Intrinsic value of UDR - UDR

Previous Close

$38.93

  Intrinsic Value

$2.88

stock screener

  Rating & Target

str. sell

-93%

  Value-price divergence*

+7%

Previous close

$38.93

 
Intrinsic value

$2.88

 
Up/down potential

-93%

 
Rating

str. sell

 
Value-price divergence*

+7%

Our model is not good at valuating stocks of financial companies, such as UDR.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of UDR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 10.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.26
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  960
  996
  1,036
  1,077
  1,122
  1,169
  1,219
  1,272
  1,329
  1,388
  1,451
  1,518
  1,588
  1,662
  1,740
  1,822
  1,909
  2,000
  2,096
  2,197
  2,303
  2,415
  2,532
  2,656
  2,786
  2,923
  3,066
  3,217
  3,376
  3,543
  3,718
Variable operating expenses, $m
 
  766
  796
  828
  863
  899
  937
  978
  1,022
  1,068
  1,116
  1,167
  1,221
  1,278
  1,338
  1,401
  1,468
  1,538
  1,612
  1,689
  1,771
  1,857
  1,947
  2,043
  2,142
  2,248
  2,358
  2,474
  2,596
  2,724
  2,859
Fixed operating expenses, $m
 
  49
  50
  52
  53
  54
  56
  57
  58
  60
  61
  63
  65
  66
  68
  70
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  93
  96
  98
  101
Total operating expenses, $m
  785
  815
  846
  880
  916
  953
  993
  1,035
  1,080
  1,128
  1,177
  1,230
  1,286
  1,344
  1,406
  1,471
  1,539
  1,611
  1,687
  1,766
  1,850
  1,938
  2,030
  2,128
  2,229
  2,337
  2,449
  2,567
  2,692
  2,822
  2,960
Operating income, $m
  175
  181
  189
  197
  206
  216
  226
  237
  248
  261
  274
  288
  302
  318
  334
  351
  370
  389
  409
  431
  453
  477
  502
  529
  557
  586
  617
  650
  684
  720
  758
EBITDA, $m
  601
  624
  649
  676
  705
  736
  768
  803
  839
  878
  919
  962
  1,008
  1,057
  1,108
  1,162
  1,218
  1,278
  1,341
  1,408
  1,478
  1,551
  1,629
  1,710
  1,796
  1,886
  1,981
  2,080
  2,185
  2,296
  2,411
Interest expense (income), $m
  125
  122
  129
  135
  143
  150
  158
  167
  176
  186
  196
  207
  218
  230
  243
  256
  271
  285
  301
  318
  335
  353
  373
  393
  414
  436
  460
  485
  510
  538
  566
Earnings before tax, $m
  106
  59
  60
  62
  64
  66
  68
  70
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
  165
  174
  182
  192
Tax expense, $m
  -4
  16
  16
  17
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  39
  40
  42
  45
  47
  49
  52
Net income, $m
  293
  43
  44
  45
  46
  48
  49
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  76
  79
  83
  86
  90
  95
  99
  104
  109
  115
  121
  127
  133
  140

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,680
  7,972
  8,284
  8,618
  8,974
  9,352
  9,753
  10,178
  10,629
  11,105
  11,609
  12,141
  12,702
  13,294
  13,918
  14,576
  15,269
  15,998
  16,766
  17,574
  18,425
  19,319
  20,260
  21,249
  22,288
  23,382
  24,531
  25,738
  27,007
  28,340
  29,741
Adjusted assets (=assets-cash), $m
  7,678
  7,972
  8,284
  8,618
  8,974
  9,352
  9,753
  10,178
  10,629
  11,105
  11,609
  12,141
  12,702
  13,294
  13,918
  14,576
  15,269
  15,998
  16,766
  17,574
  18,425
  19,319
  20,260
  21,249
  22,288
  23,382
  24,531
  25,738
  27,007
  28,340
  29,741
Revenue / Adjusted assets
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
Average production assets, $m
  6,618
  6,869
  7,138
  7,426
  7,732
  8,058
  8,403
  8,770
  9,158
  9,569
  10,003
  10,461
  10,945
  11,455
  11,992
  12,559
  13,156
  13,785
  14,446
  15,143
  15,875
  16,646
  17,456
  18,308
  19,204
  20,146
  21,136
  22,177
  23,270
  24,419
  25,626
Working capital, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Total debt, $m
  3,401
  3,573
  3,760
  3,959
  4,171
  4,397
  4,636
  4,890
  5,159
  5,444
  5,745
  6,062
  6,397
  6,751
  7,123
  7,516
  7,930
  8,365
  8,823
  9,306
  9,814
  10,347
  10,909
  11,499
  12,120
  12,773
  13,459
  14,180
  14,937
  15,733
  16,570
Total liabilities, $m
  4,586
  4,759
  4,946
  5,145
  5,357
  5,583
  5,822
  6,076
  6,345
  6,630
  6,931
  7,248
  7,583
  7,937
  8,309
  8,702
  9,116
  9,551
  10,009
  10,492
  11,000
  11,533
  12,095
  12,685
  13,306
  13,959
  14,645
  15,366
  16,123
  16,919
  17,756
Total equity, $m
  3,093
  3,213
  3,339
  3,473
  3,616
  3,769
  3,930
  4,102
  4,283
  4,475
  4,678
  4,893
  5,119
  5,358
  5,609
  5,874
  6,153
  6,447
  6,757
  7,083
  7,425
  7,786
  8,165
  8,563
  8,982
  9,423
  9,886
  10,372
  10,884
  11,421
  11,986
Total liabilities and equity, $m
  7,679
  7,972
  8,285
  8,618
  8,973
  9,352
  9,752
  10,178
  10,628
  11,105
  11,609
  12,141
  12,702
  13,295
  13,918
  14,576
  15,269
  15,998
  16,766
  17,575
  18,425
  19,319
  20,260
  21,248
  22,288
  23,382
  24,531
  25,738
  27,007
  28,340
  29,742
Debt-to-equity ratio
  1.100
  1.110
  1.130
  1.140
  1.150
  1.170
  1.180
  1.190
  1.200
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.300
  1.310
  1.310
  1.320
  1.330
  1.340
  1.340
  1.350
  1.360
  1.360
  1.370
  1.370
  1.380
  1.380
Adjusted equity ratio
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  293
  43
  44
  45
  46
  48
  49
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  76
  79
  83
  86
  90
  95
  99
  104
  109
  115
  121
  127
  133
  140
Depreciation, amort., depletion, $m
  426
  443
  461
  479
  499
  520
  542
  566
  591
  617
  645
  675
  706
  739
  774
  810
  849
  889
  932
  977
  1,024
  1,074
  1,126
  1,181
  1,239
  1,300
  1,364
  1,431
  1,501
  1,575
  1,653
Funds from operations, $m
  512
  486
  504
  524
  545
  568
  592
  617
  644
  672
  702
  734
  767
  803
  840
  880
  921
  965
  1,011
  1,059
  1,111
  1,164
  1,221
  1,281
  1,343
  1,409
  1,478
  1,551
  1,628
  1,709
  1,793
Change in working capital, $m
  -25
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  537
  486
  504
  524
  545
  568
  592
  617
  644
  672
  702
  734
  768
  803
  840
  880
  921
  965
  1,011
  1,060
  1,111
  1,165
  1,221
  1,281
  1,343
  1,409
  1,479
  1,552
  1,628
  1,709
  1,794
Maintenance CAPEX, $m
  0
  -427
  -443
  -461
  -479
  -499
  -520
  -542
  -566
  -591
  -617
  -645
  -675
  -706
  -739
  -774
  -810
  -849
  -889
  -932
  -977
  -1,024
  -1,074
  -1,126
  -1,181
  -1,239
  -1,300
  -1,364
  -1,431
  -1,501
  -1,575
New CAPEX, $m
  -259
  -251
  -269
  -288
  -306
  -326
  -346
  -367
  -388
  -411
  -434
  -458
  -484
  -510
  -538
  -567
  -597
  -629
  -662
  -696
  -733
  -771
  -810
  -852
  -896
  -942
  -990
  -1,040
  -1,093
  -1,149
  -1,207
Cash from investing activities, $m
  -112
  -678
  -712
  -749
  -785
  -825
  -866
  -909
  -954
  -1,002
  -1,051
  -1,103
  -1,159
  -1,216
  -1,277
  -1,341
  -1,407
  -1,478
  -1,551
  -1,628
  -1,710
  -1,795
  -1,884
  -1,978
  -2,077
  -2,181
  -2,290
  -2,404
  -2,524
  -2,650
  -2,782
Free cash flow, $m
  425
  -192
  -208
  -224
  -240
  -257
  -274
  -292
  -310
  -329
  -349
  -370
  -391
  -413
  -436
  -461
  -486
  -512
  -540
  -569
  -599
  -630
  -663
  -698
  -734
  -771
  -811
  -852
  -896
  -941
  -989
Issuance/(repayment) of debt, $m
  -249
  172
  187
  199
  212
  226
  240
  254
  269
  284
  301
  318
  335
  353
  373
  393
  414
  436
  458
  482
  508
  534
  562
  590
  621
  653
  686
  721
  758
  796
  836
Issuance/(repurchase) of shares, $m
  173
  79
  82
  89
  97
  104
  112
  120
  129
  137
  146
  155
  165
  175
  185
  196
  207
  218
  231
  243
  256
  270
  284
  299
  315
  331
  348
  366
  385
  404
  425
Cash from financing (excl. dividends), $m  
  -116
  251
  269
  288
  309
  330
  352
  374
  398
  421
  447
  473
  500
  528
  558
  589
  621
  654
  689
  725
  764
  804
  846
  889
  936
  984
  1,034
  1,087
  1,143
  1,200
  1,261
Total cash flow (excl. dividends), $m
  308
  59
  61
  65
  69
  73
  78
  83
  87
  93
  98
  103
  109
  115
  121
  128
  135
  142
  149
  157
  165
  174
  183
  192
  202
  212
  223
  235
  246
  259
  272
Retained Cash Flow (-), $m
  -193
  -122
  -126
  -134
  -143
  -152
  -162
  -171
  -182
  -192
  -203
  -214
  -226
  -239
  -252
  -265
  -279
  -294
  -309
  -326
  -343
  -360
  -379
  -399
  -419
  -441
  -463
  -487
  -511
  -537
  -565
Prev. year cash balance distribution, $m
 
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -61
  -65
  -70
  -74
  -79
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -124
  -130
  -137
  -145
  -152
  -160
  -169
  -178
  -187
  -196
  -206
  -217
  -228
  -240
  -252
  -265
  -278
  -293
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  -56
  -55
  -53
  -51
  -48
  -45
  -42
  -38
  -34
  -30
  -27
  -23
  -19
  -16
  -13
  -11
  -8
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.2
  98.5
  97.7
  96.9
  96.1
  95.3
  94.4
  93.5
  92.7
  91.8
  90.9
  90.0
  89.1
  88.2
  87.3
  86.4
  85.5
  84.6
  83.7
  82.8
  81.9
  81.1
  80.2
  79.3
  78.5
  77.6
  76.8
  75.9
  75.1
  74.3

UDR, Inc. is an independent real estate investment trust. The firm invests in the real estate markets of the United States. It owns, operates, acquires, renovates, develops, redevelops, and manages multifamily apartment communities. The firm was previously known as United Dominion Realty Trust, Inc. UDR, Inc. was founded in 1972 and is headquartered in Denver, Colorado with additional offices in Dallas, Texas; Houston, Texas; Newport Beach, California; Orlando, Florida; Phoenix, Arizona; Santa Clara, California; Tampa, Florida; and Washington DC, Virginia.

FINANCIAL RATIOS  of  UDR (UDR)

Valuation Ratios
P/E Ratio 35.5
Price to Sales 10.8
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 19.4
Price to Free Cash Flow 37.4
Growth Rates
Sales Growth Rate 7.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.5%
Cap. Spend. - 3 Yr. Gr. Rate 30.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 110%
Total Debt to Equity 110%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 15.1%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 9.8%
Return On Equity - 3 Yr. Avg. 9.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 67.8%
Gross Margin - 3 Yr. Avg. 67%
EBITDA Margin 68.4%
EBITDA Margin - 3 Yr. Avg. 65.9%
Operating Margin 18.2%
Oper. Margin - 3 Yr. Avg. 17.2%
Pre-Tax Margin 11%
Pre-Tax Margin - 3 Yr. Avg. 7.5%
Net Profit Margin 30.5%
Net Profit Margin - 3 Yr. Avg. 29.1%
Effective Tax Rate -3.8%
Eff/ Tax Rate - 3 Yr. Avg. -502.2%
Payout Ratio 106.8%

UDR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UDR stock intrinsic value calculation we used $960 million for the last fiscal year's total revenue generated by UDR. The default revenue input number comes from 2016 income statement of UDR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our UDR stock valuation model: a) initial revenue growth rate of 3.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.5%, whose default value for UDR is calculated based on our internal credit rating of UDR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of UDR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of UDR stock the variable cost ratio is equal to 76.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $48 million in the base year in the intrinsic value calculation for UDR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.6% for UDR.

Corporate tax rate of 27% is the nominal tax rate for UDR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the UDR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for UDR are equal to 689.3%.

Life of production assets of 15.5 years is the average useful life of capital assets used in UDR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for UDR is equal to -0.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3093 million for UDR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 268.386 million for UDR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of UDR at the current share price and the inputted number of shares is $10.4 billion.

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COMPANY NEWS

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▶ UDR Declares Quarterly Dividend   [Jun-22-17 04:16PM  Business Wire]
▶ How Wall Street Analysts View AvalonBay Stock   [Jun-19-17 07:35AM  Market Realist]
▶ AvalonBayComparison with Other Retail REITs in Its Industry   [Jun-16-17 10:35AM  Market Realist]
▶ How Rising Interest Rates Impact AVB and Residential REITs   [Jun-14-17 10:37AM  Market Realist]
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▶ UDR Prices $300 Million of Senior Unsecured Notes Due 2027   [Jun-07-17 04:16PM  Business Wire]
▶ GGP: A Rewarding Stock for Shareholders   [May-31-17 07:36AM  Market Realist]
▶ Equity Residential: A Peer Comparison   [May-29-17 09:05AM  Market Realist]
▶ Equity Residential: A Shareholder-Friendly Company   [May-26-17 10:36AM  Market Realist]
▶ Equity Residentials Geographic Expansion   [09:07AM  Market Realist]
▶ UDR reports 1Q results   [Apr-24-17 04:24PM  Associated Press]
▶ UDR Announces First Quarter 2017 Results   [04:16PM  Business Wire]
▶ UDR to Participate in Citi Global Property CEO Conference   [Feb-28-17 04:16PM  Business Wire]
▶ UDR, Inc. Reports Tax Status of 2016 Dividends   [Jan-17-17 04:45PM  Business Wire]
▶ Instant Analysis: HCP Names a New CEO   [Jan-13-17 02:54PM  at Motley Fool]
▶ UDR to Ring NYSE Closing Bell to Celebrate 45th Anniversary   [Jan-05-17 04:17PM  Business Wire]
Stock chart of UDR Financial statements of UDR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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