Slide 1: UDR LA Property Tour November 18, 2008
UDR LA Property Tour November 18, 2008 Opening doors to the futureSM
Slide 2: UDR Agenda
UDR Agenda Noon: Lunch at The Warehouse Restaurant Thomas W. Toomey, President and CEO - Opening Remarks Mary Ann King, President, Moran & Co. - California Overview Jerry A. Davis, SVP, Property Operations - UDR Holdings Overview Tracy Saffos, VP and Area Director, Southern California - Tour Overvie
Slide 3: UDR Attendees
UDR Attendees Corporate: Thomas W. Toomey, President and CEO Warren L. Troupe, Senior EVP and General Counsel W. Mark Wallis, Senior EVP, Acquisitions, Dispositions, Asset Quality and Development David L. Messenger, CFO Matthew T. Akin, SVP, Acquisitions and Dispositions Jerry A. Davis, SVP, Propert
Slide 4: UDR Portfolio - Percent NOI by State (YTD)
UDR Portfolio - Percent NOI by State (YTD)
Slide 5: UDR California Portfolio Market Snapshot
UDR — California Portfolio UDR California Market Snapshot September 30, 2008 Revenue Expense #SS # Total Occupancy" Avg. Mo. Inc. Growth" Growth NOI Growth* %NOIYTD Homes Homes YTD per Occ.Home* YTD-YIY_YTD-YV_YTD-YIV La 43% 10082 1,678 95.2% $ 1899 55% «2.4% 7.0% Jorange County 18.1% 4067 4,368, 95
Slide 6: Today's Tour - LA County
Today's Tour - LA County LA is UDR's seventh-largest market and is expected to contribute five percent of the Company's pro forma total net operating income in 2008. UDR is expanding its presence in this market with one recent acquisition and one new development: Tierra del Rey, Marina del Rey, CA -
Slide 7: LA - Market Overview
LA - Market Overview Source: Company Reports *Includes non-mature and other operating properties
Slide 8: Insert Map
Insert Map
Slide 9: LA - UDR Overview
LA - UDR Overview ^ Data shows occupancy as of Sept. 30. Jefferson at Marina del Rey is currently 50 percent leased. ^^ Grandview is a commercial property in Glendale CA, currently leased to a community college. It has a net carrying value of $10M, delivering annualized NOI of $.6M. Wilshire is enti
Slide 10: Tour Sites: Jefferson at Marina del Rey
Tour Sites: Jefferson at Marina del Rey Tour Sites: Jefferson at Marina del Rey Jefferson at Marina del Rey Completed 3Q 2008 298 homes Leased: 50% Avg. Mo. Inc./Home: $2,661
Slide 11: Jefferson at Marina del Rey Summary
Jefferson at Marina del Rey Summary Located in the upscale Marina del Rey neighborhood near Venice Beach, Santa Monica Beach and 3rd Street Promenade, and close to I-10, I-405, I-90 and LAX, Jefferson at Marina del Rey is now open for immediate occupancy. Still in lease-up, this property offers easy
Slide 12: Tour Sites: Tierra del Rey
Tour Sites: Tierra del Rey Tierra del Rey Acquired 4Q 2007 170 homes Built 1999 Kitchen and Bath Program Occupancy: 95.4% Avg. Mo. Inc./Home: $2,499
Slide 13: Tierra del Rey Summary
Tierra del Rey Summary Close to Los Angeles, and mere minutes from Interstates 10, 405, and 105, Tierra del Rey boasts a life of convenience. Apartments are available in spacious 1, 2, and 3 bedroom styles and offer both full size washer/dryers in every home and walk-in closets with up to 15 feet of
Slide 14: Future Development Opportunity: Grandview
Future Development Opportunity Grandview Location: Glendale, CA Commercial property currently leased to a community college Net carrying value: $10M Annualized NOI: $653,000 Slated for future development Est. Homes: 218 Est. Investment: $67M
Slide 15: Future Development Opportunity: 3033 Wilshire
Future Development Opportunity 3033 Wilshire Location: Downtown LA Entitled land, purchased from a condo developer Net carrying value: $11M Slated for future development Est. Homes: 190 Est. Investment: $101M Rendering
Slide 16: For Your Notes
For Your Notes: _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ ____
Slide 17: Orange County - Market Overview
Orange County - Market Overview Source: Company Reports *Includes non-mature and other operating properties
Slide 18: Orange County: The Kennedy, Arbor Terrace, The Hawthorne
Orange County: The Kennedy Arbor Terrace The Hawthorne The Kennedy The Kennedy The Kennedy
Slide 19: Villa Venetia, Coronado North, Pine Brook Village II
Villa Venetia Coronado North Pine Brook Village II, Acquired 2Q 2008 ^Properties will move into active development as financing opportunities and market conditions improve.
Slide 20: For Your Notes
For Your Notes: _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ ____
Slide 21: Inland Empire - Market Overview
Inland Empire - Market Overview
Slide 22: Inland Empire
Inland Empire
Slide 23: Verano at Town Square, Windemere
Verano at Town Square Windemere
Slide 24: For Your Notes
For Your Notes: _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ ____
Slide 25: San Diego County - Market Overview
San Diego County - Market Overview
Slide 26: San Diego County
San Diego County
Slide 27: Milazzo, Rancho Vallecitos
Milazzo Rancho Vallecitos ^ These properties will move into active development as financing opportunities and market conditions improve.
Slide 28: For Your Notes
For Your Notes: _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ ____
Slide 29: San Francisco - Market Overview
San Francisco - Market Overview
Slide 30: San Francisco
San Francisco ‘iN FRANCISCO AREA PROPERTIES
Slide 31: Edgewater, Almaden Lake Village, Highlands of Marin
Edgewater - Acquired 1Q 2008 Almaden Lake Village - Acquired 3Q 2008 Highlands of Marin ^Bay Terrace currently has a net carrying value of $21M and delivers annualized NOI of $1.8M. This property will move into active development as financing opportunities and market conditions improve.
Slide 32: For Your Notes
For Your Notes: _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ ____
Slide 33: Monterey/Salinas - Market Overview
Monterey/Salinas - Market Overview
Slide 34: Monterey/Salinas
Monterey/Salinas saunas anea pnovenmies
Slide 35: The Pointe at Northridge, Laurel Tree, Harden Ranch
The Pointe at Northridge Laurel Tree The Pointe at Harden Ranch
Slide 36: For Your Notes
For Your Notes: _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ ____
Slide 37: Sacramento - Market Overview
Sacramento - Market Overview
Slide 38: Sacramento
Sacramento Sacramento
Slide 39: Foothills Tennis Village, Woodlake Village
Foothills Tennis Village Woodlake Village
Slide 40: Clear vision and the right growth strategies
We have a clear vision and the right growth strategies to deliver superior value creation Statements contained in this handout, which are not historical facts, are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995. You can identify these forwa
Slide 41: UDR Fact Sheet November 2008
UDR, Inc. (NYSE: UDR), has a demonstrated history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted US markets. Fact Sheet November 2008 UDR's Strengths Solid portfolio concentrated in ke
Slide 42: Redevelopment and four key strategies
Reinvest with exterior upgrades and interior renovations 11 communities completed - 3,510 homes $263M total net investment after redevelopment Total investment of $75,000 per home 2 communities underway - 598 Homes $29M budgeted cost - $67M total investment Average incremental investment of $48,185
Slide 43: RE3 development pipeline
RE3, our subsidiary that focuses on development, land entitlement, zoning changes and short-term hold investments, is poised to capture superior returns through all market cycles. It gives us flexibility to act quickly when markets change. Vitruvian Park, TX Ashwood Commons Bellevue, WA Marina del R
Slide 44: Forward-looking statements
Statements contained in this document, which are not historical facts, are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the Company's use of words such as, "expects," "plans," "estimat
Slide 45: Hot Topics: Apartment Fundamentals and Liquidity
November 18, 2008 Hot Topics: Apartment Fundamentals Occupancy holding at 95% Revenue growth continues to moderate as economic conditions worsen Public REITs likely to outperform private operators Geographic diversity spreads opportunity and risk Northern California is strongest market UDR outperfor
Slide 46: Debt maturities and how they will be funded
4 5 3 2 9 What are your debt maturities and how will you fund them? Debt Maturities ($M) Secured Unsecured Total 2008 $ 2 $29 $ 31 2009 146 250 396 2010 257 290 547* * $408M after closing new FNMA facility 2008: will be funded with available cash. 2009: $95M of maturities is a construction loan on n