Udr, inc. (UDR)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Operating Activities
Net income/(loss)

5,540

105,237

29,422

38,318

26,602

89,615

20,258

22,444

89,225

75,627

17,570

11,062

28,396

259,746

29,466

19,564

11,604

177,163

13,695

89,884

76,417

67,752

41,992

31,086

19,012

38,002

3,235

5,354

-309

-12,955

-9,676

156,306

86,628

48,118

-13,786

14,909

-28,656

-29,317

-24,605

-27,640

-25,026

Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization

157,501

145,177

129,010

119,612

114,124

108,085

109,563

108,204

109,827

111,049

108,756

110,017

106,640

103,995

107,328

107,423

106,892

106,808

92,025

92,044

90,400

93,524

90,723

90,069

89,613

91,932

85,442

86,269

84,588

-

89,301

85,491

95,165

98,266

98,703

92,147

85,158

83,043

76,782

75,034

73,430

(Gain)/loss on sale of real estate owned

-

-

-

-

-

65,897

0

0

70,300

41,272

0

0

2,132

215,814

0

7,315

3,070

172,635

0

79,042

0

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net gain on sale of marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

3,123

-

-

-

0

Gain (Loss) on Disposition of Real Estate, Discontinued Operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

61,267

31,377

26,709

24,294

-

-

-

-

-

-1,133

172,006

80,525

-

-

-

-

-

-

-

-

Net gain on the sale of depreciable property

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

44,658

41

-

3,878

197

-41

Tax (provision)/benefit, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

633

1,404

425

-7,087

-2,490

-2,230

-3,329

15

-2,658

-2,683

-1,973

-1,628

-54,348

2,818

22,876

7,398

-815

988

0

-

-

-

-

(Gain)/loss on debt extinguishment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,428

-

7

-40

-4,019

-83

-91

-1,030

0

Write off of bad debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

667

574

-

828

534

674

(Income)/loss from unconsolidated entities

3,367

118,486

12,713

6,625

49

36

-1,382

-2,032

-1,677

19,666

1,819

-1,426

11,198

35,945

15,285

325

679

1,052

2,691

-573

59,159

-2,074

-939

-428

-3,565

5,666

-3,794

515

-2,802

-2,757

-719

-2,412

-2,691

-2,092

-1,580

-1,348

-1,332

-1,447

-835

-1,185

-737

Return on investment in unconsolidated joint ventures

1,741

1,075

1,026

1,101

1,977

1,400

1,477

693

678

807

940

1,214

1,455

37,813

17,812

1,681

272

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of share-based compensation

6,808

11,310

2,704

4,379

5,937

3,550

3,612

3,578

3,504

2,790

3,239

3,454

3,379

2,862

3,461

3,196

3,879

3,578

5,379

4,800

4,260

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Fee Income from the Sale of Real Estate

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Casualty-related (recoveries)/charges, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-500

-

2,893

-1,727

-548

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of deferred financing costs and other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,163

1,315

2,923

3,096

1,922

1,845

2,094

Amortization of deferred compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,545

2,449

2,656

2,332

3,071

3,110

2,898

Amortization of convertible debt discount

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

359

359

359

776

859

928

967

Other

-1,215

25,860

7,511

2,677

3,910

2,890

-151

514

1,745

7,398

2,966

5,888

4,215

33,000

928

3,065

2,497

-2,370

-153

2,873

3,060

-6,848

6,898

6,357

6,697

-4,616

6,585

8,281

4,775

7,719

4,116

8,600

5,574

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Changes in income tax accruals

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

503

1,837

-2,410

210

-502

(Increase)/decrease in operating assets

-114

11,005

-2,215

4,461

-2,295

681

-2,503

19,262

-3,560

1,226

-377

12,193

-4,034

18,753

2,095

6,698

1,853

-5,374

17,457

-2,637

-4,794

-4,796

11,547

2,745

-8,422

2,592

9,901

-627

3,269

4,724

871

-14,970

-3,272

11,047

16,594

5,787

4,854

-10,403

13,337

-929

-2,044

Increase/(decrease) in operating liabilities

-31,666

14,660

11,280

-631

-17,463

15,026

12,979

4,642

-7,660

-5,868

17,630

-1,512

-14,528

-13,458

14,232

-6,480

-6,378

6,485

-1,366

8,620

-23,329

3,984

627

7,436

-17,665

-8,170

754

10,123

-19,406

-6,558

16,194

-15,664

-15,487

-2,204

8,853

3,848

-12,897

-7,666

15,552

4,305

-16,851

Net cash provided by/(used in) operating activities

135,456

173,828

170,455

149,088

137,333

153,952

151,623

122,845

132,256

129,639

149,659

119,356

120,261

153,446

156,652

113,709

112,761

152,825

88,799

120,985

96,018

115,325

95,765

103,692

82,521

78,605

88,908

105,729

66,660

77,498

97,956

81,719

70,014

68,490

67,846

67,122

47,953

56,691

55,710

60,269

41,510

Investing Activities
Acquisition of real estate assets

141,727

101,152

538,798

327,575

403,245

-

-

-

-

31,410

0

0

65,381

140,012

5,768

17,235

0

-

-

-

-

29,798

121,219

0

77,793

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sales of real estate investments, net

-

-

-

-

-

157,598

0

0

89,433

67,985

0

0

3,250

279,898

-42

-8

21,951

297,107

0

90,543

0

617,799

-185,991

0

-47,922

-109,209

0

-140,834

0

-1,186,534

-1,313

464,109

130,571

244,673

47,767

29,363

0

-

-

-

-

Proceeds from sale of marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,258

1,044

3,021

476

-

-

-

0

Payments related to the buyout of joint venture partner

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

16,141

Development of real estate assets

23,087

6,153

8,915

4,096

6,237

14,068

27,995

44,457

63,718

58,090

62,023

65,411

63,022

41,724

70,417

30,093

36,045

11,820

25,302

22,520

43,563

90,850

44,679

59,817

56,147

50,953

57,616

86,853

85,181

76,741

64,321

49,342

56,519

28,109

26,027

23,040

21,507

12,424

17,947

33,206

28,565

Capital expenditures and other major improvements - real estate assets

32,983

53,616

43,332

38,976

31,264

35,978

31,769

29,847

14,765

33,095

40,324

29,354

21,955

32,011

10,617

24,195

24,917

33,281

32,666

27,022

20,431

14,347

24,758

27,348

30,226

40,854

30,484

57,538

24,800

37,234

40,660

41,086

25,897

23,351

30,434

22,185

15,506

21,296

16,249

25,525

10,907

Capital expenditures - non-real estate assets

2,479

6,012

4,000

3,801

3,346

1,887

1,462

1,068

433

-1,846

1,187

810

1,233

-8

2,506

1,277

664

1,365

1,029

1,218

437

1,220

1,360

1,802

1,115

1,465

1,735

2,126

2,313

4,163

2,063

629

1,092

1,007

9,783

1,614

863

1,010

687

709

1,936

Capital expenditures related to rehabilitation of hurricane-damaged assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Investment in unconsolidated joint ventures

16,139

20,980

20,205

30,485

21,389

26,966

43,514

21,809

19,736

21,672

34,661

43,316

24,193

10,330

9,197

7,373

13,262

22,035

11,529

158,615

25,463

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,533

148

Distributions received from unconsolidated joint ventures

3,271

11,029

34,506

16,109

10,797

12,109

13,189

11,752

5,633

51,276

38,843

16,499

9,711

33,644

18,809

5,952

7,711

-20,906

7,110

4,594

41,481

36,372

5,377

4,846

7,661

24,366

3,709

88,516

14,393

21,793

23,424

4,423

940

6,610

4,104

155

333

395

251

807

-328

Purchase deposits on pending acquisitions

-

-11,250

4,340

5,100

-10,350

0

0

0

-1,000

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

4,000

-

0

0

0

-

-

-

-

76,987

-40,766

26,726

17,450

-

-

-

0

Investment in unconsolidated joint ventures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

46,605

99,079

21,476

18,665

6,461

17,229

936

-37,795

23,382

38,626

259,156

56,802

14,264

30,904

2,341

-

-

-

-

Payments to Acquire Notes Receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

24,589

52,609

-13,200

-

-

-

-

-

-

-

-

Repayment/(issuance) of notes receivable, net

900

115,751

405

520

-5,285

1,250

300

1,240

20,000

-

-

-

-

-

-

-

-

3,450

0

0

-1,125

-133,379

25,915

40,335

-1,535

-16,347

0

-500

-2,180

-

-

-

-

7,800

0

0

0

-

-

-

-

Net cash provided by/(used in) investing activities

-214,044

-303,885

-576,809

-346,244

-459,749

89,558

-91,851

-86,669

-24,586

-24,035

-100,656

-119,892

-162,823

158,882

-149,147

-77,229

-45,226

-37,269

-64,416

-114,238

-49,538

2,309

-21,338

-142,865

-136,709

5,291

-92,587

65,104

-101,017

-150,126

-136,955

299,852

-224,353

32,101

-820,724

-209,202

-56,858

-104,906

-356,657

-64,822

-57,369

Financing Activities
Payments on secured debt

2,781

1,706

158,647

938

962

196,771

80,167

1,133

1,172

1,134

1,094

224,655

99,463

22,494

207,315

143,294

2,205

187,097

2,312

2,283

2,266

36,571

2,086

39,818

2,486

2,039

1,969

39,357

3,199

4,752

2,599

411,581

72,953

109,779

17,871

2,584

202,312

87,563

15,900

11,488

72,357

Proceeds from the issuance of secured debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

949

4,553

0

0

0

0

-3,601

1,281

2,382

188

186

11,338

9,023

10,181

5,547

10,953

23,828

28,052

Payments on unsecured debt

-

-

-

-

-

-

-

-

25,000

-

-

-

-

0

0

11,680

83,373

111

110

108

325,211

0

0

128,500

184,000

0

0

122,500

0

0

0

0

100,000

0

97,039

156,983

10,807

-252

0

29,488

50,000

Net proceeds from the issuance of unsecured debt

211,320

-

-

-

-

-

-

-

-

13,803

45,000

319,292

220,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

396,400

0

0

296,964

0

250,000

0

0

149,190

Net proceeds/(repayment) of commercial paper

-85,000

240,000

-332,000

302,000

-11,115

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net proceeds/(repayment) of revolving bank debt

58,214

-17,864

1,069

-20,932

54,294

-50,994

1,063

-7,760

35,940

-18,950

659

3,918

14,790

-225,575

-12,274

182,851

-73,652

40,000

-347,000

68,000

236,500

-7,500

-116,500

-11,000

287,500

0

-228,500

58,500

94,000

76,000

0

-197,000

-224,000

59,000

357,000

-180,550

153,800

-80,850

-21,300

12,900

-68,300

Payment of financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

812

3,011

369

3,204

2,549

725

1,766

(Forfeitures)/issuance of common and restricted stock, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

170

3,662

766

304

934

3,442

Proceeds from the issuance of common shares through public offering, net

-

63,306

449,137

20,693

192,179

-

-

-

-

-

-

-

-

-27

-45

-17

173,300

-120

101,392

-51

108,790

199,840

-99,991

0

0

-

-

-

-

-1,512,374

-205

555,818

200,623

15,444

539,204

230,938

94,168

-218

364,339

30,134

73,310

Repurchase of common shares

-

-

-

-

-

0

0

0

19,988

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions paid to redeemable noncontrolling interests

7,618

6,816

7,959

8,252

8,553

8,160

8,157

8,150

7,990

7,820

7,884

7,909

7,476

7,509

7,555

7,539

7,085

2,893

2,613

2,639

2,509

2,510

2,510

2,549

2,360

2,361

2,362

2,362

2,263

2,265

2,268

2,269

2,231

2,230

5,765

1,758

1,194

1,245

384

1,341

1,344

Distributions paid to preferred stockholders

1,015

1,047

1,015

1,042

959

982

960

979

915

932

918

933

925

934

925

934

924

930

930

931

931

931

931

931

931

930

932

931

931

931

310

3,405

2,308

2,308

2,307

2,328

2,368

2,369

2,368

2,372

2,379

Distributions paid to common stockholders

100,930

100,370

97,286

96,512

88,911

86,558

86,326

86,306

83,051

83,005

82,948

82,898

78,942

78,829

78,582

78,808

72,704

72,710

71,899

71,867

66,692

66,358

65,404

65,386

58,952

58,925

58,819

59,043

55,035

55,032

55,039

50,085

47,314

43,512

39,022

34,262

33,650

33,522

30,115

29,038

28,054

Other

-3,964

-37,686

-7,753

2,008

1,706

-5,168

-28,057

-1,789

-6,471

-7,937

-630

-7,483

-5,311

-3,953

-2,675

-560

-3,966

-13,874

-1,890

-152

-3,111

-3,003

802

-1,623

-3,494

-541

-1,568

-3,226

-3,209

-2,084

-3,596

-13,268

-3,011

-

-

-

-

-

-

-

-

Net cash provided by/(used in) financing activities

68,226

139,807

405,872

197,025

137,679

-62,699

-62,604

-26,117

-108,647

-105,975

-47,815

-668

42,673

-314,321

-9,371

-34,981

-70,609

-110,135

-26,052

-10,031

-55,430

-117,015

-86,638

50,098

39,830

-64,796

5,793

-168,919

29,363

2,366

-62,736

-201,017

145,394

-101,570

744,726

152,022

11,111

47,594

302,980

-7,293

29,794

Net increase/(decrease) in cash, cash equivalents, and restricted cash

-10,362

9,750

-482

-131

-184,737

180,811

-2,832

10,059

-977

-371

1,188

-1,204

111

-1,993

-1,866

1,499

-3,074

5,421

-1,669

-3,284

-8,950

619

-12,211

10,925

-14,358

19,100

2,114

1,914

-4,994

-70,262

-101,735

180,554

-8,945

-979

-8,152

9,942

2,206

-621

2,033

-11,846

13,935

Supplemental Information:
Interest paid during the period, net of amounts capitalized

57,320

44,260

57,824

23,203

44,271

28,330

45,933

23,048

35,155

31,340

28,961

33,584

32,463

28,827

31,015

32,875

31,918

28,622

35,170

26,166

40,282

26,583

35,941

31,111

38,180

28,611

34,696

22,997

41,573

29,960

34,237

37,162

31,774

27,577

44,788

40,735

42,498

34,419

41,433

40,562

38,429

Cash paid/(refunds received) for income taxes

323

-434

545

1,167

241

46

-150

751

-22

-143

162

1,470

171

-166

7

585

267

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash transactions:
Transfer of investment in and advances to unconsolidated joint ventures to real estate owned

14,700

272,469

-24,794

0

40,433

-

-

-

-

108,289

0

0

32,260

65,734

3,323

11,526

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition of intellectual property in exchange for cancellation of secured note receivable

2,250

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Recognition of allowance for credit losses

2,182

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Recognition of operating lease right-of-use assets

-

-

-

-

94,349

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Secured debt assumed in the consolidation of unconsolidated joint ventures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Recognition of operating lease liabilities

-

0

0

0

88,336

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Fair value adjustment of debt acquired as part of acquisition of real estate

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,363

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Vesting of LTIP Units

23,018

0

0

407

14,335

0

0

0

4,397

0

0

0

2,317

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Development costs and capital expenditures incurred but not yet paid

25,568

4,461

-77

1,506

10,745

-13,133

-9,176

-7,136

39,749

-5,065

-300

14,959

34,336

1,721

1,624

21,720

21,220

6,453

-9,601

4,151

19,372

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Hurricane-related recovery noncash income

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (167,631 shares in 2020 and 1,838,133 shares in 2019)

7,830

14,693

7,749

38,743

72,846

177

491

965

11,695

7,107

1,302

4,285

1,850

3,492

5,893

81

0

-

-

3,481

17

-

-

-

-

106

0

62

1,649

50

333

146

0

-

-

-

-

10,109

7,769

336

215

Retirement of fully depreciated assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,497

0

7,183

Issuance of restricted stock awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4

-

0

1

15

Marketable securities sold prior to and settled subsequent to end of period

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,590

-

-

-

0