Udr, Inc. · NYSE:UDR
Udr — United Dominion Realty Trust — Investor Presentation (March 2005)
31 slides from Udr's investor presentation, Mar 23, 2005
Slide 1: Mature Market Trends As of February 2005
Mature Market Trends As of February 2005 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 as of 12/31/2004
Index of Mature Markets (1) As of 12/31/2004
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 - 63,893 Homes
Total Matures - 63,893 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0286 0.0286 0.0302 0.0298 0.031 0.0327 0.0315 0.0294 0.0275 0.0311 0.0354 0.0309 0.029 Net Rent (000) 42088 42410 42354 42470 42363 42285 42802
Slide 6: Atlanta - 1,426 Homes
Atlanta - 1,426 Homes '04 Feb '04 Mar '04 Apr '04May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0175 0.0155 0.0462 0.0252 0.0277 0.0283 0.0177 0.013 0.0111 0.018 0.024 0.0204 0.014 Net Rent 816 797 796 805 817 801 816 812 802 795 796 799 824 Accou
Slide 7: Austin - 1,116 Homes
Austin - 1,116 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0397 0.0359 0.0455 0.0544 0.051 0.0549 0.0387 0.0301 0.0311 0.037 0.04 0.0417 0.047 Net Rent 637 651 649 638 639 653 680 673 662 671 654 661 667 Accoun
Slide 8: Baltimore - 1,470 Homes
Baltimore - 1,470 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0107 0.0068 0.0111 0.0118 0.0089 0.0056 0.0119 0.0053 0.0159 0.014 0.024 0.016 0.0155 Net Rent 1264 1290 1293 1295 1284 1299 1314 1321 1318 1321 131
Slide 9: Charlotte - 2,034 Homes
Charlotte - 2,034 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0179 0.0115 0.0186 0.0174 0.0129 0.0179 0.013 0.0123 0.0134 0.02 0.0167 0.0225 0.0283 Net Rent 1114 1110 1080 1112.511 1083 1087 1116 1102 1092 1107
Slide 10: Columbia, SC - 1,584 Homes
Columbia, SC - 1,584 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0346 0.0399 0.0356 0.037 0.025 0.0306 0.015 0.0136 0.0214 0.027 0.0322 0.0293 0.023 Net Rent 881 856 887 892 904 900 918 893 874 883 869 891 896
Slide 11: Columbus - 2,530 Homes
Columbus - 2,530 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0213 0.0327 0.0355 0.0294 0.0327 0.043 0.0611 0.039 0.0319 0.039 0.0334 0.0409 0.0324 Net Rent 1550 1580 1570 1574 1571 1523 1524 1566 1547 1538 1539
Slide 12: Dallas - 3,123 Homes
Dallas - 3,123 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.024 0.0278 0.0261 0.0291 0.0312 0.0268 0.0276 0.027 0.0236 0.024 0.027 0.0294 0.0219 Net Rent 1854 1845 1848 1854 1830 1851 1830 1819 1822 1828 1812 18
Slide 13: Denver - 1,484 Homes
Denver - 1,484 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.186 0.225 0.225 0.219 0.23 0.226 0.2265 0.2258 0.2304 0.261 0.262 0.2224 0.1944 Net Rent 877 892 879 883 881 894 909 887 893 868 866 865 876 Accounting
Slide 14: Ft Worth - 2,656 Homes
Ft Worth - 2,656 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0183 0.0179 0.0242 0.0218 0.0311 0.0301 0.0194 0.0182 0.0228 0.019 0.0274 0.028 0.0177 Net Rent 1592 1571 1555 1544 1533 1547 1573 1565 1559 1539 154
Slide 15: Greensboro - 2,123 Homes
Greensboro - 2,123 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.007 0.0099 0.0072 0.0093 0.0078 0.0168 0.011 0.0062 0.0066 0.01 0.0127 0.0176 0.0199 Net Rent 1158 1162 1179 1167 1140 1137 1165 1179 1176 1187 116
Slide 16: Houston - 4,715 Homes
Houston - 4,715 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0142 0.0176 0.0205 0.0239 0.0243 0.0322 0.0257 0.0287 0.0318 0.0294 0.025 0.0259 0.0323 Net Rent 2651 2683 2658 2656 2639 2623 2634 2614 2588 2595 258
Slide 17: Jacksonville - 1,157 Homes
Jacksonville - 1,157 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0108 0.0076 0.0096 0.0131 0.0154 0.0212 0.0188 0.0201 0.0116 0.017 0.0359 0.0251 0.0121 Net Rent 749 766 757 768 763 749 754 753 745 750 766 783
Slide 18: Metro DC - 1,086 Homes
Metro DC - 1,086 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '04 Jan '05 Feb Concess % of Net Rent 0.0173 0.0196 0.028 0.0226 0.016 0.0141 0.0096 0.0134 0.028 0.0528 0.0476 0.0319 0.0193 Net Rent 1009 1043 1012 1044 1046 1080 1103 1075 1039 1043 1047
Slide 19: Monterey (Salinas)
Monterey (Salinas) - 765 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0067 0.0152 0.0155 0.007 0.0052 0.0068 0.0096 0.0042 0.0021 0.0071 0.014 0.0241 0.0114 Net Rent 680 669 688 707 710 699 711 715 720 697 654 6
Slide 20: Nashville - 2,220 Homes
Nashville - 2,220 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0188 0.0164 0.0135 0.0188 0.012 0.0151 0.0169 0.0124 0.0103 0.014 0.0182 0.0154 0.0104 Net Rent 1360 1393 1393 1380.546 1415 1389 1410 1400 1396 138
Slide 21: Norfolk VA Beach - 1,438 Homes
Norfolk VA Beach - 1,438 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0064 0.0059 0.0087 0.0134 0.0097 0.0154 0.0061 0.0061 0.0105 0.0211 0.039 0.0162 0.0193 Net Rent 1069 1071 1083 1073.903 1092 1087 1114 1102
Slide 22: Northern California - 1,894 Homes
Northern California - 1,894 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0244 0.025 0.0355 0.0367 0.0286 0.0392 0.0356 0.022 0.0173 0.0371 0.0398 0.0388 0.0307 Net Rent 2032 2037 2003 2013 2050 2007 2006 2023 20
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 - 1,776 Homes
Phoenix - 1,776 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.1436 0.1254 0.13 0.121 0.1312 0.1331 0.152 0.1557 0.1338 0.1312 0.1635 0.103 0.1138 Net Rent 1201 1221 1217 1230 1205 1180 1188 1192 1216 1238 1189 12
Slide 25: Portland
Portland - 869 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0381 0.0442 0.0622 0.0675 0.0707 0.0787 0.0922 0.0942 0.0913 0.0556 0.0463 0.0452 0.0561 Net Rent 507 516 510 502 498 489 491 502 502 514 506 521 534 A
Slide 26: Raleigh Durham - 3,663 Homes
Raleigh Durham - 3,663 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0191 0.0226 0.0249 0.0353 0.0469 0.049 0.0366 0.0304 0.0291 0.027 0.027 0.0186 0.0231 Net Rent 2210 2195 2197 2183 2144 2141 2161 2175 2216 222
Slide 27: Richmond Petersburg - 1,796 Homes
Richmond Petersburg - 1,796 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0257 0.0198 0.0226 0.0078 0.0268 0.0149 0.0222 0.0191 0.0208 0.036 0.0385 0.0271 0.0196 Net Rent 1223 1239 1235 1246 1231 1243 1259 1226 1
Slide 28: Seattle - 1,575 Homes
Seattle - 1,575 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0477 0.0316 0.0493 0.0458 0.0388 0.0426 0.058 0.07 0.0538 0.043 0.0528 0.0679 0.0704 Net Rent 1108 1139 1134 1131 1128 1085 1078 1099 1093 1113 1085 1
Slide 29: Southern California - 2,006 Homes
Southern California - 2,006 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0171 0.0193 0.0155 0.0151 0.0205 0.0137 0.018 0.0278 0.0116 0.016 0.0224 0.0248 0.035 Net Rent 2189 2213 2198 2217 2219 2227 2238 2257 230
Slide 30: Tampa - 3,836 Homes
Tampa - 3,836 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0439 0.0441 0.0366 0.0366 0.0393 0.0351 0.0349 0.0349 0.0303 0.035 0.0379 0.0332 0.0264 Net Rent 2545 2567 2597 2581 2591 2616 2642 2636 2662 2678 2634
Slide 31: Wilmington - 1,868 Homes
Wilmington - 1,868 Homes '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan '05 Feb Concess % of Net Rent 0.0341 0.0214 0.019 0.0144 0.0147 0.0138 0.0042 0.0021 0.003 0.005 0.0055 0.0082 0.0046 Net Rent 1085 1111 1116 1151 1160 1166 1218 1212 1200 1194 11
United Dominion Realty Trust — Investor Presentation (March 2005) on 6ix