Udr, Inc. · NYSE:UDR
Udr — Merger or Acquisition (April 2015)
10 slides from Udr's merger presentation, Apr 27, 2015
Slide 1: West Coast Development Joint Venture
Exhibit 99.3 Opening doors to the future® West Coast Development Joint Venture April 2015 Katella Grand I – Orange County, CA 8th and Republican – Seattle, WA Columbia City – Seattle, WA UDR, Inc. (NYSE: UDR), has a demonstrated history of successfully CFO: managing, buying, selling, developing and
Slide 2: Joint Venture Terms
JOINT VENTURE TERMS • UDR will invest $136 million for a 48% interest in a portfolio of five communities currently under construction. The transaction is expected to close in May 2015 • UDR will receive a 6.5% preferred return on its equity until stabilization(1) • The Wolff Company, Scottsdale, AZ
Slide 3: Joint Venture Overview
JOINT VENTURE OVERVIEW UDR will pay $136(1) million to acquire a 48% interest(2) in a $559 million, West Coast development joint venture consisting of five communities in various stages of construction. All-In Avg. Going-In All-In Price Price per Est. Est. Home Retail Valuation with Option Home Cons
Slide 4: Investment Benefits
INVESTMENT BENEFITS • 6.5% preferred return – immediately accretive to FFO per share ($0.01 per year) • Avoids earnings drag associated with typical development projects • Increased exposure to high-quality communities located in our core, coastal markets with favorable multifamily supply/demand fun
Slide 5: Overview of Communities Under Construction: 8th and Republican
OVERVIEW OF COMMUNITIES UNDER CONSTRUCTION 8th and Republican • Homes: 211 • Going-In Valuation: $97 million • Fixed Price Option: $103 million • Estimated Completion Date: 1Q16 8th and Republican is located in the South Lake Union neighborhood, one of the most vibrant in Seattle. Approximately $2.8
Slide 6: Overview of Communities Under Construction: Katella Grand I
OVERVIEW OF COMMUNITIES UNDER CONSTRUCTION Katella Grand I • Homes: 399 • Going-In Valuation: $138 million • Fixed Price Option: $146 million • Estimated Completion Date: 1Q16 Katella Grand I is the first of two phases located in the Platinum Triangle Area of Orange County, CA and within close proxi
Slide 7: Overview of Communities Under Construction: Columbia City
OVERVIEW OF COMMUNITIES UNDER CONSTRUCTION Columbia City • Homes: 244 • Going-In Valuation: $80 million • Fixed Price Option: $85 million • Estimated Completion Date: 1Q16 Columbia City, located in the Columbia City submarket of Seattle, will be a transit-oriented community being situated one block
Slide 8: Overview of Communities Under Construction: 12th and Olive
OVERVIEW OF COMMUNITIES UNDER CONSTRUCTION 12th and Olive • Homes: 293 • Going-In Valuation: $129 million • Fixed Price Option: $141 million • Estimated Completion Date: 3Q16 12th and Olive is located in the South Park neighborhood of Downtown Los Angeles and within close proximity to UDR’s 717 Olym
Slide 9: Overview of Communities Under Construction: Katella Grand II
OVERVIEW OF COMMUNITIES UNDER CONSTRUCTION Katella Grand II • Homes: 386 • Going-In Valuation: $115 million • Fixed Price Option: $123 million • Estimated Completion Date: 2Q17 Katella Grand II is the second of two phases located in the Platinum Triangle Area of Orange County, CA and within close pr
Slide 10: Forward Looking Statements
Forward Looking Statements 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 ide