67 WALL STREET, New York - October 23, 2012 - The Wall Street Transcript has just published its REITs Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Acquisition and Financing Costs - Pricing Power Outlook - Residential and Commercial REITs - Real Estate New Supply - Inexpensive Access to Capital - Apartment, Lodging, Self-Storage and Office REITs
Companies include: UDR, Inc. (UDR) and many others.
In the following excerpt from the REITs Report, the Senior Executive Vice President of UDR discusses the outlook for his company for investors:
TWST: Please introduce our readers to UDR with a snapshot of its business and portfolio as it stands today.
Mr. Troupe: UDR is an S&P 400 company with an approximately $10 billion enterprise value. We own and operate approximately 55,000 apartment homes in 200 communities in 23 markets across the U.S., and we have a 40-year track record of paying dividends. I can tell you some of our highlights of 2012 if you like.
TWST: Please do.
Mr. Troupe: Let me just hit a couple of highlights. We had an existing joint venture with MetLife, and in January 2012 we formed a second joint venture, and that JV acquired $1.3 billion of properties in communities located in Manhattan, Boston, Seattle and Austin. Another highlight: in 2012, we sold $610 million of noncore communities. This allowed us to exit noncore markets such as in Phoenix, Jacksonville and Fredericksburg, Va.
On the equity side, thus far in 2012, we have issued $756 million. We used this equity to delever the enterprise, and we intend to continue to delever the enterprise moving forward. In the past three years, we've been successful in derisking our balance sheet. We moved our leverage to 39% from 55%, and we've improved our debt to EBITDA from roughly 10 times to seven times.
And then, with respect to development and redevelopment, we currently have a pipeline of $1 billion, and that's comprised of communities located in our core urban markets such as Manhattan, Southern California and San Francisco.
TWST: UDR relatively recently entered Boston and New York. Are there any other any markets the company is specifically targeting at this point?
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.