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Udr, Inc. (UDR) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Udr, Inc.

CIK: 74208 Ticker: UDR

 

 

 

 

 

Image - Image1.jpeg

 

Exhibit 99.1

 

Press Release

 

 

 

 

DENVER, CO – February 12, 2019

 

 

Contact: Chris Van Ens

 

 

 

 

Phone:   720.348.7762

 

UDR ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2018 RESULTS AND 2019 GUIDANCE

 

UDR, Inc. (the “Company”) Fourth Quarter 2018 Highlights:

·

Net income per share was $0.30, Funds from Operations (“FFO”) per share was $0.49, FFO as Adjusted (“FFOA”) per share was $0.50, and Adjusted Funds from Operations (“AFFO”) per share was $0.46.

·

Net income attributable to common stockholders was $81.2 million as compared to $68.4 million in the prior year period. The increase was driven by higher operating income and gains on the sale of real estate.

·

Year-over-year (“YOY”) same-store (“SS”) revenue, expense and net operating income (“NOI”) growth rates were 3.7, 4.4, and 3.4 percent, respectively.

·

The Company’s $779.0 million pro-rata share of development projects in lease-up continued to realize strong demand, ending the fourth quarter at a weighted average 85.5 percent leased.

·

Previously announced fourth quarter highlights include:

o

Sold Circle Towers, a 604-home community in Fairfax County, VA, for $160.0 million.

o

Issued $300.0 million of 10-year unsecured debt at an effective rate of 4.27 percent and 7.15 million common shares, at a net price of $41.98, for proceeds of approximately $300.0 million.

 

Subsequent to Quarter-End Highlights:

·

Acquired partner’s joint venture interests in Parallel, a 386-home community in Anaheim, CA, and CityLine II, a 155-home community in suburban Seattle, WA, for a total cash outlay of $131.7 million.

·

Under contract to purchase Leonard Pointe, a 188-home community in Brooklyn, NY, for $132.3 million. 

·

Purchased 500 Penn Street NE, a development site in Washington, D.C., for $27.2 million, and 1590 Grove Street, a development site in Denver, CO, for $13.7 million.

·

Realized approximately $6.5 million, net of estimated taxes, on the settlement of a $5.6 million note receivable to a multifamily technology company, resulting in an IRR of approximately 55 percent.

·

Named Jerry A. Davis President, in addition to his responsibilities as Chief Operating Officer.

 

Full-Year 2018 Highlights:

·

Net income per share was $0.74, FFO per share was $1.93, FFOA per share was $1.96, and AFFO per share was $1.80.

·

Net income attributable to common stockholders was $199.2 million as compared to $117.9 million in the prior year period. The increase was driven by higher operating income and gains on the sale of real estate.

·

YOY SS revenue, expense and NOI growth rates were 3.5, 3.6, and 3.4 percent, respectively.

·

Increased the Company’s declared dividend by 4.0 percent YOY to $1.29 per share.

·

Completed construction of two wholly-owned and two UDR/MetLife JV developments comprising 1,634 homes with a total cost to construct of $808.5 million at the Company’s ownership interest.

·

Expanded the Developer Capital Program (“DCP”) through committed investments totaling $93.1 million in four communities, comprising 1,087 homes, and at a weighted average yield of 10.4 percent.

·

Repurchased approximately 593,000 common shares at an average price of $33.69 for approximately $20.0 million.

·

Named Thomas W. Toomey Chairman of the Board, in addition to his responsibilities as Chief Executive Officer.

1


The following information was filed by Udr, Inc. (UDR) on Tuesday, February 12, 2019 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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Inside Udr, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets (United Dominion Realty, L.P.)
Consolidated Balance Sheets (United Dominion Realty, L.P.) (Parenthetical)
Consolidated Statement Of Changes In Capital (United Dominion Realty, L.P.)
Consolidated Statement Of Changes In Equity
Consolidated Statement Of Changes In Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Cash Flows (United Dominion Realty, L.P.)
Consolidated Statements Of Cash Flows - Supplemental
Consolidated Statements Of Cash Flows - Supplemental (United Dominion Realty, L.P.)
Consolidated Statements Of Comprehensive Income/(Loss)
Consolidated Statements Of Comprehensive Income/(Loss) (United Dominion Realty, L.P.)
Consolidated Statements Of Operations
Consolidated Statements Of Operations (United Dominion Realty, L.P.)
Capital Structure (United Dominion Realty, L.P.)
Capital Structure (United Dominion Realty, L.P.) - Ownership Interests (Details)
Capital Structure (United Dominion Realty, L.P.) - Units Rollforward (Details)
Capital Structure (United Dominion Realty, L.P.) Capital Structure (United Dominion Realty, L.P.) (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies (United Dominion Realty, L.P.) (Details)
Commitments And Contingencies (United Dominion Realty, L.P.) Commitments And Contingencies (United Dominion Realty, L.P.)
Commitments And Contingencies - Lease Maturities (Details)
Commitments And Contingencies - Real Estate Commitments (Details)
Commitments And Contingencies- Other Information (Details)
Consolidation And Basis Of Presentation
Consolidation And Basis Of Presentation (Details)
Consolidation And Basis Of Presentation (United Dominion Realty, L.P.)
Consolidation And Basis Of Presentation - Gp Units (United Dominion Realty, L.P.) (Details)
Debt, Net (United Dominion Realty, L.P.)
Debt, Net (United Dominion Realty, L.P.) (Tables)
Debt, Net (United Dominion Realty, L.P.) - Fannie Mae Credit Facilities (Details)
Debt, Net (United Dominion Realty, L.P.) - Other Information (Details)
Debt, Net (United Dominion Realty, L.P.) - Summary (Details)
Derivatives And Hedging Activity
Derivatives And Hedging Activity (Tables)
Derivatives And Hedging Activity (United Dominion Realty, L.P.)
Derivatives And Hedging Activity (United Dominion Realty, L.P.) (Tables)
Derivatives And Hedging Activity (United Dominion Realty, L.P.) - Gains And Losses (Details)
Derivatives And Hedging Activity (United Dominion Realty, L.P.) - Interest Rate Derivatives (Details)
Derivatives And Hedging Activity (United Dominion Realty, L.P.) - Other Information (Details)
Derivatives And Hedging Activity - Fair Value (Details)
Derivatives And Hedging Activity - Gains And Losses (Details)
Derivatives And Hedging Activity - Interest Rate Derivatives (Details)
Derivatives And Hedging Activity - Offsetting Assets And Liabilities (Details)
Derivatives And Hedging Activity - Other Information (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Other Information (Details)
Employee Benefit Plans - Rollforward (Details)
Fair Value Of Derivatives And Financial Instruments
Fair Value Of Derivatives And Financial Instruments (Details)
Fair Value Of Derivatives And Financial Instruments (Tables)
Fair Value Of Derivatives And Financial Instruments (United Dominion Realty, L.P.)
Fair Value Of Derivatives And Financial Instruments (United Dominion Realty, L.P.) (Details)
Fair Value Of Derivatives And Financial Instruments (United Dominion Realty, L.P.) (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Taxes (Details)
Income Taxes - Effective Tax Rate Reconciliation (Details)
Income Taxes - Other Information (Details)
Income Taxes - Provision (Details)
Income Taxes - Sec Simplification (Details)
Income Taxes - Taxable Distributions (Details)
Income/(Loss) Per Share
Income/(Loss) Per Share (Tables)
Income/(Loss) Per Share - Computation (Details)
Income/(Loss) Per Share - Other Information (Details)
Joint Ventures And Partnerships
Joint Ventures And Partnerships (Tables)
Joint Ventures And Partnerships - Additional Information (Details)
Joint Ventures And Partnerships - Commitments (Details)
Joint Ventures And Partnerships - Summary (Details)
Noncontrolling Interests
Noncontrolling Interests (Details)
Noncontrolling Interests (Tables)
Real Estate Owned
Real Estate Owned (Tables)
Real Estate Owned (United Dominion Realty, L.P.)
Real Estate Owned (United Dominion Realty, L.P.) (Tables)
Real Estate Owned (United Dominion Realty, L.P.) - Other Information (Details)
Real Estate Owned (United Dominion Realty, L.P.) - Summary (Details)
Real Estate Owned - Additional Information (Details)
Real Estate Owned - Summarizes The Carrying Amounts For Our Real Estate Owned (Details)
Related Party Transactions (United Dominion Realty, L.P.)
Related Party Transactions (United Dominion Realty, L.P.) (Details)
Related Party Transactions (United Dominion Realty, L.P.) (Tables)
Reportable Segments
Reportable Segments (Details)
Reportable Segments (Tables)
Reportable Segments (United Dominion Realty, L.P.)
Reportable Segments (United Dominion Realty, L.P.) (Details).
Reportable Segments (United Dominion Realty, L.P.) (Tables)
Schedule Iii ??? Real Estate Owned
Schedule Iii ??? Real Estate Owned (Details)
Schedule Iii ??? Real Estate Owned (United Dominion Realty, L.P.)
Schedule Iii Real Estate Owned (United Dominion Realty, L.P.) (Details)
Secured And Unsecured Debt, Net
Secured And Unsecured Debt, Net (Tables)
Secured And Unsecured Debt, Net - Additional Information (Details)
Secured And Unsecured Debt, Net - Credit Facilities (Details)
Secured And Unsecured Debt, Net - Maturities (Details)
Secured And Unsecured Debt, Net - Revolving Credit Facility (Details)
Secured And Unsecured Debt, Net - Short Term Debt (Details)
Secured And Unsecured Debt, Net - Summary (Details)
Secured And Unsecured Debt, Net - Unsecured Working Capital Facility (Details)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies (United Dominion Realty, L.P.)
Significant Accounting Policies (United Dominion Realty, L.P.) (Details)
Significant Accounting Policies (United Dominion Realty, L.P.) (Policies)
Significant Accounting Policies (United Dominion Realty, L.P.) (Tables)
Significant Accounting Policies (United Dominion Realty, L.P.) - Disaggregation (Details)
Significant Accounting Policies (United Dominion Realty, L.P.) - Revenue Recognition (Details)
Significant Accounting Policies - Cash Flows (Details)
Significant Accounting Policies - Disaggregation (Details)
Significant Accounting Policies - Sec Simplification (Details)
Stockholders??? Equity
Stockholders??? Equity (Tables)
Stockholders??? Equity - Other Information (Details)
Stockholders??? Equity - Shares Rollforward (Details)
Unaudited Summarized Consolidated Quarterly Financial Dat (United Dominion Realty, L.P.) (Tables)
Unaudited Summarized Consolidated Quarterly Financial Data
Unaudited Summarized Consolidated Quarterly Financial Data (Details)
Unaudited Summarized Consolidated Quarterly Financial Data (Tables)
Unaudited Summarized Consolidated Quarterly Financial Data (United Dominion Realty, L.P.)
Unaudited Summarized Consolidated Quarterly Financial Data (United Dominion Realty, L.P.) (Details)
Unconsolidated Entities (United Dominion Realty, L.P.)
Unconsolidated Entities (United Dominion Realty, L.P.) (Details)
Unconsolidated Entities (United Dominion Realty, L.P.) Unconsolidated Entities (United Dominion Realty, L.P.) (Tables)
Variable Interest Entities
Ticker: UDR
CIK: 74208
Form Type: 10-K Annual Report
Accession Number: 0000074208-19-000028
Submitted to the SEC: Tue Feb 19 2019 10:01:03 AM EST
Accepted by the SEC: Tue Feb 19 2019
Period: Monday, December 31, 2018
Industry: Real Estate Investment Trusts

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