UDR's current liquidity adequate to meet needs through 2011, CFO says

By Jennifer Lanning Drey

Portland, Ore., Aug. 2 - UDR Inc. had enough cash and available credit capacity at the end of the second quarter to more than meet its debt maturity and development needs through 2011, David Messenger, its chief financial officer, said on Monday during UDR's second-quarter earnings conference call.

The company had $738 million of cash and credit availability at June 30.

During the second quarter, UDR took advantage of an opportunity to repurchase 27,400 shares of its preferred G stock at $23.25, Messenger said during the call.

Additionally, UDR repurchased $29.2 million of its 3.625% convertibles at an average price of 100.8, he said.

The company had total indebtedness of $3.4 billion at June 30.

UDR generated funds from operations of $45.7 million for the second quarter, compared to $53.7 million in the second quarter of 2009.

Same-store revenue declined by 2.1% year over year in the second quarter.

The company said it maintained occupancy levels above 95% during the second quarter and achieved increases in rents on both new and renewal leases for the first time since May 2008.

UDR is a Denver-based multifamily real estate investment trust.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.