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    UDR   US9026531049

UDR, INC.

(UDR)
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Q3 2021 Supplemental Financial Information

10/26/2021 | 04:38pm EST

R E A L E S T A T E

sector leader 2021

Q3 |

2021

EARNINGS RELEASE &

SUPPLEMENTAL FINANCIAL INFORMATION

UDR, Inc. (NYSE: UDR) is a leading S&P 500 real estate

• $23.7 Billion Enterprise Value

investment trust with a demonstrated performance

Markets

history of delivering superior and dependable returns

• 176 Communities

by successfully managing, buying, selling, developing

56,325 Apartment Homes

and redeveloping attractive multifamily communities

in targeted U.S. markets.

Essex Luxe Apartments | Orlando, FL

322 on North Broad | Philadelphia, PA

ESG Leadership

Joe Fisher, CFO - 720.283.6139 | Trent Trujillo, Investor Relations - 720.283.6135

UDR, INC. | UDR.COM

UDR Third Quarter 2021 Earnings Supplement

3Q 2021 Earnings Press Release........................................................................................................................................

Pages 1-7

Company

Financial Highlights

Consolidated Statements of Operations............................................................................................................................

Attachment 1

Funds From Operations (FFO), FFO as Adjusted, AFFO..................................................................................................

Attachment 2

Consolidated Balance Sheets............................................................................................................................................

Attachment 3

Selected Financial Information

Common Stock and Equivalents, and Weighted Average Number of Shares Outstanding...........................................

Attachment 4(A)

Debt Structure and Debt Maturities Schedules..............................................................................................................

Attachment 4(B)

Coverage Ratios, Debt Covenant Analysis, Securities Ratings, and Asset Summary..................................................

Attachment 4(C)

Operations

Revenue, Expense, NOI, Operating Margin, Quarterly Trends Comparison.....................................................................

Attachment 5

Same-StoreOperating Expense Information.....................................................................................................................

Attachment 6

Portfolio Overview - Apartment Home Breakout...........................................................................................................

Attachment 7(A)

Portfolio Overview - Non-MatureApartment Home Summary and Net Operating Income by Market...........................

Attachment 7(B)

Submarket

Current Quarter vs. Prior Year Quarter Occupancy, and Total Income per Occupied Home Information......................

Attachment 8(A)

Current Quarter vs. Prior Year Quarter Revenue, Expense, and NOI Information........................................................

Attachment 8(B)

Current Quarter vs. Last Quarter Occupancy, and Total Income per Occupied Home Information...............................

Attachment 8(C)

Current Quarter vs. Last Quarter Revenue, Expense, and NOI Information..................................................................

Attachment 8(D)

Current Year-to-Datevs. Prior Year-to-DateOccupancy, and Total Income per Occupied Home Information..............

Attachment 8(E)

Current Year-to-Datevs. Prior Year-to-DateRevenue, Expense, and NOI Information................................................

Attachment 8(F)

Lease Rate Growth and Turnover Information..............................................................................................................

Attachment 8(G)

Development, Redevelopment, Acquisitions and Dispositions

Development and Land Summary.....................................................................................................................................

Attachment 9

Redevelopment Summary...............................................................................................................................................

Attachment 10

Unconsolidated Summary............................................................................................................................................

Attachment 11(A)

Developer Capital Program.........................................................................................................................................

Attachment 11(B)

Acquisitions, Dispositions and Developer Capital Program Investments Summary.........................................................

Attachment 12

Capital Expenditure and Repair & Maintenance

Capital Expenditure and Repair and Maintenance Summary..........................................................................................

Attachment 13

Company Guidance

4Q 2021 and Full-Year2021 Guidance...........................................................................................................................

Attachment 14

Definitions and Reconciliations

Defined Terms and Reconciliations...............................................................................................................

Attachments 15(A) -15(D)

Table of Contents

Press Release

DENVER, CO - October 26, 2021

Contact: Trent Trujillo

Email: ttrujillo@udr.com

UDR ANNOUNCES THIRD QUARTER 2021 RESULTS

AND INCREASES FULL-YEAR 2021 GUIDANCE RANGES

UDR, Inc. (the "Company") (NYSE: UDR), announced today its third quarter 2021 results. Net Income, Funds from Operations ("FFO"), FFO as Adjusted ("FFOA"), and Adjusted FFO ("AFFO") per diluted share for the quarter ended September 30, 2021 are detailed below.

Quarter Ended September 30

3Q 2021

3Q 2021

3Q 2020

$ Change vs.

% Change vs.

Metric

Actual

Guidance

Actual

Prior Year Period

Prior Year Period

Net Income per diluted share

$0.06

$0.02 to $0.04

$(0.09)

$0.15

167%

FFO per diluted share

$0.55

$0.49 to $0.51

$0.42

$0.13

31%

FFOA per diluted share

$0.51

$0.49 to $0.51

$0.50

$0.01

2%

AFFO per diluted share

$0.46

$0.44 to $0.46

$0.45

$0.01

2%

  • The Company reported net income attributable to common stockholders of $16.7 million, or $0.06 per share, compared to $(26.3) million, or $(0.09) per share, in the prior year period. This increase was primarily due to an increase in Same-Store ("SS") net operating income ("NOI"), higher NOI from acquired communities, higher income from unconsolidated entities, and lower debt extinguishment costs.
  • SS results for third quarter 2021 versus third quarter 2020 and second quarter 2021 are summarized below.

Year-Over-Year ("YOY"):

Sequential:

Growth / (Decline)

Q3 2021 vs. Q3 2020

Q3 2021 vs. Q2 2021

With concessions reflected on a cash basis:

SS Revenue

5.3%

3.6%

SS Expense

3.3%

5.4%

SS NOI

6.3%

2.9%

With concessions reflected on a straight-linebasis:

SS Revenue

1.6%

3.3%

SS NOI

0.9%

2.4%

  • The Company's weighted average SS physical occupancy for the third quarter of 2021 was 97.5 percent, compared to 95.5 percent for the third quarter of 2020 and 97.2 percent for the second quarter of 2021.
  • The Company continues to implement its Next Generation Operating Platform which helped limit third quarter 2021 SS controllable expense growth to 1.8 percent YOY and 2.0 percent YTD.
  • During the quarter, the Company acquired five communities with a combined purchase price of $619.9 million. Subsequent to quarter-end, the Company acquired two communities for $282.5 million and sold one community for proceeds of $126.0 million.
  • During the quarter and subsequent to quarter-end, the Company entered into forward equity sale agreements under its at-the-market equity program for approximately 6.0 million shares of common stock at a weighted average initial forward price per share of $53.80 for estimated future proceeds of approximately $321.9 million, subject to adjustment as described later in this release. During the quarter, the Company settled approximately 11.4 million shares of common stock under its previously-announced forward equity sales agreements at a weighted average net price per share, after adjustments, of $43.82 for proceeds of approximately $500.0 million.

1

Table of Contents

"We once again achieved the high-end of our expectations across key performance metrics and raised guidance for the fourth time this year on the back of accretive capital allocation and strong operating results across our 21 markets, which have been further supplemented by our ongoing Platform innovations," said Tom Toomey, UDR's Chairman and CEO. "The competitive advantages created by our operational focus have and should continue to drive strong same- store growth and margin expansion as well as enable us to accretively deploy capital through numerous channels."

Outlook

For the fourth quarter of 2021, the Company has established the following earnings guidance ranges. For the full-year 2021, the Company increased its previously provided Same-Store and earnings guidance ranges(1):

Updated

Prior

Change to

Q4 2021

Q3 2021

Full-Year 2021

Full-Year 2021

2021 Guidance,

Outlook

Actual

Outlook

Outlook

at Midpoint

Net Income / (Loss) per share

$0.30 to $0.32

$0.06

$0.41 to $0.43

$0.12 to $0.16

$0.28

FFO per share

$0.52 to $0.54

$0.55

$1.92 to $1.94

$1.85 to $1.89

$0.06

FFOA per share

$0.52 to $0.54

$0.51

$2.00 to $2.02

$1.97 to $2.01

$0.02

AFFO per share

$0.46 to $0.48

$0.46

$1.82 to $1.84

$1.79 to $1.83

$0.02

YOY Growth/(Decline): concessions reflected on a cash basis:

SS Revenue

N/A

5.3%

1.00% to 1.50%

(0.25)% to 0.75%

1.00%

SS Expense

N/A

3.3%

2.75% to 3.50%

1.00% to 3.00%

1.13%

SS NOI

N/A

6.3%

0.25% to 0.75%

(1.00)% to 0.50%

0.75%

YOY Growth/(Decline): concessions reflected on a straight-linebasis:

SS Revenue

N/A

1.6%

(1.00)% to (0.50)%

(2.25)% to (1.25)%

1.00%

SS NOI

N/A

0.9%

(2.25)% to (1.75)%

(3.50)% to (2.00)%

0.75%

  1. Additional assumptions for the Company's fourth quarter and 2021 outlook can be found on Attachment 14 of the Company's related quarterly Supplemental Financial Information. A reconciliation of FFO per share, FFOA per share, and AFFO per share to GAAP Net Income per share can be found on Attachment 15(D) of the Company's related quarterly Supplemental Financial Information. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 15(A) through 15(D), "Definitions and Reconciliations," of the Company's related quarterly Supplemental Financial Information.

Recent Operating Trends

"We continue to realize sequential improvement in blended rate growth, collections, and our other income initiatives, while portfolio occupancy remains above 97 percent," said Mike Lacy, UDR's Senior Vice President of Operations. "Pricing power has remained unseasonably strong with our loss-to-lease staying in the low-teens, and we are effectively capturing higher-than-normal levels of demand throughout our portfolio due to market strength and a variety of Next Generation Operating Platform initiatives."

2

Table of Contents

Summary of Second Quarter 2021, Third Quarter 2021, and October 2021 Residential Operating Trends(1)

As of and Through October 25, 2021

Jul

Aug

Sept

Oct 2021

Metric

Q2 2021

2021

2021

2021

Q3 2021

(Range)

Cash revenue collected (% of billed)

95.5%

94.4%

94.1%

94.2%

95.8%

94.2% - 94.4%

during billing period

Cash revenue collected (% of billed)

2.3%

2.9%

2.8%

1.8%

0.9%

N/A

subsequent to billing period(1)

Cash revenue collected (% of

97.8%

97.3%

96.9%

96.0%

96.7%

92.7%

billed) as of October 25, 2021(1)

Revenue reserved or written-off

1.7%

N/A

N/A

N/A

0.7%(2)

N/A

Same-Store Metrics

Weighted Average

97.2%

97.5%

97.6%

97.5%

97.5%

97.0% - 97.2%

Physical Occupancy

Effective Blended

0.9%

5.8%

8.7%

10.9%

8.2%

11.0% - 12.0%

Lease Rate Growth(3)

  1. Metrics shown here are as of October 25, 2021, and are for the Company's total residential portfolio, unless otherwise indicated. The summation of cash revenue collected during and subsequent to a billing period may not equate to the total cash revenue collected as of October 25, 2021 for that same billing period due to rounding. Cash revenue collected as a percentage of billed revenue for Q2 2020, Q3 2020, Q4 2020, and Q1 2021 continue to increase over time and are 98.3 percent, 98.0 percent, 97.9 percent, and 97.9 percent, respectively, as of October 25, 2021.
  2. For Q3 2021, as a result of the reduction in its accounts receivable balance during the quarter, the Company reduced its reserves (reflected as an increase in revenues) by approximately 0.9 percent, or $3.0 million, including $0.1 million for the Company's share from unconsolidated joint ventures. This reduces the Company's total bad debt reserve to $15.1 million, including $1.0 million for the Company's share from unconsolidated joint ventures, which compares to a quarter-end accounts receivable balance of $23.3 million.
  3. The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of (a) Effective New Lease Rate Growth and (b) Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level new and in-place demand trends. Please refer to the "Definitions and Reconciliations" section of the Company's related quarterly Supplemental Financial Information for additional details.

Third Quarter 2021 Operations

In the third quarter, total revenue increased by $19.7 million YOY, or 6.4 percent, to $329.8 million. This increase was primarily attributable to growth in revenue from Same-Store, acquired, and stabilized, non-mature communities. The third quarter annualized rate of turnover decreased by 1,120 basis points versus the prior year period to 53.8 percent.

Summary of Same-Store Results in Third Quarter 2021 versus Third Quarter 2020

Revenue

Expense

NOI

Growth /

Growth /

Growth /

% of Same-Store

Physical

YOY Change in

Region

(Decline)

(Decline)

(Decline)

Portfolio(1)

Occupancy(2)

Occupancy

West

5.1%

3.4%

5.7%

36.9%

97.4%

3.4%

Mid-Atlantic

2.4%

4.6%

1.4%

21.8%

97.2%

0.5%

Northeast

6.3%

4.1%

7.6%

15.8%

97.3%

4.8%

Southeast

7.5%

7.0%

7.8%

12.0%

97.9%

0.7%

Southwest

5.5%

(3.3)%

11.8%

7.3%

98.1%

1.2%

Other Markets

10.0%

(0.7)%

15.2%

6.2%

97.8%

0.9%

Total (Cash)

5.3%

3.3%

6.3%

100.0%

97.5%

2.0%

Total (Straight-Line)

1.6%

-

0.9%

-

-

-

  1. Based on Q3 2021 Same-Store NOI. For definitions of terms, please refer to the "Definitions and Reconciliations" section of the Company's related quarterly Supplemental Financial Information.
  2. Weighted average Same-Store physical occupancy for the quarter.

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

UDR Inc. published this content on 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2021 20:37:19 UTC.


ę Publicnow 2021
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Sales 2021 1 277 M - -
Net income 2021 53,8 M - -
Net Debt 2021 5 361 M - -
P/E ratio 2021 338x
Yield 2021 2,47%
Capitalization 18 112 M 18 112 M -
EV / Sales 2021 18,4x
EV / Sales 2022 16,7x
Nbr of Employees 1 267
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 58,58 $
Average target price 61,34 $
Spread / Average Target 4,71%
EPS Revisions
Managers and Directors
Thomas W. Toomey Chairman & Chief Executive Officer
Joseph Douglas Fisher Chief Financial Officer & Senior Vice President
Joshua A. Gampp Chief Technology Officer & Senior Vice President
Harry G. Alcock Chief Investment Officer & Senior Vice President
Jon A. Grove Independent Director
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