UDR Inc Stock Research

Market Summary

USD41.06+1.18

Market Closed

2.96%

UDR Alerts

Big fall in earnings (Y/Y)

UDR Stock Price

UDR RSI Chart

UDR Valuation

Market Cap

13.5B

Price/Earnings (Trailing)

155.41

Price/Sales (Trailing)

8.9

EV/EBITDA

20.61

Price/Free Cashflow

16.47

UDR Price/Sales (Trailing)

UDR Profitability

EBT Margin

6.12%

Return on Equity

2.12%

Return on Assets

0.79%

Free Cashflow Yield

6.07%

UDR Fundamentals

UDR Revenue

Revenue (TTM)

1.5B

Revenue Y/Y

14.78%

Revenue Q/Q

2.14%

UDR Earnings

Earnings (TTM)

86.9M

Earnings Y/Y

-62.09%

Earnings Q/Q

88.65%

Price Action

52 Week Range

37.1858.94

(Low)(High)

Last 7 days

6.1%

Last 30 days

-1.4%

Last 90 days

6.0%

Trailing 12 Months

-26.7%

UDR Financial Health

Debt/Equity

1.37

Debt/Cashflow

0.15

UDR Investor Care

Dividend Yield

3.7%

Dividend/Share (TTM)

1.52

Shares Dilution (1Y)

3.41%

Diluted EPS (TTM)

0.26

Peers (Alternatives to UDR)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	53.0B	4.2B	2.18%	-18.90%	12.18	12.66	22.43%	122.66%
DLR	28.6B	4.7B	-1.36%	-27.66%	75.78	6.1	5.96%	-77.90%
EQR	22.7B	2.7B	-1.54%	-32.08%	29.23	8.37	11.91%	-41.71%
ARE	21.4B	2.6B	-12.12%	-36.55%	41.11	8.28	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-25.83%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	8.0B	1.1B	-7.32%	-17.18%	20.85	7.48	12.95%	47.42%
KRG	4.6B	802.0M	-3.51%	-5.01%	-362.88	5.72	114.83%	84.36%
VNO	2.9B	1.8B	-21.50%	-64.10%	-8.51	1.64	13.26%	-296.88%
MAC	2.3B	859.2M	-11.59%	-29.47%	-34.53	2.66	1.38%	-563.21%
SMALL-CAP
SKT	2.0B	421.4M	4.75%	18.56%	24.12	4.86	3.35%	1705.32%
SLG	1.5B	826.7M	-29.95%	-68.39%	-19.71	1.86	-2.04%	-117.36%
AIV	1.1B	190.3M	3.36%	5.05%	12.23	5.92	12.08%	1950.56%
PGRE	987.5M	740.4M	-12.31%	-57.77%	-27.13	1.33	1.87%	-78.85%

Financials for UDR

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	3.5%	1,517	1,466	1,404	1,347	1,291
S&GA Expenses	4.8%	64.00	61.00	61.00	60.00	58.00
Costs and Expenses	2.1%	1,292	1,266	1,234	1,191	1,159
EBITDA	-6.9%	928	997	974	957	-
EBITDA Margin	-10.1%	0.61*	0.68*	0.69*	0.71*	-
Earnings Before Taxes	-46.1%	93.00	172	166	173	162
EBT Margin	-47.9%	0.06*	0.12*	0.12*	0.13*	-
Interest Expenses	4.6%	156	149	145	144	186
Net Income	-45.6%	87.00	160	154	161	150
Net Income Margin	-47.5%	0.06*	0.11*	0.11*	0.12*	-
Free Cahsflow	4.7%	820	783	732	701	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-0.5%	11,038	11,098	10,997	10,685	10,775
Cash Equivalents	-22.1%	1.00	2.00	1.00	1.00	1.00
Liabilities	-2.0%	6,100	6,227	6,114	6,030	6,001
Long Term Debt	2.0%	5,626	5,517	5,479	5,413	-
Shareholder's Equity	3.7%	4,098	3,951	3,870	3,393	3,443
Additional Paid-In Capital	2.2%	7,493	7,332	7,244	6,892	6,884
Shares Outstanding	0.8%	329	326	325	318	318
Minority Interest	0%	0.00	0.00	0.00	0.00	31.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	4.7%	820	783	732	701	664
Share Based Compensation	9.9%	28.00	25.00	25.00	24.00	22.00
Cashflow From Investing	21.9%	-929	-1,189	-1,532	-1,400	-1,272
Cashflow From Financing	-72.7%	111	407	793	691	613
Dividend Payments	2.5%	484	472	456	442	434
Buy Backs	-19.1%	49.00	61.00	-	-	-

Risks for UDR

What is the probability of a big loss on UDR?

41.9%

Probability that UDR stock will be more than 20% underwater in next one year

29.2%

Probability that UDR stock will be more than 30% underwater in next one year.

Probability that UDR stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does UDR drawdown profile look like?

Y-axis is the maximum loss one would have experienced if UDR was unfortunately bought at previous high price.

Drawdowns

Returns for UDR

Cumulative Returns on UDR

9.0%

10-Year Cumulative Returns

4.4%

7-Year Cumulative Returns

6.4%

5-Year Cumulative Returns

7.6%

3-Year Cumulative Returns

What are the long-term rolling returns for UDR?

FIve years rolling returns for UDR.

Annualized Returns

Which funds bought or sold UDR recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-27	Neo Ivy Capital Management	new	-	214,000	214,000	0.14%
2023-03-23	MetLife Investment Management, LLC	reduced	-1.43	-287,827	3,109,240	0.03%
2023-03-23	ETF MANAGERS GROUP, LLC	added	4.48	-14,900	486,100	0.02%
2023-03-17	American Portfolios Advisors	reduced	-68.49	-4,803	1,919	-%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	0.7	-314,582	4,521,420	-%
2023-03-07	Investure, LLC	unchanged	-	-1,227,490	15,953,300	3.12%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-38.78	-101,000	131,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-83.84	-24,217,200	4,274,780	0.01%
2023-02-24	NATIXIS	sold off	-100	-1,835,000	-	-%
2023-02-24	National Pension Service	added	13.32	1,309,490	20,457,500	0.04%

Latest Funds Activity

Are funds buying UDR calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own UDR

No. of Funds

UDR Alerts

Big fall in earnings (Y/Y)

UDR News

Schedule 13G FIlings of UDR

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	norges bank	7.27%	23,662,326	SC 13G/A
Feb 14, 2023	cohen & steers, inc.	9.72%	31,654,813	SC 13G/A
Feb 09, 2023	vanguard group inc	16.18%	52,667,742	SC 13G/A
Jan 31, 2023	state street corp	6.35%	20,668,054	SC 13G/A
Jan 23, 2023	blackrock inc.	10.6%	34,436,114	SC 13G/A
Feb 14, 2022	cohen & steers, inc.	14.03%	43,378,707	SC 13G/A
Feb 14, 2022	state street corp	5.99%	18,511,451	SC 13G/A
Feb 10, 2022	vanguard group inc	15.61%	48,274,114	SC 13G/A
Feb 08, 2022	norges bank	5.88%	18,129,085	SC 13G/A
Jan 27, 2022	blackrock inc.	11.2%	34,773,820	SC 13G/A

UDR Fair Value

UDR fair value in different scenarios

The table shows the Fair Value estimates for UDR for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	9.58 -76.67%	10.99 -73.23%	13.79 -66.42%	17.34 -57.77%	20.60 -49.83%
Current Inflation	9.01 -78.06%	10.19 -75.18%	12.54 -69.46%	15.49 -62.27%	18.19 -55.70%
Very High Inflation	8.32 -79.74%	9.24 -77.50%	11.06 -73.06%	13.36 -67.46%	15.45 -62.37%

Historical UDR Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of UDR

View All Filings

Date Filed	Form Type	Document
Mar 16, 2023	4	Insider Trading
Mar 03, 2023	5	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 17, 2023	8-K	Current Report
Feb 16, 2023	4	Insider Trading
Feb 16, 2023	4	Insider Trading
Feb 14, 2023	4	Insider Trading
Feb 14, 2023	SC 13G/A	Major Ownership Report
Feb 14, 2023	SC 13G/A	Major Ownership Report
Feb 14, 2023	S-3ASR	S-3ASR

Latest Insider Trading transactions for UDR

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-21	Lacy Michael D	sold (taxes)	-22,889	43.85	-522	svp-property operations
2023-02-15	Lacy Michael D	sold (taxes)	-11,345	45.02	-252	svp-property operations
2023-02-15	Hofmeister Tracy L	sold (taxes)	-5,222	45.02	-116	svp - chief accounting officer
2023-02-09	Lacy Michael D	sold (taxes)	-54,065	43.92	-1,231	svp-property operations
2023-02-09	Lacy Michael D	acquired	-	-	3,520	svp-property operations
2023-02-09	Hofmeister Tracy L	acquired	-	-	912	svp - chief accounting officer
2023-02-09	Hofmeister Tracy L	sold (taxes)	-8,784	43.92	-200	svp - chief accounting officer
2023-02-06	Fisher Joseph D	sold (taxes)	-30,309	42.69	-710	president-cfo
2023-02-06	ALCOCK HARRY G	sold (taxes)	-57,973	42.69	-1,358	svp-chief investment officer
2023-01-03	MCNAMARA ROBERT A	acquired	99,986	38.59	2,591	-

About UDR

Thomas W. Toomey

www.udr.com

1230

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of September 30, 2020, UDR owned or had an ownership position in 51,649 apartment homes including 1,031 homes under development. For over 48 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates.

UDR Income Statement

2022-09-30

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES:
Rental income	$ 390,023	$ 328,699	$ 1,113,952	$ 937,641
Joint venture management and other fees	$ 1,274	$ 1,071	$ 3,778	$ 4,918
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total revenues	$ 391,297	$ 329,770	$ 1,117,730	$ 942,559
OPERATING EXPENSES:
Property operating and maintenance	66,769	57,708	185,658	160,424
Real estate taxes and insurance	58,236	51,511	164,788	148,043
Property management	12,675	9,861	36,203	28,129
Other operating expenses	3,746	4,237	13,485	13,045
Real estate depreciation and amortization	166,781	152,636	497,987	442,893
General and administrative	15,840	15,810	47,333	43,673
Casualty-related charges/(recoveries), net	901	1,568	1,210	4,682
Other depreciation and amortization	3,430	3,269	9,521	8,472
Total operating expenses	328,378	296,600	956,185	849,361
Gain/(loss) on sale of real estate owned	0	0	0	50,829
Operating income	62,919	33,170	161,545	144,027
Income/(loss) from unconsolidated entities	10,003	14,450	4,186	29,123
Interest expense	(39,905)	(36,289)	(112,653)	(149,849)
Interest income and other income/(expense), net	(7,495)	8,238	(6,934)	12,831
Income/(loss) before income taxes	25,522	19,569	46,144	36,132
Tax (provision)/benefit, net	(377)	(529)	(1,032)	(1,283)
Net income/(loss)	25,145	19,040	45,112	34,849
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(1,533)	(1,260)	(2,684)	(2,221)
Net (income)/loss attributable to noncontrolling interests	(7)	(49)	(34)	(73)
Net income/(loss) attributable to UDR, Inc.	23,605	17,731	42,394	32,555
Distributions to preferred stockholders - Series E (Convertible)	(1,106)	(1,058)	(3,307)	(3,171)
Net income/(loss) attributable to common stockholders	$ 22,499	$ 16,673	$ 39,087	$ 29,384
Income/(loss) per weighted average common share - basic	$ 0.07	$ 0.06	$ 0.12	$ 0.10
Income/(loss) per weighted average common share - diluted	$ 0.07	$ 0.06	$ 0.12	$ 0.10
Weighted average number of common shares outstanding - basic	324,701	297,828	320,378	296,998
Weighted average number of common shares outstanding - diluted	325,686	301,164	321,629	298,045

UDR Balance Sheet

2022-09-30

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate owned:
Real estate held for investment	$ 15,075,552	$ 14,352,234
Less: accumulated depreciation	(5,594,600)	(5,136,589)
Real estate held for investment, net	9,480,952	9,215,645
Real estate under development (net of accumulated depreciation of $2,265 and $507, respectively)	366,200	388,062
Real estate held for disposition (net of accumulated depreciation of $8,944 and $0, respectively)	15,019
Total real estate owned, net of accumulated depreciation	9,862,171	9,603,707
Cash and cash equivalents	1,532	967
Restricted cash	28,363	27,451
Notes receivable, net	40,128	26,860
Investment in and advances to unconsolidated joint ventures, net	761,117	702,461
Operating lease right-of-use assets	194,923	197,463
Other assets	209,728	216,311
Total assets	11,097,962	10,775,220
Liabilities:
Secured debt, net	1,053,560	1,057,380
Unsecured debt, net	4,572,802	4,355,407
Operating lease liabilities	190,064	192,488
Real estate taxes payable	61,210	33,095
Accrued interest payable	26,109	45,980
Security deposits and prepaid rent	53,693	55,441
Distributions payable	133,341	124,729
Accounts payable, accrued expenses, and other liabilities	135,904	136,954
Total liabilities	6,226,683	6,001,474
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	920,311	1,299,442
Equity:
Common stock, $0.01 par value; 450,000,000 shares authorized at September 30, 2022 and December 31, 2021: 326,352,154 and 318,149,635 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	3,264	3,181
Additional paid-in capital	7,332,127	6,884,269
Distributions in excess of net income	(3,438,027)	(3,485,080)
Accumulated other comprehensive income/(loss), net	8,779	(4,261)
Total stockholders' equity	3,950,758	3,442,874
Noncontrolling interests	210	31,430
Total equity	3,950,968	3,474,304
Total liabilities and equity	11,097,962	10,775,220
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2022 and December 31, 2021:	44,614	44,764
Series F
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2022 and December 31, 2021:	$ 1	$ 1