Council backs stalled housing with cash

A council is pumping £770,000 into a series of stalled developments which can now deliver more than 200 new homes and 380 jobs.

Walsall Council is using cash from the New Homes Bonus to issue loans and grants to four construction companies on five sites with a combined value of £20 million.
Developers had to satisfy a range of criteria and also have part-built developments or schemes with planning permission which had not yet begun, before they could get the cash.
The loans will be repaid by the developers and reinvested in other schemes to help create new jobs and homes.
Adrian Andrew, Walsall Council member for regeneration,  said: ‘I am proud and delighted to be able to announce a financial package of almost £800,000 that will help more than 200 homes get built.
‘This doesn’t just mean new homes taking shape. This is also much-needed jobs being created and fresh investment being unlocked.
‘Around 300 people could be working on the construction schemes. A further 80 jobs will be created in the care and support sector through the development of these sites.
‘All this means we’ll help safeguard jobs and create new ones. It’s a key priority for us to help create and safeguard private sector jobs and this does just that.
‘Walsall is yet again bucking the national trend and shows that we are open for business as a borough.
‘I am delighted that the government is following in our footsteps with a similar scheme called Getting Britain Building.’

Schemes getting cash

• Midland Properties will receive £245,000 loans to help resume building work at the former Field Road industrial estate in Bloxwich to create 18 homes for sale and rent as well as to help build 11 rental properties at the former Chamberlain & Hill site in Reeves Street, Bloxwich
• Stanley Developments are set to receive a £175,000 grant to help work start on 85 private and affordable older person extra care homes for rent or sale at Bentley Road North in Bentley.
• Jessup Brothers Ltd are to receive a £175,000 grant to resume work on the part built Walsall Waterfront development to create 82 private and affordable flats.
• BT Felton and Sons are set to receive a £175,000 loan to build 12 homes for private sale in Romney Way, Pheasey, Great Barr. 

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DENVER–(BUSINESS WIRE)–
UDR, Inc. (NYSE: UDR – News), a leading multifamily real estate investment trust, today announced its fourth quarter and full year 2011 results.
The Company generated Funds from Operations (FFO) of $80.2 million or $0.35 per diluted share for the quarter ended December 31, 2011, as compared to $53.4 million or $0.28 per diluted share in the fourth quarter of 2010. Excluding all one-time items, the Company’s fourth quarter 2011 FFO-Core would have been $0.34 per diluted share. See the reconciliation below for further detail.
For the twelve-months ended December 31, 2011, UDR generated FFO of $1.28 per diluted share as compared to $1.09 per diluted share for the twelve-months ended December 31, 2010. Excluding all one-time items, the Company’s 2011 FFO-Core would have been $1.28 per diluted share. See the reconciliation below for further detail.

		Q4 2011				Q4 2010				YTD 2011				YTD 2010
FFO- Core per diluted share		$	0.34			$	0.28			$	1.28			$	1.13
Acquisition-related costs			(0.006	)			(0.001	)			(0.028	)			(0.016	)
JV financing and acquisition fee			0.004				0.005				0.011				0.006
Restructuring charges			(0.001	)			(0.035	)			(0.006	)			(0.038	)
Storm-related expenses			-				-				-				(0.004	)
Costs associated with debt extinguishment			(0.002	)			-				(0.021	)			(0.007	)
Gain on sale of assets/marketable securities			0.014				-				0.046				-
Other			-				0.025				-				0.027
FFO- Reported per diluted share		$	0.35			$	0.28			$	1.28			$	1.09

A reconciliation of FFO to GAAP Net Income can be found on Attachment 2 of the Company’s fourth quarter Supplemental Financial Information.
Tom Toomey, UDR’s President and CEO stated, “We are pleased with the progress we made in further transitioning our portfolio in 2011, including $1.2 billion of acquisitions in New York City, a $500 million asset exchange that increased our presence in San Francisco and the Boston metro area, the expansion of our development and redevelopment pipeline by over $800 million and the disposition of $594 million of non-core assets. These transactions improved the Company’s portfolio by increasing our ownership interests in markets characterized by above-average job growth, low home affordability, below-average new supply risk and superior revenue growth and return prospects.” Mr. Toomey continued, “Driven by sound market fundamentals, a more advantageous geographic and asset mix and our robust operating and technology platforms, 2012 will be another strong year for UDR. As a result, the Board of Directors has approved a 10% increase in our annual common stock dividend to $0.88 per share for 2012.”
Operations
Same-store net operating income increased 7.7 percent year-over-year for the fourth quarter 2011 while same-store revenue increased 5.3 percent over the same period. Same-store physical occupancy decreased 40 basis points to 95.1 percent as compared to the prior year period. Same-store expenses increased 0.5 percent driven by an increase in utilities costs and real estate taxes. The rate of turnover increased to an annualized rate of 50 percent from 47 percent in the fourth quarter of 2010.

Summary Same-Store Results Fourth Quarter 2011 versus Fourth Quarter 2010
Region		Revenue Growth/ Decline			Expense Growth/ Decline			NOI Growth/ Decline			% of Same- Store Portfolio¹			Same-Store Occupancy2			Number of Same-Store Homes3
Western		6.1	%		-2.1	%		10.1	%		38.0	%		94.6	%		11,801
Mid-Atlantic		4.6	%		1.5	%		5.9	%		30.4	%		95.8	%		10,130
Southeastern		4.6	%		3.6	%		5.2	%		23.3	%		94.9	%		12,272
Southwestern		6.2	%		-0.8	%		11.4	%		8.3	%		95.1	%		4,477
Total		5.3	%		0.5	%		7.7	%		100.0	%		95.1	%		38,680
1 Based on QTD 2011 NOI.
2 Average same-store occupancy for the quarter.
3 During the fourth quarter, 38,680 apartment homes, or approximately 82 percent of 47,343 total apartment homes, were classified as same-store. The Company defines same-store as all multifamily communities owned and stabilized for at least one year as of the beginning of the most recent quarter.

Sequentially, the Company’s same-store NOI increased by 2.3 percent driven by increased revenues of 0.2 percent and a 3.9 percent decrease in same-store expenses during the fourth quarter of 2011.
For the twelve-months ended December 31, 2011, the Company’s same-store revenue increased 4.1 percent as compared to the prior year while expenses increased 1.4 percent, resulting in a same-store NOI increase of 5.6 percent as compared to the prior year period. Year-over-year occupancy decreased by 20 basis points to 95.5 percent.

Summary Same-Store Results YTD 2011 versus YTD 2010
Region		Revenue Growth/ Decline			Expense Growth/ Decline			NOI Growth/ Decline			% of Same- Store Portfolio¹			Same-Store Occupancy2			Number of Same-Store Homes3
Western		4.5	%		0.1	%		6.6	%		37.5	%		95.0	%		11,361
Mid-Atlantic		4.2	%		1.6	%		5.5	%		31.0	%		96.2	%		10,130
Southeastern		3.4	%		3.0	%		3.7	%		23.0	%		95.2	%		11,901
Southwestern		4.3	%		0.8	%		6.8	%		8.5	%		95.7	%		4,477
Total		4.1	%		1.4	%		5.6	%		100.0	%		95.5	%		37,869
1 Based on YTD NOI.
2 Average same-store occupancy for YTD 2011.
3 During 2011, 37,869 apartment homes, or approximately 80 percent of 47,343 total apartment homes, were classified as same-store. The Company defines same-store as all multifamily communities owned and stabilized for at least one year as of the beginning of the most recent year.

Technology Platform
Improving the Company’s operational efficiency, while increasing resident satisfaction, are the compelling factors for our continued investment in technology. The Company’s technology platform has gained acceptance and recognition from our residents as shown by the following utilization rates:

Established Technology Initiatives:		December 2011			December 2010
Resident payments received via ACH		77	%		79	%
Service requests entered through MyUDR.com		79	%		79	%
Move-ins initiated via an internet source		57	%		62	%
Renewals completed electronically		86	%		81	%

Development and Redevelopment Activity
As previously announced during the fourth quarter of 2011, the Company acquired land for its Village at Bella Terra development project in Huntington Beach, CA. The newly started community is projected to include 467 homes, cost $150 million and be completed in the second quarter of 2013.
In addition, the Company acquired a land parcel adjacent to its Vitruvian Park^SM development in Addison, TX for $4.7 million and a land parcel adjacent to its Garrison Square community in the Boston metro area for $4.6 million.
Joint Venture Investment Activity
As previously announced on December 21, 2011, the Company and its joint venture partner Kuwait Finance House (“KFH”) acquired 1301 Thomas Circle in Washington, D.C. for $153.8 million. The 292-home apartment community is located in the Logan Circle neighborhood near the 14^th Street Corridor, is within minutes of the Mt. Vernon Square and McPherson Metro Stations and is near UDR’s wholly-owned Andover House community. The 10-story community was completed in 2006, is well-amenitized, has a 256-space parking garage and had an average monthly income per occupied home of $2,740 at the time of acquisition. Additional details related to the transaction can be found in the December 21, 2011 press release on the Company’s website at www.udr.com.
Following the purchase of 1301 Thomas Circle, there remained approximately $169 million of investment capacity under the terms of the joint venture agreement.
Disposition Activity
During the fourth quarter of 2011, the Company sold nine communities containing 2,331 homes for $275.4 million in total gross proceeds, bringing full-year 2011 asset dispositions to $593.9 million. At the time of the fourth quarter dispositions, total income per occupied home for the communities sold averaged $1,065 per month. The fourth quarter dispositions were located in a variety of markets including the Eastern Shore of Maryland, Raleigh, the East Bay area of San Francisco, the Inland Empire, San Diego, Houston and San Antonio.
Capital Markets Activity
During the fourth quarter of 2011, the Company completed a number of debt related activities aimed at managing its near term maturities and capital costs.
As previously announced, on October 25, 2011, the Company entered into a new $900 million unsecured revolving credit facility, replacing its prior $600 million facility. The new facility has an initial term of four years, includes a one-year extension option and contains an accordion feature that allows the Company to increase the facility to $1.35 billion.
Based on the Company’s credit ratings at the time of closing, the credit facility carried an interest rate equal to LIBOR plus a spread of 122.5 basis points and a facility fee of 22.5 basis points.
Coinciding with the closing of the new revolving credit facility, the Company amended and re-priced its $250 million unsecured term loan due in January 2016. The term loan was re-priced to LIBOR plus 142.5 basis points from LIBOR plus 200 basis points and its underlying covenants were aligned with those of UDR’s new revolving credit facility. Additional details related to these debt activities can be found in the October 25, 2011 press release on the Company’s website at www.udr.com.
In addition, the Company prepaid a $100.0 million secured mortgage at par in November. The mortgage had an interest rate of 6.78 percent and was originally due in May of 2012.
In the fourth quarter of 2011, the Company raised $15.5 million of equity through the sale of approximately 630 thousand shares at a weighted average net price of $24.67 per share under its “At the Market” equity offering program. In 2011, the Company raised a total of $989 million of equity from a combination of “At the Market” proceeds, a secondary offering completed in July and the issuance of operating partnership units.
Balance Sheet
At December 31, 2011, UDR had $738.7 million in availability through a combination of cash and undrawn capacity on its credit facilities. Potential sources of additional capital include the Company’s $5.0 billion of unencumbered assets (on a historical non-depreciated cost basis), 7.4 million shares available for issuance under its “At the Market” equity offering program in addition to $400 to $600 million in expected dispositions in 2012.
UDR’s total indebtedness at December 31, 2011 was $3.9 billion. The Company ended the fourth quarter with fixed-rate debt representing 73 percent of its total debt, a total blended interest rate of 4.0 percent and a weighted average maturity of 4.4 years. UDR’s fixed charge coverage ratio (adjusted for non-recurring items) was 2.6 times at year-end 2011 versus 2.3 times a year ago.
Post Quarter Activity
Joint Venture Investment Activity
On January 12, 2012, UDR formed a second real estate joint venture with MetLife (UDR/MetLife II) wherein each party owns a 50 percent interest in a $1.3 billion portfolio of 12 operating communities containing 2,528 apartment homes.
The 12 operating communities in the joint venture include seven communities from the Company’s first real estate joint venture with MetLife (UDR/MetLife I) formed on November 8, 2010, while the remaining five communities were newly acquired by UDR/MetLife II. The newly acquired communities, collectively known as Columbus Square, are recently developed, high-rise apartment buildings located on the Upper West Side of Manhattan and were purchased for $630 million. Additional details related to the transaction can be found in the January 12, 2012 press release on the Company’s website at www.udr.com.
With the closing of UDR/MetLife II, the original joint venture between the parties, UDR/MetLife I, now comprises 19 operating communities containing 3,930 homes as well as 10 vacant land parcels. Historical cost of the venture is $1.8 billion and the Company’s weighted average ownership interest in the UDR/MetLife I operating communities is now 12.6 percent and 4.0 percent for the land parcels in the venture.
Capital Markets Activity
On January 5, 2012, the Company priced a ten-year, $400 million offering of 4.625 percent senior unsecured notes under its existing shelf registration. The notes will mature on January 10, 2022. This offering fulfills the Company’s full-year 2012 guidance for $400 million in new debt issuances. A portion of this offering was used to repay $100 million of 5 percent unsecured debt originally due in January 2012. Additional details related to the transaction can be found in the January 5, 2012 press release on the Company’s website at www.udr.com.
In addition, the Company prepaid a $30.6 million mortgage at par in January 2012 that was secured by its 21 Chelsea community in Manhattan.
In January 2012, the Company raised $29.1 million of equity through the sale of approximately 1.2 million shares at a weighted average net price of $24.68 per share under its “At the Market” equity offering program.

2012 Guidance
Full year 2012 guidance is as follows:
		Range
FFO per diluted share		$1.37 to $1.43
Dividend per share		$0.88
Same-Store Metrics:		Range
Number of homes		38,680
Revenue growth		5.0% to 6.0%
Expense growth		3.0% to 3.5%
Net operating income growth		6.0% to 7.5%
G&A expenses ($M)		$32 to $34
Recurring capital expenditures		$1,150/stabilized home
Stabilized homes		47,545
Transactional Activity ($M):		Range		Completed(1)
Acquisitions		Market dependent
Dispositions		$400 to $600
Development spend		$400
Redevelopment spend		$100
Join venture investments, net		$290		$290
Financing Activity ($M):		Range		Completed(1)
Equity		Market dependent		$29
Debt		$400		$400
(1) As of February 6, 2012
FFO Per Share GAAP Reconciliation
All guidance is based on current expectations of future economic conditions and the judgment of the Company’s management team. The following is a reconciliation from forecasted FFO per share to GAAP net loss per share:
				Low		High
Forecasted 2012 FFO Guidance per Diluted Share				$1.37		$1.43
Conversion to GAAP Share Count				(0.09)		(0.09)
Depreciation				(1.78)		(1.78)
Non-Controlling Interests				0.01		0.01
Preferred Dividends				(0.02)		(0.02)
Forecasted 2012 GAAP Net Loss per Diluted Share				($0.51)		($0.45)

Supplemental Information
The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which is available on the Company’s website at www.udr.com.
Conference Call and Webcast Information
UDR will host a webcast and conference call at 11:00 a.m. EST on February 6, 2012 to discuss fourth quarter results. A webcast will be available on UDR’s website at www.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.
To participate in the teleconference dial 800-762-8779 for domestic and 480-629-9771 for international and provide the following conference ID number: 4501829.
A replay of the conference call will be available through February 20, 2012, by dialing 800-406-7325 for domestic and 303-590-3030 for international and entering the confirmation number, 4501829, when prompted for the pass code.
A replay of the call will be available for 90 days on UDR’s website at www.udr.com.
Full Text of the Earnings Report and Supplemental Data
Internet — The full text of the earnings report and Supplemental Financial Information will be available on the Company’s website at www.udr.com.
Mail — For those without Internet access, the fourth quarter 2011 earnings report and Supplemental Financial Information will be available by mail or fax, on request. To receive a copy, please call UDR Investor Relations at 720-348-7762.
Forward Looking Statements
Certain statements made in this press release may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, unfavorable changes in the apartment market, changing economic conditions, the impact of inflation/deflation on rental rates and property operating expenses, expectations concerning availability of capital and the stabilization of the capital markets, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule, expectations on job growth, home affordability and demand/supply ratio for multifamily housing, expectations concerning development and redevelopment activities, expectations on occupancy levels, expectations concerning the Vitruvian Park^SM development, expectations concerning the joint ventures with KFH and MetLife, expectations that automation will help grow net operating income, expectations on annualized net operating income and other risk factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time, including the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.
This release and these forward-looking statements include UDR’s analysis and conclusions and reflect UDR’s judgment as of the date of these materials. UDR assumes no obligation to revise or update to reflect future events or circumstances.
About UDR, Inc.
UDR, Inc. (NYSE: UDR), an S&P 400 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. As of December 31, 2011, UDR owned or had an ownership position in 60,465 apartment homes including 2,626 homes under development. For over 39 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates. Additional information can be found on the Company’s website at www.udr.com.

Attachment 1
UDR, Inc.
Consolidated Statements of Operations
(Unaudited)
		Three Months Ended				Twelve Months Ended
		December 31,				December 31,
In thousands, except per share amounts		2011		2010		2011		2010
Rental income		$ 187,999		$ 152,396		$ 691,263		$ 574,084
Rental expenses:
Real estate taxes and insurance		22,776		18,376		84,007		70,762
Personnel		15,076		13,445		56,617		51,696
Utilities		10,248		7,946		37,405		31,564
Repair and maintenance		9,843		8,571		37,155		32,386
Administrative and marketing		4,227		3,964		15,411		14,643
Property management		5,169		4,191		19,009		15,788
Other operating expenses		1,580		1,465		5,990		5,773
		68,919		57,958		255,594		222,612
Non-property income:
Loss from unconsolidated entities		(2,092)		(1,447)		(6,352)		(4,204)
Gain on sale of investments		1,396		4,725		7,069		4,725
Interest and other income (1)		3,406		2,049		10,353		7,777
		2,710		5,327		11,070		8,298
Other expenses:
Real estate depreciation and amortization		97,975		74,842		356,011		275,615
Interest		39,030		35,432		151,144		140,869
Amortization of convertible debt premium		-		776		1,077		1,204
Other debt charges (2)		550		83		4,602		3,530
Total interest		39,580		36,291		156,823		145,603
Acquisition-related costs		57		186		4,828		2,865
Severance charges		317		6,803		1,342		6,803
General and administrative		5,747		10,597		35,440		39,845
Other depreciation and amortization		919		1,088		3,931		4,843
		144,595		129,807		558,375		475,574
Loss from continuing operations		(22,805)		(30,042)		(111,636)		(115,804)
Income from discontinued operations		70,923		725		132,221		9,216
Consolidated net income/(loss)		48,118		(29,317)		20,585		(106,588)
Net (income)/loss attributable to non-controlling interests		(1,620)		861		(562)		3,689
Net income/(loss) attributable to UDR, Inc.		46,498		(28,456)		20,023		(102,899)
Distributions to preferred stockholders – Series E (Convertible)		(931)		(932)		(3,724)		(3,726)
Distributions to preferred stockholders – Series G		(1,377)		(1,437)		(5,587)		(5,762)
(Premium)/discount on preferred stock repurchases, net		-		-		(175)		25
Net income/(loss) attributable to common stockholders		$ 44,190		$ (30,825)		$ 10,537		$ (112,362)
Earnings/(loss) per weighted average common share – basic and diluted:
Loss from continuing operations available to common stockholders		($0.12)		($0.17)		($0.60)		($0.73)
Income from discontinued operations		$0.33		$0.00		$0.66		$0.06
Net Income/(loss) attributable to common stockholders		$0.20		($0.17)		$0.05		($0.68)
Common distributions declared per share		$0.2150		$0.185		$0.800		$0.730
Weighted average number of common shares outstanding – basic and diluted		217,823		180,743		201,294		165,857
(1) Includes $3.2 million and $1.7 million of management fees from joint ventures during the three months ended December 31, 2011 and 2010 and $9.6 million and $3.2 million during the twelve months ended December 31, 2011 and 2010.
(2) Write-off of deferred financing costs on early debt extinguishment, including $0 and $599 write-off of convertible debt premium for the three and twelve months ended December 31, 2010.

Attachment 2
UDR, Inc.
Funds From Operations
(Unaudited)
		Three Months Ended				Twelve Months Ended
		December 31,				December 31,
In thousands, except per share amounts		2011		2010		2011		2010
Net income/(loss) attributable to UDR, Inc.		$ 46,498		$ (28,456)		$ 20,023		$ (102,899)
Distributions to preferred stockholders		(2,308)		(2,369)		(9,311)		(9,488)
Real estate depreciation and amortization, including discontinued operations		98,513		81,922		370,343		303,446
Non-controlling interests		1,620		(861)		562		(3,689)
Real estate depreciation and amortization on unconsolidated joint ventures		2,983		2,323		11,631		5,698
Net gain on the sale of depreciable property in discontinued operations, excluding RE3		(68,045)		(49)		(123,217)		(4,048)
(Premium)/discount on preferred stock repurchases, net		-		-		(175)		25
Funds from operations (“FFO”) – basic		$ 79,261		$ 52,510		$ 269,856		$ 189,045
Distribution to preferred stockholders – Series E (Convertible)		931		932		3,724		3,726
Funds from operations – diluted		$ 80,192		$ 53,442		$ 273,580		$ 192,771
FFO per common share – basic		$ 0.35		$ 0.28		$ 1.29		$ 1.10
FFO per common share – diluted		$ 0.35		$ 0.28		$ 1.28		$ 1.09
Weighted average number of common shares and OP Units outstanding – basic		227,248		186,041		208,896		171,569
Weighted average number of common shares, OP Units, and common stock equivalents outstanding – diluted		232,405		191,651		214,086		176,900
FFO is defined as net income (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 unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust’s definition issued in April 2002. UDR considers FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flows as a measure of UDR’s activities in accordance with generally accepted accounting principles and is not necessarily indicative of cash available to fund cash needs.
RE3 gain on sales, net of taxes, is defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation. We consider FFO with RE3 gain on sales, net of taxes, to be a meaningful supplemental measure of performance because the short-term use of funds produce profits which differ from the traditional long-term investment in real estate for REITs.

Attachment 3
UDR, Inc.
Consolidated Balance Sheets
		December 31,				December 31,
In thousands, except share and per share amounts		2011				2010
		(unaudited)				(audited)
ASSETS
Real estate owned:
Real estate held for investment		$	7,825,725			$	6,198,667
Less: accumulated depreciation			(1,831,157	)			(1,505,626	)
			5,994,568				4,693,041
Real estate under development
(net of accumulated depreciation of $570 and $0)			248,176				97,912
Real estate held for disposition
(net of accumulated depreciation of $0 and $132,700)			-				452,068
Total real estate owned, net of accumulated depreciation			6,242,744				5,243,021
Cash and cash equivalents			12,503				9,486
Marketable securities			-				3,866
Restricted cash			24,634				15,447
Deferred financing costs, net			30,068				27,267
Notes receivable			-				7,800
Investment in unconsolidated joint ventures			213,040				148,057
Other assets			198,365				74,596
Total assets		$	6,721,354			$	5,529,540
LIABILITIES AND STOCKHOLDERS’ EQUITY
Secured debt		$	1,891,553			$	1,808,746
Secured debt – real estate held for disposition			-				154,924
Unsecured debt			2,026,817				1,603,834
Real estate taxes payable			13,397				14,585
Accrued interest payable			23,208				20,889
Security deposits and prepaid rent			35,516				26,046
Distributions payable			51,019				36,561
Deferred fees and gains on the sale of depreciable property			29,100				28,943
Accounts payable, accrued expenses, and other liabilities			95,485				105,925
Total liabilities			4,166,095				3,800,453
Redeemable non-controlling interests in operating partnership			236,475				119,057
Stockholders’ equity
Preferred stock, no par value; 50,000,000 shares authorized
2,803,812 shares of 8.00% Series E Cumulative Convertible issued and outstanding (2,803,812 shares at December 31, 2010)			46,571				46,571
3,264,362 shares of 6.75% Series G Cumulative Redeemable issued and outstanding (3,405,562 shares at December 31, 2010)			81,609				85,139
Common stock, $0.01 par value; 250,000,000 shares authorized
219,650,225 shares issued and outstanding (182,496,330 shares at December 31, 2010)			2,197				1,825
Additional paid-in capital			3,340,470				2,450,141
Distributions in excess of net income			(1,142,895	)			(973,864	)
Accumulated other comprehensive loss, net			(13,902	)			(3,469	)
Total stockholders’ equity			2,314,050				1,606,343
Non-controlling interest			4,734				3,687
Total equity			2,318,784				1,610,030
Total liabilities and stockholders’ equity		$	6,721,354			$	5,529,540

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Geithner says 2010 law made financial system 'stronger and safer'

Reporting from Washington—
Treasury Secretary Timothy F. Geithner has a message for voters as they listen to Republican presidential candidates call for repeal of the 2010 Dodd-Frank financial overhaul law: Remember the pain.
“I would say remember 2008 and 2009,” Geithner told reporters Thursday during a news conference touting the benefits of the overhaul. “Remember the fact that the reason why we’re living with very high unemployment with millions of Americans that have lost their homes, terrible damage to the basic economics of America is because of the failures that caused this crisis in the financial system.”
“And if you want to go back to that,” he said, “if you want to choose that future, then you should be in favor of the repeal of the law.”
Republican presidential candidates have hammered away at the sweeping rewrite of financial regulations.
At a debate in Florida last month, GOP frontrunner Mitt Romney said the law was “just killing the residential home market and it’s got to be replaced.”
Newt Gingrich was more blunt. Asked what could be done to help struggling homeowners, he said, “I think, first of all, if you could repeal Dodd-Frank tomorrow morning, you would see the economy start to improve overnight.”
In the face of such criticism on the campaign trail and from Republicans in Congress, Geithner defended the law.
He said it already had helped the financial system become “stronger and safer” even as some key provisions, such as the Volcker Rule restriction on banks trading with their own money, are still being implemented by regulators.
Speaking as the head of the Financial Stability Oversight Council, a panel of regulators created by the law to monitor the financial system for signs of problems, Geithner said the law had helped the economy recover.
Regulators this year would designate the large financial firms outside the banking system that will receive tougher oversight because their failure would pose a risk to the financial system, he said.
And the Obama administration would release more details about its plans to overhaul the housing finance system and replace Fannie Mae and Freddie Mac, which the government seized in 2008.
Republicans and business groups have criticized the hundreds of regulations required by the new law and tough new oversight, including the creation of the Consumer Financial Protection Bureau.
They have said that the uncertainty about pending regulations has made businesses hesitant to hire, and that tough new rules on banks, such as requiring them to hold more reserves, was limiting the banks’ ability to make loans to boost the recovery.
But Geithner said the new rules were badly needed to prevent a repeat of the crisis, and he criticized opponents who were trying to drag out implementation of the Volcker rule and other provisions. Slowing those changes would only increase uncertainty, he said.
“No financial system is invulnerable to crisis. We have a lot of challenges ahead. We still have a lot of unfinished business on the path of reform,” Geithner said. “But the American financial system now is much less vulnerable than it was and is now able to help finance a growing economy, rather than being a drag on overall economic growth.”
RELATED:
Timothy Geithner says a second stint at Treasury is unlikely
Financial regulatory overhaul faces new criticism on first birthday
Consumer agency chief’s appointment is invalid, GOP senators say

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Wells Fargo to Help Central Valley Customers Facing Mortgage Payment Challenges Wednesday and Thursday at Stockton Arena

STOCKTON, Calif.–(BUSINESS WIRE)– Wells Fargo & Company (NYSE:WFC – News) is hosting a free Home Preservation Workshop in Stockton for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage and Wells Fargo Home Equity customers facing financial hardships. Wells Fargo has invited more than 11,000 mortgage customers in the Stockton area to the two-day free workshop which will be held on Wednesday, January 18, 2012, from 2 p.m. – 8 p.m. and Thursday, January 19, from 9 a.m. to 7 p.m., at the Stockton Arena, Main Entrance, located at 248 West Fremont Street in Stockton. Parking is free.
More than 250 homeowners have registered and walk-ins are welcome to the Stockton workshop, the first of seven the company plans in California this year. Stockton is the 51^st Home Preservation Workshop the company has organized since September 2009 where Wells Fargo home preservation specialists have met one-on-one with nearly 30,000 homeowners.
“Wells Fargo wants our customers to succeed financially and helping struggling borrowers find the options to help families stay in their homes in this difficult economy is a top priority,” said David Galasso, Wells Fargo’s Northern and Central California regional president. “This workshop gives Wells Fargo and Wachovia home mortgage customers, who are faced with payment challenges, the opportunity to meet face-to-face with our home preservation specialists to explore and discuss the options available for them.”
Approximately 75 Wells Fargo home retention team members – including bilingual specialists – will be on hand at the upcoming workshop to assist customers. Where possible, borrowers will receive a decision on a workout, loan modification, or other options, on site or shortly following the workshop. Options include Wells Fargo’s own loan modification program and the federal government’s Home Affordable Modification Program (HAMP).
How to Register for Wells Fargo Home Preservation Workshops in California
Following the Stockton Home Preservation Workshop, Wells Fargo will hold its next workshops of 2012 in San Diego (Jan. 25), Sacramento (Feb. 8-9), and Fresno, Calif. (Feb. 23). Walk-ins are welcome, but registration is strongly recommended in order to guarantee the ability to meet one-on-one with a representative. Sign up at www.wfhmevents.com/leadingthewayhome. For more information call 1-800-405-8067.
Customers across the country facing mortgage payment difficulties can also call 1-800-678-7986 for more information about potential options to avoid foreclosure.
About Wells Fargo’s Home Loans

• Wells Fargo originates one in every four home loans in the country, and services one of every six.
• In the third quarter of 2011, more than 92 percent of Wells Fargo’s mortgage customers remained current on their loan payments.
• Since January 2009 through November 2011, the company had 724,710 active trial and completed modifications. Of those modifications, 84 percent were done through Wells Fargo’s own modification programs and 16 percent were through the federal government’s Home Affordable Modification Program (HAMP).
• As of the third quarter in 2011, Wells Fargo’s delinquency and foreclosure rates remain significantly below the industry average.
• Less than 2.0 percent of the loans secured by owner-occupied homes and serviced by Wells Fargo resulted in a foreclosure sale in the last 12 months.
• Just 7.63 percent of the first mortgage and home equity loans Wells Fargo services were past due or in foreclosure in the third quarter of 2011 compared to an industry average of 10.70 percent. Wells Fargo’s totals are down from a peak of 8.96 percent in the fourth quarter of 2009.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC – News) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and other distribution channels across North America and internationally. With more than 272,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
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Ziegler Closes $7 Million Financing for Total Longterm Care, Inc.

CHICAGO, IL–(Marketwire -12/12/11)- Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $7,000,000 fixed-rate tax-exempt bond issue for Total Longterm Care, Inc. (TLC). TLC was formed in December 1989 to establish Colorado’s first Program of All-inclusive Care for the Elderly (PACE). TLC began its PACE operations with one location in Denver and has grown to five centers serving the entire Denver metro area in the following locations: Capitol Center (in Denver), which TLC management expects to replace with the Broadway Center (in Denver), Cody Center (in Lakewood), Chambers Center (in Aurora), Pinnacle Center (in Thornton), and Pueblo Center (in Pueblo) (collectively, the TLC Centers). The newest PACE location will be in San Bernardino, California, where land and existing buildings were just purchased.
Today, TLC has more than 1,800 participants across its five Centers. TLC is part of a family of companies, including a parent organization known as Total Community Options; affiliates provide PACE care and support services including fundraising, a PACE center in New Mexico, and an affordable housing community in Colorado. TLC is rated “BBB-” by Fitch Ratings.
PACE is an innovative system of care designed to meet the needs of nursing home-eligible individuals. PACE providers help these individuals stay in their homes and communities, rather than enter nursing homes, by combining medical care, community-based home and healthcare services, and day care programs.
The Series 2011 Bonds are being issued to: 1) finance the acquisition, construction, equipping and improvement of the Broadway Center, which will replace the leased Capitol Center; 2) fund a debt service reserve fund; and 3) pay certain expenses incurred in connection with the issuance of the Series 2011 Bonds.
As one of the nation’s leading underwriters of financing for non-profit senior living providers Ziegler offers investment banking, financial risk management, merger and acquisition services, investment management, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication. Mary Muñoz, Managing Director in Ziegler’s Senior Living practice, commented, “Total Longterm Care’s leadership has proven highly adept at managing the service-intensive, capitated PACE business. We view PACE as a prototype for true person-centric care, a foundation for effective healthcare delivery. We could not be more pleased to be working with Total Longterm Care to further its PACE mission and to support the growth of PACE nationally.”
For further information on the structure and use of this issue, please see the Official Statement located on the Electronic Municipal Market Access system’s Document Archive.
For more information about Ziegler, please visit us at www.Ziegler.com.
About Ziegler:
The Ziegler Companies, Inc. (Pinksheets: ZGCO.PK – News) together with its affiliates (Ziegler) is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion and education finance, as well as corporate finance and FHA/HUD. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler creates tailored financial solutions including bond financing, advisory, private placement, seed capital, M&A, risk and asset management. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.
This communication does not constitute an offer to buy these securities. The offering is made only by the Official Statement and through an appropriately registered representative. The Series 2011 Bonds may not be appropriate for all investors. Market value and/or accrued interest will fluctuate during the period held, and, if sold prior to maturity, the yield received may be more or less than the yield calculated at the time of purchase. Discounted yields herein are gross yields to maturity. Discounted bonds may be subject to capital gains tax, rates of which will vary, so investors should consult their own tax advisor with regard to their personal tax situation. Interest on municipal bonds may be exempt from federal income tax but may be subject to tax for residents of certain states. For bonds designated AMT, taxes may exist for certain investors. Ziegler will sell these bonds on a principal basis.
The corporation or its officers, directors, stockholders, or members of their families may at times have a position in the securities mentioned herein and may make purchases or sales of these securities. Not all call or put information is identified in the description above. Please be sure to discuss any special features with your Financial Advisor before deciding whether to invest in these securities.

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Cuba says travel restrictions to remain in place

HAVANA (AP) — President Raul Castro on Friday put on ice highly-anticipated plans to ease travel restrictions on Cubans, telling lawmakers the nation would not be pressured into moving too fast and citing continued aggression from the United States as the reason for his cautious approach.
Cuba has been awash in speculation the much-hated regulations, which prevent most Cubans from leaving the island, might be lifted during Friday’s session of the National Assembly. But Castro said the time still wasn’t right, despite a year of free-market reforms that has seen the Communist government legalize a real estate market and greatly increase private business ownership.
“Some have been pressuring us to take the step … as if we were talking about something insignificant, and not the destiny of the revolution,” Castro said, adding that those calling for an end to the travel restrictions “are forgetting the exceptional circumstances under which Cuba lives, encircled by the hostile policy … of the U.S. government.”
Castro criticized U.S. President Barack Obama, saying he was the 11th American president since the 1959 revolution led by his brother Fidel, and appeared “not to understand” the sacrifices Cuba had made in its struggle for independence and sovereignty, including the Bay of Pigs invasion and the Cuban Missile Crisis, as well as Washington’s 49-year trade and travel embargo.
“Sometimes, he (Obama) gives the impression he has not even been informed of this reality,” Castro said, repeating his willingness to normalize relations with the U.S. under the right conditions.
Castro also announced an amnesty for 2,900 prisoners ahead of next year’s visit by Pope Benedict XVI, but a senior official told the Associated Press that jailed American subcontractor Alan Gross would not be among those freed.
The Cuban president told legislators he still hoped to enact the travel reforms, but did not say when. If hopes were high among islanders that Friday would be the big day, Castro had only himself to blame.
At parliament’s last session, in August, he announced that the government was committed to ease the travel restrictions. He said the measures were originally adopted because many who left in the years after the revolution were a threat to the nascent government, including people backed by the United States who sought its overthrow.
Castro said in August that most of those who leave now do so for economic reasons and are not enemies. He said removing travel restrictions would help “increase the nation’s ties to the community of emigrants, whose makeup has changed radically since the early decades of the revolution.”
Cubans had been clamoring for the elimination of the “tarjeta blanca,” or exit visa, which the government requires of all seeking to travel abroad, even for vacation. Many people are denied, particularly doctors, scientists and military officials whose departure would be considered a threat to the state.
“The need for permission to leave should never have been invented in the first place,” Victor Salgado, a 73-year-old retiree, told the Associated Press ahead of Castro’s speech. “They should have eliminated this long ago. Why should I have to ask permission if I want to leave my country?”
Another Havana resident, Yamila Baez, said she was hoping the restrictions would be scrapped as soon as possible.
“It isn’t normal that one has to ask the government for its okay,” she said. “If you have the money to buy a ticket you should be able to go.”
Castro’s speech was the highlight of an otherwise humdrum parliament session in which legislators approved a budget for 2012 and heard from senior officials on the state of the economy.
Economy Minister Adel Yzquierdo told lawmakers the government expected economic growth to come in at 3.4 percent in 2012, a bit better than the 2.7 percent expected to be registered this year. Finance Minister Lina Pedraza added that the government expects both revenue and costs to rise in 2012, with the government running a deficit of about 3.8 percent.
Cuban officials also used the session to criticize Washington for its trade and travel embargo, and to call on the U.S. to release four Cuban agents still imprisoned there. A fifth left jail earlier this year, but has been blocked from returning to Cuba until he completes parole.
Cuba is ending the first year of a drive by Castro to reform its state-dominated economy. The government has allowed citizens to get business licenses for nearly 200 approved jobs, and 355,000 have taken them up on the offer. The state has also legalized a real estate market for the first time in nearly half a century, begun extending bank credits to entrepreneurs and those wishing to fix up their homes, and removed restrictions on the sale of used cars.
A parallel effort to trim half a million workers from state payrolls largely foundered.
___
Paul Haven can be reached at www.twitter.com/paulhaven/

 

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Cubans agog at chance to travel, 50 years on

After half a century of Orwellian obstacles to travel, Cubans are marveling at the thought President Raul Castro is expected to unveil reforms Friday that could let them see the world, and their loved ones, at long last.
“I hope Raul will remove the road block, and that we will be able to travel without so many problems. It would be a great Christmas gift,” said Luis Pena, a 37-year-old engineer whose mother has lived in the United States for 30 years.
Pena, optimistic and hopeful yet cautious about whether the travel freedoms so many Cubans want so badly will materialize, admitted: “I don’t have any of my old childhood friends around any more. They have all left.”
The Roman Catholic Church and regime-friendly musicians like Silvio Rodriguez and Pablo Milanes have joined a chorus of Cubans calling for an end to the rules, including one that penalizes “permanent emigrants” from the only one-party Communist regime in the Americas.
Observers in Havana say Raul Castro is widely expected to make the announcement in an address to the National Assembly.
Local experts believe Castro will end the requirement of exit visas (for Cubans on the island), entrance visas (for Cubans living overseas who return home) and the legal status of “permanent emigrant.”
Those who are deemed to have left illegally (permanent emigrants) in essence are classed as defectors, their homes and assets seized.
Cubans can already leave the country in theory but only when they have received a letter of invitation from overseas. Then, they have to file for permission for an exit visa, just at the start of a maze-like bureaucratic process that costs about 500 dollars.
They also need entry visas from countries to which they would travel.
That might not all sound so insumountable in wealthier countries. But workers in Cuba — doctors and streetcleaners alike — make about 20 dollars a month.
So the system has kept travel painfully limited, year in and year out, from the Cold War through today, given that about one in six Cuban nationals lives abroad. Separation from family and friends makes the issue a highly emotional one in Cuba.
It also has drawn criticism from some rights groups about Cubans’ basic freedom of movement.
Since 2006 Raul Castro’s government has ended several unpopular restrictions. Among other things Cubans are now allowed to rent rooms in hotels geared to international tourism, sign cell phone contracts, and buy electric appliances.
In September, the government authorized Cubans to buy and sell cars, and this month private homes.
On August 1, Castro announced that there would be forthcoming easing of travel restrictions, which started fueling hopes.
“Everybody is waiting for that law (change) … really, nobody knows what is going to be approved,” said a more downbeat Adonis Gonzalez, 38, a driver who was waiting in line to get a Spanish (EU) passport as the grandson of a Spaniard, in order to be able to travel without fuss and high cost.
“Whatever gets approved on Friday, I don’t think anybody will be traveling anywhere Saturday,” he added skeptically.
But engineer Pena was trying to stay optimistic. He has only seen his mom once in 30 years, though she lives only a 30-minute flight away in Miami.
“If like they are saying, all of that is eliminated, my mom could come more often” to visit, Pena said, hopeful that she will have a chance to see his new baby boy, her new grandson.
If Havana makes the changes, they could be a stunning wake-up call to the United States, as they have potential to fuel a bilateral migration crisis.
As part of held-over Cold War policy, the United States still grants any Cuban who reaches US soil legal US residency on request. The United States does not have this policy for nationals of any other country.
With the US economy weak and the US presidential race in gear, the United States has not been planning a welcome for many thousands of new Cuban immigrants who soon may be calling, legally, by sea and by air.

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