Latest news with #Bragg
Business Journals
7 hours ago
- Business
- Business Journals
A Wake Forest legacy, rooted in Charlotte
John Bragg can't miss it. Every day on his way into work at Bragg Financial, he drives past The Pearl, a place that brings together two of his greatest passions: Wake Forest University and the city of Charlotte. If the traffic slows down, Bragg doesn't mind. He just takes in the view and reflects on the facility, which opened this summer and will be home to the Charlotte campus of Wake Forest University School of Medicine, as well as other Wake Forest academic programs. 'The Pearl adds a shining new jewel to the crown of the Queen City,' he said. The Pearl Innovation District is a major new development, focused on innovation in health care, education, and research. It's located near Midtown Charlotte and is being developed by Atrium Health in partnership with Wake Forest University and other institutions. The Pearl is also designed as an innovation hub bringing together academics, medical research, biotech companies and entrepreneurs. The Bragg family name is probably best known in Charlotte for Bragg Financial Advisors, an independent wealth advisory firm managing over $4 billion for high-net-worth clients and families. Frank Bragg founded the firm in the Johnston Building on Tryon Street in 1964, more than 20 years before the Bank of America Tower and its namesake NFL stadium were built. Today, three Bragg brothers and a brother-in-law are senior leaders in the business. Benton is president and CEO and John and Phillips are vice presidents. Brother-in-law Steve Scruggs, CFA, is part of the investment team and serves as portfolio manager for the FPA Queens Road Small Cap Value Fund. The fund is approaching $1 billion in assets and has a five-star rating from Morningstar. While Wake Forest alums are excited to see the Wake Forest University School of Medicine opening at The Pearl, it's not the first time the University has brought its high-quality educational programs to Charlotte. Benton Bragg, CFA, and president of Bragg Financial, was a member of the inaugural MBA class in Charlotte 30 years ago. 'Wake Forest was ahead of its time when it launched a Charlotte MBA program in 1995,' John Bragg said. 'I have no doubt that the medical school in Charlotte will also be a strong leader in shaping the future of health care in our region. It will be very much a part of the community with its connection to the hospital at the edge of Dilworth and Uptown.' The Bragg family's ties to Wake Forest run deep. Frank Bragg and Kathy Broach met in the choir on the campus in Winston-Salem in 1959. Fourteen family members over three generations have earned a combined 17 degrees from the University, including two MBAs and one law degree. 'Wake Forest is very much a place my family loves and holds dear,' John Bragg said. 'Three of my four children plus a niece and nephew have graduated from Wake Forest over the past few years with degrees in economics, Chinese, biology, philosophy and psychology. Wake Forest does a great job preparing young people to think for themselves and thrive in the world of work and beyond.' The city from which these graduates came is appreciably different than some recall. 'Uptown Charlotte was a ghost town after 5 p.m. until about 1990,' said John Bragg, 59. 'Growing up in the 1970s and '80s, I remember Charlotte as a small Southern town with a bit of a chip on its shoulder as it competed with Richmond and Atlanta. But Charlotte boomed thanks to extraordinary people who built extraordinary banks.' The banking boom heralded the growth of other essential services, including hospitals. In the early days of the firm, doctors, nurses and hospital administrators turned to Bragg Financial to grow their wealth. 'We are fortunate to live in a great and growing city with strong leaders that have vision and purpose,' John Bragg said. 'Charlotte has been a great place for us to live and grow our company. We look forward to seeing what the partnership with Wake Forest and The Pearl will mean for Charlotte and our larger community. 'My children and nieces and nephews have scattered and are currently living and working in Atlanta, Washington, New York, Denver and Los Angeles. I just moved my youngest child to Boston over the 4th of July and today is her first day of work. After they live in much bigger cities, I hope they will return to make the Queen City their home.'
Business Wire
2 days ago
- Business
- Business Wire
UDR Announces Second Quarter 2025 Results and Updates Full-Year 2025 Guidance Ranges
DENVER--(BUSINESS WIRE)--UDR, Inc. (the 'Company') (NYSE: UDR) announced today its second quarter 2025 results. Net Income, Funds from Operations ('FFO'), and FFO as Adjusted ('FFOA') per diluted share for the quarter ended June 30, 2025, are detailed below. A resilient employment market, continued personal income growth, favorable relative affordability for apartments, and our operating competitive advantages led to strong results for the first half of 2025 that exceeded expectations. Share Quarter Ended June 30 Metric 2Q 2025 Actual 2Q 2025 Guidance 2Q 2024 Actual $ Change vs. Prior Year Period % Change vs. Prior Year Period Net Income per diluted share $0.11 $0.11 to $0.13 $0.08 $0.03 38% FFO per diluted share $0.61 $0.61 to $0.63 $0.60 $0.01 2% FFOA per diluted share $0.64 $0.61 to $0.63 $0.62 $0.02 3% Expand Same-Store ('SS') results for the second quarter 2025 versus the second quarter 2024 and the first quarter 2025 as well as year-to-date 2025 versus year-to-date 2024 are summarized below. During the second quarter, the Company, Appointed Dave Bragg as its Chief Financial Officer ('CFO'). Upon commencement of Mr. Bragg's employment, Joe Fisher relinquished his responsibilities as CFO while retaining the roles of President and Chief Investment Officer. Fully funded a $13.0 million preferred equity investment at a contractual return rate of 12.0 percent in a stabilized 256-apartment home community located in the San Francisco, CA MSA as part of a recapitalization, as previously announced. Received $54.8 million in proceeds from the full redemption of a preferred equity investment in a stabilized apartment community located in the New York, NY MSA. Acquired the developer's equity interest and consolidated Broadridge, previously known as 1300 Fairmount, a 478-home apartment community in Philadelphia, PA. The Company's investment in this apartment community was previously reflected as a loan investment in its Debt and Preferred Equity portfolio. Subsequent to quarter-end, the Company, Earned the distinction of being named a National Top Workplaces winner in the Real Estate Industry for the second consecutive year. Fully funded a $23.8 million preferred equity investment at a contractual return rate of 11.25 percent in a stabilized 350-apartment home community located in the Orlando, FL MSA as part of a recapitalization. 'A resilient employment market, continued personal income growth, favorable relative affordability for apartments, and our operating competitive advantages led to strong results for the first half of 2025 that exceeded expectations,' said Tom Toomey, UDR's Chairman and CEO. 'While macroeconomic and political uncertainties remain, the fundamental backdrop for apartment demand remains healthy and we are raising full-year 2025 FFOA per diluted share and Same-Store growth guidance expectations.' Outlook (1) As shown in the table below, the Company has established the following guidance ranges for the third quarter of 2025, updated its previously provided full-year 2025 guidance ranges for Net Income and FFO per diluted share, and raised its previously provided full-year 2025 guidance ranges for FFOA per diluted share and Same-Store growth. (1) Additional assumptions for the Company's third quarter and full-year 2025 outlook can be found on Attachment 13 of the Company's related quarterly Supplemental Financial Information ('Supplement'). A reconciliation of GAAP Net Income per diluted share to FFO per diluted share and FFOA per diluted share can be found on Attachment 14(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 14(A) through 14(D), 'Definitions and Reconciliations,' of the Company's related quarterly Supplement. Expand Operating Results In the second quarter, total revenue increased by $10.1 million YOY, or 2.4 percent, to $425.4 million. This increase was primarily attributable to growth in revenue from Same-Store communities and completed developments, partially offset by declines in revenue from property dispositions. 'Same-Store revenue, expense, and NOI growth in the second quarter was stronger than expected,' said Mike Lacy, UDR's Chief Operating Officer. 'Blended lease rate growth, occupancy, income from rentable items, bad debt, and expenses all outperformed our initial outlook for the first half of the year, which supports our improved growth guidance for 2025. We continue to drive tangible benefits from our Customer Experience strategy, which has resulted in year-to-date annualized resident turnover being 350 basis points better than a year ago. With Same-Store occupancy remaining near 97 percent, we continue to operate from a position of strength to maximize revenue and NOI.' In the tables below, the Company has presented year-over-year, sequential, and year-to-date Same-Store results by region. (1) Based on 2Q 2025 Same-Store NOI. For definitions of terms, please refer to the 'Definitions and Reconciliations' section of the Company's related quarterly Supplement. (2) Weighted average Same-Store physical occupancy for the quarter. Expand (1) Based on 2Q 2025 Same-Store NOI. For definitions of terms, please refer to the 'Definitions and Reconciliations' section of the Company's related quarterly Supplement. (2) Weighted average Same-Store physical occupancy for the quarter. Expand (1) Based on YTD 2025 Same-Store NOI. For definitions of terms, please refer to the 'Definitions and Reconciliations' section of the Company's related quarterly Supplement. (2) Weighted average Same-Store physical occupancy for YTD 2025. Expand Transactional Activity During the quarter, the Company acquired the developer's equity interest and consolidated Broadridge, previously known as 1300 Fairmount, a 478-home apartment community in Philadelphia, PA. The Company's investment in this apartment community was previously reflected as a loan investment in its Debt and Preferred Equity portfolio. The loan investment was on non-accrual status for the fourth quarter of 2024 and the first quarter of 2025. However, upon acquisition, the developer paid UDR $6.7 million, which consisted primarily of unpaid interest on its loan investment and reimbursement for certain costs previously advanced by the Company. As a result of the transaction, during the second quarter of 2025 the Company recorded $3.9 million in previously unaccrued interest, a $0.3 million gain on consolidation, and began recognizing NOI from the apartment community. Debt and Preferred Equity Program Activity As previously announced, during the quarter the Company fully funded a $13.0 million preferred equity investment at a contractual return rate of 12.0 percent in a stabilized 256-apartment home community located in the San Francisco, CA MSA as part of a recapitalization. Additionally, during the quarter the Company received $54.8 million in proceeds from the full redemption of a preferred equity investment in a stabilized apartment community located in the New York, NY MSA. Subsequent to quarter-end, the Company fully funded a $23.8 million preferred equity investment at a contractual return rate of 11.25 percent in a stabilized 350-apartment home community located in the Orlando, FL MSA as part of a recapitalization. Capital Markets and Balance Sheet Activity The Company's total indebtedness as of June 30, 2025, was $5.8 billion with only $531.8 million, or 9.6 percent of total consolidated debt, maturing through 2026, including principal amortization and excluding amounts on the Company's commercial paper program and working capital credit facility. As of June 30, 2025, the Company had approximately $1.1 billion in liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 13 of the Company's related quarterly Supplement for additional details regarding investment guidance. In the table below, the Company has presented select balance sheet metrics for the quarter ended June 30, 2025, and the comparable prior year period. (1) If the Company's commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would have been 4.9 years with extensions and 4.8 years without extensions for 2Q 2025 and 5.3 years with and without extensions for 2Q 2024. (2) A reconciliation of GAAP Net Income per share to EBITDAre - adjusted for non-recurring items and GAAP Total Debt to Net Debt can be found on Attachment 4(C) of the Company's related quarterly Supplement. Expand Executive Leadership As previously announced, during the quarter the Company appointed Dave Bragg as its CFO. Upon commencement of Mr. Bragg's employment, Joe Fisher relinquished his responsibilities as CFO while retaining the roles of President and Chief Investment Officer. Board of Directors As previously announced, during the quarter, James 'Jim' D. Klingbeil decided not to seek re-election to the Company's Board of Directors (the 'Board') at the Company's Annual Shareholder Meeting and relinquished his role as Lead Independent Director. Accordingly, the Board elected Jon A. Grove to serve as its next Lead Independent Director. As previously announced, subsequent to quarter-end, the Company was named as a Top Workplaces winner in the Real Estate Industry for the second consecutive year. This distinction reflects the Company's ongoing commitment to fostering an innovative culture and engaging associate experience. Dividend As previously announced, the Company's Board of Directors declared a regular quarterly dividend on its common stock for the second quarter 2025 in the amount of $0.43 per share, representing a 1.2 percent increase over the comparable period in 2024. The dividend will be paid in cash on July 31, 2025, to UDR common shareholders of record as of July 10, 2025. The second quarter 2025 dividend will represent the 211 th consecutive quarterly dividend paid by the Company on its common stock. Supplemental Financial 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 Investor Relations section of the Company's website at Attachment 14(A) Definitions and Reconciliations June 30, 2025 (Unaudited) 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. 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. 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. 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. Management considers Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders 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. 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. Management considers Consolidated Interest Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders 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. 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. Management considers Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders 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. Contractual Return Rate: The Company defines Contractual Return Rate as the rate of return or interest rate that the Company is entitled to receive on a preferred equity investment or loan, as specified in the applicable agreement. Controllable Expenses: The Company refers to property operating and maintenance expenses as Controllable Expenses. 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. 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), (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. 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. 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. Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis 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. Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends. Effective Renewal Lease Rate Growth: The Company defines Effective Renewal Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis 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. Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level, in-place demand trends. 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. Attachment 14(B) Definitions and Reconciliations June 30, 2025 (Unaudited) 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, software transition related costs and legal and other costs. 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. 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. 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. 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. Joint Venture Reconciliation at UDR's weighted average ownership interest: Net Operating Income ('NOI'): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent and other revenues less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs. Management considers NOI a useful metric for investors as it is a more meaningful representation of a community's continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization and is a widely used input, along with capitalization rates, in the determination of real estate valuations. A reconciliation from net income/(loss) attributable to UDR, Inc. to NOI is provided below. Attachment 14(C) Definitions and Reconciliations June 30, 2025 (Unaudited) NOI Enhancing Capital Expenditures ("Cap Ex"): The Company defines NOI Enhancing Capital Expenditures as expenditures that result in increased income generation or decreased expense growth over time. Management considers NOI Enhancing Capital Expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues or to decrease expenses. Non-Mature Communities: The Company defines Non-Mature Communities as those communities that have not met the criteria to be included in same-store communities. Non-Residential / Other: The Company defines Non-Residential / Other as non-apartment components of mixed-use properties, land held, properties being prepared for redevelopment and properties where a material change in home count has occurred. Other Markets: The Company defines Other Markets as the accumulation of individual markets where it operates less than 1,000 Same-Store homes. Management considers Other Markets a useful metric as the operating results for the individual markets are not representative of the fundamentals for those markets as a whole. Physical Occupancy: The Company defines Physical Occupancy as the number of occupied homes divided by the total homes available at a community. QTD Same-Store Communities: The Company defines QTD Same-Store Communities as those communities Stabilized for five full consecutive quarters. These communities were owned and had stabilized operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition. Recurring Capital Expenditures: The Company defines Recurring Capital Expenditures as expenditures that are necessary to help preserve the value of and maintain functionality at its communities. Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress. Based upon the level of material impact the redevelopment has on the community (operations, occupancy levels, and future rental rates), the community may or may not maintain Stabilization. As such, for each redevelopment, the Company assesses whether the community remains in Same-Store. Sold Communities: The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter. Stabilization/Stabilized: The Company defines Stabilization/Stabilized as when a community's occupancy reaches 90% or above for at least three consecutive months. Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that have reached Stabilization but are not yet in the same-store portfolio. Total Revenue per Occupied Home: The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a straight-line basis, divided by the product of occupancy and the number of apartment homes. Management considers Total Revenue per Occupied Home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical. TRS: The Company's taxable REIT subsidiaries ('TRS') focus on making investments and providing services that are otherwise not allowed to be made or provided by a REIT. YTD Same-Store Communities: The Company defines YTD Same-Store Communities as those communities Stabilized for two full consecutive calendar years. These communities were owned and had stabilized operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition. Conference Call and Webcast Information UDR will host a webcast and conference call at 12:00 p.m. Eastern Time on July 31, 2025, to discuss second quarter 2025 results as well as high-level views for 2025. The webcast will be available on the Investor Relations section of the Company's website at To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the teleconference dial 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary. Given a high volume of conference calls occurring during this time of year, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company's webcast link for its earnings results discussion. A replay of the conference call will be available through August 14, 2025, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13754841, when prompted for the passcode. A replay of the call will also be available on the Investor Relations section of the Company's website at Full Text of the Earnings Report and Supplemental Data The full text of the earnings report and related quarterly Supplement will be available on the Investor Relations section of the Company's website at Forward-Looking Statements Certain statements made in this press release may constitute 'forward-looking statements.' Words such as 'expects,' 'intends,' 'believes,' 'anticipates,' 'plans,' 'likely,' 'will,' 'seeks,' 'outlook,' 'guidance,' 'estimates' and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, the impact of tariffs, geopolitical tensions, and changes in immigration, elevated interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and Debt and Preferred Equity Program investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws. About UDR, Inc. UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of June 30, 2025, UDR owned or had an ownership position in 60,535 apartment homes, including 300 apartment homes under development. For over 53 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates. Attachment 1 (1) See Attachment 14 for definitions and other terms. Expand Attachment 2 Funds From Operations (Unaudited) (1) Three Months Ended Six Months Ended June 30, June 30, In thousands, except per share and unit amounts 2025 2024 2025 2024 Net income/(loss) attributable to common stockholders $ 36,462 $ 27,673 $ 111,976 $ 69,591 Real estate depreciation and amortization 163,191 170,488 324,585 340,346 Noncontrolling interests 2,556 2,130 7,907 5,291 Real estate depreciation and amortization on unconsolidated joint ventures 13,458 14,228 26,224 28,382 Net (gain)/loss on consolidation (286 ) - (286 ) - Net (gain)/loss on the sale of depreciable real estate owned, net of tax - - (47,939 ) (16,867 ) Funds from operations ("FFO") attributable to common stockholders and unitholders, basic $ 215,381 $ 214,519 $ 422,467 $ 426,743 Distributions to preferred stockholders - Series E (Convertible) (2) 1,211 1,210 2,417 2,441 FFO attributable to common stockholders and unitholders, diluted $ 216,592 $ 215,729 $ 424,884 $ 429,184 FFO per weighted average common share and unit, basic $ 0.61 $ 0.61 $ 1.19 $ 1.21 FFO per weighted average common share and unit, diluted $ 0.61 $ 0.60 $ 1.19 $ 1.20 Weighted average number of common shares and OP/DownREIT Units outstanding, basic 353,617 353,380 353,572 353,311 Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted 357,370 356,747 357,402 356,584 Impact of adjustments to FFO: Legal and other costs $ 3,358 $ 2,914 $ 7,163 $ 5,444 Realized and unrealized (gain)/loss on real estate technology investments, net of tax 220 372 431 (4,616 ) Severance costs 1,024 1,111 1,523 1,532 Software transition related costs 2,967 - 5,934 - Casualty-related charges/(recoveries) 3,382 998 6,679 7,276 Total impact of adjustments to FFO $ 10,951 $ 5,395 $ 21,730 $ 9,636 FFO as Adjusted attributable to common stockholders and unitholders, diluted $ 227,543 $ 221,124 $ 446,614 $ 438,820 Recurring capital expenditures, inclusive of unconsolidated joint ventures (29,201 ) (26,290 ) (47,606 ) (43,598 ) AFFO attributable to common stockholders and unitholders, diluted $ 198,342 $ 194,834 $ 399,008 $ 395,222 AFFO per weighted average common share and unit, diluted $ 0.56 $ 0.55 $ 1.12 $ 1.11 Expand (1) See Attachment 14 for definitions and other terms. (2) Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and six months ended June 30, 2025 and June 30, 2024. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted. Expand Attachment 3 Consolidated Balance Sheets (Unaudited) (1) June 30, December 31, In thousands, except share and per share amounts 2025 2024 ASSETS Real estate owned: Real estate held for investment $ 16,270,190 $ 15,994,794 Less: accumulated depreciation (7,157,371 ) (6,836,920 ) Real estate held for investment, net 9,112,819 9,157,874 Real estate under development (net of accumulated depreciation of $0 and $0) 41,108 - Real estate held for disposition (net of accumulated depreciation of $0 and $64,106) - 154,463 Total real estate owned, net of accumulated depreciation 9,153,927 9,312,337 Cash and cash equivalents 1,532 1,326 Restricted cash 33,577 34,101 Notes receivable, net 143,492 247,849 Investment in and advances to unconsolidated joint ventures, net (2) 879,781 917,483 Operating lease right-of-use assets 185,125 186,997 Other assets (2) 249,651 197,493 Total assets $ 10,647,085 $ 10,897,586 LIABILITIES AND EQUITY Liabilities: Secured debt $ 1,136,046 $ 1,139,331 Unsecured debt 4,639,537 4,687,634 Operating lease liabilities 180,433 182,275 42,507 46,403 Accrued interest payable 51,718 52,631 Security deposits and prepaid rent 51,698 61,592 Distributions payable 153,662 151,720 Accounts payable, accrued expenses, and other liabilities 108,353 115,105 Total liabilities 6,363,954 6,436,691 Redeemable noncontrolling interests in the OP and DownREIT Partnership 957,980 1,017,355 Equity: Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2025 and December 31, 2024: 2,600,678 shares of 8.00% Series E Cumulative Convertible issued and outstanding (2,600,678 shares at December 31, 2024) 43,192 43,192 10,272,196 shares of Series F outstanding (10,424,485 shares at December 31, 2024) 1 1 Common stock, $0.01 par value; 450,000,000 shares authorized at June 30, 2025 and December 31, 2024: 331,291,669 shares issued and outstanding (330,858,719 shares at December 31, 2024) 3,313 3,309 Additional paid-in capital 7,582,852 7,572,480 Distributions in excess of net income (4,305,702 ) (4,179,415 ) Accumulated other comprehensive income/(loss), net 1,160 3,638 Total stockholders' equity 3,324,816 3,443,205 Noncontrolling interests 335 335 Total equity 3,325,151 3,443,540 Total liabilities and equity $ 10,647,085 $ 10,897,586 Expand (1) See Attachment 14 for definitions and other terms. (2) As of June 30, 2025, UDR's residential accounts receivable balance, net of its reserve, was $5.3 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection. Expand Attachment 4(C) Gross % of Number of 2Q 2025 NOI (1) Carrying Value Total Gross Asset Summary Homes ($000s) % of NOI ($000s) Carrying Value Unencumbered assets 46,868 $ 252,874 87.1 % $ 14,264,633 87.5 % Encumbered assets 8,940 37,506 12.9 % 2,046,665 12.5 % 55,808 $ 290,380 100.0 % $ 16,311,298 100.0 % Expand (1) See Attachment 14 for definitions and other terms. (2) As defined in our credit agreement dated September 15, 2021, as amended. (3) As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time. Expand Attachment 14(D) Definitions and Reconciliations June 30, 2025 (Unaudited) All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for full-year 2025 and third quarter of 2025 to forecasted FFO and FFO as Adjusted per share and unit:
New York Post
7 days ago
- Politics
- New York Post
Anti-Trump DA Alvin Bragg sure acts like he has something to hide — we're suing to find out
Manhattan District Attorney Alvin Bragg holds potentially hundreds of communications appearing to link his office to senior Biden administration officials and other political actors in connection with his unprecedented criminal prosecution of then-former President Donald Trump. We've asked for those records, and he's not turning them loose. So we're taking him to court. Last September, America First Policy Institute launched a formal investigation into the people and motivations behind Bragg's decision to prosecute Trump. Advertisement Our effort had a simple goal: figuring out whether Bragg's case was a routine legal probe — or lawfare, a politically engineered hit job orchestrated to influence the 2024 election. The charges brought against Trump were extraordinary. Never before has a question of federal campaign-finance law — which the FEC declined to pursue, no less — been morphed into a state-level misdemeanor, already time-barred under New York law, then Frankensteined into a felony by alleging it was committed to conceal some other crime never defined by the prosecution, nor unanimously agreed upon by jury. Advertisement Confusing? That's the point. Bragg's office thrives on obfuscation. Public records should be accessible. Criminal prosecutions should be transparent. This case was neither — and still isn't. We were drawn to investigate because we saw just too many coincidences to ignore. Michael Colangelo, a top DOJ official with a focus on white-collar crime, left his Biden administration post to join Bragg's office just months before Trump was indicted on 34 counts of falsifying business records. Advertisement Judge Juan Merchan, who presided over Bragg's prosecution, had a history of political donations to Biden and to political groups opposed to Trump, the defendant before him. He was officially 'cautioned' on that by the state ethics board. Merchan's daughter Loren worked on Kamala Harris' 2020 campaign and during Trump's trial served as president of Authentic Campaigns, a progressive political consulting firm hired by the Biden-Harris ticket. It all paints a curious picture: A DA who campaigned on a promise to take down Trump, aided by a Biden DOJ veteran, bringing legally contorted charges before a judge with clear partisan connections. Advertisement If this wasn't coordinated, it's one lucky political pile-up. The American people deserve answers. In pursuit of those answers, and in defense of the public's right to know, AFPI submitted a request to Bragg's office under New York's Freedom of Information Law in September 2024. We sought any records that could shed light on whether political influence or coordination played a role in Bragg's decision-making. Our request was specific, lawfully submitted and directly tied to one of the most consequential legal proceedings in modern American history. Ten months later, no records have been produced. None. Though they apparently exist. Instead of providing transparency, the DA's office has engaged in delay, double-talk and silence. We've asked for a list of responsive documents. They won't give one. Advertisement We've asked which of our specific requests the withheld documents pertain to. They won't say. We know, based on our investigation and his office's limited correspondence with us, that the DA possesses hundreds of records of communications with or about political agents who should have had no influence in a 'routine' prosecution, like Lauren Merchan's Authentic Campaigns. Bragg refuses to explain why the public isn't entitled to see them. There is no legal justification for this blackout. No privilege excuses total stonewalling. Advertisement There is only evasion. It's been nearly a year. The records exist, and the DA cannot explain why they remain secret. That alone should raise alarms. AFPI has now turned to the courts to compel compliance. The law does not permit selective transparency by the Manhattan DA. It does not allow politically sensitive cases to be shielded from scrutiny. Advertisement As the New York Legislature declared when it passed the state's open-records law in 1977, 'The people's right to know the process of governmental decision-making and to review the documents leading to determinations is basic to our society.' We agree. Advertisement That's why on July 17, AFPI filed its petition in New York County Superior Court requesting that Bragg's records, whatever they may reveal, be released to the public. The law demands openness, and we intend to see it enforced. Jessica Steinmann is executive general counsel and Jack Casali is an attorney at the Center for Litigation at the America First Policy Institute
New York Post
24-07-2025
- New York Post
Scotty Enoe's deserved acquittal proves it: Alvin Bragg hates citizens who dare to defend themselves
Three cheers for the Manhattan jury that quickly acquitted CVS clerk Scotty Enoe of manslaughter for defending himself and his fellow employees against a deranged serial shoplifter. This case should never have come to trial. Enoe should have been hailed as a hero instead of being charged by the execrable Manhattan District Attorney Alvin Bragg. Indeed, if there was ever a clear-cut case of self-defense, this was it. Enoe was attacked from behind by Charles Brito, who began to beat him savagely. Outmatched by the brute and fearing for his life, Enoe took out a small folding knife and stabbed him in the liver. Brito staggered onto the sidewalk and later died. Enoe's co-workers, too, they were afraid of Brito, who had threatened to kill someone, yet Bragg pursued the case anyway. We saw this with Jose Alba and Daniel Penny, both charged with manslaughter by Bragg when — in self-defense — they killed people who were violent, unstable and threatening them or others nearby. Bragg dropped the charges against Alba when public pressure became too great. Penny was acquitted. Keep up with today's most important news Stay up on the very latest with Evening Update. Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters The problem is that the DA believes crime is caused by social ills, and the attackers are the real victims. Cases like this one — and the leniency he's shown to real criminals — send a message that law-breakers are free to pursue their wicked calling, and citizens just have to sit back and take it. There's no other way to explain why he continues to charge hard-working New Yorkers and subway passengers with serious crimes when ugly situations are thrust upon them, while allowing criminals off easy. This Enoe acquittal drives home the point yet again: Alvin Bragg needs to go — ASAP. The sooner voters ditch him at the polls, the safer this city will become.
New York Post
19-07-2025
- Entertainment
- New York Post
Manhattan DA Alvin Bragg scored comp tickets to 17 swanky galas last year, many by lefty groups
Soft-on-crime Manhattan District Attorney Alvin Bragg was comped free tickets worth at least $9,400 combined to attend 17 swanky black tie-affairs and other galas last year — most of them put on by lefty groups doing business with the city, The Post has learned. Fourteen of the 17 freebies were dished out by nonprofits and other organizations with city contracts — and more than half ranged from $1,000 to nearly $5,000 in value, including some attended by music and sports industry celebs, according to a review of Bragg's yearly financial disclosure filings with the city's Conflicts of Interest Board. They included: The NYC Police Foundation's June 6 gala at the Intrepid Museum in Manhattan where tickets ran at least $2,500 each, and Giants Super Bowl MVP Phil Simms attended. A event also held June 6 for Brooklyn-based Center for Alternatives Sentencing and Employment Services, who provided Bragg tickets worth $50 to $999 in value. The three events Bragg attended that were not thrown by groups with city business included the April 10 'Keepers of the Dream' gala for Rev. Al Sharpton's civil rights group National Action Network, which holds plenty of clout with New York Democratic pols. The DA valued his ducats being worth anywhere from $1,000 to nearly $5,000. 4 Soft-on-crime Manhattan District Attorney Alvin Bragg attended 17 swanky galas and other predominately $1,000-plus-per plate black tie-affairs last year with mostly groups pushing anti-jail and other lefty causes picking up the hefty tab, The Post has learned. WireImage Bragg — a Democrat who's has been slammed by critics since taking over as DA in 2022 for villainizing victims while going easy on suspects — reported his ticket totals were worth in the range of $9,400 to nearly $53,000. 4 Many of Bragg's comped tickets blur the lines of potential conflicts of interest because as Manhattan's lead prosecutor he should avoid schmoozing with groups pushing a woke social justice agenda, critics said. Bragg, seen here in the black suit, at an event. ManhattanDA/ X By comparison, Bronx DA Darcel Clark reported attending 10 events last year as gifts worth a combined $1,400 to nearly $13,000; Brooklyn DA Eric Gonzalez reported attending seven valued at combined $2,260; and Queens DA Melinda Katz and Staten Island DA Michael McMahon reported no such freebies. 4 Bragg, seen here shaking hands with Gov. Hochul, reported the value of the free tickets he was given to attend 17 galas last year as $9,400 to nearly $53,000 combined. ManhattanDA/ X Many of Bragg's comped tickets blur the lines of potential conflicts of interest because as Manhattan's lead prosecutor he should avoid schmoozing with groups pushing a woke social justice agenda, critics said. And Bragg 'should know better' than to 'accept complimentary gifts from businesses that do business with the city,' said Republican Maud Maron, a former Legal Aid Society attorney running against Bragg for Manhattan DA. 4 Bragg, fourth from left in the rear, poses with Gov. Hochul, actor Robert De Niro, Rev. Al Sharpton and other attendees at a National Action Network gala in 2023. Bragg did not report being comped to attend the event in his financial disclosure statements, but he did so for another NAN event in 2024. Alamy Stock Photo 'Of course he spends his free time rubbing shoulders with the moneyed elite whose luxury beliefs let them feel good about themselves while imposing steep costs on everyday New Yorkers who can't buy their way out of crime and grime,' she said. Bragg didn't list attending any events as free gifts in his previous financial disclosure statements for 2022 and 2023. 'Instead of focusing on making our streets safer, DA Bragg has focused on hobnobbing with special interests at glitzy events,' said Diana Florence, a veteran prosecutor running as an independent against him in November's general election. 'Since day one, he has pursued a social experiment that's made our city more hospitable for criminals and less safe for everyone else. Enough is enough.' Bragg spokesperson Danielle Filson said the DA 'fully disclosed his support and attended events for victims of domestic violence, NAN, the NYC Police Foundation … and other civic, charitable and community organizations whose work is relevant to the office – just like his predecessors and fellow DAs.' 'This is nothing but a pathetic attempt to smear Bragg's strong record of keeping Manhattan safe to score cheap political points,' she said of his critics.
