UDR(US:UDR)2019-11-13 22:42Company Overview - UDR's enterprise value is approximately $209 billion as of October 30, 2019[1] - The company's annualized dividend for 2019 is $137, representing a yield of approximately 27% as of October 30, 2019[1] - UDR owns and operates 52,070 apartment homes across 20 markets, with an average same-store rent of $2,206[9] Financial Performance and Strategy - Year-to-date, UDR has acquired or announced the pending acquisition of $18 billion of assets at the company's share ($14 billion net of dispositions)[14] - The company estimates that these acquisitions will be 1%-2% accretive to 2020 FFOA/sh, inclusive of fair market value debt adjustments[14] - UDR's Next Generation Operating Platform aims to expand controllable margin by 150-200 bps by YE 2022[79] Market Composition and Diversification - West Coast properties account for 44% of UDR's total NOI, while Southwest properties account for 6%, Southeast 11%, Northeast 20%, and Mid-Atlantic 19%[11] - UDR's diversified portfolio includes approximately 55% A-quality and 45% B-quality properties, with an urban/suburban mix of approximately 45%/55%[9] Balance Sheet and Capital Allocation - UDR issued $11 billion of long-term unsecured debt at a weighted average effective rate of 32% and prepaid $700 million of unsecured debt at a weighted average rate of 42%[18] - The company's consolidated debt-to-gross asset value is 310%, and the consolidated net debt-to-EBITDAre is 55x[122]