UDR, Inc. (the “Company”) (NYSE: UDR), announced today its
second quarter 2023 results. Net Income, Funds from Operations
(“FFO”), FFO as Adjusted (“FFOA”), and Adjusted FFO (“AFFO”) per
diluted share for the quarter ended June 30, 2023 are detailed
below.
Quarter Ended June 30
Metric
2Q 2023 Actual
2Q 2023 Guidance
2Q 2022 Actual
$ Change vs. Prior Year
Period
% Change vs. Prior Year
Period
Net Income per diluted share
$1.05
$0.11 to $0.13
$0.01
$1.04
10,400%
FFO per diluted share
$0.63
$0.60 to $0.62
$0.52
$0.11
21%
FFOA per diluted share
$0.61
$0.60 to $0.62
$0.57
$0.04
7%
AFFO per diluted share
$0.55
$0.54 to $0.56
$0.52
$0.03
6%
- Same-Store (“SS”) results for the second quarter 2023 versus
the second quarter 2022 and the first quarter 2023 are summarized
below.
Concessions reflected on a
straight-line basis:
Concessions reflected on a
cash basis:
SS Growth / (Decline)
Year-Over-Year (“YOY”):2Q 2023
vs. 2Q 2022
Sequential: 2Q 2023
vs. 1Q 2023
YOY: 2Q 2023 vs. 2Q
2022
Sequential: 2Q 2023
vs. 1Q 2023
Revenue
7.6%
1.1%
6.9%
1.2%
Expense
7.4%
2.6%
7.4%
2.6%
Net Operating Income (“NOI”)
7.7%
0.5%
6.7%
0.6%
- During the second quarter,
- As previously announced, the Company closed a $507.2 million
joint venture with LaSalle Investment Management on behalf of an
institutional client, retaining a 51 percent ownership in the four
communities contributed as a seed portfolio.
- The Company achieved stabilization at Cirrus, a $101.9 million,
292-home apartment community developed in Denver, CO.
- The Company funded a total of $38.8 million to pay down and
extend the maturity dates of the senior construction loans
affiliated with three DCP investments. The funded amounts will earn
a projected initial contractual weighted average return rate of 9.4
percent.
- Subsequent to quarter-end, the Company entered into an
agreement to acquire six communities totaling 1,753 apartment homes
valued at approximately $401.9 million.
“The nation’s employment situation remains resilient, wage
growth is strong, and relative affordability versus other forms of
housing continues to favor apartments,” said Tom Toomey, UDR’s
Chairman and CEO. “Combining this demand backdrop with UDR’s
history of prudent capital allocation and operating margin
expansion through the adoption of innovative technologies positions
our Company well for continued growth. Specifically, implied in our
full-year 2023 guidance is an expectation for FFOA per share to
accelerate in the second half of the year, driven by improving
blended lease rate growth, better bad debt trends, higher other
income from initiatives, and incremental NOI from the lease-up of
recently developed communities.”
Outlook(1)
As shown in the table below, the Company has established
guidance ranges for the third quarter 2023 and has updated its
prior full-year 2023 Net Income per share, FFO per share, FFOA per
share, AFFO per share, and same-store growth guidance ranges.
3Q 2023 Outlook
2Q 2023 Actual
Prior Full-Year 2023
Outlook
Updated Full-Year 2023
Outlook
Full-Year 2023 Midpoint
(change)
Net Income per diluted share
$0.13 to $0.15
$1.05
$0.47 to $0.55
$1.35 to $1.39
$1.37 (+$0.86)
FFO per diluted share
$0.62 to $0.64
$0.63
$2.44 to $2.52
$2.48 to $2.52
$2.50 (+$0.02)
FFOA per diluted share
$0.62 to $0.64
$0.61
$2.45 to $2.53
$2.47 to $2.51
$2.49 (unch)
AFFO per diluted share
$0.56 to $0.58
$0.55
$2.22 to $2.30
$2.24 to $2.28
$2.26 (unch)
YOY Growth: concessions reflected on a
straight-line basis:
SS Revenue
N/A
7.6%
5.75% to 7.75%
6.25% to 7.25%
6.75% (unch)
SS Expense
N/A
7.4%
4.0% to 5.5%
4.0% to 5.5%
4.75% (unch)
SS NOI
N/A
7.7%
6.25% to 8.75%
6.75% to 8.25%
7.50% (unch)
YOY Growth: concessions reflected on a
cash basis:
SS Revenue
N/A
6.9%
5.5% to 7.5%
6.0% to 7.0%
6.50% (unch)
SS NOI
N/A
6.7%
6.0% to 8.5%
6.5% to 8.0%
7.25% (unch)
(1)
Additional assumptions for the Company’s
third quarter and full-year 2023 outlook can be found on Attachment
14 of the Company’s related quarterly Supplemental Financial
Information (“Supplement”). A reconciliation of FFO per share, FFOA
per share, and AFFO per share to GAAP Net Income per share can be
found on Attachment 15(D) of the Company’s related quarterly
Supplement. Non-GAAP financial measures and other terms, as used in
this earnings release, are defined and further explained on
Attachments 15(A) through 15(D), “Definitions and Reconciliations,”
of the Company’s related quarterly Supplement.
Second Quarter 2023 Results and
Preliminary Third Quarter 2023 Same-Store Revenue Growth
Expectations
In the second quarter, total revenue increased by $35.4 million
YOY, or 9.6 percent, to $404.5 million. This increase was primarily
attributable to growth in revenue from Same-Store communities and
past accretive external growth investments.
“Healthy demand for UDR apartment homes enabled us to achieve
1.1 percent sequential same-store revenue growth on a straight-line
basis in the second quarter,” said Mike Lacy, UDR’s Senior Vice
President of Operations. “Resident financial health remains strong,
traffic is high, and sequential market rent growth is above
historical norms. When combined with growth in other income from
our various initiatives, sequential same-store revenue growth
should be 2 percent to 2.5 percent in the third quarter, which
compares favorably to the pre-COVID average of approximately 1
percent, and in-line with our original expectations.”
For the second quarter 2023, the Company’s accounts receivable
balance, net of its reserve, was $8.3 million, including its share
from unconsolidated joint ventures. This is a decrease of $2.5
million versus the Company’s accounts receivable balance, net of
its reserve, of $10.8 million as of the end of the first quarter
2023.
In the tables below, the Company has presented YOY, sequential,
and year-to-date (“YTD”) Same-Store results by region, with
concessions accounted for on both cash and straight-line bases.
Summary of Same-Store Results in Second Quarter 2023 versus
Second Quarter 2022
Region
Revenue Growth
Expense Growth
NOI Growth
% of Same-Store
Portfolio(1)
Physical Occupancy(2)
YOY Change in
Occupancy
West
4.7%
9.7%
3.1%
30.9%
96.4%
(0.3)%
Mid-Atlantic
5.9%
7.6%
5.1%
21.1%
96.9%
(0.4)%
Northeast
9.4%
8.2%
10.0%
17.6%
97.2%
0.0%
Southeast
10.0%
7.6%
11.1%
14.4%
96.3%
(0.6)%
Southwest
7.3%
3.2%
9.8%
9.0%
96.3%
(0.8)%
Other Markets
6.2%
2.9%
7.4%
7.0%
96.6%
(0.4)%
Total (Cash)
6.9%
7.4%
6.7%
100.0%
96.6%
(0.4)%
Total (Straight-Line)
7.6%
7.4%
7.7%
-
-
-
(1)
Based on 2Q 2023 Same-Store NOI. For
definitions of terms, please refer to the “Definitions and
Reconciliations” section of the Company’s related quarterly
Supplement.
(2)
Weighted average Same-Store physical
occupancy for the quarter.
Summary of Same-Store Results in Second Quarter 2023 versus
First Quarter 2023
Region
Revenue Growth /
(Decline)
Expense Growth /
(Decline)
NOI Growth / (Decline)
% of Same-Store
Portfolio(1)
Physical Occupancy(2)
Sequential Change in
Occupancy
West
0.4%
5.1%
(1.2)%
30.9%
96.4%
0.0%
Mid-Atlantic
1.7%
6.0%
(0.1)%
21.1%
96.9%
0.3%
Northeast
1.3%
0.1%
1.9%
17.6%
97.2%
0.0%
Southeast
2.0%
1.4%
2.3%
14.4%
96.3%
0.2%
Southwest
0.5%
(3.5)%
3.0%
9.0%
96.3%
(0.3)%
Other Markets
2.1%
4.4%
1.3%
7.0%
96.6%
(0.4)%
Total (Cash)
1.2%
2.6%
0.6%
100.0%
96.6%
0.0%
Total (Straight-Line)
1.1%
2.6%
0.5%
-
-
-
(1)
Based on 2Q 2023 Same-Store NOI. For
definitions of terms, please refer to the “Definitions and
Reconciliations” section of the Company’s related quarterly
Supplement.
(2)
Weighted average Same-Store physical
occupancy for the quarter.
Summary of Same-Store Results YTD 2023 versus YTD
2022
Region
Revenue Growth
Expense Growth
NOI Growth
% of Same-Store
Portfolio(1)
Physical Occupancy(2)
YOY Change in
Occupancy
West
5.5%
5.9%
5.4%
31.2%
96.4%
(0.3)%
Mid-Atlantic
6.1%
5.3%
6.5%
21.1%
96.7%
(0.5)%
Northeast
9.2%
6.4%
10.8%
17.4%
97.2%
(0.1)%
Southeast
11.4%
8.7%
12.7%
14.3%
96.2%
(0.9)%
Southwest
8.9%
7.6%
9.7%
8.9%
96.4%
(0.8)%
Other Markets
6.4%
2.9%
7.8%
7.1%
96.8%
(0.2)%
Total (Cash)
7.5%
6.3%
8.1%
100.0%
96.6%
(0.5)%
Total (Straight-Line)
8.6%
6.3%
9.6%
-
-
-
(1)
Based on YTD 2023 Same-Store NOI. For
definitions of terms, please refer to the “Definitions and
Reconciliations” section of the Company’s related quarterly
Supplement.
(2)
Weighted average Same-Store physical
occupancy for the quarter.
Transactional Activity
As previously announced, during the quarter, the Company closed
a $507.2 million joint venture with LaSalle Investment Management
on behalf of an institutional client, retaining a 51 percent
ownership in the four communities contributed as a seed portfolio.
The value of the seed portfolio is based on a low-5% effective
forward yield.
Subsequent to quarter-end, the Company entered into an agreement
to acquire six communities totaling 1,753 apartment homes in
exchange for $172.5 million of UDR Operating Partnership Units
issued at $47.50 per unit, $20.0 million in cash, and the
assumption of $209.4 million of below market debt at a weighted
average coupon rate of 3.8 percent with a weighted average of 6.3
years to maturity. The table below summarizes this
transaction.(1)
Transaction
Markets
Homes
Purchase Price ($M)
Property Debt Assumed
($M)
Age (Years)
Monthly Revenue per Occupied
Home
6 communities
Dallas and Austin
1,753
$401.9
$209.4
5
$1,624
(1)
Data as of June 2023.
“We are pleased to acquire these high-quality apartment
communities with equity issued slightly above consensus NAV,” said
Tom Toomey, UDR’s Chairman and CEO. “In-place controllable
operating margins across these communities are approximately 800
basis points on average below UDR communities in the same markets,
illustrating the potential to drive future upside after integrating
UDR’s industry-leading operating platform.”
Due to the low initial margins at the acquired communities
relative to the average margin across UDR’s portfolio, the
transaction is expected to be cash flow neutral in year 1 and
accretive in year 2 as UDR initiatives are implemented. The
transaction is expected to be slightly dilutive to FFOA per share
in year 1 due to negative non-cash debt mark-to-market adjustments
related to the significantly below-market-rate debt being
assumed.
Development Activity and Other
Projects
During the quarter, the Company achieved stabilization at
Cirrus, a $101.9 million, 292-home apartment community the Company
developed in Denver, CO.
At the end of the second quarter, the Company’s development
pipeline totaled $187.5 million and was 58 percent funded. The
Company’s active development pipeline includes two communities, one
each in the Addison submarket of Dallas, TX, and Tampa, FL, for a
combined total of 415 apartment homes.
At the end of the second quarter, the Company’s redevelopment
pipeline of 2,343 apartment homes, which includes a densification
project that features the addition of 30 new apartment homes at one
community, totaled $124.7 million and was 34 percent funded.
Developer Capital Program (“DCP”)
Portfolio
During the quarter, the Company funded a total of $38.8 million
to pay down and extend the maturity dates of the senior
construction loans affiliated with investments in 1300 Fairmount,
Modera Lake Merritt, and Junction, which have a weighted average
occupancy of 91 percent. The funded amounts will earn a projected
initial contractual weighted average return rate of 9.4 percent,
including a 9.5 percent return rate on 1300 Fairmount (8.5 percent
prior), which could increase to 10.5 percent, or a projected
contractual weighted average return rate of 9.9 percent at that
time, if the developer exercises its option to extend the maturity
date of the Company’s loan.
At the end of the second quarter, the Company’s commitments
under its DCP platform totaled $520.9 million with a contractual
weighted average return rate of 9.8 percent and a weighted average
estimated remaining term of 3.0 years.
Capital Markets and Balance Sheet
Activity
“Our investment grade balance sheet continues to improve, with
net Debt-to-EBITDAre of 5.5x, which was lower by 0.7x versus a year
ago,” said Joe Fisher, UDR’s President and Chief Financial Officer.
“With minimal committed forward funding obligations, strong next
3-year liquidity, and our ability to source capital through joint
venture and OP unit transactions, we can continue to
opportunistically grow the Company and enhance stakeholder
returns.”
The Company’s total indebtedness as of June 30, 2023 was $5.4
billion with no remaining consolidated maturities until 2024,
excluding principal amortization and amounts on the Company’s
commercial paper program. As of June 30, 2023, the Company had $1.1
billion of liquidity through a combination of cash and undrawn
capacity on its credit facilities. Please see Attachment 14 of the
Company’s related quarterly Supplement for additional details on
projected capital sources and uses.
In the table below, the Company has presented select balance
sheet metrics for the quarter ended June 30, 2023 and the
comparable prior year period.
Quarter Ended June 30
Balance Sheet Metric
2Q 2023
2Q 2022
Change
Weighted Average Interest Rate
3.21%
2.85%
0.36%
Weighted Average Years to Maturity(1)
6.3
7.1
(0.8)
Consolidated Fixed Charge Coverage
Ratio
5.0x
5.4x
(0.4)x
Consolidated Debt as a percentage of Total
Assets
31.9%
33.6%
(1.7)%
Consolidated Net Debt-to-EBITDAre
5.5x
6.2x
(0.7)x
(1)
If the Company’s commercial paper balance
was refinanced using its line of credit, the weighted average years
to maturity would have been 6.4 years with and without extensions
for 2Q 2023 and 7.3 years without extensions and 7.4 years with
extensions for 2Q 2022.
Dividend
As previously announced, the Company’s Board of Directors
declared a regular quarterly dividend on its common stock for the
second quarter 2023 in the amount of $0.42 per share. The dividend
will be paid in cash on July 31, 2023 to UDR common shareholders of
record as of July 10, 2023. The second quarter 2023 dividend will
represent the 203rd consecutive quarterly dividend paid by the
Company on its common stock.
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 15(A)
Definitions and Reconciliations June
30, 2023 (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 enables 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 flow 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 lenders 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 lenders 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 lenders 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 with 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 enables 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 15(B)
Definitions and Reconciliations June
30, 2023 (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 flow 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
2Q 2023
YTD 2023 Income/(loss) from unconsolidated entities
$
9,697
$
19,404
Management fee
615
1,225
Interest expense
4,118
8,149
Depreciation
7,580
15,065
General and administrative
61
121
Developer Capital Program (excludes loans)
(11,681
)
(21,803
)
Other (income)/expense
70
158
Realized (gain)/loss on real estate technology investments, net of
tax
200
720
Unrealized (gain)/loss on real estate technology investments, net
of tax
616
(839
)
Total Joint Venture NOI at UDR's Ownership Interest
$
11,276
$
22,200
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 3.25% of
property revenue, and land rent. Property management expense covers
costs directly related to consolidated property operations,
inclusive of corporate management, regional supervision, accounting
and other costs.
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
2Q 2023
1Q 2023
4Q 2022
3Q 2022
2Q 2022
Net income/(loss) attributable to UDR, Inc.
$
347,545
$
30,964
$
44,530
$
23,605
$
5,084
Property management
13,101
12,945
12,949
12,675
11,952
Other operating expenses
4,259
3,032
4,008
3,746
5,027
Real estate depreciation and amortization
168,925
169,300
167,241
166,781
167,584
Interest expense
45,113
43,742
43,247
39,905
36,832
Casualty-related charges/(recoveries), net
1,134
4,156
8,523
901
1,074
General and administrative
16,452
17,480
16,811
15,840
16,585
Tax provision/(benefit), net
1,351
234
(683
)
377
312
(Income)/loss from unconsolidated entities
(9,697
)
(9,707
)
(761
)
(10,003
)
11,229
Interest income and other (income)/expense, net
(10,447
)
(1,010
)
(1
)
7,495
(3,001
)
Joint venture management and other fees
(1,450
)
(1,242
)
(1,244
)
(1,274
)
(1,419
)
Other depreciation and amortization
3,681
3,649
4,823
3,430
3,016
(Gain)/loss on sale of real estate owned
(325,884
)
(1
)
(25,494
)
-
-
Net income/(loss) attributable to noncontrolling interests
22,638
1,961
2,937
1,540
280
Total consolidated NOI
$
276,721
$
275,503
$
276,886
$
265,018
$
254,555
Attachment 15(C)
Definitions and Reconciliations June
30, 2023 (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. Based upon the level of material
impact the redevelopment has on the community (operations,
occupancy levels, and future rental rates), the community may or
may not maintain Stabilization. As such, for each redevelopment,
the Company assesses whether the community remains in
Same-Store.
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:
2Q 23
2Q 22
2Q 23
1Q 23
YTD 23
YTD 22
Revenue (Cash basis)
$
374,534
$
350,260
$
374,534
$
370,099
$
744,633
$
692,399
Concessions granted/(amortized), net
(201
)
(2,338
)
(201
)
60
(142
)
(6,853
)
Revenue (Straight-line basis)
$
374,333
$
347,922
$
374,333
$
370,159
$
744,491
$
685,546
% change - Same-Store Revenue with Concessions on a Cash
basis:
6.9
%
1.2
%
7.5
%
% change - Same-Store Revenue with Concessions on a
Straight-line basis:
7.6
%
1.1
%
8.6
%
% change - Same-Store NOI with Concessions on a Cash
basis:
6.7
%
0.6
%
8.1
%
% change - Same-Store NOI with Concessions on a Straight-line
basis:
7.7
%
0.5
%
9.6
%
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
90% or above for at least three consecutive months.
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.
Total Revenue per Occupied Home: The Company defines
Total Revenue per Occupied Home as rental and other revenues with
concessions reported on a Cash Basis, divided by the product of
occupancy and the number of apartment homes. A reconciliation
between Same-Store Revenue with Concessions on a Cash Basis to
Same-Store Revenue on a straight-line basis is provided above.
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 subsidiaries (“TRS”)
focus on making investments and providing services that are
otherwise not allowed to be made or provided by a REIT.
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 July 27, 2023, to discuss second quarter results as well as
high-level views for 2023. 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 877-423-9813 for domestic
and 201-689-8573 for international. A passcode is not
necessary.
Given a high volume of conference calls occurring during this
time of year, delays are anticipated when connecting to the live
call. As a result, stakeholders and interested parties are
encouraged to utilize the Company’s webcast link for its earnings
results discussion.
A replay of the conference call will be available through August
27, 2023, by dialing 844-512-2921 for domestic and 412-317-6671 for
international and entering the confirmation number, 13739887, 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
Supplement 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, general market and economic conditions, unfavorable
changes in the apartment market and economic conditions that could
adversely affect occupancy levels and rental rates, including as a
result of COVID-19, the impact of inflation/deflation on rental
rates and property operating expenses, the availability of capital
and the stability of the capital markets, rising interest rates,
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 or at expected rent and occupancy levels, changes in job
growth, home affordability and demand/supply ratio for multifamily
housing, development and construction risks that may impact
profitability, risks that joint ventures with third parties and DCP
investments do not perform as expected, the failure of automation
or technology to help grow 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 June 30, 2023, UDR owned or had an ownership
position in 58,412 apartment homes including 415 homes under
development. For over 51 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 Consolidated Statements of
Operations (Unaudited) (1)
Three Months Ended
Six Months Ended
June 30,
June 30,
In thousands, except per share amounts
2023
2022
2023
2022
REVENUES: Rental income (2)
$
403,098
$
367,748
$
801,405
$
723,929
Joint venture management and other fees
1,450
1,419
2,692
2,504
Total revenues
404,548
369,167
804,097
726,433
OPERATING EXPENSES: Property operating and
maintenance
68,861
60,405
133,695
118,889
Real estate taxes and insurance
57,516
52,788
115,486
106,552
Property management
13,101
11,952
26,046
23,528
Other operating expenses
4,259
5,027
7,291
9,739
Real estate depreciation and amortization
168,925
167,584
338,225
331,206
General and administrative
16,452
16,585
33,932
31,493
Casualty-related charges/(recoveries), net
1,134
1,074
5,290
309
Other depreciation and amortization
3,681
3,016
7,330
6,091
Total operating expenses
333,929
318,431
667,295
627,807
Gain/(loss) on sale of real estate owned
325,884
-
325,885
-
Operating income
396,503
50,736
462,687
98,626
Income/(loss) from unconsolidated entities (2)
9,697
(11,229
)
19,404
(5,817
)
Interest expense
(45,113
)
(36,832
)
(88,855
)
(72,748
)
Interest income and other income/(expense), net
10,447
3,001
11,457
561
Income/(loss) before income taxes
371,534
5,676
404,693
20,622
Tax (provision)/benefit, net
(1,351
)
(312
)
(1,585
)
(655
)
Net Income/(loss)
370,183
5,364
403,108
19,967
Net (income)/loss attributable to redeemable noncontrolling
interests in the OP and DownREIT Partnership
(22,630
)
(272
)
(24,583
)
(1,151
)
Net (income)/loss attributable to noncontrolling interests
(8
)
(8
)
(16
)
(27
)
Net income/(loss) attributable to UDR, Inc.
347,545
5,084
378,509
18,789
Distributions to preferred stockholders - Series E (Convertible)
(1,222
)
(1,109
)
(2,405
)
(2,201
)
Net income/(loss) attributable to common stockholders
$
346,323
$
3,975
$
376,104
$
16,588
Income/(loss) per weighted average common share -
basic:
$
1.05
$
0.01
$
1.14
$
0.05
Income/(loss) per weighted average common share - diluted:
$
1.05
$
0.01
$
1.14
$
0.05
Common distributions declared per share
$
0.42
$
0.38
$
0.84
$
0.76
Weighted average number of common shares outstanding - basic
328,957
318,351
328,871
318,181
Weighted average number of common shares outstanding - diluted
332,480
319,572
332,412
319,592
(1) See Attachment 15 for definitions and other terms. (2) As of
June 30, 2023, UDR's residential accounts receivable balance, net
of its reserve, was $8.3 million, including its share from
unconsolidated joint ventures. The unreserved amount is based on
probability of collection.
Attachment 2 Funds From
Operations (Unaudited) (1)
Three Months Ended
Six Months Ended
June 30,
June 30,
In thousands, except per share and unit amounts
2023
2022
2023
2022
Net income/(loss) attributable to common stockholders
$
346,323
$
3,975
$
376,104
$
16,588
Real estate depreciation and amortization
168,925
167,584
338,225
331,206
Noncontrolling interests
22,638
280
24,599
1,178
Real estate depreciation and amortization on unconsolidated joint
ventures
8,695
7,489
16,180
15,113
Net gain on the sale of depreciable real estate owned, net of tax
(324,769
)
-
(324,770
)
-
Funds from operations ("FFO") attributable to common
stockholders and unitholders, basic
$
221,812
$
179,328
$
430,338
$
364,085
Distributions to preferred stockholders - Series E
(Convertible) (2)
1,222
1,109
2,405
2,201
FFO attributable to common stockholders and unitholders,
diluted
$
223,034
$
180,437
$
432,743
$
366,286
FFO per weighted average common share and unit, basic
$
0.63
$
0.53
$
1.23
$
1.07
FFO per weighted average common share and unit, diluted
$
0.63
$
0.52
$
1.22
$
1.06
Weighted average number of common shares and OP/DownREIT
Units outstanding, basic
350,207
339,885
350,157
339,715
Weighted average number of common shares, OP/DownREIT Units, and
common stock equivalents outstanding, diluted
353,730
344,024
353,698
344,044
Impact of adjustments to FFO: Variable upside
participation on DCP, net
$
(204
)
$
-
$
(204
)
$
(10,622
)
Legal and other
-
709
(1,258
)
1,483
Realized (gain)/loss on real estate technology investments, net of
tax
257
(5,886
)
852
(8,124
)
Unrealized (gain)/loss on real estate technology investments, net
of tax
(8,104
)
20,676
(8,962
)
36,307
Casualty-related charges/(recoveries), net
1,134
1,074
5,290
309
Total impact of adjustments to FFO
$
(6,917
)
$
16,573
$
(4,282
)
$
19,353
FFO as Adjusted attributable to common stockholders and
unitholders, diluted
$
216,117
$
197,010
$
428,461
$
385,639
FFO as Adjusted per weighted average common share and
unit, diluted
$
0.61
$
0.57
$
1.21
$
1.12
Recurring capital expenditures
(21,345
)
(18,411
)
(33,644
)
(30,215
)
AFFO attributable to common stockholders and unitholders,
diluted
$
194,772
$
178,599
$
394,817
$
355,424
AFFO per weighted average common share and unit,
diluted
$
0.55
$
0.52
$
1.12
$
1.03
(1) See Attachment 15 for definitions and other terms. (2) Series E
cumulative convertible preferred shares are dilutive for purposes
of calculating FFO per share for the three and six months ended
June 30, 2023 and June 30, 2022. Consequently, distributions to
Series E cumulative convertible preferred stockholders are added to
FFO and the weighted average number of Series E cumulative
convertible preferred shares are included in the denominator when
calculating FFO per common share and unit, diluted.
Attachment
3 Consolidated Balance Sheets (Unaudited)
(1)
June 30,
December 31,
In thousands, except share and per share amounts
2023
2022
ASSETS Real estate owned: Real estate
held for investment
$
15,340,416
$
15,365,928
Less: accumulated depreciation
(5,951,557
)
(5,762,205
)
Real estate held for investment, net
9,388,859
9,603,723
Real estate under development (net of accumulated depreciation of
$0 and $296)
108,432
189,809
Real estate held for disposition (net of accumulated depreciation
of $0 and $0)
-
14,039
Total real estate owned, net of accumulated depreciation
9,497,291
9,807,571
Cash and cash equivalents
1,544
1,193
Restricted cash
28,837
29,001
Notes receivable, net
183,629
54,707
Investment in and advances to unconsolidated joint ventures, net
963,253
754,446
Operating lease right-of-use assets
192,369
194,081
Other assets
218,782
197,471
Total assets
$
11,085,705
$
11,038,470
LIABILITIES AND EQUITY Liabilities: Secured
debt
$
1,049,715
$
1,052,281
Unsecured debt
4,377,497
4,435,022
Operating lease liabilities
187,556
189,238
Real estate taxes payable
38,945
37,681
Accrued interest payable
46,729
46,671
Security deposits and prepaid rent
56,690
51,999
Distributions payable
148,403
134,213
Accounts payable, accrued expenses, and other liabilities
124,454
153,220
Total liabilities
6,029,989
6,100,325
Redeemable noncontrolling interests in the OP and DownREIT
Partnership
935,543
839,850
Equity: Preferred stock, no par value; 50,000,000 shares
authorized at June 30, 2023 and December 31, 2022: 2,686,308 shares
of 8.00% Series E Cumulative Convertible issued and outstanding
(2,686,308 shares at December 31, 2022)
44,614
44,614
11,920,927 shares of Series F outstanding (12,100,514 shares at
December 31, 2022)
1
1
Common stock, $0.01 par value; 450,000,000 shares authorized at
June 30, 2023 and December 31, 2022: 329,478,476 shares issued and
outstanding (328,993,088 shares at December 31, 2022)
3,295
3,290
Additional paid-in capital
7,508,616
7,493,423
Distributions in excess of net income
(3,445,679
)
(3,451,587
)
Accumulated other comprehensive income/(loss), net
9,116
8,344
Total stockholders' equity
4,119,963
4,098,085
Noncontrolling interests
210
210
Total equity
4,120,173
4,098,295
Total liabilities and equity
$
11,085,705
$
11,038,470
(1) See Attachment 15 for definitions and other terms.
Attachment 4(C) Selected Financial Information
(Dollars in Thousands) (Unaudited) (1)
Quarter Ended Coverage Ratios June 30, 2023
Net income/(loss)
$
370,183
Adjustments: Interest expense, including debt extinguishment
and other associated costs
45,113
Real estate depreciation and amortization
168,925
Other depreciation and amortization
3,681
Tax provision/(benefit), net
1,351
Net (gain)/loss on the sale of depreciable real estate owned
(325,884
)
Adjustments to reflect the Company's share of EBITDAre of
unconsolidated joint ventures
12,813
EBITDAre
$
276,182
Casualty-related charges/(recoveries), net
1,134
Unrealized (gain)/loss on real estate technology investments
(8,720
)
Realized (gain)/loss on real estate technology investments
57
(Income)/loss from unconsolidated entities
(9,697
)
Adjustments to reflect the Company's share of EBITDAre of
unconsolidated joint ventures
(12,813
)
Management fee expense on unconsolidated joint ventures
(615
)
Consolidated EBITDAre - adjusted for non-recurring items
$
245,528
Annualized consolidated EBITDAre - adjusted for
non-recurring items
$
982,112
Interest expense, including debt extinguishment and other
associated costs
45,113
Capitalized interest expense
2,342
Total interest
$
47,455
Preferred dividends
$
1,222
Total debt
$
5,427,212
Cash
(1,544
)
Net debt
$
5,425,668
Consolidated Interest Coverage Ratio - adjusted for
non-recurring items 5.2x Consolidated Fixed
Charge Coverage Ratio - adjusted for non-recurring items
5.0x Consolidated Net Debt-to-EBITDAre - adjusted
for non-recurring items 5.5x Debt
Covenant Overview Unsecured Line of Credit Covenants
(2) Required Actual Compliance
Maximum Leverage Ratio ≤60.0%
29.6% (2)
Yes Minimum Fixed Charge Coverage Ratio ≥1.5x
5.0x
Yes Maximum Secured Debt Ratio ≤40.0%
8.4%
Yes Minimum Unencumbered Pool Leverage Ratio ≥150.0%
392.3%
Yes
Senior Unsecured Note Covenants (3)
Required Actual Compliance Debt as a
percentage of Total Assets ≤65.0%
31.9% (3)
Yes Consolidated Income Available for Debt Service to Annual
Service Charge ≥1.5x
5.9x
Yes Secured Debt as a percentage of Total Assets ≤40.0%
6.2%
Yes Total Unencumbered Assets to Unsecured Debt ≥150.0%
326.1%
Yes
Securities Ratings Debt Outlook
Commercial Paper Moody's Investors Service Baa1
Stable P-2 S&P Global Ratings BBB+ Stable A-2
Gross % of Number of 2Q 2023 NOI (1)
Carrying Value Total Gross Asset Summary
Homes ($000s) % of NOI ($000s)
Carrying Value Unencumbered assets
46,310
$
244,619
88.4
%
$
13,680,810
88.6
%
Encumbered assets
7,522
32,102
11.6
%
1,768,038
11.4
%
53,832
$
276,721
100.0
%
$
15,448,848
100.0
%
(1) See Attachment 15 for definitions and other terms. (2) As
defined in our credit agreement dated September 15, 2021, as
amended. (3) As defined in our indenture dated November 1, 1995 as
amended, supplemented or modified from time to time.
Attachment
15(D) Definitions and Reconciliations June 30,
2023 (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 2023 and third quarter of
2023 to forecasted FFO, FFO as Adjusted and AFFO per share and
unit:
Full-Year 2023 Low High
Forecasted net income per diluted share
$
1.35
$
1.39
Conversion from GAAP share count
(0.02
)
(0.02
)
Net gain on the sale of depreciable real estate owned
(0.93
)
(0.93
)
Depreciation
2.00
2.00
Noncontrolling interests
0.07
0.07
Preferred dividends
0.01
0.01
Forecasted FFO per diluted share and unit
$
2.48
$
2.52
Legal and other costs
-
-
Casualty-related charges/(recoveries)
0.02
0.02
Realized/unrealized (gain)/loss on real estate technology
investments
(0.03
)
(0.03
)
Forecasted FFO as Adjusted per diluted share and unit
$
2.47
$
2.51
Recurring capital expenditures
(0.23
)
(0.23
)
Forecasted AFFO per diluted share and unit
$
2.24
$
2.28
3Q 2023
Low High Forecasted net income per diluted
share
$
0.13
$
0.15
Conversion from GAAP share count
(0.01
)
(0.01
)
Depreciation
0.50
0.50
Noncontrolling interests
-
-
Preferred dividends
-
-
Forecasted FFO per diluted share and unit
$
0.62
$
0.64
Legal and other costs
-
-
Casualty-related charges/(recoveries)
-
-
Realized/unrealized (gain)/loss on real estate technology
investments
-
-
Forecasted FFO as Adjusted per diluted share and unit
$
0.62
$
0.64
Recurring capital expenditures
(0.06
)
(0.06
)
Forecasted AFFO per diluted share and unit
$
0.56
$
0.58
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230725220873/en/
Trent Trujillo Email: ttrujillo@udr.com
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