Udr, Inc. · NYSE:UDR
Udr — Investor Presentation (September 2008)
31 slides from Udr's investor presentation, Sep 5, 2008
Slide 1: Recent Property Acquisitions Strengthening Our Portfolio
Recent Property Acquisitions Strengthening Our Portfolio September, 2008
Slide 2: Summary of Recent Acquisitions
Summary of Recent Acquisitions
Slide 3: Submarket Acquisition Criteria
Submarket Acquisition Criteria Employment Centers Proximity to jobs and expanding employment corridors Lifestyle Centers Proximity to shopping, restaurants, and entertainment Transportation Centers Proximity to transportation hubs, including highway access, railways, etc. Low Single Family Affordabi
Slide 4: Seattle, Washington Area - Hearthstone at Merrill Creek
Acquisitions - Seattle, Washington Area Hearthstone at Merrill Creek Everett, Washington 220 Homes Year Built: 2000 Acquired: 2Q2008
Slide 5: Hearthstone at Merrill Creek: Employment Centers and Location
Newer product available to Kitchen and Bath Program Employment Centers Located in Merrill Creek Business Park, home to employers including Campbell's Soup, TRW Aeronautical Systems, The Fluke Company, and Boeing Direct access to Boeing assembly plant for 747, 767, 777, and the 787 Dreamliner Product
Slide 6: Seattle, Washington Area - Island Square Apartments
Acquisitions - Seattle, Washington Area Island Square Apartments Mercer Island, Washington 235 Homes Year Built: 2007 Acquired: 3Q2008
Slide 7: Island Square: Mercer Island Location and Features
Seattle, Washington Area - Submarket Acquisition Criteria Island Square Downtown Seattle Downtown Bellevue Mercer Island New Product - recently stabilized Mixed-use development 235 apartment homes, 25K square feet of retail and 14K square feet of office space Employment Centers Located in downtown M
Slide 8: Northern California - Almaden Lake Village
Acquisitions - Northern California Almaden Lake Village San Jose, California 250 Homes Year Built: 1998 / 1999 Acquired: 3Q2008
Slide 9: Almaden Lake Village: Transportation and Employment Centers
Northern California - Submarket Acquisition Criteria Almaden Lake Village Lake Almaden Westfield Oakridge Mall And Shopping Center Light Rail Station San Jose Milpitas Sunnyvale Highway 87 To San Jose 10 year-old product Kitchen and Bath Program Transportation Adjacent to Valley Transit Authority li
Slide 10: San Francisco Bay Area - Edgewater Luxury Apartments
Acquisitions - San Francisco Bay Area Edgewater Luxury Apartments San Francisco, California 193 Homes Year Built: 2007 Acquired: 1Q2008
Slide 11: Edgewater: New Construction in Mission Bay
San Francisco Bay Area - Submarket Acquisition Criteria New Construction 100% Market Rate with Fee Simple Title Lifestyle Centers Mission Bay Submarket Blocks from AT&T Ballpark and Marina Replacement Cost - - Replacement cost - 3 year entitlement, $650K to $700K/home with affordability component Wa
Slide 12: San Francisco Bay Area - Edgewater Map
San Francisco Bay Area - Submarket Acquisition Criteria Edgewater Caltrain and Muni Light Rail Stations AT&T Ballpark and Marina Financial District And Downtown San Francisco Bay Bridge (I-80) Oakland Mission Bay District
Slide 13: Southern California - Tierra Del Rey
Acquisitions - Southern California Tierra Del Rey Marina Del Rey, California 170 homes Year built: 1998 / 1999 Acquisition date: 4Q2007
Slide 14: Tierra Del Rey: Marina Del Rey Location
Southern California - Submarket Acquisition Criteria Tierra Del Rey Marina Villa Marina Marketplace Retail Shopping Center Jefferson at Marina Del Rey (UDR Joint Venture) Los Angeles, CA 10 year-old product Kitchen and Bath Program 100% Market Rate with Fee Simple Title Lifestyle Centers Adjacent to
Slide 15: Pine Brook Village II - Southern California Acquisitions
Pine Brook Village II Costa Mesa, California 296 Homes Year Built: 1975 Acquired: 1Q2008 Acquisitions - Southern California
Slide 16: Pine Brook Village II: Operational Efficiency
Older product available to upgrading and renovations Operational Efficiency Adjacent to currently owned properties Economies of scale and market pricing power Location is a known commodity for UDR Product and rent pricing are a niche that fits with the market demand UDR's NOI growth in this submarke
Slide 17: Dallas, Texas Area - Legacy Village
Acquisitions - Dallas, Texas Area Legacy Village Plano, Texas 1,043 Homes Year Built: 2005, 2006, 2007 Acquired: 1Q2008
Slide 18: Legacy Village: Distinct Properties and Employment Centers
Newer Construction 3 Distinct Properties Legacy Village - 478 homes, avg. rent $950 per home Lakeside at Legacy Village - 501 homes, avg. rent $990 per home Acqua - 64 homes, avg. rent of $1,853 per home Employment Centers Located in the Legacy Business Park - home to corporate headquarters of JCPen
Slide 19: Austin, Texas - Residences at The Domain
Acquisitions - Austin, Texas Residences at The Domain Austin, Texas 390 Homes Year Built: 2007 Acquired: 3Q2008
Slide 20: Residences at The Domain and Domain Urban Village
Austin, Texas - Submarket Acquisition Criteria Residences at The Domain and The Domain Urban Village New Construction - recently stabilized Lifestyle Centers - - Located in mixed-use development sponsored by the City of Austin, Domain Urban Village, with 700,000 sq. ft. of retail, 75,000 sq. ft. of
Slide 21: Residences at The Domain: Retailers and Restaurants
Residences at The Domain Future Residences at The Domain Homes Retailers Include: Macy's, Neiman Marcus, Louis Vuitton, Tumi, Coach, Lacoste, L'Occitane, Victoria's Secret, Tiffany & Co., Diesel, Mastin+OSA, Juicy Couture, Banana Republic, J. Crew, Metropark, Ralph Lauren, and more. Restaurants Incl
Slide 22: Baltimore, Maryland Area - Dulaney Crescent
Acquisitions - Baltimore, Maryland Area Dulaney Crescent Towson, Maryland 264 Homes Year Built: 2003 Acquired: 1Q2008
Slide 23: Dulaney Crescent: Employment and Lifestyle Centers
Newer product available to Kitchen and Bath Program Employment Centers Access to Interstate Highways 695, 83, and 395 Direct access to 4.7 million sq. ft. of office Lifestyle Centers Walking distance to Towson Town Center Low affordability to Single Family Homeownership - 33% discount Access to John
Slide 24: Washington, D.C. Area - Circle Towers
Acquisitions - Washington, D.C. Area Circle Towers Fairfax, Virginia 606 Homes Year Built: 1972 Acquired: 1Q2008
Slide 25: Washington, D.C. Area - Delancey at Shirlington Village
Acquisitions - Washington, D.C. Area Delancey at Shirlington Village Arlington, Virginia 241 Homes Year Built: 2007 Acquired: 1Q2008
Slide 26: Delancey at Shirlington Village: Lease-up and Location
New product still in lease-up. 75% occupancy. Growth inherent as stabilization occurs 100% Market Rate with Fee Simple Title Lifestyle Centers Mixed-use development Grocery store located under mid-rise tower Retail portion of property is master leased to Federal Realty Transportation 20 minute commu
Slide 27: Washington, D.C. Area
Washington, D. C. Area - Submarket Acquisition Criteria
Slide 28: Presale Properties - The Place at Millenia
Acquisitions - Presale Properties The Place at Millenia Orlando, FL 371 Homes New Construction Acquired: 1Q2008
Slide 29: Presale Properties - Vintage Lofts
Acquisitions - Presale Properties Vintage Lofts Tampa, FL 249 Homes Acquired: 3Q2008 Expected Completion: 2009
Slide 30: Presale Properties - Waterford at Peoria
Acquisitions - Presale Properties Waterford at Peoria Phoenix, AZ 200 Homes Acquired 3Q2008 Expected completion: 2008
Slide 31: Forward-Looking Statements
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, "expects," "plans," "es