DENVER–(BUSINESS WIRE)–UDR, Inc. (the “Company”) (NYSE: UDR), announced today its fourth quarter and full-year 2022 results. Net Income, Funds from Operations (“FFO”), FFO as Adjusted (“FFOA”), and Adjusted FFO (“AFFO”) per diluted share for the quarter and full-year ended December 31, 2022 are detailed below.
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Quarter Ended December 31 |
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Metric |
4Q 2022 |
4Q 2022 |
4Q 2021 |
$ Change vs. |
% Change vs. |
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Net Income per diluted share |
$0.13 |
$0.11 to $0.13 |
$0.37 |
$(0.24) |
(65)% |
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FFO per diluted share |
$0.56 |
$0.60 to $0.62 |
$0.63 |
$(0.07) |
(11)% |
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FFOA per diluted share |
$0.61 |
$0.60 to $0.62 |
$0.54 |
$0.07 |
13% |
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AFFO per diluted share |
$0.53 |
$0.54 to $0.56 |
$0.47 |
$0.06 |
13% |
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Full-Year Ended December 31 |
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Metric |
FY 2022 |
FY 2022 |
FY 2021 |
$ Change vs. |
% Change vs. |
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Net Income per diluted share |
$0.26 |
$0.23 to $0.25 |
$0.48 |
$(0.22) |
(46)% |
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FFO per diluted share |
$2.20 |
$2.23 to $2.25 |
$2.02 |
$0.18 |
9% |
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FFOA per diluted share |
$2.33 |
$2.32 to $2.34 |
$2.01 |
$0.32 |
16% |
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AFFO per diluted share |
$2.11 |
$2.11 to $2.13 |
$1.82 |
$0.29 |
16% |
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- Same-Store (“SS”) results for the fourth quarter 2022 versus the fourth quarter 2021 and the third quarter 2022 are summarized below.
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Concessions reflected on a straight-line basis: |
Concessions reflected on a cash basis: |
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SS Growth / (Decline) |
Year-Over-Year |
Sequential: |
YOY: |
Sequential: |
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Revenue |
12.1% |
2.0% |
10.1% |
1.6% |
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Expense |
6.8% |
(3.1)% |
6.8% |
(3.1)% |
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Net Operating Income (“NOI”) |
14.5% |
4.3% |
11.5% |
3.7% |
- During the quarter, the Company settled all remaining forward equity sales agreements for proceeds of approximately $179.6 million, helping to further reduce Debt-to-EBITDAre to 5.6x.
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As previously announced, during the quarter, the Company:
- repurchased 507 thousand shares of its common stock at a weighted average price per share of $40.70 for total consideration of approximately $20.6 million, and
- sold a 90-unit community in Orange County, CA, for gross proceeds of $41.5 million.
“2022 was an exceptional year, with our 16 percent FFOA per share growth driven by robust operating fundamentals, our commitment to ongoing innovation, our award-winning ESG platform, and our value-accretive capital allocation decisions. With these results, our Board approved a 10.5 percent dividend increase, enhancing our already strong total return profile,” said Tom Toomey, UDR’s Chairman and CEO. “Our outlook of mid- to high-single digit NOI growth in 2023 reflects a healthy earn-in of nearly 5 percent, disciplined capital allocation, our innovative culture that drives margin expansion, and a strong balance sheet with minimal debt maturities.”
Outlook
For the first quarter and full-year 2023, the Company has established the following guidance ranges(1):
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1Q 2023 |
4Q 2022 Actual |
Full-Year 2023 |
Full-Year 2022 |
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Net Income/(Loss) per diluted share |
$0.10 to $0.12 |
$0.13 |
$0.48 to $0.56 |
$0.26 |
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FFO per diluted share |
$0.59 to $0.61 |
$0.56 |
$2.45 to $2.53 |
$2.20 |
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FFOA per diluted share |
$0.59 to $0.61 |
$0.61 |
$2.45 to $2.53 |
$2.33 |
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AFFO per diluted share |
$0.56 to $0.58 |
$0.53 |
$2.22 to $2.30 |
$2.11 |
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Dividend declared per share |
$0.42 |
$0.38 |
$1.68 |
$1.52 |
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YOY Growth: concessions reflected on a straight-line basis: |
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SS Revenue |
N/A |
12.1% |
5.75% to 7.75% |
11.5% |
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SS Expense |
N/A |
6.8% |
4.0% to 5.5% |
5.7% |
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SS NOI |
N/A |
14.5% |
6.25% to 8.75% |
14.2% |
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YOY Growth: concessions reflected on a cash basis: |
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SS Revenue |
N/A |
10.1% |
5.5% to 7.5% |
11.1% |
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SS NOI |
N/A |
11.5% |
6.0% to 8.5% |
13.5% |
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(1) |
Additional assumptions for the Company’s first quarter and 2023 outlook can be found on Attachment 14 of the Company’s related quarterly Supplemental Financial Information (“Supplement”). A reconciliation of FFO per share, FFOA per share, and AFFO per share to GAAP Net Income per share can be found on Attachment 15(D) of the Company’s related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 15(A) through 15(D), “Definitions and Reconciliations,” of the Company’s related quarterly Supplement. |
Fourth Quarter 2022 Operating Results
In the fourth quarter, total revenue increased by $51.4 million YOY, or 14.8 percent, to $399.7 million. This increase was primarily attributable to growth in revenue from Same-Store communities and past accretive external growth investments.
“Demand for UDR apartment homes remained healthy and enabled us to achieve sequential same-store revenue growth of 2.0 percent on a straight-line basis,” said Mike Lacy, UDR’s Senior Vice President of Operations. “Seasonal rent trends reappeared during the quarter and thus far in 2023, but we anticipate improvement in new lease growth as we move past typical seasonal lows.”
The Company expects current resident collections to range between 98.3 percent and 98.7 percent in 2023, an approximate 10 basis point improvement at the midpoint versus 2022 results. For the fourth quarter 2022, the Company recorded a residential bad debt reserve of $8.7 million, including $0.5 million for the Company’s share from unconsolidated joint ventures, a decrease of $3.0 million versus the Company’s bad debt reserve as of the end of the third quarter 2022. This compares to a quarter-end accounts receivable balance of $20.6 million, a decrease of $0.2 million versus the Company’s accounts receivable balance as of the end of the third quarter 2022.
In the tables below, the Company has presented YOY, sequential, and year-to-date Same-Store results by region, with concessions accounted for on both cash and straight-line bases.
Summary of Same-Store Results in Fourth Quarter 2022 versus Fourth Quarter 2021
|
Region |
Revenue |
Expense |
NOI |
% of Same-Store |
Physical |
YOY Change in |
|
West |
7.0% |
7.2% |
6.9% |
32.1% |
96.5% |
(0.2)% |
|
Mid-Atlantic |
7.0% |
7.2% |
6.9% |
20.8% |
97.0% |
0.0% |
|
Northeast |
11.8% |
1.3% |
17.8% |
18.3% |
97.1% |
0.2% |
|
Southeast |
18.0% |
14.3% |
19.7% |
12.8% |
96.8% |
(0.7)% |
|
Southwest |
13.1% |
6.9% |
16.9% |
9.1% |
96.8% |
(0.5)% |
|
Other Markets |
10.5% |
8.1% |
11.4% |
6.9% |
96.6% |
(0.4)% |
|
Total (Cash) |
10.1% |
6.8% |
11.5% |
100.0% |
96.8% |
(0.2)% |
|
Total (Straight-Line) |
12.1% |
6.8% |
14.5% |
– |
– |
– |
|
(1) |
Based on 4Q 2022 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement. |
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(2) |
Weighted average Same-Store physical occupancy for the quarter. |
Summary of Same-Store Results in Fourth Quarter 2022 versus Third Quarter 2022
|
Region |
Revenue |
Expense
Growth / |
NOI |
% of Same-Store |
Physical |
Sequential |
|
West |
1.0% |
0.8% |
1.1% |
32.1% |
96.5% |
(0.2)% |
|
Mid-Atlantic |
(0.1)% |
(3.8)% |
1.6% |
20.8% |
97.0% |
0.2% |
|
Northeast |
2.5% |
(6.0)% |
7.3% |
18.3% |
97.1% |
0.0% |
|
Southeast |
3.2% |
(2.0)% |
5.6% |
12.8% |
96.8% |
0.1% |
|
Southwest |
2.2% |
(7.6)% |
8.5% |
9.1% |
96.8% |
0.1% |
|
Other Markets |
2.8% |
(0.3)% |
4.1% |
6.9% |
96.6% |
(0.2)% |
|
Total (Cash) |
1.6% |
(3.1)% |
3.7% |
100.0% |
96.8% |
0.0% |
|
Total (Straight-Line) |
2.0% |
(3.1)% |
4.3% |
– |
– |
– |
|
(1) |
Based on 4Q 2022 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement. |
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(2) |
Weighted average Same-Store physical occupancy for the quarter. |
For the twelve months ended December 31, 2022, total revenue increased by $226.6 million YOY, or 17.6 percent, to $1.5 billion. This increase was primarily attributable to growth in revenue from acquired and Same-Store communities.
Summary of Same-Store Results Full-Year 2022 versus Full-Year 2021
|
Region |
Revenue |
Expense |
NOI |
% of Same-Store |
Physical |
YTD YOY |
|
West |
10.1% |
4.6% |
12.1% |
34.4% |
96.7% |
(0.1)% |
|
Mid-Atlantic |
7.2% |
5.8% |
7.9% |
20.9% |
97.2% |
0.3% |
|
Northeast |
12.7% |
2.6% |
19.1% |
18.4% |
97.2% |
0.7% |
|
Southeast |
16.5% |
10.0% |
19.7% |
13.4% |
97.0% |
(0.5)% |
|
Southwest |
11.9% |
10.2% |
12.9% |
7.0% |
97.2% |
(0.2)% |
|
Other Markets |
11.9% |
6.2% |
14.2% |
5.9% |
97.1% |
(0.3)% |
|
Total (Cash) |
11.1% |
5.7% |
13.5% |
100.0% |
97.0% |
0.0% |
|
Total (Straight-Line) |
11.5% |
5.7% |
14.2% |
– |
– |
– |
|
(1) |
Based on full-year 2022 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information. |
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(2) |
Weighted average Same-Store physical occupancy for full-year 2022. |
Transactional Activity
The table below summarizes the Company’s transactional activity completed during the quarter.
|
Community / Property |
Location (MSA) |
Sale Price |
Homes |
Avg. Monthly |
Physical |
|
Dispositions |
|
|
|
|
|
|
Foxborough |
Orange County, CA |
$41.5 |
90 |
$2,609 |
96.0% |
| (1) |
Average Monthly Revenue per Occupied Home and Physical Occupancy are weighted averages for the quarter ended December 31, 2022. |
Development Activity and Other Projects
During the fourth quarter, the Company completed construction of:
- 5421 at Dublin Station, a $125.0 million, 220-home community in Dublin, CA, and
- Vitruvian West Phase 3, a $74.0 million, 405-home community adjacent to existing UDR communities in the Addison submarket of Dallas, TX.
At the end of the fourth quarter, the Company’s development pipeline totaled $332.5 million and was 57.2 percent funded. The Company’s active development pipeline includes three communities, one each in Washington, D.C.; the Addison submarket of Dallas, TX; and Tampa, FL, for a combined total of 715 homes.
During the fourth quarter, the Company completed the addition of 15 new apartment homes at 2000 Post in San Francisco, CA, a 319-home community, for a total cost of $8.0 million.
At the end of the fourth quarter, the Company’s redevelopment pipeline of 1,623 homes, which includes a densification project that features the addition of 30 new apartment homes at one community, totaled $82.0 million and was 29.5 percent funded.
Developer Capital Program (“DCP”) Portfolio
At the end of the fourth quarter, the Company’s commitments under its DCP platform totaled $479.7 million with a weighted average return rate of 9.7 percent and a weighted average estimated remaining term of 3.7 years.
Capital Markets and Balance Sheet Activity
“We further solidified our balance sheet in 2022 and achieved our year-end goal of net Debt-to-EBITDAre in the mid-5x range,” said Joe Fisher, UDR’s President and Chief Financial Officer. “We enter 2023 in a strong position with available liquidity totaling $1.0 billion, and only 2 percent of total debt scheduled to mature through 2024, after excluding amounts on our commercial paper program.”
During the quarter, the Company settled all remaining common shares (approximately 3.2 million) under its previously announced forward equity sales agreements at a weighted average net price, after adjustments, of $57.03 per share for proceeds of approximately $179.6 million.
Additionally, during the quarter and as previously announced, the Company repurchased 507 thousand shares of its common stock at a weighted average price per share of $40.70 for total consideration of approximately $20.6 million.
As of December 31, 2022, the Company had $1.0 billion of liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 14 of the Company’s related quarterly Supplement for additional details on projected capital sources and uses.
The Company’s total indebtedness as of December 31, 2022 was $5.5 billion with no remaining consolidated maturities until 2024, excluding principal amortization and amounts on the Company’s commercial paper program. In the table below, the Company has presented select balance sheet metrics for the quarter ended December 31, 2022 and the comparable prior year period.
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Quarter Ended December 31 |
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Balance Sheet Metric |
4Q 2022 |
4Q 2021 |
Change |
|
Weighted Average Interest Rate |
3.17% |
2.80% |
0.37% |
|
Weighted Average Years to Maturity(1) |
6.7 |
7.7 |
(1.0) |
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Consolidated Fixed Charge Coverage Ratio |
5.2x |
5.2x |
0.0x |
|
Consolidated Debt as a percentage of Total Assets |
32.7% |
34.0% |
(1.3)% |
|
Consolidated Net Debt-to-EBITDAre |
5.6x |
6.4x |
(0.8)x |
| (1) |
If the Company’s commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would have been 6.8 years without extensions and 6.9 years with extensions for 4Q 2022 and 7.9 years with and without extensions for 4Q 2021. |
ESG
As previously announced, during the quarter, the Company published its fourth annual ESG report and concurrently announced that it earned a 5 Star designation from GRESB, the highest ESG rating possible, and a Public Disclosure score of “A”.
Additionally, the Company was named to Newsweek’s annual list of America’s Most Responsible Companies for the second consecutive year. This distinction reflects the Company’s comprehensive ESG program, innovative and adaptive culture, and commitment to corporate responsibility.
Dividend
As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the fourth quarter 2022 in the amount of $0.38 per share. The dividend was paid in cash on January 31, 2023 to UDR common shareholders of record as of January 9, 2023. The fourth quarter 2022 dividend represented the 201st consecutive quarterly dividend paid by the Company on its common stock.
In conjunction with this release, the Company’s Board of Directors has announced a 2023 annualized dividend per share of $1.68, a 10.5 percent increase over 2022.
Supplemental Information
The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which is available on the Company’s website at ir.udr.com.
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Attachment 15(A) |
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UDR, Inc. |
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Definitions and Reconciliations |
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December 31, 2022 |
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(Unaudited) |
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Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter. |
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Adjusted Funds from Operations (“AFFO”) attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures on consolidated communities that are necessary to help preserve the value of and maintain functionality at our communities. |
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Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company’s operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income/(loss) attributable to common stockholders to AFFO is provided on Attachment 2. |
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Consolidated Fixed Charge Coverage Ratio – adjusted for non-recurring items: The Company defines Consolidated Fixed Charge Coverage Ratio – adjusted for non-recurring items as Consolidated Interest Coverage Ratio – adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment, plus preferred dividends. |
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Management considers Consolidated Fixed Charge Coverage Ratio – adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Fixed Charge Coverage Ratio – adjusted for non-recurring items is provided on Attachment 4(C) of the Company’s quarterly supplemental disclosure. |
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Consolidated Interest Coverage Ratio – adjusted for non-recurring items: The Company defines Consolidated Interest Coverage Ratio – adjusted for non-recurring items as Consolidated EBITDAre – adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment. |
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Management considers Consolidated Interest Coverage Ratio – adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Interest Coverage Ratio – adjusted for non-recurring items is provided on Attachment 4(C) of the Company’s quarterly supplemental disclosure. |
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Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items: The Company defines Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items as total consolidated debt net of cash and cash equivalents divided by annualized Consolidated EBITDAre – adjusted for non-recurring items. Consolidated EBITDAre – adjusted for non-recurring items is defined as EBITDAre excluding the impact of income/(loss) from unconsolidated entities, adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures and other non-recurring items including, but not limited to casualty-related charges/(recoveries), net of wholly owned communities. |
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Management considers Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income/(loss) and Consolidated EBITDAre – adjusted for non-recurring items is provided on Attachment 4(C) of the Company’s quarterly supplemental disclosure. |
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Controllable Expenses: The Company refers to property operating and maintenance expenses as Controllable Expenses. |
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Controllable Operating Margin: The Company defines Controllable Operating Margin as (i) rental income less Controllable Expenses (ii) divided by rental income. Management considers Controllable Operating Margin a useful metric as it provides investors with an indicator of the Company’s ability to limit the growth of expenses that are within the control of the Company. |
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Development Communities: The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter. |
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Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): The Company defines EBITDAre as net income/(loss) (computed in accordance with GAAP), plus interest expense, including costs associated with debt extinguishment, plus real estate depreciation and amortization, plus other depreciation and amortization, plus (minus) income tax provision/(benefit), net, (minus) plus net gain/(loss) on the sale of depreciable real estate owned, plus impairment write-downs of depreciable real estate, plus the adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre was approved by the Board of Governors of Nareit in September 2017. |
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Management considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company’s ability to incur and service debt, and enables investors to assess our performance against that of its peer REITs. EBITDAre should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company’s activities in accordance with GAAP. EBITDAre does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation between net income/(loss) and EBITDAre is provided on Attachment 4(C) of the Company’s quarterly supplemental disclosure. |
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Effective Blended Lease Rate Growth: The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level, new and in-place demand trends. |
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Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase in gross potential rent realized less concessions for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on new leases commenced during the current quarter. |
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Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends. |
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Effective Renewal Lease Rate Growth: The Company defines Effective Renewal Lease Rate Growth as the increase in gross potential rent realized less concessions for the new lease term (current effective rent) versus prior effective rent for the prior lease term on renewed leases commenced during the current quarter. |
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Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level, in-place demand trends. |
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Estimated Quarter of Completion: The Company defines Estimated Quarter of Completion of a development or redevelopment project as the date on which construction is expected to be completed, but it does not represent the date of stabilization. |
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Attachment 15(B) |
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UDR, Inc. |
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Definitions and Reconciliations |
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December 31, 2022 |
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(Unaudited) |
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Funds from Operations as Adjusted (“FFO as Adjusted”) attributable to common stockholders and unitholders: The Company defines FFO as Adjusted attributable to common stockholders and unitholders as FFO excluding the impact of other non-comparable items including, but not limited to, acquisition-related costs, prepayment costs/benefits associated with early debt retirement, impairment write-downs or gains and losses on sales of real estate or other assets incidental to the main business of the Company and income taxes directly associated with those gains and losses, casualty-related expenses and recoveries, severance costs and legal and other costs. |
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Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to common stockholders to FFO as Adjusted is provided on Attachment 2. |
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Funds from Operations (“FFO”) attributable to common stockholders and unitholders: The Company defines FFO attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company’s share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust’s definition issued in April 2002 and restated in November 2018. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count. |
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Management considers FFO a useful metric for investors as the Company uses FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company’s activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation from net income/(loss) attributable to common stockholders to FFO is provided on Attachment 2. |
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Held For Disposition Communities: The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter. |
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Contacts
Trent Trujillo
Email: [email protected]
