$UDR

UDR, Inc.

CIK:0000074208|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES:
Rental income	$ 422,933	$ 423,001	$ 846,254	$ 842,837
Joint venture management and other fees	$ 2,466	$ 2,398	$ 4,994	$ 4,510
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total revenues	$ 425,399	$ 425,399	$ 851,248	$ 847,347
OPERATING EXPENSES:
Property operating and maintenance	76,331	75,613	157,063	151,603
Real estate taxes and insurance	56,846	57,008	116,705	115,753
Property management	13,745	13,747	27,503	27,392
Other operating expenses	12,966	7,753	22,381	15,812
Real estate depreciation and amortization	160,120	163,191	321,388	324,585
General and administrative	18,714	19,929	38,078	39,424
Casualty-related charges/(recoveries), net	3,073	3,382	8,802	6,679
Other depreciation and amortization	3,451	7,387	6,786	14,454
Total operating expenses	345,246	348,010	698,706	695,702
Gain/(loss) on sale of real estate owned	35,704		193,120	47,939
Operating income	115,857	77,389	345,662	199,584
Income/(loss) from unconsolidated entities	3,271	3,629	22,967	9,443
Interest expense	(47,640)	(48,665)	(96,216)	(96,366)
Interest income and other income/(expense), net	2,596	8,134	5,030	10,055
Income/(loss) before income taxes	74,084	40,487	277,443	122,716
Tax (provision)/benefit, net	(429)	(258)	(884)	(416)
Net income/(loss)	73,655	40,229	276,559	122,300
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(4,609)	(2,545)	(17,670)	(7,884)
Net (income)/loss attributable to noncontrolling interests	(11)	(11)	(23)	(23)
Net income/(loss) attributable to UDR, Inc.	69,035	37,673	258,866	114,393
Distributions to preferred stockholders - Series E (Convertible)	(1,225)	(1,211)	(2,445)	(2,417)
Net income/(loss) attributable to common stockholders	$ 67,810	$ 36,462	$ 256,421	$ 111,976
Income/(loss) per weighted average common share - basic	$ 0.21	$ 0.11	$ 0.79	$ 0.34
Income/(loss) per weighted average common share - diluted	$ 0.21	$ 0.11	$ 0.79	$ 0.34
Weighted average number of common shares outstanding - basic	322,958	330,778	325,117	330,703
Weighted average number of common shares outstanding - diluted	323,287	331,715	325,387	331,717

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income/(loss)	$ 276,559	$ 122,300
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	328,174	339,039
(Gain)/loss on sale of real estate owned	(193,120)	(47,939)
(Income)/loss from unconsolidated entities	(22,967)	(9,443)
Return on investment in unconsolidated joint ventures and partnerships	14,303	23,486
Amortization of share-based compensation	16,430	16,260
Other	20,930	17,541
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(11,616)	(9,223)
Increase/(decrease) in operating liabilities	(37,775)	(45,476)
Net cash provided by/(used in) operating activities	390,918	406,545
Investing Activities
Acquisition of real estate assets	(53,423)
Proceeds from sales of real estate investments, net	353,365	203,565
Development of real estate assets	(52,955)	(15,265)
Capital expenditures and other major improvements - real estate assets	(104,184)	(113,247)
Capital expenditures - non-real estate assets	(6,593)	(28,628)
Investment in unconsolidated joint ventures and partnerships	(2,801)	(21,490)
Distributions received from unconsolidated joint ventures and partnerships	142,748	46,127
Repayment/(issuance) of notes receivable, net	(50,358)	(112,000)
Net cash provided by/(used in) investing activities	225,799	(40,938)
Financing Activities
Payments on secured debt	(28,320)	(3,231)
Net proceeds/(repayment) of commercial paper	35,000	(69,900)
Net proceeds/(repayment) of revolving bank debt	(15,413)	20,854
Repurchase of common shares	(300,283)
Distributions paid to redeemable noncontrolling interests	(19,803)	(19,801)
Distributions paid to preferred stockholders	(2,436)	(2,408)
Distributions paid to common stockholders	(282,919)	(283,174)
Other	(3,346)	(8,265)
Net cash provided by/(used in) financing activities	(617,520)	(365,925)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(803)	(318)
Cash, cash equivalents, and restricted cash, beginning of year	36,932	35,427
Cash, cash equivalents, and restricted cash, end of period	36,129	35,109
Supplemental Information:
Interest paid during the period, net of amounts capitalized	93,260	96,670
Operating cash flows from operating leases	6,378	6,251
Cash paid/(refunds received) for income taxes	1,255	1,274
Non-cash transactions:
Net proceeds from sale of real estate investment held by qualified intermediary	40,832
Preferred equity investment settled in exchange for acquisition of real estate owned	27,409
Notes receivable settled in exchange for real estate owned	34,757	180,700
Conversion of note receivable to equity securities		42,807
Development costs and capital expenditures incurred, but not yet paid	33,260	23,433
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (956,845 shares and 155,453 shares, respectively)	32,597	6,933
Dividends declared, but not yet paid	$ 150,913	$ 153,662

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate owned:
Real estate held for investment	$ 16,114,220	$ 16,415,000
Less: accumulated depreciation	(7,439,163)	(7,374,546)
Real estate held for investment, net	8,675,057	9,040,454
Real estate under development (net of accumulated depreciation of $0 and $0, respectively)	147,617	72,885
Real estate held for disposition (net of accumulated depreciation of $79,664 and $0, respectively)	54,384
Total real estate owned, net of accumulated depreciation	8,877,058	9,113,339
Cash and cash equivalents	1,193	1,222
Restricted cash	34,936	35,710
Notes receivable, net	171,667	149,979
Investment in and advances to unconsolidated joint ventures, net	728,837	886,492
Operating lease right-of-use assets	185,647	187,624
Other assets	266,010	231,308
Total assets	10,265,348	10,605,674
Liabilities:
Secured debt, net	933,063	961,180
Unsecured debt, net	4,880,769	4,860,189
Operating lease liabilities	181,016	182,963
Real estate taxes payable	41,847	45,640
Accrued interest payable	51,419	51,698
Security deposits and prepaid rent	58,473	61,205
Distributions payable	150,913	151,934
Accounts payable, accrued expenses, and other liabilities	128,549	142,102
Total liabilities	6,426,049	6,456,911
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	900,280	859,966
Equity:
Common stock, $0.01 par value; 450,000,000 shares authorized at June 30, 2026 and December 31, 2025: 321,266,356 and 328,273,044 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	3,213	3,283
Additional paid-in capital	7,216,484	7,480,594
Distributions in excess of net income	(4,327,138)	(4,240,268)
Accumulated other comprehensive income/(loss), net	2,931	1,660
Total stockholders' equity	2,938,683	3,288,462
Noncontrolling interests	336	335
Total equity	2,939,019	3,288,797
Total liabilities and equity	10,265,348	10,605,674
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2026 and December 31, 2025: 8.00% Series E Cumulative Convertible; 2,600,678 and 2,600,678 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively, Series F; 9,778,769 and 10,105,845 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	43,192	43,192
Series F
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2026 and December 31, 2025: 8.00% Series E Cumulative Convertible; 2,600,678 and 2,600,678 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively, Series F; 9,778,769 and 10,105,845 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	$ 1	$ 1