About RE3

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RE3 is the taxable subsidiary that exists to quickly act upon market opportunity to create value for UDR. RE3 works in symphony with UDR’s growth strategies by focusing on development, redevelopment, land entitlement, and short-term hold investments in order to solve the puzzle of market cycles. RE3 uses a visionary approach to move beyond the method that REITs traditionally take by being flexible and assembling a portfolio to harvest value through entitlement, zoning changes, and conversion to condominiums. RE3 provides the flexibility necessary to act quickly when markets change.

RE3’s objective is to capture value from demand for quality housing by competing for talent, capital, and investors through evolution and exploring new opportunities. With over $2 billion of budgeted cost and 15,000 homes in the development and redevelopment pipeline, RE3 is poised to meet its objective.

RE3’s success is measured by its contribution of funds from operations and will outperform the industry by participating in new ventures and using innovative approaches to create value. RE3 enables UDR to earn more income to support dividends. In 2006 RE3 funds from operations represented 11% of the UDR’s total company funds from operations.

One example of our success is the 367 home community in Las Colinas, Texas that was completed in 2006. The budgeted cost of the project was $32 million and at the end of 2006 RE3 sold the project for $45 million. RE3 will expand on this success with more projects like this in the future.
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