UDR(US:UDR)2020-03-04 22:52Company Overview - UDR has an enterprise value of approximately $214 billion[1,5] - The company's annualized dividend is $144, representing a yield of approximately 29% as of February 25, 2020[1] - UDR's portfolio consists of 51294 homes with an average same-store rent of $2200[5] Financial Performance and Outlook - Year-to-date blended lease rate growth is 28%, which is 50 basis points above 4Q19[10] - Year-to-date occupancy is 969%, a year-over-year increase of 20 basis points[10] - The company anticipates $15-$20 million in incremental run-rate NOI by 2022 through its Next Generation Operating Platform[13,33] Capital Allocation and Investments - UDR acquired Slade at Channelside in Tampa, FL for $85 million and exercised a purchase option for the Arbory in Portland, OR for $54 million[10] - The company made a DCP investment in Thousand Oaks, CA for $20 million at a 9% yield plus participation[10] - UDR accretively prepaid $700 million of unsecured debt in 2019 with debt issued at a lower weighted average interest rate[14] Portfolio and Market Composition - West Coast properties account for 42% of UDR's total NOI, while Southwest properties account for 6%, Southeast 11%, Northeast 21%, and Mid-Atlantic 20%[7] - Development projects include $117 million in the West Coast and $162 million in the Southwest[7] Operating Excellence - The Next Generation Operating Platform is projected to expand controllable operating margin by 150-200 basis points by 2022[13] - Resident satisfaction Net Promoter Scores have increased by 15% since 2Q18[13] - Since 2014, UDR's same-store NOI growth without operating initiatives is comparable to peer growth including their initiatives, 40% vs 42%[34,51]