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UDR Announces Fourth Quarter And Full Year 2012 Results

Stocks in this article: UDR

Fourth Quarter 2012 Highlights:

  • FFO per share was $0.31 (-11% year-over-year), FFO as Adjusted per share was $0.35 (+3%), and AFFO per share was $0.31 (+11%)
  • Year-over-year same-store revenue and NOI growth were 5.7% and 7.3%, respectively
  • Successfully navigated the aftermath of Hurricane Sandy
  • Improved portfolio quality through an asset swap with MetLife; increased ownership interest in The Olivian, an A+ asset located in downtown Seattle
  • Commenced construction on Pier 4, a 369-home high-rise located in Boston, MA
  • Hired Tom Herzog as Chief Financial Officer.

Full-Year 2012 Highlights:

  • FFO per share was $1.32 (+3% year-over-year), FFO as Adjusted per share was $1.35 (+5%), and AFFO per share was $1.18 (+10%)
  • Full year same-store revenue and NOI growth were 5.3% and 6.6%, respectively
  • Deleveraged our balance sheet via a $539 million secondary equity offering, $217 million of “At The Market” equity proceeds and $610 million of non-core asset sales
  • Formed a second joint venture with MetLife valued at $1.4 billion at December 31, 2012
  • Increased annual dividend per share to $0.88 (+10% year-over-year).
                 
    Q4 2012   Q4 2011   FY 2012   FY 2011
FFO per share   $0.31   $0.35   $1.32   $1.28
Acquisition-related costs (including JVs)   0.002   0.006   0.011   0.028
JV financing and acquisition fee - (0.004) - (0.011)
Cost/(benefit) associated with debt extinguishment - 0.002 (0.001) 0.021
Redemption of preferred stock - - 0.011 0.001
Gain on sale of TRS property/marketable securities - (0.014) (0.031) (0.046)
Severance costs 0.002 0.001 0.003 0.006
Hurricane-related charges, net   0.035   -   0.037   -
FFO as Adjusted per share   $0.35   $0.34   $1.35   $1.28
Recurring capital expenditures   (0.036)   (0.059)   (0.167)   (0.208)
AFFO per share   $0.31   $0.28   $1.18   $1.07
 

Operations

Same-store net operating income increased 7.3 percent year-over-year in the fourth quarter of 2012 while same-store revenue increased 5.7 percent over the same period. Same-store physical occupancy increased 60 basis points to 95.8 percent as compared to the prior year period. Same-store expenses increased 2.3 percent driven by an increase in real estate taxes. The annualized rate of turnover remained constant at 48 percent.

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