UDR, Inc. Announces Closing of West Coast Development Joint Venture with The Wolff Company
May 19 15
UDR, Inc. closed the previously announced joint venture agreement with The Wolff Company. The company invested $136 million for a 48% interest in a portfolio of five communities that are currently under construction. The communities are located in three of the company's core, coastal markets: Metro Seattle, Los Angeles and Orange County, CA. The company's investment is based on an initial all-in price of $559 million and the transaction is immediately accretive to FFO. The company's average stabilized yield on initial price is estimated at 5.4%. In addition, the company will earn a 6.5% preferred return on its $136 million investment through each individual community's date of stabilization, defined as when a community reaches 80% occupancy for ninety consecutive days, while the Partner is allocated all economics during the pre-stabilization period. The company has a fixed price option to acquire the Partner's remaining interest in each community beginning one year after completion. If the options are exercised for all five communities, the company's total price will be $597 million and the company's all-in stabilized yield is estimated to be 5.0%.
UDR, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Second Quarter of 2015; Increases Earnings Guidance for the Fiscal 2015
Apr 27 15
UDR, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net income attributable to common stockholders of $72,891,000 or $0.28 per diluted share compared to $17,430,000 or $0.07 per diluted share reported in the same period last year. Income from continuing operations was $76,417,000 against loss from continuing operations of $5,195,000 reported last year. Diluted income per share from continuing operations attributable to common stockholders was $0.28 against $0.07 reported last year. Rental income was $207,047,000 against $194,352,000 reported last year. Total Revenue was $219,753,000 against $198,039,000 reported last year. Operating income was $45,273,000 against $26,510,000 reported last year. Income before income taxes, discontinued operations and gain on sale of real estate was $75,992,000 against loss before income taxes, discontinued operations and gain on sale of real estate of $8,524,000 reported last year. Funds from operations per share was $0.43 against $0.36 and funds from operations as adjusted per share was $0.40 against $0.36 and affo per share was $0.37 against $0.33 reported last year. Funds from operations as adjusted, diluted was $108,387,000 against $94,520,000 and funds from operations, basic was $115,040,000 against $94,107,000 reported last year.
For the second quarter of 2015, the company expects funds from operations per share in the range of $0.39 to $0.41, funds from operations as adjusted per share in the range of $0.39 to $0.41 and affo per share in the range of $0.34 to $0.36.
For the full-year 2015, the company has increased its previously provided earnings guidance ranges as a result of better-than-expected operations and expected accretion from its newly formed west coast development joint venture. For the year, the company expects funds from operations per share in the range of $1.63 to $1.67 against the previous range of $1.60 to $1.66, funds from operations as adjusted per share in the range of $1.61 to $1.65 against the previous range of $1.58 to $1.64 and affo per share in the range of $1.44 to $1.48 against the previous range of $1.41 to $1.47.
UDR, Inc., Annual General Meeting, May 21, 2015
Apr 8 15
UDR, Inc., Annual General Meeting, May 21, 2015., at 10:00 Mountain Daylight. Location: Hotel Teatro, 1100 14th Street. Agenda: To consider the election of Directors; to ratify the appointment of Ernst & Young LLP to serve as independent registered public accounting firm for the year ending december 31, 2015; to consider advisory vote to approve named executive officer compensation; and to transact such other business as may properly come before the meeting and any adjournment or postponement of the meeting.