Intrinsic value of UDR - UDR

Previous Close

$35.97

  Intrinsic Value

$2.88

stock screener

  Rating & Target

str. sell

-92%

Previous close

$35.97

 
Intrinsic value

$2.88

 
Up/down potential

-92%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  960
  992
  1,026
  1,063
  1,103
  1,146
  1,192
  1,241
  1,293
  1,348
  1,406
  1,468
  1,534
  1,603
  1,677
  1,754
  1,835
  1,921
  2,012
  2,107
  2,208
  2,314
  2,425
  2,542
  2,666
  2,795
  2,932
  3,075
  3,226
  3,384
  3,551
Variable operating expenses, $m
 
  763
  789
  818
  848
  881
  917
  954
  994
  1,037
  1,082
  1,129
  1,180
  1,233
  1,289
  1,349
  1,411
  1,478
  1,547
  1,621
  1,698
  1,779
  1,865
  1,955
  2,050
  2,150
  2,254
  2,365
  2,481
  2,602
  2,730
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
  812
  839
  870
  901
  935
  973
  1,011
  1,052
  1,097
  1,143
  1,192
  1,245
  1,299
  1,357
  1,419
  1,482
  1,551
  1,622
  1,698
  1,777
  1,860
  1,948
  2,040
  2,137
  2,239
  2,345
  2,458
  2,577
  2,700
  2,831
Operating income, $m
  175
  180
  187
  194
  202
  210
  220
  230
  240
  251
  263
  276
  290
  304
  319
  336
  353
  371
  390
  410
  431
  454
  478
  503
  529
  557
  586
  617
  649
  684
  720
EBITDA, $m
  601
  621
  643
  667
  692
  720
  750
  781
  815
  851
  889
  929
  972
  1,017
  1,065
  1,116
  1,169
  1,225
  1,285
  1,347
  1,413
  1,483
  1,556
  1,633
  1,714
  1,800
  1,890
  1,984
  2,084
  2,189
  2,299
Interest expense (income), $m
  125
  122
  128
  134
  140
  147
  154
  162
  171
  180
  189
  199
  210
  221
  233
  246
  259
  273
  288
  303
  320
  337
  355
  374
  394
  416
  438
  461
  486
  512
  539
Earnings before tax, $m
  106
  57
  59
  60
  62
  63
  65
  67
  69
  72
  74
  77
  80
  83
  86
  90
  94
  98
  102
  107
  112
  117
  122
  128
  135
  141
  148
  155
  163
  172
  180
Tax expense, $m
  -4
  16
  16
  16
  17
  17
  18
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  49
Net income, $m
  293
  42
  43
  44
  45
  46
  48
  49
  51
  52
  54
  56
  58
  61
  63
  66
  69
  71
  75
  78
  82
  85
  89
  94
  98
  103
  108
  113
  119
  125
  132

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
  7,933
  8,209
  8,506
  8,826
  9,169
  9,535
  9,926
  10,341
  10,783
  11,251
  11,747
  12,272
  12,826
  13,412
  14,031
  14,683
  15,371
  16,096
  16,860
  17,664
  18,510
  19,402
  20,339
  21,325
  22,363
  23,454
  24,601
  25,806
  27,074
  28,406
Adjusted assets (=assets-cash), $m
  7,678
  7,933
  8,209
  8,506
  8,826
  9,169
  9,535
  9,926
  10,341
  10,783
  11,251
  11,747
  12,272
  12,826
  13,412
  14,031
  14,683
  15,371
  16,096
  16,860
  17,664
  18,510
  19,402
  20,339
  21,325
  22,363
  23,454
  24,601
  25,806
  27,074
  28,406
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
  6,836
  7,073
  7,329
  7,605
  7,900
  8,216
  8,552
  8,910
  9,291
  9,694
  10,121
  10,573
  11,051
  11,556
  12,089
  12,651
  13,244
  13,869
  14,527
  15,220
  15,949
  16,717
  17,525
  18,375
  19,268
  20,208
  21,196
  22,235
  23,327
  24,475
Working capital, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
Total debt, $m
  3,401
  3,550
  3,715
  3,892
  4,083
  4,288
  4,507
  4,740
  4,988
  5,251
  5,531
  5,827
  6,140
  6,471
  6,821
  7,190
  7,580
  7,990
  8,423
  8,879
  9,359
  9,865
  10,397
  10,956
  11,545
  12,165
  12,816
  13,501
  14,220
  14,977
  15,772
Total liabilities, $m
  4,586
  4,736
  4,901
  5,078
  5,269
  5,474
  5,693
  5,926
  6,174
  6,437
  6,717
  7,013
  7,326
  7,657
  8,007
  8,376
  8,766
  9,176
  9,609
  10,065
  10,545
  11,051
  11,583
  12,142
  12,731
  13,351
  14,002
  14,687
  15,406
  16,163
  16,958
Total equity, $m
  3,093
  3,197
  3,308
  3,428
  3,557
  3,695
  3,843
  4,000
  4,168
  4,346
  4,534
  4,734
  4,945
  5,169
  5,405
  5,654
  5,917
  6,194
  6,487
  6,794
  7,119
  7,460
  7,819
  8,197
  8,594
  9,012
  9,452
  9,914
  10,400
  10,911
  11,447
Total liabilities and equity, $m
  7,679
  7,933
  8,209
  8,506
  8,826
  9,169
  9,536
  9,926
  10,342
  10,783
  11,251
  11,747
  12,271
  12,826
  13,412
  14,030
  14,683
  15,370
  16,096
  16,859
  17,664
  18,511
  19,402
  20,339
  21,325
  22,363
  23,454
  24,601
  25,806
  27,074
  28,405
Debt-to-equity ratio
  1.100
  1.110
  1.120
  1.140
  1.150
  1.160
  1.170
  1.180
  1.200
  1.210
  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
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
  42
  43
  44
  45
  46
  48
  49
  51
  52
  54
  56
  58
  61
  63
  66
  69
  71
  75
  78
  82
  85
  89
  94
  98
  103
  108
  113
  119
  125
  132
Depreciation, amort., depletion, $m
  426
  441
  456
  473
  491
  510
  530
  552
  575
  599
  625
  653
  682
  713
  746
  780
  816
  854
  895
  937
  982
  1,029
  1,079
  1,131
  1,185
  1,243
  1,304
  1,368
  1,435
  1,505
  1,579
Funds from operations, $m
  512
  483
  499
  517
  536
  556
  578
  601
  626
  652
  680
  709
  741
  774
  809
  846
  885
  926
  969
  1,015
  1,063
  1,114
  1,168
  1,224
  1,284
  1,346
  1,412
  1,481
  1,554
  1,630
  1,711
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
  483
  499
  517
  536
  556
  578
  601
  626
  652
  680
  709
  741
  774
  809
  846
  885
  926
  970
  1,015
  1,064
  1,115
  1,168
  1,225
  1,284
  1,346
  1,412
  1,481
  1,554
  1,631
  1,711
Maintenance CAPEX, $m
  0
  -427
  -441
  -456
  -473
  -491
  -510
  -530
  -552
  -575
  -599
  -625
  -653
  -682
  -713
  -746
  -780
  -816
  -854
  -895
  -937
  -982
  -1,029
  -1,079
  -1,131
  -1,185
  -1,243
  -1,304
  -1,368
  -1,435
  -1,505
New CAPEX, $m
  -438
  -218
  -237
  -256
  -276
  -295
  -316
  -337
  -358
  -380
  -403
  -427
  -452
  -478
  -505
  -533
  -562
  -593
  -625
  -658
  -693
  -730
  -768
  -808
  -850
  -894
  -940
  -988
  -1,039
  -1,092
  -1,148
Cash from investing activities, $m
  -112
  -645
  -678
  -712
  -749
  -786
  -826
  -867
  -910
  -955
  -1,002
  -1,052
  -1,105
  -1,160
  -1,218
  -1,279
  -1,342
  -1,409
  -1,479
  -1,553
  -1,630
  -1,712
  -1,797
  -1,887
  -1,981
  -2,079
  -2,183
  -2,292
  -2,407
  -2,527
  -2,653
Free cash flow, $m
  425
  -162
  -179
  -196
  -213
  -230
  -248
  -266
  -284
  -303
  -323
  -343
  -364
  -386
  -409
  -433
  -457
  -483
  -510
  -537
  -566
  -597
  -629
  -662
  -697
  -733
  -771
  -811
  -852
  -896
  -942
Issuance/(repayment) of debt, $m
  -249
  149
  164
  178
  191
  205
  219
  233
  248
  264
  279
  296
  313
  331
  350
  369
  389
  411
  433
  456
  480
  505
  532
  560
  589
  619
  651
  685
  720
  757
  795
Issuance/(repurchase) of shares, $m
  173
  64
  68
  76
  84
  92
  100
  108
  117
  125
  134
  144
  153
  163
  173
  183
  194
  206
  218
  230
  243
  256
  270
  284
  299
  315
  332
  349
  367
  385
  405
Cash from financing (excl. dividends), $m  
  -116
  213
  232
  254
  275
  297
  319
  341
  365
  389
  413
  440
  466
  494
  523
  552
  583
  617
  651
  686
  723
  761
  802
  844
  888
  934
  983
  1,034
  1,087
  1,142
  1,200
Total cash flow (excl. dividends), $m
  308
  51
  53
  58
  62
  67
  71
  76
  81
  86
  91
  96
  102
  108
  114
  120
  127
  134
  141
  148
  156
  164
  173
  182
  192
  201
  212
  223
  234
  246
  259
Retained Cash Flow (-), $m
  -193
  -106
  -111
  -120
  -129
  -138
  -148
  -157
  -167
  -178
  -189
  -200
  -211
  -224
  -236
  -249
  -263
  -277
  -292
  -308
  -324
  -341
  -359
  -378
  -397
  -418
  -440
  -462
  -486
  -511
  -537
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
 
  -53
  -57
  -62
  -67
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -144
  -151
  -159
  -168
  -177
  -186
  -196
  -206
  -217
  -228
  -239
  -252
  -265
  -278
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
 
  -49
  -48
  -47
  -46
  -44
  -41
  -38
  -35
  -32
  -28
  -25
  -21
  -18
  -15
  -13
  -10
  -8
  -6
  -5
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.3
  98.7
  97.9
  97.2
  96.4
  95.6
  94.7
  93.8
  92.9
  92.0
  91.1
  90.2
  89.2
  88.3
  87.3
  86.4
  85.4
  84.5
  83.5
  82.6
  81.6
  80.7
  79.8
  78.9
  77.9
  77.0
  76.1
  75.2
  74.4
  73.5

UDR, Inc. is a self-administered real estate investment trust. The Company owns, operates, acquires, renovates, develops, redevelops, disposes of and manages multifamily apartment communities generally located in various markets across the United States. The Company's segments are Same-Store Communities and Non-Mature Communities/Other. As of December 31, 2016, the Company's consolidated real estate portfolio included 127 communities located in 18 markets, with a total of 39,454 completed apartment homes. As of December 31, 2016, the Company also had an ownership interest in 27 communities containing 6,849 apartment homes through unconsolidated joint ventures or partnerships. As of December 31, 2016, the Company's properties were in various locations, such as Orange County, San Francisco and Los Angeles in California; Seattle, Washington; Richmond, Virginia; Baltimore, Maryland; Orlando and Tampa in Florida; Nashville, Tennessee, and Dallas and Austin in Texas.

FINANCIAL RATIOS  of  UDR (UDR)

Valuation Ratios
P/E Ratio 32.8
Price to Sales 10
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow 97.1
Growth Rates
Sales Growth Rate 7.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.8%
Cap. Spend. - 3 Yr. Gr. Rate -0.2%
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 3.3% 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 268.432 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 $9.7 billion.

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CBG CBRE Group 45.88 39.85  hold
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COMPANY NEWS

▶ UDR, Inc. Reports Tax Status of 2017 Dividends   [Jan-17-18 04:16PM  Business Wire]
▶ What Is Equity Residentials Valuation after 3Q17 Earnings?   [Jan-10-18 07:33AM  Market Realist]
▶ UDR Declares Quarterly Dividend   [Dec-14-17 04:16PM  Business Wire]
▶ Should You Buy UDR Inc (UDR) Now?   [Nov-28-17 03:56PM  Simply Wall St.]
▶ Warehouse, infrastructure owners buck sluggish REIT market   [Nov-16-17 03:08PM  Associated Press]
▶ No, the housing market isnt experiencing a Trump bump   [Nov-02-17 10:51AM  Yahoo Finance Video]
▶ UDR, Inc. to Host Earnings Call   [Oct-31-17 09:10AM  ACCESSWIRE]
▶ UDR reports 3Q results   [Oct-30-17 04:23PM  Associated Press]
▶ UDR Announces Third Quarter 2017 Results   [04:16PM  Business Wire]
▶ Weekly Top Insider Buys Highlight for the Week of Sept. 29   [Sep-30-17 09:31PM  GuruFocus.com]
▶ UDR Declares Quarterly Dividend   [Sep-21-17 04:16PM  Business Wire]
▶ Where Trump sees carnage, jobs are springing up   [Sep-13-17 10:19AM  Yahoo Finance Video]
▶ iPhone X delay rattle markets   [08:51AM  Yahoo Finance]
▶ How AvalonBay Compares after 2Q17   [07:35AM  Market Realist]
▶ AvalonBay Maintains Profit with Strategic Capital Deployment   [Aug-09-17 10:37AM  Market Realist]
▶ What Lies Ahead for AvalonBay   [07:41AM  Market Realist]
▶ Where AvalonBay Stands after Its 2Q17 Earnings Release   [Aug-08-17 04:58PM  Market Realist]
▶ Why This REIT Is No Longer A Buy   [Jul-31-17 01:40PM  Barrons.com]
▶ UDR reports 2Q results   [Jul-26-17 10:23PM  Associated Press]
▶ How Does Wall Street Rate Essex Property Trust?   [Jul-12-17 09:06AM  Market Realist]
▶ How Well Does Essex Property Manage Its Balance Sheet?   [Jul-11-17 10:36AM  Market Realist]
▶ How High Interest Could Affect ESS and Residential REITs   [Jul-10-17 10:36AM  Market Realist]
▶ Essex Property and Residential REITs Are Poised to Grow   [Jul-07-17 05:35PM  Market Realist]
▶ 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]
▶ AvalonBay: Weathering Ups and Downs in Residential REITs   [Jun-13-17 05:25PM  Market Realist]
▶ 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]
Financial statements of UDR
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