UDR, Inc. http://www.alacrastore.com/company-snapshot/UDR_Inc-1017188 Friday, January 09, 2009 2:35:01 AM 1017188 UDR, Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/687751spcred/687751normThe latest Research Update from S&Pglobalstructured12/4/2008 6:36:15 PM175Research Update687751United StatesResidential REIT'sEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesReal Estate CompaniesCommercial MBSResearch UpdateOn Dec. 4, 2008, Standard&Poor's Ratings Services affirmed its 'BBB' corporate credit rating on UDR Inc. In addition, we affirmed our ratings on the company's senior unsecured notes and preferred stock, affecting $1.5 billion of rated securities. The outlook is stable (see list). The ratings acknowledge improvements to UDR's asset quality, operating margins, and capital structure, as well as the company's sufficient liquidity and unencumbered asset base. These strengths help to somewhat balance weak fixed-charge coverage (FCC) and our expectation that apartment fundamentals will weaken, which will likely pressure UDR's operating performance and affect the lease-up of assets currently under development. Denver-based UDR is one of the nation's largest public multifamily real estate investment trusts (REITs), with aUSA91019791019P90265390265E40402050 404020 4040 40UDR Inc.115719EMERGINGLATAMERICAUSAUDRRESUPDGLOBISSSTRUCFICORPABSRECCMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/687750spcred/687750normThe latest News from S&Pglobalstructured12/4/2008 6:36:00 PM100News687750United StatesResidential REIT'sEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCommercial MBSAsset-Backed SecuritiesReal Estate CompaniesFinancial InstitutionsCorporationsNewsNEW YORK (Standard&Poor's) Dec. 4, 2008--Standard&Poor's Ratings Services today affirmed its 'BBB' corporate credit rating on UDR Inc. In addition, we affirmed our ratings on the company's senior unsecured notes and preferred stock, affecting $1.5 billion of rated securities. The outlook is stable. "The ratings acknowledge improvements to UDR's asset quality, operating margins and capital structure, as well as the company's sufficient liquidity and unencumbered asset base," said credit analyst George Skoufis. "These strengths help to somewhat balance weak fixed-charge coverage and our expectation that apartment fundamentals will weaken, which will likely pressure UDR's operating performance and affect the lease-up of assets currently under development." Ratings improvement is precluded at this time by weak debt coverageUSA91019791019P90265390265E40402050 404020 4040 40UDR Inc.115719EMERGINGLATAMERICAUSAUDRNEWSGLOBISSSTRUCCMBSABSRECFICORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/77494cs/77494norm REIT Liquidity: Better Sooner Than Later We looked at maturities of consolidated secured and unsecured debt over the next two years for our REIT coverage universe which we compared to current cash and credit facility availability. ...774942004YesD0Article6015886041285594600168613835855841432597590596592599corphy28100Financial Services Most Read Research42High Yield34Companies with Convertibles33Capital Structure5Structural Subordination12/3/2008 10:04:00 PM150With near-term liquidity concerns largely driving REIT equity pricing and credit spreads, we decided to examine liquidity coverage of 2009 and 2010 debt maturities for our REIT universe.77494Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/77335cs/77335norm UDR #Q## Tearsheet A major portfolio repositioning transaction during #Q## has helped the company better position its portfolio towards higher growth markets as well as free up capital for debt repurchases, acquisitions, development,...77335336YesC21Tearsheet600tearsheets/premium2811/26/2008 3:05:59 PM15077335Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/bir/306532bir/306532normUDR Inc.United Dominion Realty Trust, Inc.South West Property Trust Inc.United Dominion Realty Trust Inc.ASR Investments Corp.United StatesFinance: Real estate investment trust.679852593011FKUDR11/21/2008 6:21:00 AM306532Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/cs/76610cs/76610norm REIT #Q## Earnings Review: Credit Crunch Catharsis The crisis in the banking sector has spread to CRE and REITs in two very meaningful ways: refinancing debt has become much more difficult and real estate transaction activity has fallen...766105034YesD0Article601588584128559416866045852833Capital Structure42High Yield34Companies with Convertibles100Financial Services Most Read Research11/12/2008 9:05:00 PM150The crisis in the banking sector has spread to commercial real estate and REITs in two very meaningful ways: refinancing mortgages and corporate debt has become much more difficult and real estate transaction activity has fallen off a cliff6005975905961432592599corp76610Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1992739ccbn/B1992739norm...Recently renegotiated #### maturing credit facility extending that maturity of #### increasing the size at a blended rate of #.#%. ... 11/4/2008 5:07:00 PMUDR, Inc.54.0000EditedUDR, Inc. Q3 2008 Earnings Conference Call SummaryUDR1:00pm ETBriefB1992739Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1992739ccbn/T1992739norm...Ladies and gentlemen, thank you for standing by, and welcome to the UDR third quarter earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. (OPERATOR INSTRUCTIONS). This conference is being recorded today, Tuesday, November #th, ####. I would now like to turn the conversation over to Mr. Larry Thede, Vice President of Investor Relations. Please go ahead. ... 11/4/2008 3:07:00 PMUDR, Inc.54.0000FinalUDR, Inc. Q3 2008 Earnings Conference Call TranscriptUDR1:00pm ETTranscriptT1992739Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/cs/75615cs/75615norm REIT #Q## Fundamentals: Slowly Slipping National commercial real estate fundamentals have generally continued their deterioration from last quarter and few signs point to a significant improvement anytime soon. Overall, multifamily...756151578YesD0Article601588584128559416866045856005975905961432592599corp2833Capital Structure42High Yield34Companies with Convertibles54Euro Markets Issuers10/22/2008 10:05:22 PM150National commercial real estate fundamentals continue their deterioration from last quarter and few signs point to a significant improvement anytime soon. Multifamily trends have fared better than office and retail.75615Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1975220ccbn/T1975220norm... - RBC Capital Markets - AnalystHello, everybody. I just wanted to see if that worked, actually. Good afternoon. I suppose we should start. I don't know exactly what the timing constraints are, and considerations for getting started. But I'm Rich Moore, I'm the head of the RBC Research Team. And I want to welcome you to our panel, which we have named "Commercial Real Estate: Is It All About Financing?" And the reason we did that -- that title had a very specific meaning. Basically, I think in real estate there are two distinct themes -- commercial real estate, there's two distinct themes right now. One has to do with the business fundamentals of the various companies, and one has to do with their ability to get financing. And I think so far it's all been about financing, but I think what I'd like you to hear today is a little bit more of the fundamental story. So to that end, if you have questions, please feel free to jump in and interrupt. It's much more fun for all of us if it's a little... 10/1/2008 2:07:31 AMUDR, Inc.54.0000FinalUDR, Inc. at RBC Capital Markets Financial Institutions Conference TranscriptUDR4:00pm ETTranscriptT1975220Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1943141ccbn/T1943141norm... - BMO Capital Markets - AnalystWelcome to our Living in the USA panel with five esteemed guests from the multi-family industry here. (multiple speakers). I guess the title -- before we get to introductions and all of that, the title is Living in the USA. But I know these guys -- actually, I had dinner with four out of the five of them last night, and we drank a little bit of wine. I thought maybe, judging from that conversation, we might change the title of the panel, so maybe we could change that -- that's better. Multi-family Misfits. ... 9/11/2008 4:04:00 PMUDR, Inc.54.0000FinalUDR, Inc. at BMO Capital Markets North American Real Estate Conference TranscriptUDR11:30am CTTranscriptT1943141Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/cs/73462cs/73462norm UDR #Q## Tearsheet We view UDR appropriately rated at a mid-BBB. A major portfolio repositioning transaction during #Q## has helped the company better position its portfolio towards higher growth markets as well as free up capital for...73462311YesC21Tearsheet600tearsheets/premium288/20/2008 1:06:00 PM15073462Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73147cs/73147norm REIT #Q## Earnings Review: Inflection Points REIT operating fundamentals are still hovering near multiyear highs but the writing is on the wall that they are poised to erode. We have been validated in our thesis so far this year that...8/13/2008 10:05:00 PM150REIT fundamentals are continuing to hold up and new leasing activity has not fallen off a cliff yet but bearish commentary from most REITs point to trouble ahead.731474825YesD0Article601588584128559416866045856005921432597596590599corp2867Earnings Reports - Financials54Euro Markets Issuers34Companies with Convertibles33Capital Structure5Structural Subordination73147Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1888846ccbn/B1888846norm...Since March ##, closed on $###m of West Coast acquisitions, bringing UDR close to completing redeployment of sales proceeds. ... 8/5/2008 4:05:00 PMUDR, Inc.106.0000EditedUnited Dominion Realty Trust, Inc. Q2 2008 Earnings Conference Call SummaryUDR1:00pm ETBriefB1888846Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1888846ccbn/T1888846norm...Good morning ladies and gentlemen. Welcome to the UDR Inc. second quarter #### earnings conference call. During today's presentation all participants will be in a listen-only mode. Following the presentation the conference will be opened for questions. ... 8/5/2008 3:07:00 PMUDR, Inc.106.0000FinalUnited Dominion Realty Trust, Inc. Q2 2008 Earnings Conference Call TranscriptUDR1:00pm ETTranscriptT1888846Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1820176ccbn/T1820176norm...Good morning, again. We're going to go ahead and get started here with the session. This session, we have UDR Trust with us, and Chief Executive Officer, Tom Toomey, he's going to open things up with some prepared remarks, and then we'll get going into the Q&A. I believe they have a couple of handouts that they might be referencing, so, if you want to grab those on your way in. So with that, I will turn it over to Tom. ... 7/16/2008 4:55:33 PMUnited Dominion Realty Trust, Inc.54.0000United Dominion Realty Trust, Inc. at Credit Suisse Group Global Real Estate ConferenceUDR10:40AM ETTranscriptT1820176Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/B1809613ccbn/B1809613norm...Warren Troupe has been Co.'s outside General Council since #### and has been involved in all its transactions over the years. ... 5/6/2008 6:06:00 PMUnited Dominion Realty Trust, Inc.54.0000EditedQ1 2008 United Dominion Realty Trust, Inc. Earnings Conference Call SummaryUDR1:00pm ETBriefB1809613Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1809613ccbn/T1809613norm...Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the UDR, Inc. first quarter #### earnings conference call. During today's presentation all parties will be in a listen-only mode. Following the presentation the conference will be open for questions. (OPERATOR INSTRUCTIONS) This conference is being recorded Tuesday, May #, ####. I would now like to turn the conference over to Larry Thede, Vice President of investor relations. Please go ahead, sir. ... 5/6/2008 3:06:00 PMUnited Dominion Realty Trust, Inc.54.0000FinalQ1 2008 United Dominion Realty Trust, Inc. Earnings Conference Call TranscriptUDR1:00pm ETTranscriptT1809613Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/spcred/639319spcred/639319normThe latest Summary from S&P3/27/2008 1:19:36 PMSummary175globalstructured639319United StatesResidential REIT'sEmerging MarketsLatin AmericaUnited StatesStructured FinanceGlobal IssuersFinancial InstitutionsCorporationsAsset-Backed SecuritiesReal Estate CompaniesCommercial MBSSummaryThe ratings on UDR Inc. acknowledge the company's successfully repositioned portfolio of multifamily properties, which should produce less-volatile cash flow through future real estate cycles. Relative to its holdings in recent years, UDR's current properties are younger, command higher average rents, and are more heavily concentrated in markets with higher barriers to entry. Improved cash flow stability is particularly important for UDR, given that the company remains more highly leveraged than similarly rated peers and its dividend coverage is likely to be slim. Denver-based UDR is one of the nation's largest public multifamily REITs, with a $3.4 billion market capitalization and a portfolio of 146 communities comprising 40,183 homes. While still substantial, this portfolio is now just over half theUSA90265E91019791019P90265340402050 404020 4040 40UDR Inc.115719EMERGINGLATAMERICAUSAUDRSUMMARYSTRUCGLOBISSFICORPABSRECCMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/628555spcred/628555normThe latest News from S&P1/31/2008 1:03:31 PMNews100globalstructured628555United StatesResidential REIT'sUnited StatesLatin AmericaEmerging MarketsGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesReal Estate CompaniesCommercial MBSNewsNEW YORK (Standard&Poor's) Jan. 31, 2008--Standard&Poor's Ratings Services today said that its ratings on UDR Inc. are currently unaffected by the company's announcement that it will sell 25,684 apartment homes in 86 communities to private investors for $1.7 billion. UDR will receive $1.5 billion in cash and a 7.5% $200 million mezzanine note. The sale represents approximately 39% of the company's existing apartment homes at a 6.56% capitalization rate based on net operating income (NOI) for the trailing 12 months. Once the sale is completed, UDR will have exited some of its weaker markets and significantly reduced its presence in others. NOI from the company's remaining portfolio will come predominantly from the Pacific Coast (47%), theUSA90265E91019791019P90265340402050 404020 4040 40UDR Inc.115719USALATAMERICAEMERGINGUDRNEWSGLOBISSSTRUCFICORPABSRECCMBSCredit & Investment ResearchS&P Credit Research