Udr, Inc. · NYSE:UDR
Udr — NAREIT's Annual Conference - November 2011
56 slides from Udr's conference presentation, Nov 14, 2011
Slide 1: NAREIT's Annual Conference - November 2011
2011 Acquisitions - $1.5 billion Development/Redevelopment in Process - $1.1 billion 95 Wall New York, NY 10 Hanover Square New York, NY 21 Chelsea New York, NY View 14 Washington, D.C. Rivergate New York, NY NAREIT's Annual Conference - November 2011 Exhibit 99.1
Slide 2: UDR Overview
Portfolio UDR owns, acquires, renovates, develops and manages apartment communities nationwide concentrated in markets with low single-family home affordability and job growth in excess of the national average 62,037 homes in 218 communities(2) Total income per occupied home of $1,395(2) Leading Mul
Slide 3: Recent Activity - Year to Date
Recent Activity - Year to Date Acquisitions, Developments, Redevelopments and Disposition Activities - $2.6 billion Acquisition of 8 operating communities containing 3,161 apartment homes for $1.5 billion in key markets such as Manhattan, Washington, D.C., Boston and California Announced 5 new devel
Slide 4: Business Strategy
Business Strategy (1) As of September 30, 2011 and includes joint venture homes at 100%. (2) Includes $359 million in September 2010 and $496 million in July 2011 follow on offerings; plus $368 million, $109 million and $68 million issued through our ATM equity program in 2011 YTD, 2010 and 2009, re
Slide 5: Acquisition & Disposition Activity - Since August 2010
Acquisitions focused in markets positioned for superior growth, such as Manhattan, Washington D.C., Boston and California Disposition of non-core communities in markets that do not fit UDR's long-term strategy (1) Represents monthly income per occupied home at time of acquisition or disposition. Por
Slide 6: Year to Date Acquisitions
Year to Date Acquisitions Significantly improving the internal growth profile of the portfolio through select acquisitions (1) Excludes commercial. (2) Represents monthly income per occupied home at the time of acquisition. 10 Hanover Square Location New York, NY Number of Homes 493 Purchase Price $
Slide 7: Year to Date Acquisitions
View 14 Location Washington, D.C. Number of Homes 185 Purchase Price $105.5M Price per Home(1) $494,000 Income per Occupied Home(2) $2,808 Rivergate Location New York, NY Number of Homes 706 Purchase Price $443.0M Price per Home(1) $585,000 Income per Occupied Home(2) $3,262 95 Wall Location New Yor
Slide 8: UDR's Specific Asset Strategy
Development(1) Strategy: Focus development opportunities in select core markets that compliment and enhance UDR's existing portfolio such as Southern California, Washington, D.C., Boston and Dallas Pipeline: 2,573 homes in ten communities with a total estimated cost of $751 million or $292 thousand
Slide 9: Development Pipeline
Development Pipeline Selectively pursuing development projects to complement our long-term growth strategy Village at Bella Terra Location Huntington Beach, CA Number of Homes 467 Estimated Cost $150M Estimated Completion Date 2Q 2013 13th & Market Location San Diego, CA Number of Homes 263 Estimate
Slide 10: Development Pipeline
Development Pipeline Selectively pursuing development projects to complement our long-term growth strategy Mission Bay Location San Francisco, CA Number of Homes 315 Estimated Cost $140M Estimated Completion Date 3Q 2013 Savoye2 Location Addison, TX Number of Homes 347 Estimated Cost $69M Estimated
Slide 11: Redevelopment Pipeline
Redevelopment Pipeline Current pipeline consists of 2,978 homes in seven communities with a total estimated cost of $337 million or $113 thousand per home Selectively pursuing opportunities in Manhattan, Southern California and Metropolitan Washington, D.C. Barton Creek Landing - Austin, TX Marina P
Slide 12: Development Pipeline
Development Pipeline Selectively pursuing development projects to complement our long-term growth strategy Phase III - Vitruvian ParkSM Location Addison, TX Number of Homes 391 Estimated Cost $98M Estimated Completion Date 3Q 2013 Beach Walk Location Huntington Beach, CA Number of Homes 173 Estimate
Slide 13: Operational Performance
Operational Performance Occupancy Occupancy of 95.6% versus peer average of 95.6% Operating Margin Operating margin of 66% versus peer average of 64% Revenue Increased by 3.7% versus peer average of 4.0% Expenses Increased by 1.6% versus peer average of 0.4% NOI Increased 4.8% versus peer average of
Slide 14: Balance Sheet
Balance Sheet Financial profile as of September 30, 2011 Viridian - Los Angeles, CA $9.7 billion enterprise value(1) Existing debt of $4.0 billion, with a weighted average rate of 4.1% and 4.2 years to maturity No maturing debt remaining in 2011 without extension options Fixed charge coverage of 2.5
Slide 15: Why UDR?
Successful and proven portfolio management strategy Transformational development and redevelopment capabilities Strong operating results driven by industry leading platform Strong and flexible balance sheet Ashton Bellevue - Bellevue, WA Why UDR? Strategically Positioned in Markets with Low Single-F
Slide 16: Notes
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Slide 17: Notes
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Slide 18: Notes
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Slide 19: Forward-Looking Statement
Forward-Looking Statement Certain statements made in this presentation 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 iden
Slide 20: Investor Relations Contact
Investor Relations Contact: Chris Van Ens cvanens@udr.com 720.348.7762
Slide 21: Vitruvian Park
un Vitruvian Park”
Slide 22: The Vision for Vitruvian Park
Create an urban-designed live, work, and play lifestyle destination in metro Dallas for residents that incorporates a vibrant mix of shops, eateries and entertainment The Vision for Vitruvian ParkSM
Slide 23: Vitruvian Park - 2006
Vitruvian ParkSM - 2006 118 acres Nine apartment communities 2,380 homes Average home size: 900 sq. ft. Average rent: $585 per month 173K sq. ft. of retail space Average age: 35 years
Slide 24: Vitruvian Park master plan and assemblage
Master plan encompasses 118 acres in total; $135 million in assemblage costs Purchased nine contiguous apartment communities on the Vitruvian ParkSM site containing 2,380 homes Acquired an adjacent retail center containing 173K square feet of existing shop space and anchored by a Tom Thumb Grocer (S
Slide 25: Vision for Vitruvian Park - 2015
Eight apartment buildings 2,600 apartment homes 230,000 square feet of retail 12-acre Vitruvian Park 7.5 acres of green space 352 legacy apartment homes $650 million total investment: $280 million spent $370 million committed Vision for Vitruvian ParkSM - 2015
Slide 26: Why Addison?
Why Addison? 4% ? Employment 300,000 office jobs within 20 minutes and home to several large employers Strong projected job growth of 3.2% annually Roughly 96 million square feet of office space within a 20-minute drive ? Transportation Within a short drive of the Dallas North Tollway and the LBJ Fr
Slide 27: Phase II: Vitruvian Park - Core Built Out
Completed To-Date/Under Construction 12-acre centerpiece Vitruvian Park First Community: Savoye 392 homes Total cost: $66 million or $169K per home 16K square feet of retail space Completed in January 2010 Second Community: Savoye2 347 homes Estimated total cost: $69 million or $199K per home 12K sq
Slide 28: Phase II: Vitruvian Park - Core Built Out (Remaining)
Remaining Estimated $280 million remaining to invest Approximately 1,490 additional homes and 185K square feet of retail space remaining to be built 352 legacy homes will continue to provide cash flow on the Vitruvian ParkSM site 16 acres of vacant land with full entitlements for future development
Slide 29: A 12-acre public park in the heart of Vitruvian Park
A 12-acre public park in the heart of Vitruvian ParkSM Key attributes include an extensive trail system, an innovative and unique water feature, an expansive, circular summer lounge area, an amphitheater and a grotto fountain with a 16-foot waterfall Now complete, the park is owned and operated by t
Slide 30: Vitruvian Park Overview - Future
Vitruvian ParkSM Overview - Future Build out the remaining residential components once the necessary retail infrastructure is in place. Engage an equity partner to enhance returns UDR plans to maintain its total investment in Vitruvian ParkSM at approximately 5% of enterprise value Entitlements prov
Slide 31: Appendix
Appendix
Slide 32: Why Addison?
Why Addison? 6% 4% Addison Attributes Centrally located in the northern arc of the Dallas MSA Within a 20 minute drive to major employers and extensive employment bases totaling over 300K jobs Close proximity to over 96 million square feet of class A / B office space and over half of the office spac
Slide 33: Why Addison?
Why Addison? 4% Close proximity to major employers, over 300K jobs, and 96 million square feet of office space Cushman and Wakefield, 2Q11 Google
Slide 34: Why Addison?
Why Addison? 4% Source: Bureau of Labor Statistics, May 2010 16K jobs, 11 mins Major employers include: Mary Kay Bank of America Regus Pepsi Frito Lay JC Penny Pizza Hut
Slide 35: Why Addison? Job growth
Why Addison? 6% 4% Job growth is expected to be strong through at least 2016 Job growth estimated by Economy.com
Slide 36: Why Addison? Addison needs more housing
Why Addison? 6% 4% Addison needs more housing Source: Cushman and Wakefield, Texas A&M calculations, U.S. Census Bureau
Slide 37: Notes
Notes
Slide 38: Notes
Notes
Slide 39: Forward-Looking Statement
Forward-Looking Statement Certain statements made in this presentation 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 iden
Slide 40: Investor Relations Contact
Investor Relations Contact: Chris Van Ens cvanens@udr.com 720.348.7762
Slide 41: Dallas Portfolio November 14, 2011
Dallas Portfolio November 14, 2011
Slide 42: UDR Dallas Portfolio
UDR Dallas Portfolio
Slide 43: Operating Portfolio Statistics
Operating Portfolio Statistics As of September 30, 2011. 1900 McKinney and Cirque are owned by MetLife/UDR joint venture. Includes ownership interest at 100%. Includes ownership interest at 100%. Weighted average for monthly income per occupied home and occupancy excludes Savoye2, Phase III and Lega
Slide 44: 1900 McKinney - Dallas, TX
1900 McKinney - Dallas, TX (1) As of September 30, 2011. Centrally located in Uptown Dallas and across the street from AT&T Performing Arts Center and the Dallas Museum of Art. Community amenities include a rooftop terrace with a heated pool & two sided fire place, outdoor catering kitchen and a pri
Slide 45: Cirque - Dallas, TX
Cirque - Dallas, TX (1) As of September 30, 2011. 28-story luxury high rise located in Victory park and just steps away from the American Airlines Center. Community amenities include a spa-inspired fitness club with aqua lounge and a 7th floor complete with an outdoor lounge and heated infinity pool
Slide 46: Belmont - Dallas, TX
(1) As of September 30, 2011. Premier location in Uptown within walking distance to dining, shopping and entertainment in the vibrant West Village. Community amenities include a clubhouse and pool with outdoor lounge, premium fitness center and recreation room. LEED Silver community. Belmont - Dalla
Slide 47: THIRTY377 - Dallas, TX
THIRTY377 - Dallas, TX (1) As of September 30, 2011. Located near the cafes of Uptown, including West Village and Cityplace as well as the boutique shops and fine dining of McKinney Avenue and Knox Henderson. Apartment homes boast lofty ceilings, spacious walk-in closets, oak flooring and custom kit
Slide 48: Legacy Village Apartment Homes - Plano, TX
Legacy Village Apartment Homes - Plano, TX (1) As of September 30, 2011. Conveniently located near large employment centers, including the Dallas Central Business District, Legacy Business Park and Richardson Telecom Corridor. Apartment amenities include granite or designer countertops, brick accent
Slide 49: Highlands of Preston - Plano, TX
Highlands of Preston - Plano, TX Located near the George Bush Turnpike, Hwy 121 and the North Dallas Toll way with easy access to major job centers in the North Dallas metro area. Complete renovation by UDR in 2009. Exterior improvements: All new windows, doors, siding with stone veneer and reconfig
Slide 50: Vitruvian Park - Addison, TX
Completed in the Fall of 2011 and includes expansive jogging trails, an innovative and unique water feature, a circular summer lounge area, an amphitheater and a grotto fountain with a 16' waterfall. Built in a public/private partnership with the City of Addison. UDR contributed the land and the Cit
Slide 51: Savoye - Addison, TX
Savoye - Addison, TX Developed by UDR (1) As of September 30, 2011. Located adjacent to the 12 acre Vitruvian Park. Community amenities include a park-side pool oasis, luxury fitness club, dramatic fire pit with signature water wall, indoor/outdoor internet cafe and coffee bar and a full-service con
Slide 52: Savoye2 - Addison, TX
Savoye2 - Addison, TX Developed by UDR Second phase of the Vitruvian ParkSM project. Residents enjoy full access to all of the Savoye and Savoye2 luxury amenities. Deluxe one and two-bedroom luxury apartment homes include California closets, open layouts with unique floor plans and modern finishes.
Slide 53: Phase III - Vitruvian Park
Third phase of the Vitruvian ParkSM development. Strategically built with spectacular views of Vitruvian Park including the amphitheater and grotto fountain. Residents will enjoy best in-class amenities including a wine room, a luxury fitness center, two pools and a rooftop deck. Deluxe one, two- an
Slide 54: Notes
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Slide 55: Forward-Looking Statement
Forward-Looking Statement Certain statements made in this presentation 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 iden
Slide 56: Investor Relations Contact
Investor Relations Contact: Chris Van Ens cvanens@udr.com 720.348.7762