UDR Investor Presentation
STRONG, LIQUID, FLEXIBLE BALANCE SHEET
Sector-leading weighted average interest rate and robust liquidity (~$1 billion) plus strong, and improving, leverage metrics
support growth opportunities and reduce risk.
Investment Grade
BBB+
S&P Unsecured Rating
Baa1
Moody's Unsecured Rating
3.25%
Sector-best weighted average interest rate
Strong Leverage Metrics
28.6%
Consolidated debt-to-enterprise value(1)
5.7x
Consolidated net debt-to-EBITDAre
as of 1Q 2023
5.2x
Consolidated fixed charge coverage ratio
as of 1Q 2023
Well Laddered Maturity Schedule
6.3 years
Average debt duration (2)
19.0%
Sector-low percentage of debt
maturing over next 4 years (2)
88.8%
of NOI unencumbered
Forward Debt Maturity Schedule ($M/Weighted Average Interest Rate)
$406
5.1%
$126
$175
$353
$653
$462
$492
$762
$761
4.2%
3.7%
3.0%
3.7%
3.7%
3.9%
3.3%
2.9%
$427
2.2%
$950
2.4%
$1,000
$800
Only 5% of consolidated debt outstanding matures
through 2025, excluding Commercial Paper, (2)
Working Capital Facility, and principal amortization.
$600
$400
$200
$0
2023
2024
2025
2026
Unsecured Debt
2027
2028
2029
2030
2031
2032
Thereafter
Secured Debt Line of Credit/Working Capital
(1)
(2)
Consolidated debt-to-Enterprise Value is calculated using the Company's Enterprise Value as of March 31, 2023.
2023 maturities reflect $405.0 million of principal outstanding at an interest rate of 5.1%, an equivalent of SOFR plus a spread of 38 basis points, on the Company's unsecured commercial paper program as of March 31, 2023. Under the terms of the program the Company 14
may issue up to a maximum aggregate amount outstanding of $700.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 6.5 years without extensions and 6.6 years with extensions.
Source: Company and peer documents.View entire presentation