What does same store — real estate improvements mean?

The amount of capital spent on upgrading and maintaining established apartment properties to keep them competitive.

How do you interpret same store — real estate improvements?

An increase may indicate a strategic push to drive higher rental premiums through unit renovations, while a decrease might suggest a focus on cost containment or that the portfolio is currently in a lower-intensity maintenance cycle.

How does same store — real estate improvements compare across companies?

Peers in the multifamily REIT sector typically report this as recurring or value-add capital expenditures, often benchmarked as a percentage of property revenue or on a per-unit basis.

UDR UDR Same Store — Real Estate Improvements

Discontinued — last reported Q3 '18

Similar metrics at other companies

AVBSame Store — Real estate capitalized additions

$236.59M+25.5%

AVBEstablished Communities — Real estate capitalized additions

$126.55M-1.4%

OOther — SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements

$48.64M—

WELLTotal continuing operating properties — SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements

$11.32B+23.7%

EQRSame Store — Payments To Acquire Other Property Plant And Equipment

$48.78M+35.8%

REGOR — Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs

$15.1M+1.7%

Other financials

Income statement

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Revenue$425.8M+0.9%

Operating income$229.8M+88.1%

Net income$189.8M+147%

EPS (diluted)$0.57+148%

Balance sheet

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Cash & equivalents$1.3M+4.0%

Total debt$182.0M+0.4%

Total equity$3.3B-1.4%

Total assets$10.3B-3.8%

Cash flow

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Operating cash flow$128.7M-17.6%

CapEx$43.5M-18.0%

Free cash flow$85.3M-17.4%

Valuation

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Market cap$12.2B-25.8%

Enterprise value$12.38B-25.5%

P/E24.9×-103×

P/S7.1×-2.7×

Profitability

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Operating margin38.5%+19.1pp

Net margin28.6%+21.0pp

FCF margin36.8%+0.2pp

Returns & leverage

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Return on equity14.8%+11.3pp

Debt / equity0.1×0.0×

Where this comes from

Reported directly by UDR in its filing.

Tagged under the XBRL concept us-gaap:RealEstateImprovements.

The official record: UDR’s 10-Q, filed October 30, 2018, on SEC EDGAR. View the filing →

Questions, answered.

What does same store — real estate improvements mean?: The amount of capital spent on upgrading and maintaining established apartment properties to keep them competitive.
How do you interpret same store — real estate improvements?: An increase may indicate a strategic push to drive higher rental premiums through unit renovations, while a decrease might suggest a focus on cost containment or that the portfolio is currently in a lower-intensity maintenance cycle.
How does same store — real estate improvements compare across companies?: Peers in the multifamily REIT sector typically report this as recurring or value-add capital expenditures, often benchmarked as a percentage of property revenue or on a per-unit basis.