Slide 1: The Right Properties in the Right Markets Second Quarter 2008
The Right Properties in the Right Markets Second Quarter 2008
Slide 2: Table of Contents
Table of Contents _____ Pg. 1 Portfolio Overview 3 Orange County, CA 7 Metro D.C. 11 San Francisco Bay Area, CA 15 Tampa, FL 19 Seattle, WA 23 Baltimore, MD 27 LA County, CA 31 Orlando, FL 35 Richmond, VA 39 Dallas, TX 43 Nashville, TN 47 San Diego County, CA 51 Monterey, CA 53 Jacksonville, FL 55 N
Slide 3: UDR Portfolio Characteristics
UDR (NYSE:UDR) is a leading multifamily real estate investment trust (REIT) with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. For ove
Slide 4: 2008 portfolio transformation: $1.7 billion sale and $850 million reinvestment
During 2008, UDR has transformed its portfolio by completing a $1.7 billion sale of 25,684 homes and reinvesting $850 million to aquire 3,719 homes in 10 new communities. % NOI per Market West Coast — 50% East Coast — 24% Florida — 18% Texas — 2% Tennessee — 4% Arizona — 2% As a result of these tran
Slide 5: Pine Brook Village
Pine Brook Vilage
Slide 6: Orange County
Orange County
Slide 7: Orange County property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Pacific Palms 96.6 % $ 1,337 2 Harbor at Mesa Verde K/B 91.9 % 1,664 3 Coronado North K/B 94.5 % 1,469 4 Missions at Back Bay K/B 95.2 % 1,496 5 Vista del Rey K/B 96.6 % 1,431 6 Foxborough 96.7 % 1,801 7 Huntington
Slide 8: Sullivan Place and Circle Towers
SUELNANI Sullivan Place ~ Acquired 4 2007 J : C Circle Towers - Acquired 1 2008 Undergoing Redevelopment
Slide 9: Metro D.C.
Taylor Place Undergoing Redevelopment
Slide 10: Metro D.C. property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Dominion Middle Ridge K/B 93.9 % $ 1,326 2 Dominion Lake Ridge K/B 95.8 % 1,260 3 Presidential Greens K/B 97.2 % 1,112 5 Ridgewood I K/B 94.9 % 1,378 6 The Calvert K/B 96.8 % 1,336 7 Waterside Towers K/B 98.7 % 1,4
Slide 11: San Francisco Bay Area
San Francisco
Slide 12: Highlands of Marin
Highlands of Marin Crest Marin — Highlands of Marin Il - Acquired 4Q 2007 Undergoing Redevelopment
Slide 13: San Francisco Bay Area property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 2000 Post Street I K/B 97.4 % $ 2,286 2 Birch Creek 97.3 % 1,761 3 Highlands of Marin Full 95.5 % 1,710 4 Marina Playa 97.8 % 1,682 5 Crossroads Apartments K/B 95.4 % 1,436 6 River Terrace 98.0 % 2,085 7 Lake Pines
Slide 14: Tampa
siz The Brevey-Redeveloped 2008
Slide 15: Vintage Lofts
\\_ stand walk Redevelope Vintage Lofts — Presale In Development Expected Completion 2009
Slide 16: Tampa property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Summit West — 92.1 % $ 2 Lakewood Place K/B 93.9 % 3 Hunters Ridge K/B 91.5 % 4 Bay Meadows K/B 96.2 % 5 Cambridge Woods K/B 94.5 % 6 Sugar Mill Creek K/B 95.8 % 7 Inlet Bay at Gateway Full 95.5 % 8 MacAlpine Place
Slide 17: Seattle
The Borgata
Slide 18: Ashwood Commons and Bellevue Plaza
Ashwood Commons Development Pipeline - Expected Completion 2008 Bellevue Plaza Development Pipeline - Expected Completion 2010
Slide 19: Seattle property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Hilltop K/B 96.8 % $ 2 Crown Pointe K/B 96.9 % 3 Arbor Terrace K/B 92.0 % 4 Aspen Creek — 93.2 % 1,004 5 The Hawthorne Apartments — 95.1 % 1,397 6 The Kennedy Building — 97.6 % 1,654 Subtotal 1,199 94.9 % 1,132 Non
Slide 20: Baltimore
Ellicott Grove Redeveloped 2008
Slide 21: Baltimore
Baltimore
Slide 22: Baltimore property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Dominion Kings Place K/B 98.2 % $ 1,187 2 Dominion at Eden Brook K/B 96.1 % 1,203 3 Dominion Constant Friendship K/B 97.8 % 1,086 4 Lakeside Mill K/B 96.9 % 1,100 5 Tamar Meadow K/B 94.9 % 1,420 6 Calvert’s Walk K/
Slide 23: LA County
LA County
Slide 24: The Crest at Phillips Ranch and Grandview
aes ea = ‘The Crest at Phillips Ranch > Grandview WN Expected Completion 2010
Slide 25: LA County property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* # Homes 1 The Crest at Phillips Ranch K/B 95.6% $ 1,643 2 Rosebeach K/B 94.8% 1,445 3 The Villas at San Dimas K/B 93.6% 1,499 4 The Villas at Bonita — 94.1% 1,488 5 Ocean Villas — 97.5% 1,451 Subtotal 1,052 95.2% 1,553 Non
Slide 26: Orlando
Ashton at Waterford Lakes Regatta Shor ‘Seabrook
Slide 27: The Place at Millenia
i\ ‘The Place at Millenia - Presale Phase | - Completed 2008 Phase I! - Expected Completion 2010
Slide 28: Orlando property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Seabrook — 92.5 % $ 2 Regatta Shores Full 91.4 % 3 Alafaya Woods Full 88.9 % 4 Los Altos K/B 91.5 % 5 Lotus Landing K/B 95.0 % 6 Seville on the Green — 97.1 % 7 Ashton at Waterford Lakes Full 94.9 % 1,150 8 Arbors
Slide 29: Carriage Homes at Wyndham, Legacy at Mayland
arriage Homes at Wyndham —AL tegacy at Mayland Redeveloped 2007
Slide 30: Richmond
Gayton Pointe Redeveloped 2008
Slide 31: Richmond property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Dominion Olde West Full 95.8 % $ 2 Dominion Creekwood K/B 94.0 % 3 Dominion West End K/B 97.1 % 4 Waterside at Ironbridge K/B 93.2 % 5 Carriage Homes at Wyndham K/B 97.3 % 1,313 6 Legacy at Mayland Full 96.5 % 1,00
Slide 32: Dallas
Dallas
Slide 33: Riachi at One21 and Vitruvian Park
Riachi at One21 Phase | - Completed 2008 Phase I! - Expected Completion 2009 Vitruvian Park Expected Completion 2009 - 2017
Slide 34: Dallas property table
Year Built Rent per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Thirty377 K/B 92.8% $ 1,655 Subtotal** 92.8% 1,655 2 Lincoln at Towne Square (JV) — 96.6% 1,019 3 Meridian II, The (JV) — 96.9% 4 Cliffs, The (JV) — 97.2% 5 Mandolin, The (JV) — 96.6% 1,007 Non-Mature 6 Villas at R
Slide 35: Nashville
ve at Brentwood Camington Hills
Slide 36: Nashville
Hickory Run Polo Park Redeveloped 2008
Slide 37: Nashville property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Legacy Hill K/B 96.1 % $ 2 Brookridge K/B 96.0 % 3 Breckenridge K/B 94.2 % 4 Hickory Run K/B 96.3 % 5 The Colonnade K/B 94.1 % 6 The Preserve at Brentwood K/B 96.4 % 1,000 7 Carrington Hills K/B 94.7 % 1,011 Subtot
Slide 38: San Diego County
San Diego County
Slide 39: Summit at Mission Bay
‘Summit at Mission Bay Development Pipeline
Slide 40: San Diego County property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Presidio at Rancho del Oro K/B 95.1 % $ 1,256 2 Villas at Carlsbad K/B 92.2 % 1,552 3 Summit at Mission Bay — 96.9 % 1,269 4 Rancho Vallecitos K/B 96.7 % 1,443 5 Milazzo K/B 96.8 % 1,503 Grand Total 1,123 96.0 % $
Slide 41: Monterey / Salinas property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Garden Court — 100.0 % $ 2 Cambridge Court K/B 97.6 % 3 The Pointe at Westlake K/B 97.8 % 4 Laurel Tree K/B 97.5 % 5 Boranda Manor K/B 97.5 % 1,030 6 The Pointe at Northridge K/B 97.3 % 1,131 7 The Pointe at Harden
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Slide 43: Jacksonville property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 The Antlers — 95.8 % $ 2 Green Tree Place K/B 96.3 % 3 St John’s Plantation K/B 94.5 % 4 Westland Park K/B 91.4 % Subtotal 1,557 94.4 % Non-Mature 5 The Kensley Apartment Homes — 88.9 % Subtotal 88.9 % Grand Total
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Slide 45: Norfolk / Virginia Beach property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Dominion Waterside/Lynnhaven K/B 93.2 % $ 1,011 2 Eastwind K/B 95.5 % 1,081 3 Heather Lake K/B 93.7 % 4 Woodscape — 94.9 % 5 Forest Lakes at Oyster Pt. K/B 94.9 % 6 Dominion Yorkshire Downs K/B 96.0 % 1,035 Grand T
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Slide 47: Inland Empire property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Waterstone at Murietta K/B 92.6 % 1,119 2 Windemere/Sycamore Heights — 93.8 % 1,253 3 Verano at Town Square — 95.4 % 1,565 Grand Total 1,074 93.9 % $ 1,324 *As of 2Q 2008
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Slide 49: Phoenix property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Finisterra — 94.7 % $ 2 Sierra Foothills — 94.4 % 3 Sierra Canyon — 94.9 % Sub Total 94.6 % Non-Mature 4 Sierra Palms (Held for Disposition) 82.0 % Sub Total 82.0 % Grand Total 1,171 91.8 % $ *As of 2Q 2008 Expecte
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Slide 51: Sacramento property table
Inc. per Year Built Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Woodlake Village K/B 88.9 % $ 2 Foothills Tennis Village K/B 93.7 % 1,038 Grand Total 90.3 % $ *As of 2Q 2008
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Slide 53: Portland property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Hunt Club K/B 94.1 % $ 2 Tualatin Heights K/B 95.9 % 3 Andover Park K/B 92.9 % 1,045 Grand Total 94.3 % $ * As of 2Q 2008
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Slide 55: Austin property table
Year Built Inc. per Occ. Operating Properties # Homes ReDev Redev. Occupancy* Home* 1 Barton Creek Landing K/B 96.8 % $ Subtotal 96.8 % Non-Mature and Other 2 Red Stone Ranch (Texas JV) — 97.7 % 3 Lakeline Villas (Texas JV) — 97.9 % Subtotal n/a n/a Grand Total (UDR)** n/a n/a *As of 2Q 2008 **JV ho
Slide 56: Transformation for Growth: UDR's Strategies
Transformation for Growth: UDR’s Strategies
Slide 57: Safe Harbor
Safe Harbor: 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,” “pla