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UDR Inc. Reports Operating Results (10-Q)

August 03, 2010 | About:
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10qk

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UDR Inc. (UDR) filed Quarterly Report for the period ended 2010-06-30.

Udr Inc. has a market cap of $3.53 billion; its shares were traded at around $21.65 with a P/E ratio of 17.7 and P/S ratio of 5.9. The dividend yield of Udr Inc. stocks is 3.3%. Udr Inc. had an annual average earning growth of 9.7% over the past 5 years.UDR is in the portfolios of Chris Davis of Davis Selected Advisers, Jim Simons of Renaissance Technologies LLC, Manning & Napier Advisors, Inc, Jeremy Grantham of GMO LLC, Bruce Kovner of Caxton Associates.

Highlight of Business Operations:

On September 15, 2009, the Company entered into an equity distribution agreement under which the Company may offer and sell up to 15.0 million shares of its common stock over time to or through its sales agents. During the three months ended June 30, 2010, we sold 1,546,600 shares of common stock through this program for aggregate gross proceeds of approximately $30.9 million at a weighted average price per share of $19.98. Aggregate net proceeds from such sales, after deducting related expenses, including commissions paid to the sales agents of approximately $600,000, were approximately $30.1 million. During the six months ended June 30, 2010, we sold 5,905,353 shares of common stock through this program for aggregate gross proceeds of approximately $105.7 million at a weighted average price per share of $17.90. Aggregate net proceeds from such sales, after deducting related expenses, including commissions paid to the sales agents of approximately $2.3 million, were approximately $103.4 million.

On December 7, 2009, the Company entered into an Amended and Restated Distribution Agreement with respect to the issue and sale by the Company from time to time of its Medium-Term Notes, Series A Due Nine Months or More From Date of Issue. In February 2010, the Company issued $150 million of 5.25% senior unsecured medium-term notes under the Amended and Restated Distribution Agreement. These notes were priced at 99.46% of the principal amount at issuance and had a discount of $742,000 at June 30, 2010.

During the remainder of 2010, we have approximately $134.6 million of secured debt, including principal amortization, and no unsecured debt maturing, and we anticipate exercising extension rights of $131.7 million with respect to such debt.

For the six months ended June 30, 2010, our net cash flow provided by operating activities was $101.8 million compared to $124.0 million for the comparable period in 2009. The decrease in cash flow from operating activities is primarily due to changes in operating assets and liabilities.

For the six months ended June 30, 2010, net cash (used in)/provided by investing activities was ($122.2) million compared to $10.1 million for the comparable period in 2009. The change is primarily driven by proceeds from the payment of a note receivable received in conjunction with the sale of 86 communities in 2008 partially offset by a reduction in development expenditures in 2010 as compared to 2009 and the purchase of marketable securities in 2009.

During the six months ended June 30, 2010, $23.5 million or $530 per home was spent on recurring capital expenditures. These include revenue enhancing capital expenditures, exterior/interior upgrades, turnover related expenditures for floor coverings and appliances, other recurring capital expenditures such as exterior paint, roofs, siding, parking lots, and asset preservation capital expenditures. In addition, major renovations totaled $12.9 million for the six months ended June 30, 2010. Total capital expenditures, which in aggregate include recurring capital expenditures and major renovations, of $36.4 million or $822 per home was spent on all of our communities, excluding development and commercial properties, for the six months ended June 30, 2010.

Read the The complete Report

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10qk
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