Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following tables set forth selected consolidated financial and other information of UDR, Inc. and of the Operating Partnership as of and for each of the years in the five-year period ended December 31, 2017. The table should be read in conjunction with each of UDR, Inc.’s and the Operating Partnership’s respective consolidated financial statements and the notes thereto, and Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, included elsewhere in this Report.


	UDR, Inc.
	Year Ended December 31,
	(In thousands, except per share data
	and apartment homes owned)
	2017		2016		2015		2014		2013
OPERATING DATA:
Rental income	$	984,309	$	948,461	$	871,928	$	805,002	$	746,484
Income/(loss) from continuing operations		89,251		109,529		105,482		16,260		2,340
Income/(loss) from discontinued operations, net of tax		—		—		—		10		43,942
Net income/(loss)		132,655		320,380		357,159		159,842		46,282
Distributions to preferred stockholders		3,708		3,717		3,722		3,724		3,724
Net income/(loss) attributable to common stockholders		117,850		289,001		336,661		150,610		41,088
Common stock distributions declared		331,974		315,102		289,500		263,503		235,721
Income/(loss) per weighted average common share — basic:
Income/(loss) from continuing operations attributable to common stockholders	$	0.44	$	1.09	$	1.30	$	0.60	$	(0.01)
Income/(loss) from discontinued operations attributable to common stockholders		—		—		—		—		0.17
Net income/(loss) attributable to common stockholders	$	0.44	$	1.09	$	1.30	$	0.60	$	0.16
Income/(loss) per weighted average common share — diluted:
Income/(loss) from continuing operations attributable to common stockholders	$	0.44	$	1.08	$	1.29	$	0.59	$	(0.01)
Income/(loss) from discontinued operations attributable to common stockholders		—		—		—		—		0.17
Net income/(loss) attributable to common stockholders	$	0.44	$	1.08	$	1.29	$	0.59	$	0.16
Weighted average number of Common Shares outstanding — basic		267,024		265,386		258,669		251,528		249,969
Weighted average number of Common Shares outstanding — diluted		268,830		267,311		263,752		253,445		249,969
Weighted average number of Common Shares outstanding, OP Units/DownREIT Units and Common Stock equivalents outstanding — diluted		296,672		295,469		276,699		265,728		263,926
Common stock distributions declared - per share	$	1.24	$	1.18	$	1.11	$	1.04	$	0.94
Balance Sheet Data:
Real estate owned, at cost (a)	$	10,177,206	$	9,615,753	$	9,190,276	$	8,383,259	$	8,207,977
Accumulated depreciation (a)		3,330,166		2,923,625		2,646,874		2,434,772		2,208,794
Total real estate owned, net of accumulated depreciation (a)		6,847,040		6,692,128		6,543,402		5,948,487		5,999,183
Total assets		7,733,273		7,679,584		7,663,844		6,828,728		6,787,342
Secured debt, net (a)		803,269		1,130,858		1,376,945		1,354,321		1,432,186
Unsecured debt, net		2,868,394		2,270,620		2,193,850		2,210,978		2,071,137
Total debt, net		3,671,663		3,401,478		3,570,795		3,565,299		3,503,323
Total stockholders’ equity	$	2,825,800	$	3,093,110	$	2,899,755	$	2,735,097	$	2,811,648
Number of Common Shares outstanding		267,822		267,259		261,845		255,115		250,750
Other Data (a)
Total consolidated apartment homes owned (at end of year)		39,998		39,454		40,728		39,851		41,250
Weighted average number of consolidated apartment homes owned during the year		39,692		40,543		39,501		40,644		41,392
Cash Flow Data:
Cash provided by/(used in) operating activities	$	519,152	$	536,929	$	458,627	$	397,303	$	344,373
Cash provided by/(used in) investing activities		(407,441)		(112,277)		(265,461)		(298,603)		(127,680)
Cash provided by/(used in) financing activities		(111,785)		(429,282)		(201,648)		(113,725)		(198,559)
Funds from Operations (b):
Funds from operations attributable to common stockholders and unitholders — basic	$	538,916	$	527,096	$	455,565	$	411,702	$	376,778
Funds from operations attributable to common stockholders and unitholders — diluted		542,624		530,813		459,287		415,426		380,502

	(a)		Includes amounts classified as Held for Disposition, where applicable.

	(b)		Funds from operations (“FFO”) is defined as Net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate or of investments in non-consolidated investees that are driven by measurable decreases in the fair value of depreciable real estate held by the

investee, gains or losses from sales of depreciable property, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust’s (“NAREIT”) definition issued in April 2002. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of a REIT’s operating performance. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count.

We consider FFO a useful metric for investors as we use FFO in evaluating property acquisitions and our operating performance, and believe that FFO should be considered along with, but not as an alternative to, net income and cash flow as a measure of our activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs.

See “Funds from Operations” in Item 7. Management Discussion and Analysis of Financial Condition and Results of Operations for a reconciliation of Net income/(loss) attributable to common stockholders to FFO.

United Dominion Realty, L.P.

Year Ended December 31,

(In thousands, except per OP unit data

and apartment homes owned)


	2017		2016		2015		2014		2013
OPERATING DATA:
Rental income	$	419,377	$	404,415	$	440,408	$	422,634	$	401,853
Income/(loss) from continuing operations		66,583		46,082		56,940		33,544		32,766
Income/(loss) from discontinued operations		—		—		—		—		45,176
Net income/(loss)		107,855		79,262		215,063		97,179		77,942
Net income/(loss) attributable to OP unitholders		106,307		77,818		213,301		96,227		73,376
Income/(loss) per weighted average OP Unit - basic and diluted:
Income/(loss) from continuing operations attributable to OP unitholder	$	0.58	$	0.42	$	1.16	$	0.53	$	0.16
Income/(loss) from discontinued operations attributable to OP unitholder		—		—		—		—		0.24
Net income/(loss) attributable to OP unitholders	$	0.58	$	0.42	$	1.16	$	0.53	$	0.40
Weighted average number of OP Units outstanding — basic and diluted		183,344		183,279		183,279		183,279		184,196
Balance Sheet Data:
Real estate owned, at cost (a)	$	3,816,956	$	3,674,704	$	3,630,950	$	4,238,770	$	4,188,480
Accumulated depreciation (a)		1,543,652		1,408,815		1,281,258		1,403,303		1,241,574
Total real estate owned, net of accumulated depreciation (a)		2,273,304		2,265,889		2,349,647		2,835,467		2,946,906
Total assets		2,395,573		2,415,535		2,554,808		2,873,809		2,987,393
Secured debt, net (a)		159,845		433,974		475,964		927,484		929,017
Total liabilities		520,443		797,036		833,478		1,139,758		1,184,296
Total partners’ capital		1,464,295		1,578,202		1,713,412		1,703,001		1,795,934
Advances (to)/from the General Partner	$	397,899	$	19,659	$	(11,270)	$	13,624	$	(9,916)
Number of OP units outstanding		183,351		183,279		183,279		183,279		183,279
Other Data:
Total consolidated apartment homes owned (at end of year) (a)		16,698		16,698		16,974		20,814		20,746
Cash Flow Data:
Cash provided by/(used in) operating activities	$	234,463	$	228,682	$	226,765	$	208,032	$	208,346
Cash provided by/(used in) investing activities		(106,080)		(9,546)		23,583		(46,650)		(63,954)
Cash provided by/(used in) financing activities		(128,846)		(221,483)		(247,747)		(162,777)		(145,299)

	(a)		Includes amounts classified as Held for Disposition, where applicable.

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