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UDR ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2020 RESULTS
AND 2021 GUIDANCE
UDR, Inc. (the “Company”) Fourth Quarter 2020 Highlights:
|●||Net income per share was $0.09, Funds from Operations (“FFO”) per share was $0.39, FFO as Adjusted (“FFOA”) per share was $0.49, and Adjusted FFO (“AFFO”) per share was $0.43.|
|●||Net income attributable to common stockholders was $25.5 million compared to net income of $96.9 million in the prior year period, primarily due to lower gains from sold properties and a decline in Combined Same-Store net operating income (“NOI”).|
|●||Year-over-year (“YOY”) Combined Same-Store results during the fourth quarter of 2020, with concessions accounted for on cash and straight-line bases, as compared to the fourth quarter of 2019 were as follows:|
Revenue Growth / (Decline)
Growth / (Decline)
NOI Growth / (Decline)
% of Combined Same-Store
YOY Change in Occupancy
Based on Q4 2020 Combined Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information.
Weighted average Combined Same-Store physical occupancy for the quarter.
|●||The Company continues to implement its Next Generation Operating Platform, which assisted in limiting full-year 2020 Combined Same-Store controllable expense growth to 0.2 percent YOY.|
|●||The Company settled approximately 2.1 million shares of common stock under its previously-announced forward equity sales agreements at a weighted average net price of $48.23 for proceeds of $102.3 million.|
|●||As previously announced, the Company issued $350.0 million of unsecured debt at an effective interest rate of 1.94 percent that matures in March 2033 and used a portion of the proceeds to repay $250.6 million of higher cost debt with a weighted average interest rate of 3.82 percent originally due in 2023 and 2024.|
|●||During the quarter, the Company:|
|o||Sold DelRay Tower, a 332-home community in Metropolitan Washington, D.C. for gross proceeds of $145.0 million.|
|o||Entered into an agreement to sell Parallel, a 386-home community in Orange County, CA, for gross proceeds of $156.0 million. Transaction completion is expected by the end of the first quarter 2021.|
|o||Acquired Andover Place at Cross Creek, a 672-home community in Tampa, FL, for $122.5 million, and Station on Silver, a 400-home community in suburban Washington, D.C. for $128.6 million.|
|●||Subsequent to year-end, the Company:|
|o||Sold OLiVE DTLA, a 293-home joint venture community in Los Angeles, CA, in which the Company had 47 percent ownership, for a gross sales price of $121.0 million.|
|o||Acquired Union Place, a 300-home community in suburban Boston, MA, for $77.4 million.|
|o||Through its Developer Capital Program, committed to invest $30.2 million into a 356-home multifamily development in suburban Washington, D.C. (Herndon, VA). The investment yields 9.0 percent on the Company’s capital outstanding and includes profit participation upon a liquidity event.|
The following information was filed by Udr, Inc. (UDR) on Tuesday, February 9, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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