United Dominion Realty Trust, Inc. (UDR)

UDR 
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Industry: Consumer Services
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UDR, Inc. (UDR)

Q4 2012 Earnings Call

February 5, 2013, 1:00 p.m. ET

Executives

Chris Van Ens - Vice President, IR

Tom Toomey - President and CEO

Tom Herzog - CFO

Jerry Davis - SVP, Operations

Warren Troupe - Interim Principal Financial Officer, Senior Executive VP, Corporate Compliance Officer

Harry Alcock - SVP, Asset Management

Analysts

Derek Brower – UBS Bank

Eric Wolfe – Citigroup

Rich Anderson – BMO Capital Markets

Alexander Goldfarb – Sandler O’Neill

Michael Salinsky - RBC Capital Markets

Presentation

Operator

Operator

Good day, Ladies and Gentlemen, and welcome to the UDR fourth quarter, 2012, conference call. (Operator Instructions).

I would now like to turn the conference over to Chris Van Ens, Vice President of Investor Relations. Please go ahead, Sir.

Chris Van Ens

Thank you for joining us for UDR's fourth quarter financial results conference call. Our fourth quarter press release supplemental disclosure package and three-year strategy overview document were distributed earlier today and posted to our website, www.UDR.com. In the supplement, we have reconciled all non-GAAP financial Reg G. requirements.

Prior to reading our Safe Harbor disclosure, I would like to direct you to the webcast of this call located in the Investor Relations section of our website, www.UDR.com. The webcast includes a slide presentation that will accompany our three-year strategic outlook commentary.

Onto our Safe Harbor. I would like to note that statements made during this call, which are not historical, may constitute forward-looking statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be met. A discussion of risks and risk factors are detailed in this morning's press release and included in our filings with the SEC. We do not undertake a duty to update any forward-looking statements.

When we get to the question-and-answer portion, we ask that you be respectful of everyone's time and limit your questions and follow-ups. Management will be available after the call for your questions that did not get answered on the call.

I will now turn the call over to our President and CEO, Tom Toomey.

Tom Toomey

Thank you, Chris, and good morning, everyone. Welcome to UDR's fourth quarter conference call. On the call with me today are Tom Herzog, Chief Financial Officer and Jerry Davis, Senior Vice President of Operations who will discuss our results as well as our senior officers, Warren Troupe and Harry Alcock who will be available to answer questions during the Q&A portion of the call.

To start, I would like to officially welcome Tom Herzog to UDR's senior management team. Many of you listening to the call know Tom. He is a well-respected CFO who possesses a strong analytical skill set and valuable public REIT experience with two S&P 500 REITs. I am confident that his experience will be beneficial to the company over the coming years.

My prepared remarks today will be brief as the majority of my comments will be included in our overview of our three-year strategic outlook, which will directly follow senior management's quarterly and full-year prepared remarks.

2012 was another strong year of operating results and we are encouraged by the early trends that we see in 2013. Let me quickly review why the company is well-positioned and how we will continue to capitalize on good multi-family fundamentals over the years ahead.

First, the heavy lifting with regards to our large-scale portfolio repositioning is complete. Like most every public REIT, we will continue to see some level of capital recycling completed on an annual basis. But any such actions will be conducted through normal business activities.

Second, our balance sheet is much improved. But we will continue to manage the lower leverage over time. In our three-year strategic outlook, we will speak to leverage targets.

Third, we have a topnotch operational platform and a team that we believe will continue to take full advantage of the positive multi-family fundamentals currently available to us.

Finally, we have $1.3 billion of NAV accretive development and redevelopment underway. 50% of this pipeline is currently funded. And 49% will be delivered by the year-end, 2013. These activities are expected to begin contributing to our bottom line later this year. And will generate stronger cash flow growth in 2014 and '15.

In the fourth quarter, we were presented with a challenge related to Hurricane Sandy. However, we were able to successfully navigate these difficulties thanks to the hard work and professionalism of our New York team. We do not believe the storm will have any long-term negative impact on the demand for our Manhattan communities or their valuations. Tom Herzog will delve into more detail in the accounting treatment of Sandy. While Jerry will discuss the pre and post Sandy New York operating trends in the respective prepared remarks.

Overall, we were pleased with our fourth quarter and full-year 2012 results.

Finally, with the closing of 2012, the entire management team would like to thank our 1,600 associates for another outstanding year. The outlook for UDR remains bright. And we look forward to continued success.

With that, I will pass the call over to Tom Herzog.

Tom Herzog

Thanks, Tom.

Before I get into my prepared remarks, I want to express how good it is to be back in the public REIT world and specifically here at UDR. For those of you I have not yet had the opportunity to reconnect or meet, I look forward to interacting with you in the near future.

Read the rest of this transcript for free on seekingalpha.com