Udr, Inc. · NYSE:UDR
Udr — United Dominion Realty Trust — Investor Presentation (December 2004)
31 slides from Udr's investor presentation, Dec 20, 2004
Slide 1: Mature Market Trends As of November 2004
Mature Market Trends As of November 2004 P R E D I C T A B I L I T Y through H I G H P E R F O R M A N C E
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements contained in this presentation, 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, "e
Slide 3: Index of Mature Markets
Index of Mature Markets %Maure ‘Tota Page Number Portfolio NOL Definitions 6 Total Matures 6 8.090 Atlanta 7 a8 18% 13% ‘Austin e ate 12% 14% Batimore 9 aro 22% 26% Charlotte 10 2034 22% 24% Columbia, SC “ ‘584 1% 1o% Columbus 2 2500, 20% 24% Dale 13 3128 28% 38% Denver 14 a8 24% 18% Greene bore 16
Slide 4: Definitions
Definitions Mature Community Net Rant Concesstone Cooupancy Number of Accounting Days in Month ‘The Company defines mature communes ae all mutitamily communtie awed and stabilized for at least one year a ofthe beginsing ofthe mest recent quater. Nt rent includer all rental income and fees that are a
Slide 5: Total Matures - 68,030
Total Matures - 68,030 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.032 0.033 0.029 0.029 0.029 0.03 0.031 0.032 0.033 0.032 0.03 0.029 0.032 Net Rent (000) 44647 44893 44841 45052 45388 45315 45351 45285 45233
Slide 6: Atlanta - 1,426
Atlanta - 1,426 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0447 0.0243 0.0212 0.0175 0.0155 0.0462 0.0252 0.0277 0.0283 0.0177 0.013 0.0111 0.018 Net Rent 786 811 793 816 797 796 805 817 801 816 812 802 795 Acc
Slide 7: Austin - 1,116
Austin - 1,116 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0576 0.0603 0.0448 0.0397 0.0359 0.0455 0.0544 0.051 0.0549 0.0387 0.0301 0.0311 0.037 Net Rent 628 651 651 637 651 649 638 639 653 680 673 662 671 Acc
Slide 8: Baltimore - 1,470
Baltimore - 1,470 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0156 0.011 0.0167 0.0107 0.0068 0.0111 0.0118 0.0089 0.0056 0.0119 0.0053 0.0159 0.014 Net Rent 1265 1268 1269 1264 1290 1293 1295 1284 1299 1314 13
Slide 9: Charlotte - 2,034
Charlotte - 2,034 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0303 0.0307 0.0256 0.0179 0.0115 0.0186 0.0174 0.0129 0.0179 0.013 0.0123 0.0134 0.02 Net Rent 1098 1099 1093 1114 1110 1080 1112.511 1083 1087 1116
Slide 10: Columbia, SC - 1,584
Columbia, SC - 1,584 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0244 0.0252 0.0416 0.0346 0.0399 0.0356 0.037 0.025 0.0306 0.015 0.0136 0.0214 0.027 Net Rent 864 885 862 881 856 887 892 904 900 918 893 874 883
Slide 11: Columbus - 2,530
Columbus - 2,530 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0154 0.0227 0.0225 0.0213 0.0327 0.0355 0.0294 0.0327 0.0424 0.0611 0.039 0.0319 0.039 Net Rent 1598 1573 1547 1550 1580 1570 1574 1571 1523 1524 156
Slide 12: Dallas - 3,123
Dallas - 3,123 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0258 0.0316 0.022 0.024 0.0278 0.0261 0.0291 0.0312 0.0268 0.0276 0.027 0.0236 0.024 Net Rent 1852 1847 1881 1854 1845 1848 1854 1830 1851 1830 1819 18
Slide 13: Denver - 1,484
Denver - 1,484 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.163 0.174 0.175 0.186 0.225 0.225 0.219 0.23 0.225 0.2265 0.2258 0.2304 0.261 Net Rent 907 900 897 877 892 879 883 881 894 909 887 893 868 Accounting D
Slide 14: Ft Worth - 2,656
Ft Worth - 2,656 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0313 0.0366 0.0215 0.0183 0.0179 0.0242 0.0218 0.0311 0.0301 0.0194 0.0182 0.0228 0.019 Net Rent 1574 1590 1584 1592 1571 1555 1544 1533 1547 1573 15
Slide 15: Greensboro - 2,123
Greensboro - 2,123 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.007 0.0124 0.0072 0.007 0.0099 0.0072 0.0093 0.0078 0.0168 0.011 0.0062 0.0066 0.01 Net Rent 1149 1144 1154 1158 1162 1179 1167 1140 1137 1165 1179
Slide 16: Houston - 5,302
Houston - 5,302 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0201 0.0143 0.0177 0.0168 0.0186 0.0206 0.0264 0.026 0.0331 0.0251 0.03 0.0337 0.031 Net Rent 3007 3013 2999 2999 3034 3010 2990 2978 2962 2975 2949 2
Slide 17: Jacksonville - 1,157
Jacksonville - 1,157 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.012 0.0187 0.0146 0.0108 0.0076 0.0096 0.0131 0.0154 0.0212 0.0188 0.0201 0.0116 0.017 Net Rent 756 759 761 749 766 757 768 763 749 754 753 745 7
Slide 18: Metro DC - 1,512
Metro DC - 1,512 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.025 0.018 0.0105 0.0125 0.0148 0.0213 0.0186 0.0203 0.0116 0.0099 0.0161 0.0306 0.0503 Net Rent 1468 1489 1494 1512 1542 1512 1499 1522 1582 1584 154
Slide 19: Monterey (Salinas) - 1,568
Monterey (Salinas) - 1,568 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0144 0.0377 0.0083 0.01 0.0159 0.0136 0.0065 0.0079 0.006 0.0106 0.0115 0.009 0.0121 Net Rent 1290 1262 1304 1298 1292 1323 1343 1358 1337
Slide 20: Nashville - 2,220
Nashville - 2,220 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0216 0.0187 0.0211 0.0188 0.0164 0.0135 0.0188 0.012 0.0151 0.0169 0.0124 0.0103 0.014 Net Rent 1348 1350 1363 1360 1393 1393 1380.546 1415 1389 141
Slide 21: Norfolk VA Beach - 1,438
Norfolk VA Beach - 1,438 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0023 0.0038 0.0055 0.0064 0.0059 0.0087 0.0134 0.0097 0.0154 0.0061 0.0061 0.0105 0.0211 Net Rent 1036 1090 1057 1069 1071 1083 1073.903 1092
Slide 22: Northern California - 1,894
Northern California - 1,894 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0398 0.025 0.0283 0.0244 0.025 0.0355 0.0367 0.0286 0.0392 0.0356 0.022 0.0173 0.0371 Net Rent 2003 2043 2027 2032 2037 2003 2013 2050 200
Slide 23: Orlando - 4,140 Homes
Orlando - 4,140 Homes Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9236 0.9233 0.9317 0.943 0.9415 0.9385 0.9402 0.9557 0.946 0.9426 0.936 0.9298 2000 0.9205 0.9225 0.9224 0.9199 0.9262 0.9359 0.9508 0.9529 0.9455 0.9465 0.9427 0.9375 2001 0.9312 0.9256 0.9292 0.9291 0.9364 0.9
Slide 24: Phoenix - 2,779
Phoenix - 2,779 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.109 0.1037 0.1253 0.1319 0.1164 0.1285 0.1391 0.1382 0.128 0.1432 0.1524 0.1472 0.1303 Net Rent 1708 1731 1698 1704 1729 1725 1720.804 1695 1675 1691
Slide 25: Portland
Portland - 994 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0537 0.0955 0.0524 0.0332 0.0415 0.0566 0.0724 0.0834 0.0789 0.097 0.0799 0.0747 0.063 Net Rent 625 609 630 646 659 650 627 624 621 617 640 641 648 Acc
Slide 26: Raleigh Durham - 3,663
Raleigh Durham - 3,663 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0465 0.0439 0.0272 0.0191 0.0226 0.0249 0.0353 0.0469 0.049 0.0366 0.0304 0.0291 0.027 Net Rent 2154 2175 2180 2210 2195 2197 2183 2144 2141 21
Slide 27: Richmond Petersburg - 1,796
Richmond Petersburg - 1,796 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0381 0.0245 0.0257 0.0257 0.0198 0.0226 0.0078 0.0268 0.0149 0.0222 0.0191 0.0208 0.036 Net Rent 1175 1196 1201 1223 1239 1235 1246 1231 1
Slide 28: Seattle - 1,575
Seattle - 1,575 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0405 0.0593 0.0456 0.0477 0.0316 0.0493 0.0458 0.0388 0.0426 0.058 0.07 0.0538 0.043 Net Rent 1111 1114 1131 1108 1139 1134 1131 1128 1085 1078 1099 1
Slide 29: Southern California - 2,774
Southern California - 2,774 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0086 0.0123 0.0163 0.014 0.0167 0.0148 0.0149 0.0181 0.0144 0.0174 0.0234 0.011 0.014 Net Rent 2852 2882 2833 2880 2901 2863 2903 2900 291
Slide 30: Tampa - 3,836
Tampa - 3,836 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0474 0.0442 0.0394 0.0439 0.0441 0.0366 0.0366 0.0393 0.0351 0.0349 0.0349 0.0303 0.035 Net Rent 2492 2517 2529 2545 2567 2597 2581 2591 2616 2642 2636
Slide 31: Wilmington - 1,868
Wilmington - 1,868 Homes '03 Nov '03 Dec '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov Concess % of Net Rent 0.0434 0.0392 0.0334 0.0341 0.0214 0.019 0.0144 0.0147 0.0138 0.0042 0.0021 0.003 0.005 Net Rent 1049 1072 1086 1085 1111 1116 1151 1160 1166 1218 12
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