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UDR Notches Modest Profit in 4Q

Company's $141.5 Million Purchase of Steele Creek in October Marked Largest Single Denver MF Transaction of 2017
February 7, 2018
Douglas County-based UDR Inc. reported a modest increase in net operating income in the fourth quarter of 2017 following its purchase of Steele Creek in Denver for $141.5 million.

The apartment complex owner and operator recorded $177.6 million in net operating income in the last quarter, compared with $171.2 million in the same period a year earlier, an increase of about 3.7 percent, according to the company’s most recent earnings release.

UDR (NYSE: UDR) also in the fourth quarter sold Katella Grand I, a 399-unit apartment complex in Anaheim, CA, for $148 million, as well as two other communities in southern California for $69 million.

Net income per diluted share for 2017 was 44 cents, compared to $1.08 in 2016.

Income attributable to common stockholders decreased from $289 million to $117.9 million year-over-year. The decrease can be attributed to lower gains on the sale of real estate, according to UDR’s release.

UDR owns properties across the country, including two in Denver: Steele Creek at 3222 E. First Ave. and the Acoma at 816 Acoma St.

At the end of 2017, UDR had $864 million in apartment projects under development, including $54 million in completed, non-stabilized projects and $810 million in under-construction projects.

UDR also in the fourth quarter issued $300 million in unsecured debt, the proceeds from which were used to redeem senior notes scheduled to mature in June.

Shares of UDR were trading down slightly at about $34 in midday trading Wednesday.

Molly Armbrister, Denver Market Reporter  CoStar Group   
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