Multi-Family Sales Presentation

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Analysis of Top 11 Analysis of Top 11 CompaniesCompanies

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Methodology

1. Categorization Choice: Primary & secondary1. Explanation of choice

2. Company Overview

1. Company Type (Hoovers.com)1. Private Headquarters or Public

2. Company description

3. General Statistics1. 2007 Sales

2. Number of properties owned

3. Company Details

1. Properties Handled1. Apartment, Single Family, Condominiums, Military Housing, Affordable Housing etc.

1. Affordable Housing is categorized as a more effective option under that companies portfolio, not necessarily

low income

1. High Barrier-to-Entry Markets are characterized by a low supply of zoned apartment land and a lengthy & contentious entitlement process

2. Properties Managed

3. Services Offered/ Subsidiary Companies1. Development, Construction, etc.

4. Locations

1. Headquarters

2. Offices

3. Properties

4. Future Expansion

5. Competitors

1. Main competitors are in bold (Hoovers.com)

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Presentation SummaryCompany Primary Focus Secondary Focus M,S,B Portfolio Size Region Comments

Alliance Residential Co. B A B

• 140+ communities• 19 major markets• Portfolio of over $3B SW, W

• In 2007 developed over 55,000 units in ten states throughout the Western, Southern and South Central United States

Lincoln Property Co. B C B

• 289+ residential communities• 10,000+ apartment homes in the Affordable Industry NE, SW, S, W

Camden Property Trust A B B

• 180 properties• 62,338 apartment homes• $2B NE, W

• Prepared for future growth • Over $2.0 billion in current and future projects • Upon completion of 12 properties under development, the Company's portfolio will increase to 66,121 apartment homes in 192 properties

Picerne Real Estate Group B A B

• Built 10,000+ houses• Owns & manages 40,000+ apartment homes SW, S, W

• Picerne has recently moved to expand in California throughits 2006 acquisition of Crown Pacific Properties

The Irvine Co. Apartment Communities A - B

• Manages 90+ apartment properties• 30,000+ units• 30+ affordable housing apartment communities W

AvalonBay Communities Inc. B A M• 150 apartment complexes• 43,000+ apartments NE, W

Gables Residential A - B

• Manage 34,000+ apartment homes• Own 60 communities• 16,000 stabilized units SW, S

• An additional 25 communities under development or lease-up• The current development pipeline includes approximately $1.1 billion in planned new communities & represents over 5,000 new apartment homes

Simpson Housing A B B

• Manages 100 apartment and senior communities• 25,000 units

• Developed 50,000+ multifamily units• $2 billion+ in assets SW, S, W

Legacy Partners Residential A - B

• Develops 58,000+ apartment homes• Manages 20,000+ apartment homes W

United Dominion Realty Trust B - B

• Owns & operates 240+ apartment communities and 40,000 apartment homes• 71,290+ units• 6,184+ homes under development• 738 under contract SW, W

• In 2006 made an $86M Budgeted Cost, a $191M total Investment, for redevelopment

Colonial Properties Trust B - M

• Owns & manages 130+ multifamily apartment complexes• 40,000+ units SW, S

• Recently made the shift to become apure-play multifamily residential REIT

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NMHC & NAHB Members

Company NMHC Member NAHB MemberAlliance Residential Co. YES NOLincoln Property Co. YES NOCamden Property Trust YES NOPicerne Real Estate Group YES NOThe Irvine Co. Apartment Communities YES NOAvalonBay Communities Inc. YES YESGables Residential YES YESSimpson Housing YES YESLegacy Partners Residential YES YESUnited Dominion Realty Trust YES YESColonial Properties Trust YES YES

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11 Top MF Builders, Property Mgrs & Relationship Holders with Tyvek1. Alliance Residential Co.

2. Lincoln Property Co.

3. Camden Property Trust

4. Picerne Real Estate Group

5. The Irvine Co. Apartment Communities

6. AvalonBay Communities Inc.

7. Gables Residential

8. Simpson Housing

9. Legacy Partners Residential

10. United Dominion Realty Trust

11. Colonial Properties Trust

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Overview: DuPont Solid Surfaces Opp. In Multi-Family

MF Segments* Natural Stone

Engineered Stone

Solid Surface

Laminate

Type A (Luxury-20%)

• “Renters for Life”• Act as high-end residential

Granite rules luxury

Some interest – aggressive sales strategy needed for Zodiaq

Only in bathrooms – tub surrounds & possibly vanity tops

Very Limited

Type B (Mid-level-60%)

• Entry-level (delaying home purchase)• “Value” segment –(Price conscious)

Low-end China imports affected demand of solid surface ($30/ft2 install)

Very Limited Biggest Opportunity for K&B if #1 < granite #2 positioned eff. vs. laminate

Laminate has a strong play for value seekers - ~70% of market

Type C (Low Inc.-20%)

• Property Managers value durability but not willing to pay for style or upgrades

Very Limited Very Limited Opportunity for polyester blend in K&B and Cultured Marble in Vanity Tops

Ruled by Laminate

Will

ing

nes

s to

Pa

y F

or

So

lid S

urfa

ce

(In

sta

lled

Pri

ce/ft

2)

$20

$25

$30

-$4

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*Estimates based on US Census Data & VOCNote: “Willingness to Pay” data from Freedonia 2007 K&B report & VOC form MF Builders & Prop. Mgrs.

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1. Alliance Residential Co.

My Categorization: Type B with a Type A Focus

This company is in the type B category but attempts to appeal to the higher end of type B as an affordable luxury.

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Company OverviewCompany Type: Private Headquarters

Alliance Residential Company is a fully integrated multifamily real estate operating company focused on innovative developments, strategic acquisitions and the proactive management of multifamily residential and mixed-use communities in the Western, Southern, South-Central and Southeast United States.

Alliance is one of the largest 3rd party management companies in the United States

• Portfolio of over $3 billion

• Over 140 communities

• 19 major markets

• In 2007 developed over 55,000 units in ten states throughout the Western, Southern and South Central United States

2007 Sales = $16.6 million

Alliance is the second-largest apartment developer in the nation

Drop in South Florida Rental Market

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1. Alliance Residential Co.Company DetailsAlliance Residential acquires properties with the following characteristics:

Location and Size:

• Properties in metropolitan areas consistent with Alliance Residential existing platform of management typically comprised of 150 units or more

Asset Age:

• Prefer 1990 or newer, however will consider older assets as renovation opportunities become available

Properties include: Garden-style complexes, mid-rises, high-rises, and student housing. Other services include construction rehabilitation of older complexes and upgrades of units

Alliance provides full-service property management services for multi-family apartment communities across the country, both on a 3rd party and owner-operated basis.

• Lease-up/new development programs

• Creative marketing strategies and local positioning

• Staff training and online support

• Customized, timely accounting reports

• Property transition planning

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Locations

• Main headquarters are in Phoenix,

Arizona

• Alliance currently has regional

offices in Albuquerque, Inland Empire,

Palo Alto, Atlanta, Las Vegas, San Antonio, Austin Los Angeles, San Diego, Dallas, Orange County, San Francisco, Denver, Phoenix, Salt Lake City, Houston, and Seattle

• The company manages apartment buildings for third-party owners in 18 metropolitan markets in Arizona, California, Colorado, Georgia, Nevada, New Mexico, Oregon, Texas, Utah, and Washington

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1. Alliance Residential Co.Competitors

• BRE Properties

• Essex Property Trust

• Pinnacle Realty

• A.G. Spanos

• AIMCO Properties

• Camden Property

• FirstService

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My Categorization: Type B with a Type C Focus

This company is in the type B category for their main line of retail, commercial, office, industrial and mixed-use developments. They are in the type C category with their focus on affordable housing.

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Company Overview

Company Type: Private Headquarters

Lincoln Property Company was created in 1965, developing and managing quality residential communities, primarily in Texas and the southwestern United States. As Lincoln began to grow and prosper, we expanded into other major areas of the United States. With over three decades of experience, Lincoln Property Company residential and commercial developments have become the industry standard for attractive architecture, attention to detail, superior management, and community enhancement.

Own, lease, and manage over 289 residential communities throughout the US

2007 Sales= $80.7 million

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Company DetailsProperty Management

Lincoln Property Company has the national resources to offer every community and Asset Manager the highest quality in staffing, training, reporting, technology and support to assure the best possible management of investments

Product mix includes:• Retail• Commercial• Office• Industrial• Mixed-use development

Commercial division:• Management

– Affordable and student housing– Conventional property management for third-party owners– One of the largest development and management companies for military families

• Development• Brokerage services for the industrial, office, retail, and mixed-use real estate areas

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Company Details Affordable Housing

Lincoln Property Company’s experience in providing housing for low-income families began in the late 1970’s. Since that time, Lincoln developed the expertise needed to manage over 10,000 apartment homes in the Affordable Industry. In 1995, Lincoln formed the Affordable Division, dedicated to providing quality services to residents in the Affordable Housing Market. Our Affordable Housing division is based on a long-term commitment and a desire to meet the needs of the community

Program Experience • Section 8

• MOD Rehab • Project Base • Certificate/Voucher Program

• Section 108 • HOME Multifamily Program • Industrial Bond Programs (IDB) • Multi-Family Housing Revenue Bonds • Federal Home Loan Bank Affordable Housing Program• Right To relocate

• Rental Rehab Funds • Low Income Housing Tax Credit (LIHTC)

• 40/60 Minimum Set Aside • 100% Low Income and Mixed Income

• Walker Class Member Units • Based on adjusted income

• RTC/FDIC Affordable Housing Disposition • Low Income Restrictions • Very Low Income Restrictions

• City Development Block Grant (CDBG)

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Locations• Corporate headquarters are located

in Dallas, Texas.• There are regional offices in

Austin, Boston, California, California Military, Dallas, Florida, SE Georgia, Houston, Illinois, Kansas, Missouri, Michigan, Ohio, New Jersey, Metropolitan NYC, Pittsburgh, San Antonio, and Washington D.C

Markets:Texas 118

Florida 32

Georgia 30

Arizona 11

Pennsylvania 11

Illinois 10

North Carolina 8

Virginia 8

Minnesota 5

Ohio 5Colorado 4Missouri 4New Jersey 3California 2Michigan 2Indiana 1New Hampshire 1Tennessee 1__________________Total 256

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2. Lincoln Property Co.Competitors

Pinnacle Realty AIMCO Equity Residential Archstone-Smith Trust CB Richard Ellis Centerline Capital Group Duke Realty Equity Office Properties Fairfield Residential Gale Company Hines JMB Realty Newmark Knight Frank Sperry Van Ness Staubach Tishman Trammell Crow Company Trammell Crow Residential Transwestern Commercial Services UDR Boston Properties Cushman & Wakefield Grubb & Ellis Inland Group Jones Lang LaSalle

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My Categorization: Type A & Type B

This company does business with upscale urban, as well as affordable housing in established suburban neighborhoods.

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Company OverviewCompany Type: Public

Camden is a national organization strategically focused on building, buying and selling apartment communities to maintain a high-quality portfolio balanced by geography and product type. Our strategy, Market Balance, is built around a core market operating strategy. Diversification is achieved through internal growth along with carefully staged acquisitions, developments and mergers. Through coast-to-coast diversification of our core markets and expansion into strategic high-growth markets, we capitalize on local economic strengths and establish entry points for future opportunities.

• Camden owns interests in and operates 180 properties containing 62,338 apartment homes

• Through the ownership of land parcels and development rights in promising markets, Camden is uniquely prepared for future growth

• Over $2.0 billion in current and future projects

• Upon completion of 12 properties under development, the Company's portfolio will increase to 66,121 apartment homes in 192 properties

2007 Sales Revenue= $635 million

(Increase of 10.8% from 2005)

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Company Details

Camden Property Trust is a multifamily real estate investment trust. The company's key activities include:

• Ownership, development, & management of multifamily apartment communities

• Construction

• Acquisition, disposition, & redevelopment of properties

• Consulting, building, & construction services for third party clients

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Company Details

Camden Builders is a wholly-owned subsidiary of Camden

They provide a range of project services:

• Pre-Development Services

• Design/Build

• General Contracting

• Construction Management

• Project Management

Projects in Multi-family:

• High Density/Urban

• Garden

• Garden (HUD Financed)

– United States Department of Housing and Urban Development

• Independent Living

• Student Housing

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Locations

• Camden has completed their goal to

become geographically diverse across the United States

• Main headquarters are in Houston, Texas

• They are located in eighteen high-growth markets throughout the lower half of the United States

– In addition to these markets, Camden Development is branching out into the Northern California, Southern Florida, and metropolitan areas surrounding Washington D.C., as well as areas in the Northwest U.S. region

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Locations for Camden BuildersCamden Builders provides construction services throughout the United States

• California• Nevada• Arizona• Colorado• Texas• Louisiana• Missouri• Kentucky• Virginia• Florida

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Competitors• A.G. Spanos • AMLI Residential • AIMCO • Archstone-Smith Trust • Associated Estates Realty • AvalonBay • Berkshire Income Realty • BRE Properties • Colonial Properties • Equity Residential • Essex Property Trust• Gables Residential Trust

•JPI •Lane Company •Lincoln Property •Mid-America Apartment Communities •Milestone Management •Post Properties •Roberts Realty Investors •Simpson Housing •Southern Management •Tarragon •Transcontinental Realty •TVO Groupe •UDR

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My Categorization: Type B, with a high end focus

Picerne deals mostly with the type B target market, but does have some business in the high-end luxury developments (Type A).

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Picerne Real Estate Group is a privately held, family-owned company. Development is their primary focus, with each new real estate project being assessed for maximum profitability. This is achieved through a regional and corporate project review process that considers both local market conditions and long-range company goals. In combining prime sites with solid research and enduring implementation, they have set a standard for developing quality properties that provide maximum profitability in multiple markets.

Picerne Real Estate Group has been building and managing luxury properties on a continuing basis since 1925, including affordable and upscale apartments, senior housing, military housing, and single-family homes

Picerne Real Estate Group:• Built more than 10,000 houses

• Owns and manages more than 40,000 apartment homes throughout the United States and Puerto Rico

• Owns over 32,000 apartment units in Rhode Island alone


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Company Details

Picerne Offers:

• Apartment Communities

– Picerne is a full service construction, design, development, management and acquisition real estate firm

• Single Family Communities

– Are Rhode Island’s largest single-family homebuilder

• Condominiums

– Picerne Real Estate Group has developed several condominium communities

• Military Housing

– Picerne’s Military Housing is located in: Fort Bragg, Fort Meade, Fort Polk, and Fort Riley

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Company Details

• Picerne Development is recognized as one of the top 10 multifamily developers in the nation

– Multifamily communities are their strength, with business in the United States and Puerto Rico

– Develop everything from high-density apartment buildings with structured parking to low-density town home communities and single-family home subdivisions. Their experience includes high-end luxury developments and affordable multifamily communities

• Picerne Construction provides a full range of services for multifamily and single-family residential developments

– Picerne Real Estate Group is also a general contractor

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Locations

• Main headquarters are located in Warwick, Rhode Island, with regional offices in Arizona, Rhode Island, Florida, and Nevada

• The Puerto Rico office is located in the heart of downtown San Juan

• Apartments are offered in Arizona, Nevada, and Rhode Island

• Picerne offers affordable apartments in Alabama, Arizona, Colorado, Florida, Georgia, Indiana, Michigan, Mississippi, Nebraska, Nevada, New Mexico, New York, Ohio, Pennsylvania, Puerto Rico, South Carolina, Tennessee, Texas, and West Virginia

• Picerne has recently moved to expand in California through its 2006 acquisition of Crown Pacific Properties

– Picerne used the acquisition to form a new Golden State-based subsidiary, TPG Apartment Group

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Competitors

• AvalonBay

• Clark Realty Builders

• GMH Communities Trust

• Lincoln Property

• Trammell Crow Residential

• WNC & Associates

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My Categorization: Type A

They focus on luxury areas and offer high end apartments and commodities. Even the affordable housing options are within the luxury tier.

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Company Overview


The Irvine Company consists of community builders, master planners, asset managers and real estate investors who are committed to providing an all-inclusive master plan for the Irvine Ranch. They plan and create amazing communities that include a variety of housing, job and retail centers, recreation, schools, parks, trails and permanently preserved pieces of beautiful land.

Irvine Companies Apartment Communities are a former real estate investment trust (REIT). The firm was spun off by The Irvine Company (owned by Donald Bren) in 1993, then reacquired in 1999 after REIT stocks fell

• They manage more than 90 apartment properties containing some 30,000 units

2007 Sales= $320 million

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Company Details

Their mission is to continue planning communities for the long-term

Irvine Company offers apartment communities, corporate housing, & affordable housing

Apartment Communities

• Personalized service with their Rental Living Apartment Information Center

Corporate Housing

• IAC Suites– For a temporary job assignment, relocation, or a fully-furnished apartment.

– Over 90 communities in the most sought-after locations throughout California

– Fully furnished

Affordable Housing

• Many affordable rental housing programs exist in order to reduce the rents of those who qualify. These programs are contingent on income level and, in many cases, size of household

• Programs are available at more than 30 locations offered by The Irvine Company Apartment Communities in Orange County, San Diego, and Northern California

– Floor plans range from studio to three-bedroom plans. (Most communities present a wide selection of amenities, including pools, spas, fitness and business centers)

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Locations

• Irvine Co. headquarters are located

in Irvine, CA. The company's

properties are primarily located in

Southern California's Orange County

• The properties are concentrated in the cities of:

– Irvine

– Newport Beach

– Tustin

• Irvine Apartment Communities also have properties in other high-growth areas of the Golden State, including Redwood City, Sunnyvale, and Cupertino.

• Affordable housing options are offered in Southern & Northern California

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Competitors

• AIMCO

• Archstone-Smith Trust

• AvalonBay

• BRE Properties

• Equity Residential


• UDR

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My Categorization: Type B & Type A

Deals with both market segments, works in high end Type A markets, but mainly targeting the type B.

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Company Overview

Company Type: Public

AvalonBay Communities likes to go where the living is easy but the rules are strict. AvalonBay develops, acquires, refurbishes, leases, and manages apartment complexes.

• AvalonBay owns about 150 apartment complexes containing more than 43,000 apartments in 10 states

• Member of the National Multi Housing Council (NMHC)

– The apartment industry’s leading advocate and strategic consultant

2007 Sales= 737.3 million

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Company Details

• AvalonBay Communities, Inc. is a real estate investment trust (a "REIT") focused on developing, redeveloping, acquiring and managing high-quality apartment communities in high barrier-to-entry markets of the United States

• AvalonBay operates in 16 high barrier-to-entry markets characterized by a limited supply of new apartment homes and a high cost of single-family housing, leading to more favorable demand/supply fundamentals over the long-term. Their strategy is to deeply penetrate those core markets through a broad range of products and services and an intense focus on the customer

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Locations

• Main headquarters are in

Alexandria, VA

• Targeted markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country

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7. AvalonBay Communities Inc.Locations

• AvalonBay operates in the following markets:

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Competitors• AIMCO


• Associated Estates Realty

• BRE Properties

• Camden Property



• Gables Residential Trust

• Home Properties

• Irvine Apartment Communities

• JCM Partners

• Lefrak Organization

• Post Properties

• Southern Management

• UDR

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This company offers luxury apartment home living.

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Gables wants to be the only pitch you hear. Gables Residential Trust is a real estate investment trust (REIT) that acquires, constructs, and manages upscale apartment complexes in the southern US.

• The company’s current shareholders are primarily foreign and domestic institutional investors, such as real estate funds and private pension funds.They focus on high-density urban multi-family rental and mixed-use development and management opportunities

• Currently manage:

– Over 34,000 apartment homes

– Own 60 communities with nearly 16,000 stabilized units

– Have an additional 25 communities under development or lease-up.

– The current development pipeline includes approximately $1.1 billion in planned new communities. (The pipeline represents over 5,000 new apartment homes)

• Targets the "affluent renter-by-choice" through its focus on luxury properties in upscale, high-growth urban areas, rather than outlying suburban complexes

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Company Details

• Gables operates in four key areas of the multi-family housing industry:

– Operations of Gables’ owned apartment and mixed-use communities, providing luxury living experiences to a diverse target demographic

– Providing property management, leasing and consulting services to third-party institutional and private apartment community owners

– Providing dedicated sales and service for corporate and short-term accommodations in desirable locations nationwide, known as Gables Corporate Accommodations (GCA)

– Development, general contracting and construction of new Gables residential communities and mixed-use developments featuring residential, retail and office space

• Gables has been selling properties in its non-core markets; it has or reduced its holdings in such markets as Nashville and Memphis. It also entered California by acquiring Income Growth Property Management, a multifamily property manager. Gables plans to acquire or develop additional properties in southern California and in Washington, DC

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Locations

• Corporate headquarters are located

in Atlanta, Georgia

• There are regional offices in Boca Raton,

Houston, Dallas, Austin, DC/MD/Virginia, California

Gables Properties are located in:

Atlanta, Austin, Chicago, Dallas, DC/MD/VA, Houston, Jacksonville, Memphis, Nashville, New York, Orlando, Phoenix, Seattle, South Florida, Southern California, Tampa, and Virginia Beach

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Competitors• AMLI Residential

• AIMCO


• AvalonBay

• Camden Property

• Colonial Properties


• JPI


• Mid-America Apartment Communities

• Milestone Management

• Post Properties

• Roberts Realty Investors

• Trammell Crow Residential

• UDR

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8. Simpson Housing

My Categorization: Type A & Type B

Simpson Housing specializes in Type A luxury multifamily properties, but also has properties in both suburban and urban infill markets, and offers affordable and senior housing for more lower income populations.

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8. Simpson Housing

Company Overview


Simpson Housing LLLP is a fully integrated real estate firm that is organized to deliver a comprehensive range of real estate services primarily focusing on multi-family property management and development.

• The holding company invests in, develops, and manages residential properties

• Specializes in “Class A” luxury multifamily properties and has extensive experience in both suburban and urban infill markets and products


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8. Simpson Housing

Company DetailsDevelops Apartments

– 8 regional offices across the United States

– Over 50,000 multifamily units developed

– Assets in excess of $2 billion and growing

• Property Types:– Garden Properties

• Primarily in suburban locations with densities of 10 to 24 units per acre

– Mid-Rise Urban Infill Properties

• Densities up to 100 units per acre, often with a small retail and/or commercial component

– High-Rise Urban Infill Properties

• Densities greater than 100 units per acre, often with a retail or commercial component comprising up to 35 percent of the entire project

Builds Apartments

• Great West Contractors (GWC), a subsidiary of SHLP offers a complete range of construction services from pre-construction to project management on a variety of multifamily and mixed use communities. GWC also assists the Company in monitoring the various joint venture projects during construction

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8. Simpson Housing

Company Details

Manages Apartments

• Simpson Property Group subsidiary, is an experienced, fully integrated real estate firm providing services in commercial and multifamily property management, development and construction

– Established in 1948, oversees about 100 apartment and senior communities and nearly 25,000 units in 34 states

Affordable & Senior Housing

• Simpson Housing Solutions LLC

– Provides equity funding, development expertise, and management to the affordable multifamily housing sector

– Purchases tax credits at highly competitive prices and can provide either a portion or a complete financing framework

• Great West Contractors provides construction management services

– The Michigan State Employees' Retirement System owns about 45% of the company; the Alaska Permanent Fund owns another 45%

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8. Simpson Housing

Locations

• Company headquarters are in

Denver, Colorado

• Apartment communities are located throughout: Arizona, California, Colorado, Florida, Georgia, Kansas, Kentucky, Massachusetts, Michigan, Missouri, Montana, New Mexico, North Carolina, Oregon, South Carolina, Texas, Virginia, and Washington

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8. Simpson Housing

Competitors

• AIMCO Properties

• Pinnacle Realty

• AIMCO

• Camden Property


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Builds luxury multifamily apartment communities.

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Company Overview


Since 1968, Legacy Partners Residential has built luxury multifamily communities throughout the western United States. They are an Accredited Management Organization with a team that includes a number of certified property managers, certified public accountants, and real property administrators. Legacy also has an affiliation with several industry organizations.

• Develops more than 58,000 apartment homes

• Manages over 20,000 apartment homes

Clients range from small family trusts to large institutional investors


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Company Details

Services Include:• Property Management

• Marketing Services

• Acquisitions

• Training– All-inclusive training programs encompass everyone involved in running the communities

• Technology Services– Create comprehensive MIS solutions for the financial and operating systems that run our apartment communities,

enhance communications and increase interaction between all levels of management and accounting.

• Financial Services

• Other Services– Construction/Rehabilitation

– Development Consulting

– Due Diligence Analysis

– Court Receiver

– Property Sales/Brokerage Support

– Business-to-Business Corporate Apartments

• Legacy Living (exclusively for our residents)

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Locations

• Headquarters are located in

Foster City, California

• Have communities in Northern California,

Southern California, Arizona, Colorado, Utah, Washington and Texas.

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Competitors

• A.G. Spanos

• J. H. Snyder

• Pacific Property Company

• Santa Fe Financial

• Shea Homes

• Sunset Development

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10. United Dominion Realty Trust (UDR)

My Categorization: Type B

This company sells to the middle-market tier, but has recently ventured out to non-core markets as well as properties outside its prime demographic market, due to the increased competition in the industry.

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Company Overview


UDR, Inc., formerly United Dominion Realty Trust is a real estate investment trust (REIT). They are focused on two goals: providing high quality apartment homes, and providing excellent service and value to our residents.

S&P 400 company, UDR is the fourth largest apartment REIT in the nation

• Owns and operates more than 240 apartment communities and over 40,000 apartment homes

• Has over 71,290 units

• Has 6,184 homes under development (with another 738 under contract)


Market Cap= 6.9 billion

2008 Company Fact Sheet

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Company Details

UDR owns, acquires, renovates, develops, and manages middle-market apartment communities in targeted U.S. markets

• Portfolio changes incorporate rigorous analysis that measure 2 key factors to determine when and where to invest:

– Low home affordability index

– Favorable demand/supply ratio for multi-family housing (demographic trends are favorable & job growth expectations are high)

• Housing Advantage For Corporate & Small Business Clients

– UDR partners with local and national businesses

• A “no-cost” corporate benefit for employees

• An apartment home-finding program to assist in relocating employees

• A visible and active step towards increasing employee retention

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Company Details• UDR has recently remodeled the kitchen & baths in their apartment homes

– Most bathrooms have Faux granite counter tops (some offer ceramic or laminate)

– Kitchen countertops are in granite, ceramic tile and laminates

• In 2005 & 2006 UDR has invested over $30 million to replace older heat pumps and air conditioners with more energy-efficient models, and upgrade old appliances

• Current Redevelopment Status

– Reinvest with Exterior Upgrades and Interior Renovations

– 5 Communities Completed – 1,832 Homes

– 6 Communities Underway – 1,900 Homes

– $86M Budgeted Cost - $191M Total Investment

– Targeting 8% to 10% Stabilized ROI

– Expect 50% growth in post-renovated cash flow to $16.7M

– Average investment of $41,430 per home

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Locations

• Headquarters are located in

Highlands Ranch, Colorado

• Dominion is the Sun Belt

• Apartments are offered in: Arizona, Arkansas, California, Delaware, District of Columbia, Florida, Maryland, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia, and Washington

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Competitors• AIMCO


• AvalonBay

• BRE Properties

• Camden Property

• Centerline Capital Group

• Colonial Properties

• Edward Rose




• Home Properties



• Milestone Management

• Post Properties

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My Categorization: Type B

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Company Overview


Colonial Properties Trust is a real estate investment trust (REIT) that manages commercial assets through joint venture investments and aggressively pursuing development opportunities. They have a long history as both a private and a public company.

• Owns and manages over 130 multifamily apartment complexes

– With over 40,000 units


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Company Details

• Colonial Properties in 2007 completed its strategic shift to becoming a pure-play multifamily residential REIT, selling off the last of its non-core holdings

– At one point, the REIT's portfolio had included office buildings, malls, and other retail property

• CLP focuses on development as they believe this is more profitable than simply buying and reselling properties

• Colonial Properties Trust owns undeveloped land adjacent to some of their properties

• Offers for commercial real estate clients:

– Management

– Leasing

– Brokerage services

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Company Details

• Colonial is a direct general partner of Colonial Realty Limited Partnership, a Delaware limited partnership (CRLP)

– Colonial Properties Trust conducts all of its business through CRLP

• Colonial Properties Services Limited Partnership (CPSLP) provides management services for its properties

• Colonial Properties Services, Inc. (CPSI) provides management services for properties owned by third parties, including unconsolidated joint venture entities

– Colonial performs all of its for-sale residential and condominium conversion activities through CPSI

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Locations

• Headquarters are in Birmingham, Alabama

• Markets located in Charlotte and Raleigh, North Carolina; Atlanta; Orlando; Richmond, Virginia; Dallas and Austin, Texas; and Phoenix.

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Competitors

• AMLI Residential

• AIMCO


• Camden Property

• Cousins Properties




• Post Properties

• UDR

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Appendix A

• Business Databases Used:

– Hoovers.com

– Lexus-Nexus Academic

– Mergent

– Market Insight

Date post:	14-Sep-2014
Category:	Business
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