UDR, Inc. (the “Company”) (NYSE: UDR), announced today its first
quarter 2022 results. Net Income, Funds from Operations (“FFO”),
FFO as Adjusted (“FFOA”), and Adjusted FFO (“AFFO”) per diluted
share for the quarter ended March 31, 2022 are detailed below.
Quarter Ended March 31
Metric
1Q 2022 Actual
1Q 2022 Guidance
1Q 2021 Actual
$ Change vs. Prior Year
Period
% Change vs. Prior Year
Period
Net Income per diluted share
$0.04
$0.02 to $0.04
$0.01
$0.03
300%
FFO per diluted share
$0.54
$0.53 to $0.55
$0.32
$0.22
69%
FFOA per diluted share
$0.55
$0.53 to $0.55
$0.47
$0.08
17%
AFFO per diluted share
$0.51
$0.50 to $0.52
$0.44
$0.07
16%
- Same-Store (“SS”) results for the first quarter 2022 versus the
first quarter 2021 and the fourth quarter 2021 are summarized
below.
Concessions reflected on a
cash basis:
Concessions reflected on a
straight-line basis:
SS Growth / (Decline)
Year-Over-Year (“YOY”): 1Q
2022 vs. 1Q 2021
Sequential: 1Q 2022 vs. 4Q
2021
Year-Over-Year (“YOY”): 1Q
2022 vs. 1Q 2021
Sequential: 1Q 2022 vs. 4Q
2021
Revenue
10.8%
1.8%
9.8%
2.1%
Expense
4.2%
2.0%
4.2%
2.0%
Net Operating Income (“NOI”)
14.0%
1.7%
12.6%
2.1%
- The Company’s weighted average SS physical occupancy for the
first quarter of 2022 was 97.3 percent, compared to 96.3 percent
for the first quarter of 2021 and 97.1 percent for the fourth
quarter of 2021.
- As previously announced, during the quarter, the Company
entered into forward equity sale agreements for 7.0 million shares
of common stock at an initial forward price per share of
approximately $57.57 for estimated future net proceeds of
approximately $402.8 million, subject to adjustment as described
later in this release. No shares under these forward sale
agreements have been settled.
- During the quarter, the Company committed to, and fully funded,
an $11.6 million Developer Capital Program (“DCP”) investment,
realized the redemption of two DCP investments that generated
life-to-date proceeds totaling $91.2 million on a total investment
of $58.3 million, commenced two developments with an aggregate cost
of approximately $187.5 million, and entered into an agreement to
acquire a land site in Southeast Florida for future development for
$16.0 million.
- During the quarter, the Company committed to invest an
aggregate of $35.0 million into the RET Strategic Fund and two
Climate Technology Funds, of which $13.2 million was contributed as
of quarter end. Subsequent to quarter-end, the Company committed to
invest $10.0 million in the RET Ventures ESG Fund. The Climate
Technology and ESG funds serve to identify in-home and
property-wide real estate technologies that are intended to help
UDR, its residents, and others address climate change by reducing
our collective carbon footprint. These investments further support
UDR’s best-in-class commitment to engaging in socially responsible
Environmental, Social, and Governance (“ESG”) activities.
“Our first quarter earnings results compare very well versus
initial expectations provided in February due to operating
fundamentals that have remained robust and continue to surprise to
the upside,” said Tom Toomey, UDR’s Chairman and CEO. “Based on
these current trends and the innovative operating initiatives we
continue to implement, we raised full-year 2022 guidance
expectations, further exemplifying the ongoing value our team
creates for our stakeholders in what was already expected to be one
of the best years in UDR’s history.”
Outlook
For the second quarter of 2022, the Company has established the
following earnings guidance ranges and the Company has increased
its previously provided full-year 2022 Same-Store and earnings
guidance ranges(1):
Q2 2022 Outlook
Q1 2022 Actual
Updated Full-Year 2022
Outlook
Prior Full-Year 2022
Outlook
Change to 2022 Guidance, at
Midpoint
Net Income / (Loss) per diluted share
$0.04 to $0.06
$0.04
$0.24 to $0.30
$0.22 to $0.30
$0.01
FFO per diluted share
$0.55 to $0.57
$0.54
$2.24 to $2.30
$2.22 to $2.30
$0.01
FFOA per diluted share
$0.55 to $0.57
$0.55
$2.25 to $2.31
$2.22 to $2.30
$0.02
AFFO per diluted share
$0.50 to $0.52
$0.51
$2.05 to $2.11
$2.02 to $2.10
$0.02
YOY Growth/(Decline): concessions
reflected on a cash basis:
SS Revenue
N/A
10.8%
8.5% to 10.0%
6.5% to 8.5%
1.75%
SS Expense
N/A
4.2%
3.0% to 4.0%
2.5% to 3.5%
0.50%
SS NOI
N/A
14.0%
10.75% to 12.75%
8.5% to 11.5%
1.75%
YOY Growth/(Decline): concessions
reflected on a straight-line
basis:
SS Revenue
N/A
9.8%
9.0% to 10.5%
7.5% to 9.5%
1.25%
SS NOI
N/A
12.6%
11.5% to 13.5%
9.5% to 12.5%
1.50%
(1)
Additional assumptions for the Company’s
second quarter and 2022 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.
Recent Operating Trends
“Strong pricing power, as evidenced by blended lease rate growth
that continued to accelerate to the mid-to-high teens into the
second quarter, continues to provide a robust tailwind for UDR’s
elevated same-store growth,” said Mike Lacy, UDR’s Senior Vice
President of Operations. “In addition, future growth prospects
remain attractive, driven by healthy demand for multifamily
residences, seasonally strong market rent growth, record low
resident turnover, a low-double-digit loss-to-lease, and occupancy
above 97 percent.”
Summary of Fourth Quarter 2021, First
Quarter 2022, and April 2022 Residential Operating
Trends(1)
As of and Through April 22,
2022
Same-Store Metric
4Q 2021
Jan 2022
Feb 2022
Mar 2022
Q1 2022
Apr 2022
Weighted Average Physical
Occupancy
97.1%
97.4%
97.2%
97.3%
97.3%
97.0% - 97.3%
Effective Blended Lease Rate
Growth(2)
11.7%
13.1%
14.0%
14.9%
14.1%
16.0% - 17.0%
(1)
Metrics shown here are as of April 22,
2022, and are for the Company’s same-store residential
portfolio.
(2)
The Company defines Effective Blended
Lease Rate Growth as the combined proportional growth as a result
of (a) Effective New Lease Rate Growth and (b) 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 Supplement for additional details.
Since the second quarter of 2020 (or the first full quarter in
which results were impacted by the COVID-19 pandemic), the Company
has consistently achieved ultimate cash revenue collections as a
percentage of billed revenue in the 98.0%-98.5% range and expects
collections to remain within this range throughout 2022. For the
first quarter of 2022, the Company reduced its residential bad debt
reserve to $11.9 million, including $0.6 million for the Company’s
share from unconsolidated joint ventures, which compares to a
quarter-end accounts receivable balance of $24.4 million.
First Quarter 2022 Operating
Results
In the first quarter, total revenue increased by $55.8 million
YOY, or 18.5 percent, to $357.3 million. This increase was
primarily attributable to growth in revenue from Same-Store
communities and stabilized, non-mature communities. The first
quarter annualized rate of resident turnover decreased by 530 basis
points versus the prior year period to 34.2 percent.
In the table below, the Company has presented YOY Same-Store
results by region, with concessions accounted for on both cash and
straight-line bases.
Summary of Same-Store Results in First
Quarter 2022 versus First Quarter 2021
Region
Revenue Growth /
(Decline)
Expense Growth /
(Decline)
NOI Growth / (Decline)
% of Same-Store
Portfolio(1)
Physical Occupancy(2)
YOY Change in
Occupancy
West
11.8%
3.7%
14.8%
34.9%
97.2%
1.4%
Mid-Atlantic
6.9%
5.3%
7.7%
21.0%
97.3%
0.9%
Northeast
10.6%
2.4%
15.9%
18.1%
97.4%
2.2%
Southeast
14.0%
6.2%
18.0%
13.0%
97.3%
0.2%
Southwest
11.2%
4.6%
15.4%
7.0%
97.3%
0.4%
Other Markets
13.4%
4.3%
17.3%
6.0%
97.2%
0.2%
Total (Cash)
10.8%
4.2%
14.0%
100.0%
97.3%
1.0%
Total (Straight-Line)
9.8%
-
12.6%
-
-
-
(1)
Based on 1Q 2022 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.
In the table below, the Company has presented sequential
Same-Store results by region, with concessions accounted for on
both cash and straight-line bases.
Summary of Same-Store Results in First
Quarter 2022 versus Fourth Quarter 2021
Region
Revenue Growth /
(Decline)
Expense Growth /
(Decline)
NOI Growth / (Decline)
% of Same-Store
Portfolio(1)
Physical Occupancy(2)
Sequential Change in
Occupancy
West
0.7%
(0.2)%
1.0%
34.9%
97.2%
0.3%
Mid-Atlantic
1.0%
3.7%
(0.1)%
21.0%
97.3%
0.2%
Northeast
2.8%
1.7%
3.4%
18.1%
97.4%
0.5%
Southeast
4.3%
5.4%
3.7%
13.0%
97.3%
(0.2)%
Southwest
1.6%
3.4%
0.5%
7.0%
97.3%
(0.2)%
Other Markets
1.6%
(3.8)%
3.7%
6.0%
97.2%
(0.3)%
Total (Cash)
1.8%
2.0%
1.7%
100.0%
97.3%
0.2%
Total (Straight-Line)
2.1%
-
2.1%
-
-
-
(1)
Based on 1Q 2022 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.
Development Activity and Other
Projects
During the first quarter, the Company delivered initial
apartment homes at Cirrus (Denver, CO), The George Apartments (King
of Prussia, PA), and Vitruvian West Phase 3 (Addison, TX), all of
which continue their successful lease-ups. Additionally, during the
quarter, the Company commenced construction of Villas at Fiori, a
$53.5 million, 85-home townhouse community in Addison, TX, and
Meridian, a $134.0 million, 330-home community in Tampa, FL.
At the end of the first quarter, the Company’s development
pipeline totaled $689.0 million and was 66.5 percent funded. The
Company’s active development pipeline includes seven communities,
one each in Denver, CO; Dublin, CA; King of Prussia, PA;
Washington, D.C.; and Tampa, FL, and two communities in Addison,
TX, for a combined total of 1,832 homes.
At the end of the first quarter, the Company’s pipeline of
densification projects, which features the addition of 58 new
apartment homes at three communities, totaled $27.0 million and was
53.2 percent funded.
DCP Activity
During the quarter, the Company committed to invest, and fully
funded, $11.6 million in one DCP project, a recapitalization of a
stabilized operating community, as summarized below.
Community
Location (MSA)
Commitment ($
millions)
Homes
Return Rate
Investment Type
Meetinghouse
Portland, OR
$11.6
232
8.25%
Preferred Equity
During the quarter, two DCP investments located in Nashville,
TN, and Kissimmee, FL, were redeemed. The Company’s life-to-date
proceeds for the investments totaled $91.2 million, its cash
proceeds realized upon redemption totaled $77.1 million, and its
investment in the projects totaled $58.3 million.
At the end of the first quarter, the Company’s preferred equity
investments under its DCP platform, including accrued return,
totaled $331.3 million with a weighted average return rate of 10.0
percent, and a weighted average estimated remaining term of 3.0
years.
Capital Markets and Balance Sheet
Activity
“Our balance sheet remains in strong shape due to available
liquidity totaling $1.7 billion, unencumbered NOI totaling 88
percent, and no meaningful debt maturities until 2024. In addition,
we continue to make progress on improving our leverage metrics,
highlighted by net debt-to-EBITDAre declining to 6.4x in the first
quarter from 7.0x a year ago, with additional progress expected in
the coming quarters,” said Joe Fisher, UDR’s Chief Financial
Officer. “During the quarter we raised an additional $400 million
of forward equity at a beneficial average price, which should
continue to drive our accretive external growth in the quarters
ahead.”
As previously announced, during the quarter the Company entered
into forward equity sale agreements for 7.0 million shares of
common stock at an initial forward price per share of approximately
$57.57. The initial forward price per share 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 equity sale agreements. No shares under these
new forward equity sale agreements have been settled. The final
date by which shares sold under these new forward equity sale
agreements must be settled is March 30, 2023.
As of March 31, 2022, the Company had $1.7 billion of liquidity
through a combination of cash, undrawn capacity on its credit
facilities, and estimated proceeds of approximately $639.3 million
from the potential settlement of approximately 11.4 million shares
subject to previously-announced forward equity sale agreements
(subject to adjustment as described above, and which have final
settlement dates ranging between August 1, 2022 and March 30,
2023). Please see Attachment 14 of the Company’s related quarterly
Supplement for additional details on projected capital sources and
uses.
The Company’s total indebtedness as of March 31, 2022 was $5.5
billion with no remaining consolidated maturities until 2024,
excluding principal amortization and amounts on the Company’s
commercial paper program. In the table below, the Company has
presented select balance sheet metrics for the quarter ended March
31, 2022 and the comparable prior year period.
Quarter Ended March 31
Balance Sheet Metric
1Q 2022
1Q 2021
Change
Weighted Average Interest
Rate
2.80%
2.84%
(0.04)%
Weighted Average Years to
Maturity(1)
7.4
8.2
(0.8)
Consolidated Fixed Charge
Coverage Ratio
5.3x
4.5x
0.8x
Consolidated Debt as a percentage
of Total Assets
34.3%
35.3%
(1.0)%
Consolidated
Net-Debt-to-EBITDAre
6.4x
7.0x
(0.6)x
(1)
If the Company’s commercial paper balance
was refinanced using its line of credit, the weighted average years
to maturity would be 7.6 years both with and without extensions for
1Q 2022 and 8.2 years without extensions and 8.3 years with
extensions for 1Q 2021.
ESG
During the quarter, the Company committed to invest an aggregate
of $35.0 million into the RET Strategic Fund and two Climate
Technology Funds, of which $13.2 million was contributed as of
quarter end. Subsequent to quarter-end, the Company committed to
invest $10.0 million in the RET Ventures ESG Fund. The Climate
Technology and ESG funds serve to identify in-home and
property-wide real estate technologies that are intended to help
UDR, its residents, and others address climate change by reducing
our collective carbon footprint.
In addition, the Company is actively engaging with the Science
Based Targets Initiative to establish how it can contribute to a
lower-carbon future. These actions further support UDR’s
residential sector-leading GRESB score and best-in-class commitment
to engaging in socially responsible ESG activities.
Dividend
As previously announced, the Company’s Board of Directors
declared a regular quarterly dividend on its common stock for the
first quarter of 2022 in the amount of $0.38 per share. The
dividend will be paid in cash on May 2, 2022 to UDR common
shareholders of record as of April 11, 2022. The first quarter 2022
dividend will represent the 198th consecutive quarterly dividend
paid by the Company on its common stock.
Attachment 15(A)
UDR, Inc. Definitions and Reconciliations
March 31, 2022 (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 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 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)
UDR, Inc. Definitions and Reconciliations
March 31, 2022 (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
1Q 2022
Income/(loss) from unconsolidated entities
$
5,412
Management fee
525
Interest expense
3,669
Depreciation
7,624
General and administrative
57
Variable upside participation on DCP, net
(10,622
)
Developer Capital Program (excludes Infield Phase II)
(7,653
)
Other (income)/expense
51
Realized (gain)/loss on real estate technology investments, net of
tax
(2,242
)
Unrealized (gain)/loss on real estate technology investments, net
of tax
12,467
Total Joint Venture NOI at UDR's Ownership Interest
$
9,288
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
1Q 2022
4Q 2021
3Q 2021
2Q 2021
1Q 2021
Net income/(loss) attributable to UDR, Inc.
$
13,705
$
117,461
$
17,731
$
11,720
$
3,104
Property management
11,576
10,411
9,861
9,273
8,995
Other operating expenses
4,712
8,604
4,237
4,373
4,435
Real estate depreciation and amortization
163,622
163,755
152,636
146,169
144,088
Interest expense
35,916
36,418
36,289
35,404
78,156
Casualty-related charges/(recoveries), net
(765
)
(934
)
1,568
(2,463
)
5,577
General and administrative
14,908
13,868
15,810
15,127
12,736
Tax provision/(benefit), net
343
156
529
135
619
(Income)/loss from unconsolidated entities
(5,412
)
(36,523
)
(14,450
)
(9,751
)
(4,922
)
Interest income and other (income)/expense, net
2,440
(2,254
)
(8,238
)
(2,536
)
(2,057
)
Joint venture management and other fees
(1,085
)
(1,184
)
(1,071
)
(2,232
)
(1,615
)
Other depreciation and amortization
3,075
4,713
3,269
2,602
2,601
(Gain)/loss on sale of real estate owned
-
(85,223
)
-
-
(50,829
)
Net income/(loss) attributable to noncontrolling interests
898
8,683
1,309
815
170
Total consolidated NOI
$
243,933
$
237,951
$
219,480
$
208,636
$
201,058
Attachment 15(C)
UDR, Inc. Definitions and Reconciliations
March 31, 2022 (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.
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 22
1Q 21
1Q 22
4Q 21
Revenue (Cash basis)
$
321,514
$
290,110
$
321,514
$
315,927
Concessions granted/(amortized), net
(4,395
)
(1,415
)
(4,395
)
(5,194
)
Revenue (Straight-line basis)
$
317,119
$
288,695
$
317,119
$
310,733
% change - Same-Store Revenue with Concessions on a Cash
basis:
10.8
%
1.8
%
% change - Same-Store Revenue with Concessions on a
Straight-line basis:
9.8
%
2.1
%
% change - Same-Store NOI with Concessions on a Cash
basis:
14.0
%
1.7
%
% change - Same-Store NOI with Concessions on a Straight-line
basis:
12.6
%
2.1
%
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
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 subsidiary (“TRS”)
focuses 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.
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.
Conference Call and Webcast
Information
UDR will host a webcast and conference call at 1:00 p.m. Eastern
Time on April 27, 2022 to discuss first quarter results as well as
high-level views for 2022. 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 May
27, 2022, by dialing 844-512-2921 for domestic and 412-317-6671 for
international and entering the confirmation number, 13728752, 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, 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 stability 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 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, 2022, UDR owned or had an ownership
position in 57,904 apartment homes including 1,564 homes under
development. For over 49 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
2022
2021
REVENUES: Rental income (2)
$
356,181
$
299,826
Joint venture management and other fees
1,085
1,615
Total revenues
357,266
301,441
OPERATING EXPENSES: Property operating and
maintenance
58,484
51,381
Real estate taxes and insurance
53,764
47,387
Property management
11,576
8,995
Other operating expenses
4,712
4,435
Real estate depreciation and amortization
163,622
144,088
General and administrative
14,908
12,736
Casualty-related charges/(recoveries), net
(765
)
5,577
Other depreciation and amortization
3,075
2,601
Total operating expenses
309,376
277,200
Gain/(loss) on sale of real estate owned
-
50,829
Operating income
47,890
75,070
Income/(loss) from unconsolidated entities (2)(3)(4)
5,412
4,922
Interest expense
(35,916
)
(36,206
)
Debt extinguishment and other associated costs
-
(41,950
)
Total interest expense
(35,916
)
(78,156
)
Interest income and other income/(expense), net (3)
(2,440
)
2,057
Income/(loss) before income taxes
14,946
3,893
Tax (provision)/benefit, net
(343
)
(619
)
Net Income/(loss)
14,603
3,274
Net (income)/loss attributable to redeemable noncontrolling
interests in the OP and DownREIT Partnership
(879
)
(154
)
Net (income)/loss attributable to noncontrolling interests
(19
)
(16
)
Net income/(loss) attributable to UDR, Inc.
13,705
3,104
Distributions to preferred stockholders - Series E (Convertible)
(1,092
)
(1,056
)
Net income/(loss) attributable to common stockholders
$
12,613
$
2,048
Income/(loss) per weighted average common share -
basic:
$
0.04
$
0.01
Income/(loss) per weighted average common share - diluted:
$
0.04
$
0.01
Common distributions declared per share
$
0.3800
$
0.3625
Weighted average number of common shares outstanding - basic
318,009
296,537
Weighted average number of common shares outstanding - diluted
319,680
297,026
(1) See Attachment 15 for definitions and other terms. (2) During
the three months ended March 31, 2022, UDR reduced its residential
reserve to $11.9 million, including $0.6 million for UDR’s share
from unconsolidated joint ventures, which compares to a quarter-end
accounts receivable balance of $24.4 million. The remaining
unreserved amount is based on probability of collection. (3) During
the three months ended March 31, 2022, UDR recorded $13.4 million
in investment loss from real estate technology investments,
primarily due to a decrease in SmartRent’s public share price. Of
the $13.4 million, $3.2 million was recorded in Interest income and
other income/(expense), net and $10.2 million was recorded in
Income/(loss) from unconsolidated entities. (4) In January 2022,
UDR recorded approximately $10.6 million of variable upside
participation, net of associated costs, upon 1200 Broadway, a
Developer Capital Program ("DCP") community, being sold to a third
party.
Attachment 2
UDR, Inc.
Funds From Operations
(Unaudited) (1)
Three Months Ended
March 31,
In thousands, except per share and unit amounts
2022
2021
Net income/(loss) attributable to common stockholders
$
12,613
$
2,048
Real estate depreciation and amortization
163,622
144,088
Noncontrolling interests
898
170
Real estate depreciation and amortization on unconsolidated joint
ventures
7,624
8,205
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
$
184,757
$
101,273
Distributions to preferred stockholders - Series E
(Convertible) (2)
1,092
1,056
FFO attributable to common stockholders and unitholders,
diluted
$
185,849
$
102,329
FFO per weighted average common share and unit, basic
$
0.54
$
0.32
FFO per weighted average common share and unit, diluted
$
0.54
$
0.32
Weighted average number of common shares and OP/DownREIT
Units outstanding, basic
339,543
318,935
Weighted average number of common shares, OP/DownREIT Units, and
common stock equivalents outstanding, diluted
344,132
322,342
Impact of adjustments to FFO: Debt extinguishment and
other associated costs
$
-
$
41,950
Debt extinguishment and other associated costs on unconsolidated
joint ventures
-
1,682
Variable upside participation on DCP, net
(10,622
)
-
Legal and other
774
629
Realized (gain)/loss on real estate technology investments, net of
tax
(2,238
)
(661
)
Unrealized (gain)/loss on real estate technology investments, net
of tax
15,631
(767
)
Severance costs
-
468
Casualty-related charges/(recoveries), net
(765
)
5,577
$
2,780
$
48,878
FFO as Adjusted attributable to common stockholders and
unitholders, diluted
$
188,629
$
151,207
FFO as Adjusted per weighted average common share and
unit, diluted
$
0.55
$
0.47
Recurring capital expenditures
(11,804
)
(9,754
)
AFFO attributable to common stockholders and unitholders,
diluted
$
176,825
$
141,453
AFFO per weighted average common share and unit,
diluted
$
0.51
$
0.44
(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 months ended March 31,
2022 and March 31, 2021. 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
UDR, Inc.
Consolidated Balance
Sheets
(Unaudited) (1)
March 31,
December 31,
In thousands, except share and per share amounts
2022
2021
ASSETS Real estate owned: Real estate held for
investment
$
14,374,944
$
14,352,234
Less: accumulated depreciation
(5,288,902
)
(5,136,589
)
Real estate held for investment, net
9,086,042
9,215,645
Real estate under development (net of accumulated depreciation of
$951 and $507)
457,160
388,062
Total real estate owned, net of accumulated depreciation
9,543,202
9,603,707
Cash and cash equivalents
895
967
Restricted cash
26,032
27,451
Notes receivable, net
26,577
26,860
Investment in and advances to unconsolidated joint ventures, net
669,343
702,461
Operating lease right-of-use assets
196,578
197,463
Other assets
222,337
216,311
Total assets
$
10,684,964
$
10,775,220
LIABILITIES AND EQUITY Liabilities: Secured
debt
$
1,056,110
$
1,057,380
Unsecured debt
4,422,900
4,355,407
Operating lease liabilities
191,689
192,488
Real estate taxes payable
32,908
33,095
Accrued interest payable
25,700
45,980
Security deposits and prepaid rent
53,021
55,441
Distributions payable
130,369
124,729
Accounts payable, accrued expenses, and other liabilities
117,240
136,954
Total liabilities
6,029,937
6,001,474
Redeemable noncontrolling interests in the OP and DownREIT
Partnership
1,262,144
1,299,442
Equity: Preferred stock, no par value; 50,000,000 shares
authorized at March 31, 2022 and December 31, 2021: 2,695,363
shares of 8.00% Series E Cumulative Convertible issued and
outstanding (2,695,363 shares at December 31, 2021)
44,764
44,764
12,455,650 shares of Series F outstanding (12,582,575 shares at
December 31, 2021)
1
1
Common stock, $0.01 par value; 450,000,000 shares authorized at
March 31, 2022 and December 31, 2021: 318,401,530 shares issued and
outstanding (318,149,635 shares at December 31, 2021)
3,184
3,181
Additional paid-in capital
6,891,707
6,884,269
Distributions in excess of net income
(3,549,788
)
(3,485,080
)
Accumulated other comprehensive income/(loss), net
2,805
(4,261
)
Total stockholders' equity
3,392,673
3,442,874
Noncontrolling interests
210
31,430
Total equity
3,392,883
3,474,304
Total liabilities and equity
$
10,684,964
$
10,775,220
(1) See Attachment 15 for definitions and other terms.
Attachment 4(C)
UDR, Inc.
Selected Financial
Information
(Dollars in Thousands)
(Unaudited) (1)
Quarter Ended Coverage Ratios March 31,
2022 Net income/(loss)
$
14,603
Adjustments: Interest expense, including debt extinguishment
and other associated costs
35,916
Real estate depreciation and amortization
163,622
Other depreciation and amortization
3,075
Tax provision/(benefit), net
343
Adjustments to reflect the Company's share of EBITDAre of
unconsolidated joint ventures
11,293
EBITDAre
$
228,852
Casualty-related charges/(recoveries), net
(765
)
Legal and other costs
774
Unrealized (gain)/loss on real estate technology investments
3,163
Realized (gain)/loss on real estate technology investments
4
(Income)/loss from unconsolidated entities
(5,412
)
Adjustments to reflect the Company's share of EBITDAre of
unconsolidated joint ventures
(11,293
)
Management fee expense on unconsolidated joint ventures
(525
)
Consolidated EBITDAre - adjusted for non-recurring items
$
214,798
Annualized consolidated EBITDAre - adjusted for
non-recurring items
$
859,192
Interest expense, including debt extinguishment and other
associated costs
35,916
Capitalized interest expense
3,227
Total interest
$
39,143
Preferred dividends
$
1,092
Total debt
$
5,479,010
Cash
(895
)
Net debt
$
5,478,115
Consolidated Interest Coverage Ratio - adjusted for
non-recurring items 5.5x Consolidated Fixed
Charge Coverage Ratio - adjusted for non-recurring items
5.3x Consolidated Net Debt-to-EBITDAre - adjusted
for non-recurring items 6.4x
Debt Covenant Overview
Unsecured Line of Credit Covenants (2) Required
Actual Compliance
Maximum Leverage Ratio
≤60.0%
34.1% (2)
Yes
Minimum Fixed Charge Coverage Ratio
≥1.5x
5.1x
Yes
Maximum Secured Debt Ratio
≤40.0%
9.8%
Yes
Minimum Unencumbered Pool Leverage Ratio
≥150.0%
340.5%
Yes
Senior Unsecured Note Covenants (3)
Required
Actual
Compliance
Debt as a percentage of Total Assets
≤65.0%
34.4% (3)
Yes
Consolidated Income Available for Debt Service to Annual Service
Charge
≥1.5x
5.6x
Yes
Secured Debt as a percentage of Total Assets
≤40.0%
6.6%
Yes
Total Unencumbered Assets to Unsecured Debt
≥150.0%
306.9%
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
1Q 2022 NOI (1) Carrying Value Total Gross
Asset Summary Homes ($000s) % of NOI
($000s) Carrying Value Unencumbered assets
45,957
$
214,717
88.0
%
$
13,103,558
88.3
%
Encumbered assets
7,546
29,216
12.0
%
1,729,497
11.7
%
53,503
$
243,933
100.0
%
$
14,833,055
100.0
%
(1) See Attachment 15 for definitions and other terms. (2) As
defined in our credit agreement dated September 15, 2021. (3) As
defined in our indenture dated November 1, 1995 as amended,
supplemented or modified from time to time.
Attachment 15(D)
UDR, Inc.
Definitions and
Reconciliations
March 31, 2022
(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 2022 and second quarter of 2022 to forecasted
FFO, FFO as Adjusted and AFFO per share and unit:
Full-Year 2022 Low High Forecasted net
income per diluted share
$
0.24
$
0.30
Conversion from GAAP share count
(0.02
)
(0.02
)
Depreciation
2.00
2.00
Noncontrolling interests
0.01
0.01
Preferred dividends
0.01
0.01
Forecasted FFO per diluted share and unit
$
2.24
$
2.30
Legal and other costs
-
-
Casualty-related charges/(recoveries)
-
-
Variable upside participation on DCP, net
(0.03
)
(0.03
)
Realized/unrealized (gain)/loss on real estate technology
investments
0.04
0.04
Forecasted FFO as Adjusted per diluted share and unit
$
2.25
$
2.31
Recurring capital expenditures
(0.20
)
(0.20
)
Forecasted AFFO per diluted share and unit
$
2.05
$
2.11
2Q 2022
Low High Forecasted net income per diluted
share
$
0.04
$
0.06
Conversion from GAAP share count
(0.01
)
(0.01
)
Depreciation
0.52
0.52
Noncontrolling interests
-
-
Preferred dividends
-
-
Forecasted FFO per diluted share and unit
$
0.55
$
0.57
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
$
0.55
$
0.57
Recurring capital expenditures
(0.05
)
(0.05
)
Forecasted AFFO per diluted share and unit
$
0.50
$
0.52
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220425006000/en/
Trent Trujillo Email: ttrujillo@udr.com
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