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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, 2020

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 27, 2020 was 295,066,874.

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, 2020 (unaudited) and December 31, 2019 (audited)

5

Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019 (unaudited)

6

Consolidated Statements of Comprehensive Income/(Loss) for the three and six months ended June 30, 2020 and 2019 (unaudited)

7

Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2020 and 2019 (unaudited)

8

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019 (unaudited)

10

Notes to Consolidated Financial Statements (unaudited)

11

UNITED DOMINION REALTY, L.P.:

Consolidated Balance Sheets as of June 30, 2020 (unaudited) and December 31, 2019 (audited)

42

Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019 (unaudited)

43

Consolidated Statements of Comprehensive Income/(Loss) for the three and six months ended June 30, 2020 and 2019 (unaudited)

44

Consolidated Statements of Changes in Capital for the three and six months ended June 30, 2020 and 2019 (unaudited)

45

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019 (unaudited)

47

Notes to Consolidated Financial Statements (unaudited)

48

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

68

Item 3. Quantitative and Qualitative Disclosures About Market Risk

91

Item 4. Controls and Procedures

91

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

92

Item 1A. Risk Factors

92

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

108

Item 3. Defaults Upon Senior Securities

109

Item 4. Mine Safety Disclosures

109

Item 5. Other Information

109

Table of Contents

Item 6. Exhibits

110

Signatures

112

Exhibit 31.1

Exhibit 31.2

Exhibit 31.3

Exhibit 31.4

Exhibit 32.1

Exhibit 32.2

Exhibit 32.3

Exhibit 32.4

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EXPLANATORY NOTE

This Report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2020 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, 2020, UDR owned 0.1 million units (100%) of the general partnership interests of the Operating Partnership and 176.1 million OP Units, representing approximately 95.3% 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, 

    

2020

    

2019

(unaudited)

(audited)

ASSETS

Real estate owned:

 

  

 

  

Real estate held for investment

$

12,643,851

$

12,532,324

Less: accumulated depreciation

 

(4,372,321)

 

(4,131,330)

Real estate held for investment, net

 

8,271,530

 

8,400,994

Real estate under development (net of accumulated depreciation of $203 and $23, respectively)

 

131,585

 

69,754

Total real estate owned, net of accumulated depreciation

 

8,403,115

 

8,470,748

Cash and cash equivalents

 

833

 

8,106

Restricted cash

 

22,043

 

25,185

Notes receivable, net

 

155,956

 

153,650

Investment in and advances to unconsolidated joint ventures, net

 

598,058

 

588,262

Operating lease right-of-use assets

202,586

204,225

Other assets

 

181,880

 

186,296

Total assets

$

9,564,471

$

9,636,472

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Secured debt, net

$

1,112,870

$

1,149,441

Unsecured debt, net

 

3,653,934

 

3,558,083

Operating lease liabilities

197,092

198,558

Real estate taxes payable

 

31,952

 

29,445

Accrued interest payable

 

47,087

 

45,199

Security deposits and prepaid rent

 

45,607

 

48,353

Distributions payable

 

115,254

 

109,382

Accounts payable, accrued expenses, and other liabilities

 

111,264

 

90,032

Total liabilities

 

5,315,060

 

5,228,493

Commitments and contingencies (Note 13)

 

  

 

  

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

 

834,466

 

1,018,665

Equity:

 

  

 

  

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

 

  

 

  

8.00% Series E Cumulative Convertible; 2,695,363 and 2,780,994 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

44,764

 

46,200

Series F; 14,452,717 and 14,691,274 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

1

 

1

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

 

  

 

  

295,067,779 and 294,588,305 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

2,951

 

2,946

Additional paid-in capital

 

5,794,428

 

5,781,975

Distributions in excess of net income

 

(2,432,882)

 

(2,462,132)

Accumulated other comprehensive income/(loss), net

 

(11,940)

 

(10,448)

Total stockholders’ equity

 

3,397,322

 

3,358,542

Noncontrolling interests

 

17,623

 

30,772

Total equity

 

3,414,945

 

3,389,314

Total liabilities and equity

$

9,564,471

$

9,636,472

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, 

    

2020

    

2019

2020

2019

REVENUES:

    

  

    

  

    

  

    

  

Rental income

$

305,982

$

278,463

$

626,075

$

546,385

Joint venture management and other fees

 

1,274

 

2,845

 

2,662

 

5,596

Total revenues

 

307,256

 

281,308

 

628,737

 

551,981

OPERATING EXPENSES:

 

  

 

  

 

  

 

  

Property operating and maintenance

 

48,717

 

42,894

 

98,200

 

84,833

Real estate taxes and insurance

 

45,012

 

35,834

 

90,157

 

72,134

Property management

 

8,797

 

8,006

 

18,000

 

15,709

Other operating expenses

 

6,100

 

2,735

 

11,066

 

8,381

Real estate depreciation and amortization

 

155,056

 

117,934

 

310,532

 

230,402

General and administrative

 

10,971

 

12,338

 

25,949

 

24,805

Casualty-related charges/(recoveries), net

 

102

 

246

 

1,353

 

246

Other depreciation and amortization

 

2,027

 

1,678

 

4,052

 

3,334

Total operating expenses

 

276,782

 

221,665

559,309

 

439,844

Gain/(loss) on sale of real estate owned

61,303

5,282

61,303

5,282

Operating income

 

91,777

 

64,925

 

130,731

 

117,419

Income/(loss) from unconsolidated entities

 

8,021

 

6,625

 

11,388

 

6,674

Interest expense

 

(38,597)

 

(34,417)

 

(77,914)

 

(67,959)

Interest income and other income/(expense), net

 

2,421

 

1,310

 

5,121

 

11,123

Income/(loss) before income taxes

 

63,622

 

38,443

 

69,326

 

67,257

Tax (provision)/benefit, net

 

(1,526)

 

(125)

 

(1,690)

 

(2,337)

Net income/(loss)

 

62,096

 

38,318

 

67,636

 

64,920

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

 

(4,291)

 

(2,652)

 

(4,604)

 

(4,709)

Net (income)/loss attributable to noncontrolling interests

 

(34)

 

(47)

 

(40)

 

(89)

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

 

57,771

 

35,619

 

62,992

 

60,122

Distributions to preferred stockholders — Series E (Convertible)

 

(1,062)

 

(1,031)

 

(2,128)

 

(2,042)

Net income/(loss) attributable to common stockholders

$

56,709

$

34,588

$

60,864

$

58,080

Income/(loss) per weighted average common share:

 

  

 

  

 

  

 

  

Basic

$

0.19

$

0.12

$

0.21

$

0.21

Diluted

$

0.19

$

0.12

$

0.21

$

0.21

Weighted average number of common shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

294,710

 

281,960

 

294,584

 

279,494

Diluted

 

295,087

 

282,575

 

295,083

 

280,081

See accompanying notes to consolidated financial statements.

6

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UDR, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

2020

2019

Net income/(loss)

$

62,096

$

38,318

$

67,636

$

64,920

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

 

  

 

  

 

  

 

  

Other comprehensive income/(loss) - derivative instruments:

 

  

 

  

 

  

 

  

Unrealized holding gain/(loss)

 

(294)

 

(4,311)

 

(3,211)

 

(6,522)

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

 

1,292

 

(933)

 

1,649

 

(1,880)

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

 

998

 

(5,244)

 

(1,562)

 

(8,402)

Comprehensive income/(loss)

 

63,094

 

33,074

 

66,074

 

56,518

Comprehensive (income)/loss attributable to noncontrolling interests

 

(4,393)

 

(2,320)

 

(4,574)

 

(4,167)

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

$

58,701

$

30,754

$

61,500

$

52,351

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, 2020

$

46,201

$

2,949

$

5,788,471

$

(2,360,636)

$

(12,870)

$

14,275

$

3,478,390

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

57,771

57,771

Net income/(loss) attributable to noncontrolling interests

19