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Section 1: 10-Q (10-Q)

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                    

Commission file number

1-10524 (UDR, Inc.)

333-156002-01 (United Dominion Realty, L.P.)

UDR, Inc.

United Dominion Realty, L.P.

(Exact name of registrant as specified in its charter)

Maryland (UDR, Inc.)

54-0857512

Delaware (United Dominion Realty, L.P.)

54-1776887

(State or other jurisdiction of

(I.R.S. Employer

incorporation of organization)

Identification No.)

1745 Shea Center Drive, Suite 200, Highlands Ranch, Colorado 80129

(Address of principal executive offices) (zip code)

(720283-6120

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01

UDR

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

UDR, Inc.

Yes No

United Dominion Realty, L.P.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

UDR, Inc.

Yes No

United Dominion Realty, L.P.

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

UDR, Inc.:

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

United Dominion Realty, L.P.:

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

UDR, Inc.

United Dominion Realty, L.P.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

UDR, Inc.

Yes No

United Dominion Realty, L.P.

Yes No

The number of shares of UDR, Inc.’s common stock, $0.01 par value, outstanding as of July 29, 2019 was 285,282,476.

Table of Contents

UDR, INC.

UNITED DOMINION REALTY, L.P.

INDEX

PAGE

PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

UDR, INC.:

Consolidated Balance Sheets as of June 30, 2019 (unaudited) and December 31, 2018 (audited)

5

Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018 (unaudited)

6

Consolidated Statements of Comprehensive Income/(Loss) for the three and six months ended June 30, 2019 and 2018 (unaudited)

7

Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2019 and 2018 (unaudited)

8

Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018 (unaudited)

10

Notes to Consolidated Financial Statements (unaudited)

11

UNITED DOMINION REALTY, L.P.:

Consolidated Balance Sheets as of June 30, 2019 (unaudited) and December 31, 2018 (audited)

43

Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018 (unaudited)

44

Consolidated Statements of Changes in Capital for the three and six months ended June 30, 2019 and 2018 (unaudited)

45

Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018 (unaudited)

46

Notes to Consolidated Financial Statements (unaudited)

47

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

65

Item 3. Quantitative and Qualitative Disclosures About Market Risk

88

Item 4. Controls and Procedures

88

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

89

Item 1A. Risk Factors

89

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

103

Item 3. Defaults Upon Senior Securities

104

Item 4. Mine Safety Disclosures

104

Item 5. Other Information

104

Item 6. Exhibits

105

Signatures

107

Table of Contents

Exhibit 31.1

Exhibit 31.2

Exhibit 31.3

Exhibit 31.4

Exhibit 32.1

Exhibit 32.2

Exhibit 32.3

Exhibit 32.4

Table of Contents

EXPLANATORY NOTE

This Report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2019 of UDR, Inc., a Maryland corporation, and United Dominion Realty, L.P., a Delaware limited partnership, of which UDR, Inc. is the parent company and sole general partner. Unless the context otherwise requires, all references in this Report to “we,” “us,” “our,” the “Company,” “UDR” or “UDR, Inc.” refer collectively to UDR, Inc., together with its consolidated subsidiaries and joint ventures, including United Dominion Realty, L.P. and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”), also a Delaware limited partnership of which UDR is the sole general partner. Unless the context otherwise requires, the references in this Report to the “Operating Partnership” or the “OP” refer to United Dominion Realty, L.P., together with its consolidated subsidiaries. “Common stock” refers to the common stock of UDR and “stockholders” means the holders of shares of UDR’s common stock and preferred stock. The limited partnership interests of the Operating Partnership and the DownREIT Partnership are referred to as “OP Units” and “DownREIT Units,” respectively, and the holders of the OP Units and DownREIT Units are referred to as “unitholders.” This combined Form 10-Q is being filed separately by UDR and the Operating Partnership.

There are a number of differences between the Company and the Operating Partnership, which are reflected in our disclosures in this Report. UDR is a real estate investment trust (“REIT”), whose most significant asset is its ownership interest in the Operating Partnership. UDR also conducts business through other subsidiaries, including its taxable REIT subsidiary (“TRS”). UDR acts as the sole general partner of the Operating Partnership, holds interests in subsidiaries and joint ventures, owns and operates properties, issues securities from time to time and guarantees debt of certain of our subsidiaries. The Operating Partnership conducts the operations of a substantial portion of the business and is structured as a partnership with no publicly traded equity securities. The Operating Partnership has guaranteed certain outstanding debt of UDR.

As of June 30, 2019, UDR owned 110,883 units (100%) of the general partnership interests of the Operating Partnership and 176,099,189 OP Units, representing approximately 95.7% of the total outstanding OP Units in the Operating Partnership. UDR conducts a substantial amount of its business and holds a substantial amount of its assets through the Operating Partnership, and, by virtue of its ownership of the OP Units and UDR’s role as the Operating Partnership’s sole general partner, UDR has the ability to control all of the day-to-day operations of the Operating Partnership. Separate financial statements and accompanying notes, as well as separate discussions under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are presented in this report for each of UDR and the Operating Partnership.

Table of Contents

UDR, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

June 30, 

December 31, 

    

2019

    

2018

(unaudited)

(audited)

ASSETS

Real estate owned:

 

  

 

  

Real estate held for investment

$

11,011,516

$

10,196,159

Less: accumulated depreciation

 

(3,878,897)

 

(3,654,160)

Total real estate owned, net of accumulated depreciation

 

7,132,619

 

6,541,999

Cash and cash equivalents

 

981

 

185,216

Restricted cash

 

23,042

 

23,675

Notes receivable, net

 

37,494

 

42,259

Investment in and advances to unconsolidated joint ventures, net

 

769,000

 

780,869

Operating lease right-of-use assets

93,939

Other assets

 

140,191

 

137,710

Total assets

$

8,197,266

$

7,711,728

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Secured debt, net

$

598,389

$

601,227

Unsecured debt, net

 

3,272,200

 

2,946,560

Operating lease liabilities

88,099

Real estate taxes payable

 

23,919

 

20,608

Accrued interest payable

 

42,029

 

38,747

Security deposits and prepaid rent

 

35,222

 

35,060

Distributions payable

 

105,611

 

97,666

Accounts payable, accrued expenses, and other liabilities

 

63,250

 

76,343

Total liabilities

 

4,228,719

 

3,816,211

Commitments and contingencies (Note 13)

 

  

 

  

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

 

1,000,532

 

972,740

Equity:

 

  

 

  

Preferred stock, no par value; 50,000,000 shares authorized:

 

  

 

  

8.00% Series E Cumulative Convertible; 2,780,994 shares issued and outstanding at June 30, 2019 and December 31, 2018

 

46,200

 

46,200

Series F; 15,097,917 and 15,802,393 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively

 

1

 

1

Common stock, $0.01 par value; 350,000,000 shares authorized:

 

  

 

  

283,104,643 and 275,545,900 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively

 

2,831

 

2,755

Additional paid-in capital

 

5,244,819

 

4,920,732

Distributions in excess of net income

 

(2,336,609)

 

(2,063,996)

Accumulated other comprehensive income/(loss), net

 

(7,838)

 

(67)

Total stockholders’ equity

 

2,949,404

 

2,905,625

Noncontrolling interests

 

18,611

 

17,152

Total equity

 

2,968,015

 

2,922,777

Total liabilities and equity

$

8,197,266

$

7,711,728

See accompanying notes to consolidated financial statements.

5

Table of Contents

UDR, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2019

    

2018

2019

2018

REVENUES:

    

  

    

  

    

  

    

  

Rental income

$

278,463

$

256,634

$

546,385

$

507,117

Joint venture management and other fees

 

2,845

 

3,109

 

5,596

 

5,931

Total revenues

 

281,308

 

259,743

 

551,981

 

513,048

OPERATING EXPENSES:

 

  

 

  

 

  

 

  

Property operating and maintenance

 

42,894

 

41,452

 

84,833

 

82,039

Real estate taxes and insurance

 

35,834

 

31,907

 

72,134

 

65,189

Property management

 

8,006

 

7,057

 

15,709

 

13,945

Other operating expenses

 

2,735

 

2,825

 

8,381

 

4,834

Real estate depreciation and amortization

 

117,934

 

106,520

 

230,402

 

214,656

General and administrative

 

12,338

 

12,373

 

24,805

 

24,132

Casualty-related charges/(recoveries), net

 

246

 

746

 

246

 

1,686

Other depreciation and amortization

 

1,678

 

1,684

 

3,334

 

3,375

Total operating expenses

 

221,665

 

204,564

439,844

 

409,856

Gain/(loss) on sale of real estate owned

5,282

5,282

70,300

Operating income

 

64,925

 

55,179

 

117,419

 

173,492

Income/(loss) from unconsolidated entities

 

6,625

 

(2,032)

 

6,674

 

(3,709)

Interest expense

 

(34,417)

 

(31,598)

 

(67,959)

 

(61,541)

Interest income and other income/(expense), net

 

1,310

 

1,128

 

11,123

 

3,887

Income/(loss) before income taxes

 

38,443

 

22,677

 

67,257

 

112,129

Tax (provision)/benefit, net

 

(125)

 

(233)

 

(2,337)

 

(460)

Net income/(loss)

 

38,318

 

22,444

 

64,920

 

111,669

Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

 

(2,652)

 

(1,813)

 

(4,709)

 

(9,203)

Net (income)/loss attributable to noncontrolling interests

 

(47)

 

(30)

 

(89)

 

(109)

Net income/(loss) attributable to UDR, Inc.

 

35,619

 

20,601

 

60,122

 

102,357

Distributions to preferred stockholders — Series E (Convertible)

 

(1,031)

 

(971)

 

(2,042)

 

(1,926)

Net income/(loss) attributable to common stockholders

$

34,588

$

19,630

$

58,080

$

100,431

Income/(loss) per weighted average common share:

 

  

 

  

 

  

 

  

Basic

$

0.12

$

0.07

$

0.21

$

0.38

Diluted

$

0.12

$

0.07

$

0.21

$

0.37

Weighted average number of common shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

281,960

 

267,311

 

279,494

 

267,428

Diluted

 

282,575

 

268,890

 

280,081

 

269,002

See accompanying notes to consolidated financial statements.

6

Table of Contents

UDR, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2019

    

2018

2019

2018

Net income/(loss)

$

38,318

$

22,444

$

64,920

$

111,669

Other comprehensive income/(loss), including portion attributable to noncontrolling interests:

 

  

 

  

 

  

 

  

Other comprehensive income/(loss) - derivative instruments:

 

  

 

  

 

  

 

  

Unrealized holding gain/(loss)

 

(4,311)

 

282

 

(6,522)

 

1,992

(Gain)/loss reclassified into earnings from other comprehensive income/(loss)

 

(933)

 

(426)

 

(1,880)

 

(598)

Other comprehensive income/(loss), including portion attributable to noncontrolling interests

 

(5,244)

 

(144)

 

(8,402)

 

1,394

Comprehensive income/(loss)

 

33,074

 

22,300

 

56,518

 

113,063

Comprehensive (income)/loss attributable to noncontrolling interests

 

(2,320)

 

(1,830)

 

(4,167)

 

(9,432)

Comprehensive income/(loss) attributable to UDR, Inc.

$

30,754

$

20,470

$

52,351

$

103,631

See accompanying notes to consolidated financial statements.

7

Table of Contents

UDR, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In thousands, except per share data)

(Unaudited)

    

    

    

Distributions

    

Accumulated Other Comprehensive

    

    

Preferred

Common

Paid-in

in Excess of

Income/(Loss),

Noncontrolling

Stock

Stock

Capital

Net Income

net

Interests

Total

Balance at March 31, 2019

$

46,201

$

2,818

$

5,184,195

$

(2,281,262)

$

(2,970)

$

13,382

$

2,962,364

Net income/(loss) attributable to UDR, Inc.

 

 

 

 

35,619

 

 

 

35,619

Net income/(loss) attributable to noncontrolling interests

 

 

 

 

 

 

27

 

27

Long Term Incentive Plan Unit grants/(vestings), net

 

 

 

 

 

 

5,202

 

5,202

Other comprehensive income/(loss)

 

 

 

 

 

(4,868)

 

 

(4,868)

Issuance/(forfeiture) of common and restricted shares, net

 

 

 

1,201

 

 

 

 

1,201

Issuance of common shares through public offering, net

 

 

5

 

20,688

 

 

 

 

20,693

Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership

 

 

8

 

38,735

 

 

 

 

38,743

Common stock distributions declared ($0.3425 per share)

 

 

 

 

(96,962)

 

 

 

(96,962)

Preferred stock distributions declared-Series E ($0.3708 per share)

 

 

 

 

(1,031)

 

 

 

(1,031)

Adjustment to reflect redemption value of redeemable noncontrolling interests

 

 

 

 

7,027

 

 

 

7,027

Balance at June 30, 2019

$

46,201

$

2,831

$

5,244,819

$

(2,336,609)

$

(7,838)

$

18,611

$

2,968,015

    

    

    

    

Distributions

    

Accumulated Other Comprehensive

    

    

Preferred

Common

Paid-in

in Excess of

Income/(Loss),

Noncontrolling