sale agreements for approximately 9.3 million shares of common stock at a weighted average initial forward price per share of
$43.60 , which will be adjusted at settlement to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the forward sale agreements. 7.0 million shares are subject to forward sale agreements entered into in connection with an underwritten public offering and approximately 2.3 million shares are subject to forward sale agreements under the Company’s at-the-market equity program. No shares under any of the forward sale agreements have been settled. The final dates by which shares sold under the forward sale agreements must be settled range between February 23, 2022 and March 29, 2022. -
Issued
$300.0 million of unsecured debt at an effective interest rate of 2.14 percent that matures in June 2033 and used the proceeds to redeem all$300.0 million aggregate principal amount of its 4.00 percent medium-term notes originally due in October 2025. -
In conjunction with its joint venture partner MetLife, refinanced
$302.3 million of mortgage loans with a weighted average interest rate of 3.7 percent on Columbus Square (Manhattan, NY) that were scheduled to mature in 2022, with$229.6 million of fixed rate mortgage loans at a weighted average interest rate of 2.6 percent that mature in 2031.
As of March 31, 2021, the Company had
The Company’s total indebtedness as of March 31, 2021 was
Dividend
As previously announced, the Company’s Board of Directors approved a one percent annualized common dividend increase for 2021 and declared a regular quarterly dividend on its common stock for the first quarter of 2021 in the amount of
Supplemental Information
The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which is available on the Company's website at ir.udr.com.
Attachment 16(A) |
UDR, Inc. |
Definitions and Reconciliations |
March 31, 2021 |
(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 on consolidated communities 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/(loss) 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/(loss) (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/(loss) attributable to common stockholders to AFFO is provided on Attachment 2. |
| Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items as Consolidated Interest Coverage Ratio - adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment, plus preferred dividends. |
| Management considers Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items 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 consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. |
| Consolidated Interest Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Interest Coverage Ratio - adjusted for non-recurring items as Consolidated EBITDAre – adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment. |
| Management considers Consolidated Interest Coverage Ratio - adjusted for non-recurring items 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 consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Interest Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. |
| Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items: The Company defines Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items as total consolidated debt net of cash and cash equivalents divided by annualized Consolidated EBITDAre - adjusted for non-recurring items. Consolidated EBITDAre - adjusted for non-recurring items is defined as EBITDAre excluding the impact of income/(loss) from unconsolidated entities, adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures and other non-recurring items including, but not limited to casualty-related charges/(recoveries), net of wholly owned communities. |
| Management considers Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items 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 consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income/(loss) and Consolidated EBITDAre - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. |
| Controllable Expenses: The Company refers to property operating and maintenance expenses as Controllable Expenses. |
| Controllable Operating Margin: The Company defines Controllable Operating Margin as (i) rental income less Controllable Expenses (ii) divided by rental income. Management considers Controllable Operating Margin a useful metric as it provides investors with an indicator of the Company’s ability to limit the growth of expenses that are within the control of the Company. |
| 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. |
| Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): The Company defines EBITDAre as net income/(loss) (computed in accordance GAAP), plus interest expense, including costs associated with debt extinguishment, plus real estate depreciation and amortization, plus other depreciation and amortization, plus (minus) income tax provision/(benefit), net, (minus) plus net gain/(loss) on the sale of depreciable real estate owned, plus impairment write-downs of depreciable real estate, plus the adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre was approved by the Board of Governors of Nareit in September 2017. |
| Management considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company’s ability to incur and service debt, and will enable investors to assess our performance against that of its peer REITs. EBITDAre 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. EBITDAre 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 between net income/(loss) and EBITDAre is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. |
| Effective Blended Lease Rate Growth: The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. |
| Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level, new and in-place demand trends. |
| Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase in gross potential rent realized less concessions for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on 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 concessions for the new lease term (current effective rent) versus prior effective rent for the prior lease term on 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 it does not represent the date of stabilization. |
Attachment 16(B) |
| UDR, Inc. |
| Definitions and Reconciliations |
| March 31, 2021 |
| (Unaudited) |
| Funds from Operations as Adjusted ("FFO as Adjusted") attributable to common stockholders and unitholders: The Company defines FFO as Adjusted attributable to common stockholders and unitholders as FFO excluding the impact of other non-comparable items including, but not limited to, acquisition-related costs, prepayment costs/benefits associated with early debt retirement, impairment write-downs or gains and losses on sales of real estate or other assets incidental to the main business of the Company and income taxes directly associated with those gains and losses, casualty-related expenses and recoveries, severance costs and legal and other 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/(loss) 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 attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company’s share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and restated in November 2018. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count. |
| 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/(loss) attributable to common stockholders to FFO is provided on Attachment 2. |
| Held For Disposition Communities: The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter. |
| Joint Venture Reconciliation at UDR's weighted average ownership interest: | ||||
| In thousands | 1Q 2021 |
|||
| Income/(loss) from unconsolidated entities | $ |
4,922 |
|
|
| Management fee |
|
470 |
|
|
| Financing fee |
|
287 |
|
|
| Interest expense |
|
4,431 |
|
|
| Debt extinguishment and other associated costs |
|
1,395 |
|
|
| Depreciation |
|
8,205 |
|
|
| General and administrative |
|
64 |
|
|
| Developer Capital Program (excludes Alameda Point Block 11 and Brio) |
|
(7,027 |
) |
|
| Other (income)/expense |
|
137 |
|
|
| Realized/unrealized (gain)/loss on unconsolidated real estate technology investments |
|
(1,950 |
) |
|
| NOI related to sold properties |
|
(87 |
) |
|
| (Gain)/loss on sales |
|
(2,460 |
) |
|
| Total Joint Venture NOI at UDR's Ownership Interest | $ |
8,387 |
|
|
| Leasing Traffic: The Company defines Leasing Traffic as average daily leads to lease a home for the period indicated. |
| Net Operating Income (“NOI”): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent and other revenues 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 |
| 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/(loss) attributable to UDR, Inc. to NOI is provided below. |
| In thousands | 1Q 2021 |
4Q 2020 |
3Q 2020 |
2Q 2020 |
1Q 2020 |
|||||||||||||||
| Net income/(loss) attributable to UDR, Inc. | $ |
3,104 |
|
$ |
26,532 |
|
$ |
(25,258 |
) |
$ |
57,771 |
|
$ |
5,221 |
|
|||||
| Property management |
|
8,995 |
|
|
8,659 |
|
|
8,879 |
|
|
8,797 |
|
|
9,203 |
|
|||||
| Other operating expenses |
|
4,435 |
|
|
6,153 |
|
|
5,543 |
|
|
6,100 |
|
|
4,966 |
|
|||||
| Real estate depreciation and amortization |
|
144,088 |
|
|
146,135 |
|
|
151,949 |
|
|
155,056 |
|
|
155,476 |
|
|||||
| Interest expense |
|
78,156 |
|
|
62,524 |
|
|
62,268 |
|
|
38,597 |
|
|
39,317 |
|
|||||
| Casualty-related charges/(recoveries), net |
|
5,577 |
|
|
778 |
|
|
- |
|
|
102 |
|
|
1,251 |
|
|||||
| General and administrative |
|
12,736 |
|
|
11,978 |
|
|
11,958 |
|
|
10,971 |
|
|
14,978 |
|
|||||
| Tax provision/(benefit), net |
|
619 |
|
|
668 |
|
|
187 |
|
|
1,526 |
|
|
164 |
|
|||||
| (Income)/loss from unconsolidated entities |
|
(4,922 |
) |
|
(4,516 |
) |
|
(2,940 |
) |
|
(8,021 |
) |
|
(3,367 |
) |
|||||
| Interest income and other (income)/expense, net |
|
(2,057 |
) |
|
1,030 |
|
|
(2,183 |
) |
|
(2,421 |
) |
|
(2,700 |
) |
|||||
| Joint venture management and other fees |
|
(1,615 |
) |
|
(1,208 |
) |
|
(1,199 |
) |
|
(1,274 |
) |
|
(1,388 |
) |
|||||
| Other depreciation and amortization |
|
2,601 |
|
|
2,074 |
|
|
3,887 |
|
|
2,027 |
|
|
2,025 |
|
|||||
| (Gain)/loss on sale of real estate owned |
|
(50,829 |
) |
|
(57,974 |
) |
|
- |
|
|
(61,303 |
) |
|
- |
|
|||||
| Net income/(loss) attributable to noncontrolling interests |
|
170 |
|
|
2,019 |
|
|
(1,959 |
) |
|
4,325 |
|
|
319 |
|
|||||
| Total consolidated NOI | $ |
201,058 |
|
$ |
204,852 |
|
$ |
211,132 |
|
$ |
212,253 |
|
$ |
225,465 |
|
|||||
Attachment 16(C) |
|||||||||||||||
| UDR, Inc. | |||||||||||||||
| Definitions and Reconciliations | |||||||||||||||
| March 31, 2021 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| NOI Enhancing Capital Expenditures ("Cap Ex"): The Company defines NOI Enhancing Capital Expenditures as expenditures that result in increased income generation or decreased expense growth over time. | |||||||||||||||
| Management considers NOI 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 or to decrease expenses. | |||||||||||||||
| Non-Mature Communities: 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. | |||||||||||||||
| Other Markets: The Company defines Other Markets as the accumulation of individual markets where it operates less than 1,000 Same-Store homes. Management considers Other Markets a useful metric as the operating results for the individual markets are not representative of the fundamentals for those markets as a whole. | |||||||||||||||
| 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 Communities: The Company defines QTD Same-Store Communities as those communities Stabilized for five full consecutive quarters. These communities were owned and had stabilized operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and were 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 definition of Stabilization Period for Redevelopment Yield, less Recurring Capital Expenditures, minus the project’s annualized NOI prior to commencing the redevelopment, less Recurring Capital Expenditures, divided by the total cost of the project. | |||||||||||||||
| Same-Store Revenue with Concessions on a Cash Basis: Same-Store Revenue with Concessions on a Cash Basis is considered by the Company to be a supplemental measure to rental income on a straight-line basis which allows investors to evaluate the impact of both current and historical concessions and to more readily enable comparisons to revenue as reported by its peer REITs. In addition, Same-Store Revenue with Concessions on a Cash Basis allows an investor to understand the historical trends in cash concessions. | |||||||||||||||
| A reconciliation between Same-Store Revenue with Concessions on a Cash Basis to Same-Store Revenue on a straight-line basis (inclusive of the impact to Same-Store NOI) is provided below: | |||||||||||||||
1Q 21 |
1Q 20 |
1Q 21 |
4Q 20 |
||||||||||||
| Revenue (Cash basis) | $ |
277,820 |
|
$ |
296,882 |
|
$ |
277,820 |
|
$ |
276,996 |
||||
| Concessions granted/(amortized), net |
|
(1,407 |
) |
|
(568 |
) |
|
(1,407 |
) |
|
4,196 |
||||
| Revenue (Straight-line basis) | $ |
276,413 |
|
$ |
296,314 |
|
$ |
276,413 |
|
$ |
281,192 |
||||
| % change - Same-Store Revenue with Concessions on a Cash basis: |
|
-6.4 |
% |
|
0.3 |
% |
|||||||||
| % change - Same-Store Revenue on a Straight-line basis: |
|
-6.7 |
% |
|
-1.7 |
% |
|||||||||
| % change - Same-Store NOI with Same-Store Revenue with Concessions on a Cash basis: |
|
-10.4 |
% |
|
-0.2 |
% |
|||||||||
| % change - Same-Store NOI with Same-Store Revenue on a Straight-line basis: |
|
-10.8 |
% |
|
-3.1 |
% |
|||||||||
| Sold Communities: The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter. | |||||||||||||||
| Stabilization/Stabilized: The Company defines Stabilization/Stabilized as when a community’s occupancy reaches |
|||||||||||||||
| Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that have reached Stabilization but are not yet in the same-store portfolio. | |||||||||||||||
| Stabilization Period for Development Yield: The Company defines the Stabilization Period for Development 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 Redevelopment 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: The Company calculates expected stabilized yields on development as follows: projected stabilized NOI less management fees divided by budgeted construction costs 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 Developments 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. | |||||||||||||||
Attachment 16(D) |
| UDR, Inc. |
| Definitions and Reconciliations |
| March 31, 2021 |
| (Unaudited) |
| 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 making investments and providing services that are otherwise not allowed to be made or provided by a REIT. |
| Visits: The Company defines Visits as the summation of tours taken by current and prospective residents, whether in-person (where allowed) or by virtual means, for the period indicated. |
| YTD Same-Store Communities: The Company defines YTD Same-Store Communities as those communities Stabilized for two full consecutive calendar years. These communities were owned and had stabilized operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition. |
Conference Call and Webcast Information
UDR will host a webcast and conference call at 1:00 p.m. Eastern Time on April 28, 2021 to discuss first quarter results as well as high-level views for 2021.
The webcast will be available on UDR's website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.
To participate in the teleconference dial 877-705-6003 for domestic and 201-493-6725 for international. A passcode is not necessary.
This quarter, given the combination of a high volume of conference calls occurring during this time of year generally and the impact that the COVID-19 pandemic has had on staffing and capacity at our conference call provider, we anticipate potential delays if you dial in to be connected to the live call. As a result, we encourage stockholders and interested parties to join us for the Company’s earnings results discussion via the webcast link. If you choose to dial in to the live call, please allow extra time to be connected to the call.
A replay of the conference call will be available through May 28, 2021, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13718415, when prompted for the passcode. A replay of the call will also be available for 30 days on UDR's website at ir.udr.com.
Full Text of the Earnings Report and Supplemental Data
The full text of the earnings report and related quarterly Supplemental Financial Information will be available on the Company’s website at ir.udr.com.
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, the impact of the COVID-19 pandemic and measures intended to prevent its spread or address its effects, 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 and rental rates, expectations concerning the joint ventures with third parties, expectations that technology 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 SEC 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.
About UDR, Inc.
UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of March 31, 2021, UDR owned or had an ownership position in 52,617 apartment homes including 1,417 homes under development. For over 48 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates.
Attachment 1 |
||||||||
| UDR, Inc. | ||||||||
| Consolidated Statements of Operations | ||||||||
| (Unaudited) (1) | ||||||||
Three Months Ended |
||||||||
March 31, |
||||||||
| In thousands, except per share amounts | 2021 |
2020 |
||||||
| REVENUES: | ||||||||
| Rental income (2) | $ |
299,826 |
|
$ |
320,093 |
|
||
| Joint venture management and other fees |
|
1,615 |
|
|
1,388 |
|
||
| Total revenues |
|
301,441 |
|
|
321,481 |
|
||
| OPERATING EXPENSES: | ||||||||
| Property operating and maintenance |
|
51,381 |
|
|
49,483 |
|
||
| Real estate taxes and insurance |
|
47,387 |
|
|
45,145 |
|
||
| Property management |
|
8,995 |
|
|
9,203 |
|
||
| Other operating expenses |
|
4,435 |
|
|
4,966 |
|
||
| Real estate depreciation and amortization |
|
144,088 |
|
|
155,476 |
|
||
| General and administrative |
|
12,736 |
|
|
14,978 |
|
||
| Casualty-related charges/(recoveries), net (3) |
|
5,577 |
|
|
1,251 |
|
||
| Other depreciation and amortization |
|
2,601 |
|
|
2,025 |
|
||
| Total operating expenses |
|
277,200 |
|
|
282,527 |
|
||
| Gain/(loss) on sale of real estate owned |
|
50,829 |
|
|
- |
|
||
| Operating income |
|
75,070 |
|
|
38,954 |
|
||
| Income/(loss) from unconsolidated entities (2) |
|
4,922 |
|
|
3,367 |
|
||
| Interest expense |
|
(36,206 |
) |
|
(39,317 |
) |
||
| Debt extinguishment and other associated costs |
|
(41,950 |
) |
|
- |
|
||
| Total interest expense |
|
(78,156 |
) |
|
(39,317 |
) |
||
| Interest income and other income/(expense), net |
|
2,057 |
|
|
2,700 |
|
||
| Income/(loss) before income taxes |
|
3,893 |
|
|
5,704 |
|
||
| Tax (provision)/benefit, net |
|
(619 |
) |
|
(164 |
) |
||
| Net Income/(loss) |
|
3,274 |
|
|
5,540 |
|
||
| Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership |
|
(154 |
) |
|
(313 |
) |
||
| Net (income)/loss attributable to noncontrolling interests |
|
(16 |
) |
|
(6 |
) |
||
| Net income/(loss) attributable to UDR, Inc. |
|
3,104 |
|
|
5,221 |
|
||
| Distributions to preferred stockholders - Series E (Convertible) |
|
(1,056 |
) |
|
(1,066 |
) |
||
| Net income/(loss) attributable to common stockholders | $ |
2,048 |
|
$ |
4,155 |
|
||
| Income/(loss) per weighted average common share - basic: | $ |
0.01 |
|
$ |
0.01 |
|
||
| Income/(loss) per weighted average common share - diluted: | $ |
0.01 |
|
$ |
0.01 |
|
||
| Common distributions declared per share | $ |
0.3625 |
|
$ |
0.3600 |
|
||
| Weighted average number of common shares outstanding - basic |
|
296,537 |
|
|
294,457 |
|
||
| Weighted average number of common shares outstanding - diluted |
|
297,026 |
|
|
295,160 |
|||
(1) See Attachment 16 for definitions and other terms. |
||||||
(2) During the three months ended March 31, 2021, UDR collected |
||||||
(3) During the three months ended March 31, 2021, various UDR communities in Texas and Washington incurred property damage in connection with Winter Storm Uri. |
||||||
Attachment 2 |
||||||||
| UDR, Inc. | ||||||||
| Funds From Operations | ||||||||
| (Unaudited) (1) | ||||||||
Three Months Ended |
||||||||
March 31, |
||||||||
| In thousands, except per share and unit amounts | 2021 |
2020 |
||||||
| Net income/(loss) attributable to common stockholders | $ |
2,048 |
|
$ |
4,155 |
|
||
| Real estate depreciation and amortization |
|
144,088 |
|
|
155,476 |
|
||
| Noncontrolling interests |
|
170 |
|
|
319 |
|
||
| Real estate depreciation and amortization on unconsolidated joint ventures |
|
8,205 |
|
|
8,816 |
|
||
| Net gain on the sale of unconsolidated depreciable property |
|
(2,460 |
) |
|
- |
|
||
| Net gain on the sale of depreciable real estate owned, net of tax |
|
(50,778 |
) |
|
- |
|
||
| Funds from operations ("FFO") attributable to common stockholders and unitholders, basic | $ |
101,273 |
|
$ |
168,766 |
|
||
| Distributions to preferred stockholders - Series E (Convertible) (2) |
|
1,056 |
|
|
1,066 |
|
||
| FFO attributable to common stockholders and unitholders, diluted |
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"@type": "FAQPage",
"name": "UDR Announces First Quarter 2021 Results and Increases Certain Full-Year 2021 Guidance Ranges FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What were UDR's first quarter 2021 earnings results?",
"acceptedAnswer": {
"@type": "Answer",
"text": "UDR reported a net income of $2.0 million and FFO per share of $0.32 for Q1 2021."
}
},
{
"@type": "Question",
"name": "What impact did the pandemic have on UDR's Same-Store NOI?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Same-Store NOI declined by 10.4% year-over-year due to challenges in the rental market."
}
},
{
"@type": "Question",
"name": "How did UDR's revenue change in the first quarter of 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Total revenue for UDR decreased by $20 million, or 6.2%, to $301.4 million compared to last year."
}
},
{
"@type": "Question",
"name": "What acquisitions did UDR complete in Q1 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "UDR acquired one community for $77.4 million and entered into forward sale agreements for an additional $400 million."
}
},
{
"@type": "Question",
"name": "What is the outlook for UDR's financial guidance in 2021?",
"acceptedAnswer": {
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FAQ
What were UDR's first quarter 2021 earnings results?
UDR reported a net income of $2.0 million and FFO per share of $0.32 for Q1 2021.
What impact did the pandemic have on UDR's Same-Store NOI?
Same-Store NOI declined by 10.4% year-over-year due to challenges in the rental market.
How did UDR's revenue change in the first quarter of 2021?
Total revenue for UDR decreased by $20 million, or 6.2%, to $301.4 million compared to last year.
What acquisitions did UDR complete in Q1 2021?
UDR acquired one community for $77.4 million and entered into forward sale agreements for an additional $400 million.
What is the outlook for UDR's financial guidance in 2021?
UDR raised its full-year guidance expectations based on improved operating trends and revenue collection.
UDR, Inc.
NYSE:UDRUDR RankingsUDR Latest NewsSep 19, 2024
UDR Declares Quarterly Dividends
UDR Stock Data
14.57B
328.33M
0.49%
101.76%
1.75%
REIT - Residential
Real Estate Investment Trusts
United States of America
HIGHLANDS RANCH
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