Udr, Inc. · NYSE:UDR
Udr — United Dominion Realty Trust — NAREIT Investor Conference 2005
23 slides from Udr's conference presentation, Nov 2, 2005
Slide 1: NAREIT Investor Conference, Chicago, November 2005
UNITED)OMINION Realty Trust NAREIT Investor Conference ~ Chicago November 2 — 4, 2005
Slide 2: Safe Harbor Statement
Safe Harbor Statement The Calvert Washington D.C. Pine Avenue Long Beach, CA 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-looki
Slide 3: UDR Overview: The Investment Case for UDR
UDR Overview The Investment Case for UDR - Attractive Growth Potential Solid Operating Trends Deep Pipeline of Opportunities Kitchen/Bath Program Community-Level Rehabs Developments Strong Portfolio Position CA/FL/DC = 50% of Projected NOI Condo Pipeline Safe Investment Strong Balance Sheet Dividend
Slide 4: 2005 Third Quarter Results
Occupancy 94.6% - up 40 bps over prior year Highest level in over four years Reimbursements Up 13.5% over prior year $31 per month Concessions Down 18% vs. prior year 2005 Third Quarter Results Rents Per occupied home - $752 Up $25 over prior year Up 3.4% over prior year Expenses Up 6.9% over prior
Slide 5: 3Q05 Same Store Comparisons
3Q05 Same Store Comparisons UDR - Solid Operating Trends Source: Company Reports
Slide 6: Same Store Results
9 Months Same Store Results UDR - Solid Operating Trends Source: Company Reports
Slide 7: YTD Same Store Results - California
YTD Same Store Results - California UDR - Solid Operating Trends Source: Company Reports
Slide 8: Net Rents and Occupancy Strongest in Several Years
Net Rents and Occupancy are the Strongest in Several Years as Concessions Decline UDR - Solid Operating Trends
Slide 9: Expense History
Expense History UDR - Solid Operating Trends Total Expenses Per Home Non Controllable Controllable Controllable and Non-Controllable Costs have Risen 3.9% Annually Over the Last Two Years
Slide 10: Energy Costs
All Residents Pay for Electricity We pay for vacant electricity and common areas Currently Re-bill 27,000 of our 35,000 Homes that Use Natural Gas Dallas and Houston begin billing this quarter. Texas properties represent 18% of annual natural gas expense. New California acquisitions began billing th
Slide 11: UDR - Strong Portfolio Position: Our Holdings
Percents indicate the expected 2005 Cash Flow contribution from each state 50% of expected 2005 Net Operating Income from California, Florida, and Metropolitan D.C. Metropolitan D.C. Metropolitan D.C. Metropolitan D.C. UDR - Strong Portfolio Position Our Holdings as of October 2005
Slide 12: Deep Pipeline: Kitchen/Bath Program
UDR - Deep Pipeline of Opportunities Kitchen/Bath Program Reinvest with Upgraded Appliances, Cabinets, Lighting, Flooring, Etc. YTD Investment: $27 million Targeting 9% to 10% Stabilized ROI 9,500 completed; 20,000 to 30,000 in pipeline 50 bps contribution to Q3 SS Revenue Growth Create $1.50 in Sha
Slide 13: Deep Pipeline: Community-Level Rehabs
UDR - Deep Pipeline of Opportunities Community-Level Rehabs Reinvest with Upgraded Landscaping, Exterior Design, Aesthetic Effects YTD Investment: $29 million Targeting 8% to 10% Stabilized ROI 24,000 completed; 18,500 in process Before After
Slide 14: Deep Pipeline: Full Scope Rehabs
UDR - Deep Pipeline of Opportunities Full Scope Rehabs Reinvest with Exterior Upgrades and Interior Renovations 5 Communities Underway; $63 million Budgeted Targeting 8% to 9% Stabilized ROI 2,251 homes in program Before After
Slide 15: Developments
Developments UDR - Deep Pipeline of Opportunities Development Pipeline Exceeds 1,900 Homes $210 million Budget; 7.4% Average Yield $15 million Contribution to NOI; $0.03 Accretion to FFO when Stabilized
Slide 16: Acquisitions Performance
Acquisitions Performance UDR - Strong Portfolio Position
Slide 17: Condo Activity & Pipeline
Condo Activity & Pipeline 102 Condos Sold YDT - After Tax Cap Rate of 5.3% 110 Condos Under Contract Will Sell to Converters Example: 350 Home Community in Phoenix Under Contract to Condo Converter at sub 3% Cap Rate UDR - Strong Portfolio Position
Slide 18: A Safe Investment: Strong Balance Sheet
*Dollars in millions except Share Price UDR - A Safe Investment Strong Balance Sheet GAAP Maturities as % of Total Debt
Slide 19: An Exceptional Value: Share Repurchase Program
UDR - An Exceptional Value Share Repurchase Program Potential AFFO Impact from Property Sales to Fund Share Repurchase, Debt Prepayment
Slide 20: Share Repurchase Will Not Harm Balance Sheet Strength
UDR - An Exceptional Value Share Repurchase Program... Will Not Harm Balance Sheet Strength
Slide 21: Source of Peer Company FFO
UDR - An Exceptional Value Source of Peer Company FFO Source: Company Reports
Slide 22: Peer Company FFO & AFFO
UDR - An Exceptional Value Peer Company FFO & AFFO Source: SNL
Slide 23: Definitions
Definitions Funds From Operations (FFO) - The National Association of Real Estate Investment Trusts ("NAREIT") defines funds from operations ("FFO") (April 2002 White Paper) as net income (computed in accordance with accounting principles generally accepted in the United States (GAAP)), excluding ga
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