1. How to use GuruFocus - Tutorials
  2. What Is in the GuruFocus Premium Membership?
  3. A DIY Guide on How to Invest Using Guru Strategies

UDR Inc. Reports Operating Results (10-Q)

May 04, 2010 | About:

UDR Inc. (NYSE:UDR) filed Quarterly Report for the period ended 2010-03-31.

Udr Inc. has a market cap of $3.3 billion; its shares were traded at around $21.12 with a P/E ratio of 16.4 and P/S ratio of 5.5. The dividend yield of Udr Inc. stocks is 3.4%.UDR is in the portfolios of Chris Davis of Davis Selected Advisers, Jim Simons of Renaissance Technologies LLC, Manning & Napier Advisors, Inc, Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.

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 March 31, 2010, we sold 4,358,753 shares of common stock through this program for aggregate gross proceeds of approximately $74.8 million at a weighted average price per share of $17.16. Aggregate net proceeds from such sales, after deducting related expenses, including commissions paid to the sales agents of approximately $1.5 million, were approximately $73.3 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 dated December 7, 2009. These notes were priced at 99.46% of the principal amount at issuance and had a discount of $783,000 at March 31, 2010.

During the remainder of 2010, we have approximately $165.1 million of secured debt and no unsecured debt maturing and we anticipate repaying that debt with proceeds from borrowings under our secured or unsecured credit facilities, the issuance of equity or debt securities, and by exercising extension rights with respect to secured debt of $151.2 million.

For the three months ended March 31, 2010, our net cash flow provided by operating activities was $41.5 million compared to $71.6 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 three months ended March 31, 2010, net cash used in investing activities was $57.4 million compared to $99.2 million for the comparable period in 2009. The change is primarily driven by a reduction in development expenditures and the purchase of marketable securities in 2009 partially offset by the payment of $16.1 million to buy out a joint venture partner, all of which are discussed in further detail throughout this Report.

During the three months ended March 31, 2010, $8.8 million or $199 per home was spent on recurring capital expenditures. These include revenue enhancing capital expenditures, kitchen and bath upgrades, and other extensive 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. Total aggregated capital expenditures, which include recurring capital expenditures, of $13.5 million or $306 per home was spent on all of our communities, excluding development and commercial properties, for the three months ended March 31, 2010. In addition, major renovations totaled $4.7 million for the three months ended March 31, 2010.

Read the The complete Report

About the author:

Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

Rating: 2.0/5 (4 votes)


Please leave your comment:

GuruFocus has detected 8 Warning Signs with UDR Inc $UDR.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.

Performances of the stocks mentioned by 10qk

User Generated Screeners

LarsANDersenBig Returns With Dividend Grow
rharmelinkDividend Stocks with price dec
eae010Morningstar Library with PE Sc
eae010Morningstar Library Screen
PortfolioPlus10 yr Profitability
Taekgyun Kovalue2
PortfolioPlusStrong B/S Screen
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GF Chat