UDR, Inc._March 31, 2026

Three Months Ended

March 31,

Total amount of Interest expense presented on the Consolidated Statements of Operations

48,576

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number

1-10524

UDR, Inc.

(Exact name of registrant as specified in its charter)


Maryland	54-0857512
(State or other jurisdiction of	(I.R.S. Employer
incorporation of organization)	Identification No.)

1745 Shea Center Drive, Suite 200, Highlands Ranch, Colorado 80129

(Address of principal executive offices) (zip code)

(720) 283-6120

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	UDR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer ⌧	Accelerated Filer ◻	Non-Accelerated Filer ◻	Smaller Reporting Company ☐
			Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

The number of shares of UDR, Inc.’s common stock, $0.01 par value, outstanding as of April 27, 2026 was 324,915,653.

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UDR, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)


		March 31,			December 31,
		2026			2025
		(unaudited)			(audited)
ASSETS
Real estate owned:
Real estate held for investment		$	16,116,838		$	16,415,000
Less: accumulated depreciation			(7,378,368)			(7,374,546)
Real estate held for investment, net			8,738,470			9,040,454
Real estate under development (net of accumulated depreciation of $0 and $0, respectively)			91,742			72,885
Total real estate owned, net of accumulated depreciation			8,830,212			9,113,339

Cash and cash equivalents			1,300			1,222
Restricted cash			33,498			35,710
Notes receivable, net			153,564			149,979
Investment in and advances to unconsolidated joint ventures, net			757,689			886,492
Operating lease right-of-use assets			186,641			187,624
Other assets			370,870			231,308
Total assets		$	10,333,774		$	10,605,674

LIABILITIES AND EQUITY
Liabilities:
Secured debt, net		$	959,597		$	961,180
Unsecured debt, net			4,703,719			4,860,189
Operating lease liabilities			181,995			182,963
Real estate taxes payable			35,378			45,640
Accrued interest payable			27,817			51,698
Security deposits and prepaid rent			59,557			61,205
Distributions payable			152,871			151,934
Accounts payable, accrued expenses, and other liabilities			107,072			142,102
Total liabilities			6,228,006			6,456,911

Commitments and contingencies (Note 13)

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership			819,753			859,966

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at March 31, 2026 and December 31, 2025:
8.00% Series E Cumulative Convertible; 2,600,678 and 2,600,678 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively			43,192			43,192
Series F; 10,026,490 and 10,105,845 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively			1			1
Common stock, $0.01 par value; 450,000,000 shares authorized at March 31, 2026 and December 31, 2025:
325,894,030 and 328,273,044 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively			3,259			3,283
Additional paid-in capital			7,384,029			7,480,594
Distributions in excess of net income			(4,147,206)			(4,240,268)
Accumulated other comprehensive income/(loss), net			2,405			1,660
Total stockholders’ equity			3,285,680			3,288,462
Noncontrolling interests			335			335
Total equity			3,286,015			3,288,797
Total liabilities and equity		$	10,333,774		$	10,605,674

See accompanying notes to consolidated financial statements.

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UDR, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)


	Three Months Ended
	March 31,
	2026		2025
REVENUES:
Rental income	$	423,321	$	419,836
Joint venture management and other fees		2,528		2,112
Total revenues		425,849		421,948
OPERATING EXPENSES:
Property operating and maintenance		80,732		75,990
Real estate taxes and insurance		59,859		58,745
Property management		13,758		13,645
Other operating expenses		9,415		8,059
Real estate depreciation and amortization		161,268		161,394
General and administrative		19,364		19,495
Casualty-related charges/(recoveries), net		5,729		3,297
Other depreciation and amortization		3,335		7,067
Total operating expenses		353,460		347,692
Gain/(loss) on sale of real estate owned		157,416		47,939
Operating income		229,805		122,195

Income/(loss) from unconsolidated entities		19,696		5,814
Interest expense		(48,576)		(47,701)
Interest income and other income/(expense), net		2,434		1,921
Income/(loss) before income taxes		203,359		82,229
Tax (provision)/benefit, net		(455)		(158)
Net income/(loss)		202,904		82,071
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership		(13,061)		(5,339)
Net (income)/loss attributable to noncontrolling interests		(12)		(12)
Net income/(loss) attributable to UDR, Inc.		189,831		76,720
Distributions to preferred stockholders — Series E (Convertible)		(1,220)		(1,206)
Net income/(loss) attributable to common stockholders	$	188,611	$	75,514

Income/(loss) per weighted average common share:
Basic	$	0.58	$	0.23
Diluted	$	0.57	$	0.23

Weighted average number of common shares outstanding:
Basic		327,301		330,628
Diluted		330,294		331,717

See accompanying notes to consolidated financial statements.

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UDR, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(In thousands)

(Unaudited)


	Three Months Ended
	March 31,
	2026		2025
Net income/(loss)	$	202,904	$	82,071
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Other comprehensive income/(loss) - derivative instruments:
Unrealized holding gain/(loss)		1,008		108
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)		(213)		(1,367)
Other comprehensive income/(loss), including portion attributable to noncontrolling interests		795		(1,259)
Comprehensive income/(loss)		203,699		80,812
Comprehensive (income)/loss attributable to noncontrolling interests		(13,123)		(5,257)
Comprehensive income/(loss) attributable to UDR, Inc.	$	190,576	$	75,555

See accompanying notes to consolidated financial statements.

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UDR, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In thousands, except per share data)

(Unaudited)


											Distributions			Accumulated Other Comprehensive
		Preferred			Common			Paid-in			in Excess of			Income/(Loss),			Noncontrolling
		Stock			Stock			Capital			Net Income			net			Interests			Total
Balance at December 31, 2025		$	43,193		$	3,283		$	7,480,594		$	(4,240,268)		$	1,660		$	335		$	3,288,797
Net income/(loss) attributable to UDR, Inc.			—			—			—			189,831			—			—			189,831
Other comprehensive income/(loss)			—			—			—			—			745			—			745
Issuance/(forfeiture) of common and restricted shares, net			—			3			497			—			—			—			500
Issuance of common shares through public offering, net			—			—			(437)			—			—			—			(437)
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership			—			1			3,347			—			—			—			3,348
Common stock distributions declared ($0.435 per share)			—			—			—			(141,873)			—			—			(141,873)
Repurchase of common shares			—			(28)			(99,972)			—			—			—			(100,000)
Preferred stock distributions declared-Series E ($0.471 per share)			—			—			—			(1,220)			—			—			(1,220)
Adjustment to reflect redemption value of redeemable noncontrolling interests			—			—			—			46,324			—			—			46,324
Balance at March 31, 2026		$	43,193		$	3,259		$	7,384,029		$	(4,147,206)		$	2,405		$	335		$	3,286,015


											Distributions			Accumulated Other Comprehensive
		Preferred			Common			Paid-in			in Excess of			Income/(Loss),			Noncontrolling
		Stock			Stock			Capital			Net Income			net			Interests			Total
Balance at December 31, 2024		$	43,193		$	3,309		$	7,572,480		$	(4,179,415)		$	3,638		$	335		$	3,443,540
Net income/(loss) attributable to UDR, Inc.			—			—			—			76,720			—			—			76,720
Other comprehensive income/(loss)			—			—			—			—			(1,165)			—			(1,165)
Issuance/(forfeiture) of common and restricted shares, net			—			2			854			—			—			—			856
Issuance of common shares through public offering, net			—			—			(454)			—			—			—			(454)
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership			—			1			2,218			—			—			—			2,219
Common stock distributions declared ($0.43 per share)			—			—			—			(142,519)			—			—			(142,519)
Preferred stock distributions declared-Series E ($0.465 per share)			—			—			—			(1,206)			—			—			(1,206)
Adjustment to reflect redemption value of redeemable noncontrolling interests			—			—			—			(46,612)			—			—			(46,612)
Balance at March 31, 2025		$	43,193		$	3,312		$	7,575,098		$	(4,293,032)		$	2,473		$	335		$	3,331,379

See accompanying notes to consolidated financial statements.

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UDR, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, except for share data)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Operating Activities
Net income/(loss)	$	202,904	$	82,071
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization		164,603		168,461
(Gain)/loss on sale of real estate owned		(157,416)		(47,939)
(Income)/loss from unconsolidated entities		(19,696)		(5,814)
Return on investment in unconsolidated joint ventures and partnerships		10,513		4,700
Amortization of share-based compensation		9,568		7,498
Other		12,739		8,664
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets		(18,556)		8,208
Increase/(decrease) in operating liabilities		(75,916)		(69,633)
Net cash provided by/(used in) operating activities		128,743		156,216

Investing Activities
Proceeds from sales of real estate investments, net		218,561		203,565
Development of real estate assets		(28,509)		(8,835)
Capital expenditures and other major improvements — real estate assets		(43,461)		(52,990)
Capital expenditures — non-real estate assets		(1,396)		(8,877)
Investment in unconsolidated joint ventures and partnerships		(843)		(4,209)
Distributions received from unconsolidated joint ventures and partnerships		139,301		3,726
Repayment/(issuance) of notes receivable, net		—		(114,564)
Net cash provided by/(used in) investing activities		283,653		17,816

Financing Activities
Payments on secured debt		(1,685)		(1,485)
Net proceeds/(repayment) of commercial paper		(275,000)		(39,900)
Net proceeds/(repayment) of revolving bank debt		118,172		25,285
Repurchase of common shares		(100,000)		—
Distributions paid to redeemable noncontrolling interests		(9,930)		(9,819)
Distributions paid to preferred stockholders		(1,199)		(1,185)
Distributions paid to common stockholders		(141,267)		(140,729)
Other		(3,621)		(8,305)
Net cash provided by/(used in) financing activities		(414,530)		(176,138)
Net increase/(decrease) in cash, cash equivalents, and restricted cash		(2,134)		(2,106)
Cash, cash equivalents, and restricted cash, beginning of year		36,932		35,427
Cash, cash equivalents, and restricted cash, end of period	$	34,798	$	33,321

Supplemental Information:
Interest paid during the period, net of amounts capitalized	$	70,848	$	71,942
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		3,189		3,126
Cash paid/(refunds received) for income taxes		61		—
Non-cash transactions:
Net proceeds from sale of real estate investment held by qualified intermediary	$	134,803	$	—
Development costs and capital expenditures incurred, but not yet paid		25,683		16,318
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (91,256 shares and 51,115 shares, respectively)		3,348		2,219
Dividends declared, but not yet paid		152,871		153,756

The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above:
Cash, cash equivalents, and restricted cash, beginning of year:
Cash and cash equivalents	$	1,222	$	1,326
Restricted cash		35,710		34,101
Total cash, cash equivalents, and restricted cash as shown above	$	36,932	$	35,427
Cash, cash equivalents, and restricted cash, end of period:
Cash and cash equivalents	$	1,300	$	1,250
Restricted cash		33,498		32,071
Total cash, cash equivalents, and restricted cash as shown above	$	34,798	$	33,321

See accompanying notes to consolidated financial statements.

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

1. BASIS OF PRESENTATION

Organization and Formation

UDR, Inc. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities in targeted markets located in the United States. At March 31, 2026, our consolidated apartment portfolio consisted of 161 communities with a total of 54,081 apartment homes located in 21 markets. In addition, the Company has an ownership interest in 9,018 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 3,617 apartment homes owned by entities in which we hold preferred equity investments.

Basis of Presentation

The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see Note 4, Variable Interest Entities and Note 5, Joint Ventures and Partnerships, for further discussion). All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of March 31, 2026, there were 190.4 million units in the Operating Partnership (“OP Units”) outstanding, of which 176.7 million OP Units (including 0.1 million of general partnership units), or 92.8%, were owned by UDR and 13.7 million OP Units, or 7.2%, were owned by outside limited partners. As of March 31, 2026, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 23.4 million, or 72.2%, were owned by UDR and its subsidiaries and 9.0 million, or 27.8%, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership.

The accompanying interim unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of our financial position as of March 31, 2026, and results of operations for the three months ended March 31, 2026 and 2025, have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of results that can be expected for a full year. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2025 appearing in UDR’s Annual Report on Form 10-K, filed with the SEC on February 17, 2026.

The accompanying interim unaudited consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those in Note 3, Real Estate Owned, Note 5, Joint Ventures and Partnerships and Note 8, Income/(loss) Per Share.

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses, which requires disclosure of additional information about specific cost and expense categories in the notes to the financial statements. The ASU may be applied either prospectively or retrospectively and is effective for the Company for the year ended December 31, 2027, and interim reporting periods commencing in 2028. The Company is currently evaluating the effect that the ASU will have on the consolidated financial statements and related disclosures.

Principles of Consolidation

The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest.

Real Estate Sales Gain Recognition

For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not been transferred by the Company, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets.

Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value.

Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed.

To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain or loss on consolidation of a property.

Allowance for Credit Losses

The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends.

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with the Company’s other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net on the Consolidated Statements of Operations. Recoveries of financial assets previously written off are recorded when received. For the three months ended March 31, 2026 and 2025, the Company recorded net credit recoveries/(losses) of zero and zero, respectively, on the Consolidated Statements of Operations.

The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible.

Notes Receivable

Notes receivable relate to financing arrangements which are typically secured by assets of the borrower that may include real estate assets. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a VIE, and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities of the existing loans.

Additionally, we analyze each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by Accounting Standards Codification (“ASC”) 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate.

The following table summarizes our Notes receivable, net as of March 31, 2026 and December 31, 2025 (dollars in thousands):


	Interest rate at		Balance Outstanding (a)
	March 31,		March 31,		December 31,
	2026		2026		2025
Note due December 2026 (b)	11.00	%	$	81,951	$	79,889
Note due December 2026 (c)	11.00	%		32,912		32,054
Notes due June 2027 (d)	18.00	%		5,032		4,815
Note due September 2027 (e)	6.66	%		34,260		33,812
Notes receivable				154,155		150,570
Allowance for credit losses				(591)		(591)
Total notes receivable, net			$	153,564	$	149,979

(a)	Outstanding note amounts include any accrued and unpaid interest, as applicable.

(b)

The Company has a secured mezzanine loan with a third party developer of a 482 apartment home community located in Riverside, California, which is expected to be completed in 2026, with an aggregate commitment of $59.7 million (exclusive of accrued and unpaid interest), all of which has been funded. Interest payments accrue and are due at maturity of the loan. The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options.

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

(c)

The Company has a secured mezzanine loan with a third party developer of a 237 apartment home community located in Menifee, California, which was completed in 2025, with an aggregate commitment of $24.4 million (exclusive of accrued and unpaid interest), all of which has been funded. Interest payments accrue and are due at maturity of the loan. The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options.

(d)

The Company and a syndicate of lenders previously entered into a $19.0 million secured credit facility with an unaffiliated third party. The Company’s commitment is $3.0 million (exclusive of accrued interest), all of which has been funded. Interest payments accrue and are due at maturity of the facility. The facility is secured by substantially all of the borrower’s assets and matures at the earliest of the following: (a) acceleration in the event of default; or (b) June 2027.

(e)

In September 2024, the Company entered into a $31.1 million secured mortgage loan with one of its joint ventures that owns a 66 apartment home operating community located in Santa Monica, California, in which the Company also holds a preferred investment. The contractual interest rate on the note receivable is SOFR plus a spread of 300 basis points. Interest payments are due monthly from net cash flow from the operating community. If net cash flow is insufficient to cover the interest payment on the payment date, the unpaid amount is added to the outstanding principal balance. The mortgage loan has a scheduled maturity date in September 2027. (See Note 5, Joint Ventures and Partnerships for further discussion).

The Company recognized $3.7 million and $3.5 million of interest income for the notes receivable described above during the three months ended March 31, 2026 and 2025, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations.

A roll forward of our allowance for credit losses for the three months ended March 31, 2026 is as follows:


Allowance for credit losses as of December 31, 2025	$	(591)
(Provision)/recovery for credit losses		-
Write-offs charged against allowance		-
Allowance for credit losses as of March 31, 2026	$	(591)

Comprehensive Income/(Loss)

Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three months ended March 31, 2026 and 2025, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 11, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the three months ended March 31, 2026 and 2025 was less than $0.1 million and $(0.1) million, respectively.

Income Taxes

Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”).

Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of March 31, 2026 and December 31, 2025, UDR’s net deferred tax asset/(liability) was $(0.5) million and $(0.5) million, respectively, and are recorded in Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets.

GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition.

The Company recognizes and evaluates its tax positions using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement.

The Company invests in assets that qualify for federal investment tax credits (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net on the Consolidated Statements of Operations over the book life of the qualifying depreciable property. The ITCs are recorded in Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets.

UDR had no material unrecognized tax benefit, accrued interest or penalties at March 31, 2026. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2022 through 2024 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net on the Consolidated Statements of Operations.

Forward Sales Agreements

From time to time the Company utilizes forward sales agreements for the future issuance of its common stock. When the Company enters into a forward sales agreement, the contract requires the Company to sell its shares to a counterparty at a predetermined price at a future date. The net sales price and proceeds attained by the Company will be determined on the dates of settlement, with adjustments during the term of the contract for the Company’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances.

The Company accounts for the shares of common stock reserved for issuance upon settlement as equity in accordance with ASC 815-40, Contracts in Entity's Own Equity, which permits equity classification when a contract is considered indexed to the entity’s own stock and the contract requires or permits the issuing entity to settle the contract in shares (either physically or net in shares).

The guidance establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to the entity’s own stock, first, evaluating the instrument’s contingent exercise provisions and second, evaluating the instrument’s settlement provisions. When entering into forward sales agreements, we determined that (i) none of the agreement’s exercise contingencies are based on observable markets or indices besides those related to the market for our own stock price; and (ii) none of the settlement provisions preclude the agreements from being indexed to our own stock.

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MARCH 31, 2026

Before the issuance of shares of common stock, upon physical or net share settlement of the forward sales agreements, the Company expects that the shares issuable upon settlement of the forward sales agreements will be reflected in its diluted income/(loss) per share calculations using the treasury stock method. Under this method, the number of shares of common stock used in calculating diluted income/(loss) per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward sales agreements over the number of shares of common stock that could be purchased by the Company in the open market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). When the Company physically or net share settles any forward sales agreement, the delivery of shares of common stock would result in an increase in the number of weighted average common shares outstanding and dilution to basic income/(loss) per share. (See Note 8, Income/(Loss) per Share for further discussion.)

3. REAL ESTATE OWNED

Real estate assets owned by the Company consist of income producing operating properties, properties under development, land held for future development, and held for disposition properties. As of March 31, 2026, the Company owned and consolidated 161 communities in 12 states plus the District of Columbia totaling 54,081 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of March 31, 2026 and December 31, 2025 (dollars in thousands):


		March 31,			December 31,
		2026			2025
Land		$	2,505,946		$	2,537,747
Depreciable property — held and used:
Land improvements			277,044			277,996
Building, improvements, and furniture, fixtures and equipment			13,311,853			13,577,262
Real estate intangible assets			21,995			21,995
Under development:
Land and land improvements			13,468			13,468
Building, improvements, and furniture, fixtures and equipment			78,274			59,417
Real estate owned			16,208,580			16,487,885
Accumulated depreciation			(7,378,368)			(7,374,546)
Real estate owned, net		$	8,830,212		$	9,113,339

Acquisitions

In April 2026, the Company acquired a 232-home operating apartment community located in Portland, Oregon in connection with the liquidation of the Company’s interest in a joint venture. As a result, the community became wholly owned, and the Company began consolidating the community. The consolidated fair value of the community, which was based on a third-party appraisal, exceeded the combination of the joint venture’s $54.0 million first mortgage loan that was repaid at maturity by the Company and the Company’s $18.9 million preferred investment, including accrued interest through the acquisition. No cash consideration was paid to the joint venture partner in connection with the acquisition. (See Note 5, Joint Ventures and Partnerships for more information.)

Dispositions

In March 2026, the Company sold four operating communities located in various markets with a total of 1,159 apartment homes for gross proceeds of $362.0 million, resulting in total gains of approximately $157.4 million. As of March 31, 2026, the Company had $134.8 million due from a qualified intermediary related to the sale of real estate in connection with a like-kind exchange under Section 1031 of the Internal Revenue Code, which is intended to qualify for nonrecognition of taxable gain, and was recorded in Other Assets on the Consolidated Balance Sheets. The proceeds were received from the intermediary in April 2026 and were used to repay amounts outstanding under our unsecured revolving credit facility.

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MARCH 31, 2026

Other Activity

Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation. The Company capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the three months ended March 31, 2026 and 2025, were $4.4 million and $2.6 million, respectively. Total capitalized interest was $2.2 million and $2.0 million for the three months ended March 31, 2026 and 2025, respectively. As each apartment home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion of the costs and depreciation commences over the estimated useful life.

We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Our cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. Our estimates of fair value represent our best estimate based upon Level 3 inputs such as industry trends and reference to market rates and transactions. The Company did not recognize any impairments in the value of its long-lived assets during the three months ended March 31, 2026 and 2025.

In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax-deferred Section 1031 exchange.

Further, the Company has agreed to maintain certain debt some of which may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions.

4. VARIABLE INTEREST ENTITIES

The Company has determined that the Operating Partnership and DownREIT Partnership are VIEs as the limited partners lack substantive kick-out rights and substantive participating rights. The Company has concluded that it is the primary beneficiary of, and therefore consolidates, the Operating Partnership and DownREIT Partnership based on its role as the sole general partner of the Operating Partnership and DownREIT Partnership. The Company’s role as community manager and its equity interests give us the power to direct the activities that most significantly impact the economic performance and the obligation to absorb potentially significant losses or the right to receive potentially significant benefits of the Operating Partnership and DownREIT Partnership.

5. JOINT VENTURES AND PARTNERSHIPS

UDR has entered into joint ventures and partnerships with unrelated third parties to own, operate, acquire, renovate, develop, redevelop, dispose of, and manage real estate assets that are either consolidated and included in Real estate owned on the Consolidated Balance Sheets or are accounted for under the equity method of accounting, and are included in Investment in and advances to unconsolidated joint ventures, net, on the Consolidated Balance Sheets. The Company consolidates the entities that we control as well as any variable interest entity where we are the primary beneficiary. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

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MARCH 31, 2026

Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest.

UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are typically limited to our investment and except as noted below, the Company does not guarantee any debt, capital payout or other obligations associated with our joint ventures and partnerships.

Unconsolidated joint ventures and partnerships

The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services for the communities held by the unconsolidated joint ventures and partnerships.

The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of March 31, 2026 and December 31, 2025 (dollars in thousands):


	Number of	Number of
	Operating	Apartment	UDR's Weighted Average									Income/(loss) from investments
	Communities	Homes	Ownership Interest					Investment at				Three Months Ended
	March 31,	March 31,	March 31,			December 31,		March 31,		December 31,		March 31,
Joint Ventures	2026	2026	2026		2025			2026		2025		2026		2025
Operating:
UDR/MetLife (a)	13	2,837	50.2	%		50.2	%	$	183,280	$	189,420	$	(1,213)	$	(1,041)
UDR/LaSalle	9	2,564	51.0	%		51.0	%		235,936		242,337		(3,269)		(1,035)
Total Joint Ventures	22	5,401						$	419,216	$	431,757	$	(4,482)	$	(2,076)

Number of

Apartment

Income/(loss) from investments

Commitments

Homes

Weighted

Investment at

Three Months Ended

Debt and Preferred Equity Program

March 31,

Average

UDR

March 31,

December 31,

March 31,

and Real Estate Technology Investments (b)

2026

Rate

Commitment (c)

2026

2025

2026

2025

Preferred equity investments:

Operating

3,617

10.5

222,537

238,710

236,997

4,169

2,479

Real estate technology and sustainability investments:

Real estate technology and sustainability investments

N/A

86,000

92,533

74,747

17,032

1,669

Total Debt and Preferred Equity Program and Real Estate Technology and Sustainability Investments

331,243

311,744

21,201

4,148

Sold unconsolidated joint ventures and partnerships

—

136,234

2,977

3,742

Total investment in and advances to unconsolidated joint ventures, net (a)

750,459

879,735

19,696

5,814

(a)	As of March 31, 2026 and December 31, 2025, the Company’s negative investment in one UDR/MetLife community of $7.2 million and $6.8 million, respectively, is recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets.

(b)

The Debt and Preferred Equity Program is the program through which the Company makes investments, including preferred equity investments, first mortgage loans, mezzanine loans (loans are recorded in Notes receivable, net on the Consolidated Balance Sheets) or other structured investments that may receive a fixed yield on the investment and may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property. The Company’s preferred equity investments include two investments that receive a variable percentage of the value created from the project upon a capital or liquidating event. During the three months ended March 31, 2026, the Company did not enter into and fund any new preferred equity investments and two preferred equity investment were fully redeemed.

In February 2026, the Company received aggregate proceeds of approximately $138.9 million from the full repayment of two preferred equity investments.

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MARCH 31, 2026

further discussion.)

(c)	Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments.

As of March 31, 2026 and December 31, 2025, the Company had deferred fees of $8.2 million and $8.4 million, respectively, which will be recognized through earnings over the weighted average life of the related properties, upon the disposition of the properties to a third party, or upon completion of certain development obligations.

The Company recognized management fees of $2.5 million and $2.1 million for the three months ended March 31, 2026 and 2025, respectively, for management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations.

The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations.

We consider various factors to determine if a decrease in the value of our Investment in and advances to unconsolidated joint ventures, net is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, and the relationships with the other joint venture partners and its lenders. Based on the significance of the unobservable inputs, we classify these fair value measurements within Level 3 of the valuation hierarchy. The Company did not incur any other-than-temporary impairments in the value of its investments in unconsolidated joint ventures during the three months ended March 31, 2026 and 2025.

Combined summary balance sheets relating to the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of March 31, 2026 and December 31, 2025 (dollars in thousands):


	March 31,		December 31,
	2026		2025
Total real estate, net	$	3,069,461	$	3,580,595
Investments, at fair value		581,905		489,468
Cash and cash equivalents		56,377		78,177
Other assets		42,299		134,818
Total assets	$	3,750,042	$	4,283,058

Third party debt, net	$	1,830,475	$	2,496,081
Accounts payable and accrued liabilities		66,857		180,461
Total liabilities		1,897,332		2,676,542
Total equity	$	1,852,710	$	1,606,516

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MARCH 31, 2026

Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three months ended March 31, 2026 and 2025 (dollars in thousands):


	Three Months Ended
	March 31,
	2026		2025
Total revenues	$	103,052	$	90,121
Property operating expenses		47,384		42,420
Real estate depreciation and amortization		43,273		40,973
Operating income/(loss)		12,395		6,728
Interest expense		(33,646)		(42,279)
Net unrealized/realized gain/(loss) on held investments		98,529		15,612
Other income/(loss)		184		3,042
Net income/(loss)	$	77,462	$	(16,897)

6. LEASES

Lessee - Ground Leases

UDR has six communities that are subject to ground leases, under which UDR is the lessee, that expire between 2043 and 2103, inclusive of extension options we are reasonably certain will be exercised. All of these leases are classified as operating leases through the lease term expiration based on our election of the practical expedient provided by the leasing standard. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the remaining lease term. We currently do not hold any finance leases. The Company also elected the short-term lease exception provided by the leasing standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. No leases qualified for the short-term lease exception during the three months ended March 31, 2026 and 2025.

As of March 31, 2026 and December 31, 2025, the Operating lease right-of-use assets were $186.6 million and $187.6 million, respectively, and the Operating lease liabilities were $182.0 million and $183.0 million, respectively, on our Consolidated Balance Sheets related to our ground leases. The value of the Operating lease right-of-use assets exceeds the value of the Operating lease liabilities due to prepaid lease payments. The calculation of these amounts includes minimum lease payments over the remaining lease term (described further in the table below). Variable lease payments are excluded from the right-of-use assets and lease liabilities and are recognized in earnings in the period in which the obligation for those payments is incurred.

As the discount rate implicit in the leases was not readily determinable, we determined the discount rate for these leases utilizing the Company’s incremental borrowing rate at a portfolio level, adjusted for the remaining lease term, and the form of underlying collateral.

The weighted average remaining lease term for these leases was 40.6 years and 40.8 years at March 31, 2026 and December 31, 2025, respectively, and the weighted average discount rate was 5.0% at both March 31, 2026 and December 31, 2025.

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MARCH 31, 2026

Future minimum lease payments and total operating lease liabilities from our ground leases as of March 31, 2026 are as follows (dollars in thousands):


	Ground Leases
2026	$	9,521
2027		12,695
2028		12,695
2029		12,695
2030		12,695
Thereafter		389,340
Total future minimum lease payments (undiscounted)		449,641
Difference between future undiscounted cash flows and discounted cash flows		(267,646)
Total operating lease liabilities (discounted)	$	181,995

For purposes of recognizing our ground lease contracts, the Company uses the minimum lease payments, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on a change in an index or a rate (i.e., changes in fair market rental rates or changes in the consumer price index) but that does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. If there is a contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, which is resolved such that those payments now meet the definition of lease payments, the Company will remeasure the right-of-use asset and lease liability on the reset date.

The components of operating lease expenses were as follows (dollars in thousands):


	Three Months Ended March 31,
	2026		2025
Lease expense:
Contractual lease expense	$	3,458	$	3,363
Variable lease expense (a)		60		50
Total operating lease expense (b)(c)	$	3,518	$	3,413

(a)

Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of a community’s revenue.

(b)

Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations.

(c)

For the three months ended March 31, 2026, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.0 million and $1.0 million, respectively. For the three months ended March 31, 2025, Operating lease right-of-use assets and Operating lease liabilities amortized by $0.9 million and $0.9 million, respectively. Due to the net impact of the amortization, the Company recorded less than $0.1 million and less than $0.1 million of total operating lease expense during the three months ended March 31, 2026 and 2025, respectively.

Lessor - Apartment Home, Retail and Commercial Space Leases

UDR’s communities and retail and commercial space are leased to tenants under operating leases. As of March 31, 2026, our apartment home leases generally have initial terms of 12 months or less. As of March 31, 2026, our retail and commercial space leases generally have initial terms of between 5 and 15 years and represent approximately 1% to 2% of our total lease revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our retail and commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and certain other conditions. (See Note 14, Reportable Segments for further discussion around our major revenue streams and disaggregation of our revenue.)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

Future minimum lease payments from our retail and commercial leases as of March 31, 2026 are as follows (dollars in thousands):


	Retail and Commercial Leases
2026	$	20,814
2027		25,994
2028		23,264
2029		18,772
2030		13,985
Thereafter		85,039
Total future minimum lease payments (a)	$	187,868

(a)We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less.

Certain of our leases with retail and commercial tenants provide for the payment by the lessee of additional variable rent based on a percentage of the tenant’s revenue. The amounts shown in the table above do not include these variable percentage rents. The Company recorded variable percentage rents of $0.3 million and $0.4 million during the three months ended March 31, 2026 and 2025, respectively.

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MARCH 31, 2026

7. SECURED AND UNSECURED DEBT, NET

The following is a summary of our secured and unsecured debt at March 31, 2026 and December 31, 2025 (dollars in thousands):


	Principal Outstanding				As of March 31, 2026
					Weighted		Weighted
					Average		Average	Number of
	March 31,		December 31,		Interest		Years to	Communities
	2026		2025		Rate		Maturity	Encumbered
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	935,789	$	937,475	3.46	%	3.4	17
Deferred financing costs and other non-cash adjustments (b)		(3,151)		(3,252)
Total fixed rate secured debt, net		932,638		934,223	3.51	%	3.4	17
Variable Rate Debt
Tax-exempt secured notes payable (c)		27,000		27,000	2.56	%	6.0	1
Deferred financing costs		(41)		(43)
Total variable rate secured debt, net		26,959		26,957	2.60	%	6.0	1
Total Secured Debt, net		959,597		961,180	3.49	%	3.5	18
Unsecured Debt:
Variable Rate Debt
Borrowings outstanding under unsecured credit facility due August 2028 (d) (l)		135,000		—	4.41	%	2.4
Borrowings outstanding under unsecured commercial paper program due April 2026 (e) (l)		170,000		445,000	4.13	%	0.1
Borrowings outstanding under unsecured working capital credit facility due January 2027 (f)		9,553		26,381	4.41	%	0.8
Term Loan due January 2029 (d) (l)		175,000		175,000	4.50	%	2.8
Fixed Rate Debt
Term Loan due January 2029 (d) (l)		175,000		175,000	4.04	%	2.8
2.95% Medium-Term Notes due September 2026 (l)		300,000		300,000	2.95	%	0.4
3.50% Medium-Term Notes due July 2027 (net of discounts of $88 and $106, respectively) (l)		299,912		299,894	3.50	%	1.3
3.50% Medium-Term Notes due January 2028 (net of discounts of $213 and $242, respectively) (l)		299,787		299,758	3.50	%	1.8
4.40% Medium-Term Notes due January 2029 (net of discounts of $2 and $2, respectively) (g) (l)		299,998		299,998	4.27	%	2.8
3.20% Medium-Term Notes due January 2030 (net of premiums of $5,205 and $5,548, respectively) (h) (l)		605,205		605,548	3.32	%	3.8
3.00% Medium-Term Notes due August 2031 (net of premiums of $6,421 and $6,720, respectively) (i) (l)		606,421		606,720	3.01	%	5.4
2.10% Medium-Term Notes due August 2032 (net of discounts of $223 and $232, respectively) (l)		399,777		399,768	2.10	%	6.3
1.90% Medium-Term Notes due March 2033 (net of discounts of $839 and $869, respectively) (l)		349,161		349,131	1.90	%	7.0
2.10% Medium-Term Notes due June 2033 (net of discounts of $717 and $742, respectively) (l)		299,283		299,258	2.10	%	7.2
5.125% Medium-Term Notes due September 2034 (net of discounts of $2,572 and $2,649, respectively) (j) (l)		297,428		297,351	4.95	%	8.4
3.10% Medium-Term Notes due November 2034 (net of discounts of $758 and $780, respectively) (k) (l)		299,242		299,220	3.13	%	8.6
Deferred financing costs		(17,048)		(17,838)
Total Unsecured Debt, net		4,703,719		4,860,189	3.35	%	4.4
Total Debt, net	$	5,663,316	$	5,821,369	3.37	%	4.3

For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of March 31, 2026, secured debt encumbered approximately 11% of UDR’s total real estate owned based upon gross book value (approximately 89% of UDR’s real estate owned based on gross book value is unencumbered).

(a) At March 31, 2026, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from June 2026 through February 2031 and carry interest rates ranging from 2.62% to 4.39%.

The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par value to interest expense over the term of the underlying debt instrument.

(b) During the three months ended March 31, 2026 and 2025, the Company had $0.1 million and $0.2 million, respectively, of amortization of the fair market adjustment of debt assumed in the acquisition of properties inclusive of its fixed rate mortgage notes payable, which was included in Interest expense on the Consolidated Statements of Operations. The unamortized fair market adjustment was a net premium/(discount) of $(0.6) million and $(0.5) million at March 31, 2026 and December 31, 2025, respectively.

(c) The variable rate mortgage note payable of $27.0 million secures a tax-exempt housing bond issue that matures in March 2032. Interest on this note is payable in monthly installments. As of March 31, 2026, the variable interest rate on the mortgage note was 2.56%.

(d) The Company has a $1.3 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan (the “Term Loan”). The credit agreement for these facilities (the “Credit Agreement”) allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan to be increased to an aggregate maximum amount of up to $2.5 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of August 31, 2028, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of January 2029, with two one-year extension options, subject to certain conditions.

Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to SOFR plus a margin of 77.5 basis points and a facility fee of 15 basis points, and the Term Loan has an interest rate equal to SOFR plus a margin of 85.0 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 70 to 140 basis points, the facility fee ranges from 10 to 30 basis points, and the margin under the Term Loan ranges from 75 to 160 basis points. In addition, the Credit Agreement allows for the Company in consultation with the sustainability structuring agent to propose key performance indicators with respect to certain environmental, social, and governance goals of the Company, and thresholds or targets with respect thereto, and a related amendment to the Credit Agreement, that if entered into may allow a change in the applicable margin for the Term Loan of up to five basis points.

The Company has three interest rate swaps totaling $175.0 million of notional value, which became effective in September 2025, to hedge against interest rate risk on a portion of the Term Loan debt until October 2027. The weighted average interest rate on $175.0 million of the Term Loan debt, inclusive of the impact of interest rate swaps, is 4.04% until October 2027.

The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Credit Agreement also includes customary events of default, in certain cases subject to customary periods to cure. The occurrence of an event of default, following the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the Credit Agreement to be immediately due and payable.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

The following is a summary of short-term bank borrowings under the Revolving Credit Facility at March 31, 2026 and December 31, 2025 (dollars in thousands):


		March 31,			December 31,
		2026			2025
Total revolving credit facility		$	1,300,000		$	1,300,000
Borrowings outstanding at end of period (1)			135,000			—
Weighted average daily borrowings during the period ended			1,500			—
Maximum daily borrowings during the period ended			135,000			—
Weighted average interest rate during the period ended			4.4	%		—	%
Interest rate at end of the period			4.4	%		—	%

(1)	Excludes $4.3 million and $4.3 million of letters of credit at March 31, 2026 and December 31, 2025, respectively.

(e) The Company has an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $700.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership.

The following is a summary of short-term bank borrowings under the unsecured commercial paper program at March 31, 2026 and December 31, 2025 (dollars in thousands):


		March 31,			December 31,
		2026			2025
Total unsecured commercial paper program		$	700,000		$	700,000
Borrowings outstanding at end of period			170,000			445,000
Weighted average daily borrowings during the period ended			462,556			318,244
Maximum daily borrowings during the period ended			570,000			650,000
Weighted average interest rate during the period ended			3.9	%		4.4	%
Interest rate at end of the period			4.1	%		3.9	%

(f) The Company has a working capital credit facility, which provides for a $75.0 million unsecured revolving credit facility (the “Working Capital Credit Facility”) with a scheduled maturity date of January 12, 2027, with two one-year extension options. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to SOFR plus a margin of 77.5 basis points. Depending on the Company’s credit rating, the margin ranges from 70 to 140 basis points.

The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at March 31, 2026 and December 31, 2025 (dollars in thousands):


		March 31,			December 31,
		2026			2025
Total working capital credit facility		$	75,000		$	75,000
Borrowings outstanding at end of period			9,553			26,381
Weighted average daily borrowings during the period ended			17,233			18,403
Maximum daily borrowings during the period ended			47,811			62,622
Weighted average interest rate during the period ended			4.4	%		5.1	%
Interest rate at end of the period			4.4	%		4.4	%

(g) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $150.0 million of the initial $300.0 million issued. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.27%.

(h) The Company previously entered into forward starting interest rate swaps and treasury lock to hedge against the interest rate risk of this debt. The all-in weighted average interest rate, inclusive of the impact of the forward starting swaps and treasury locks, was 3.32%.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

(i) The Company entered into treasury lock agreements to hedge against interest rate risk on $250.0 million of the $600.0 million aggregate principal amount. The all-in weighted average interest rate, inclusive of the impact of the treasury locks, was 3.01%.

(j) The Company entered into and settled treasury lock arrangements to hedge against all interest rate risk of the debt. The all-in weighted average interest rate, inclusive of the impact of the treasury locks, was 4.95%.

(k) The Company previously entered into forward starting interest rate swaps to hedge against the interest rate risk of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 3.13%.

(l) The Operating Partnership is the guarantor of this debt.

The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to March 31, 2026 are as follows (dollars in thousands):


		Total			Total			Total
Year		Secured Debt			Unsecured Debt			Debt
2026		$	54,986		$	470,000		$	524,986
2027			6,939			309,553			316,492
2028			166,526			435,000			601,526
2029			315,811			650,000			965,811
2030			230,597			600,000			830,597
2031			160,930			600,000			760,930
2032			27,000			400,000			427,000
2033			—			650,000			650,000
2034			—			600,000			600,000
2035			—			—			—
Thereafter			—			—			—
Subtotal			962,789			4,714,553			5,677,342
Non-cash (a)			(3,192)			(10,834)			(14,026)
Total		$	959,597		$	4,703,719		$	5,663,316

(a)	Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. The Company amortized $1.3 million and $1.3 million during the three months ended March 31, 2026 and 2025, respectively, of deferred financing costs into Interest expense.

We were in compliance with the covenants of our debt instruments at March 31, 2026.

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

8. INCOME/(LOSS) PER SHARE

The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data):


	Three Months Ended
	March 31,
	2026		2025
Numerator for income/(loss) per share:
Net income/(loss)	$	202,904	$	82,071
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership		(13,061)		(5,339)
Net (income)/loss attributable to noncontrolling interests		(12)		(12)
Net income/(loss) attributable to UDR, Inc.		189,831		76,720
Distributions to preferred stockholders — Series E (Convertible)		(1,220)		(1,206)
Income/(loss) attributable to common stockholders - basic and diluted		188,611		75,514
Dilutive distributions to preferred stockholders - Series E (Convertible)		1,220		—
Income/(loss) attributable to common stockholders - diluted	$	189,831	$	75,514


Denominator for income/(loss) per share:
Weighted average common shares outstanding		327,974		331,138
Unvested restricted stock awards		(673)		(510)
Denominator for basic income/(loss) per share		327,301		330,628
Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, stock options and unvested restricted stock		2,993		1,089
Denominator for diluted income/(loss) per share		330,294		331,717

Income/(loss) per weighted average common share:
Basic	$	0.58	$	0.23
Diluted	$	0.57	$	0.23

Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per common share is computed based upon the weighted average number of common shares outstanding plus the following items if dilutive in the current period: the common shares issuable from the assumed conversion of the OP Units and DownREIT Units, convertible preferred stock, stock options, unvested long-term incentive plan units (“LTIP Units”), performance units, unvested restricted stock and continuous equity program forward sales agreements. Only those instruments having a dilutive impact on our basic income/(loss) per share are included in diluted income/(loss) per share during the periods. For the three months ended March 31, 2026, the effect of the conversion of the OP Units and DownREIT Units was not dilutive and therefore not included in the above calculation. For the three months ended March 31, 2025, the effect of the conversion of the OP Units, DownREIT Units and the Company’s Series E preferred stock was not dilutive and therefore not included in the above calculation.

In July 2021, the Company entered into an ATM sales agreement under which the Company may offer and sell up to 20.0 million shares of its common stock, from time to time, to or through its sales agents and may enter into separate forward sales agreements to or through its forward purchasers. During the three months ended March 31, 2026, the Company did not sell any shares of common stock through its ATM program. As of March 31, 2026, we had 14.0 million shares of common stock available for future issuance under the ATM program.

In connection with any forward sales agreement under the Company’s ATM program, the relevant forward purchasers will borrow from third parties and, through the relevant sales agent, acting in its role as forward seller, sell a number of shares of the Company’s common stock equal to the number of shares underlying the agreement. The Company does not initially receive any proceeds from any sale of borrowed shares by the forward seller.

The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. The Company currently expects to fully physically settle each forward

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

sales agreement with the relevant forward purchaser on one or more dates specified by the Company on or prior to the maturity date of that particular forward sales agreement, in which case the Company expects to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward sales agreement multiplied by the relevant forward sale price. However, subject to certain exceptions, the Company may also elect, in its discretion, to cash settle or net share settle a particular forward sales agreement, in which case the Company may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and the Company may owe cash (in the case of cash settlement) or shares of UDR common stock (in the case of net share settlement) to the relevant forward purchaser.

For the three months ended March 31, 2026, the Company did not enter into any forward purchase agreements under its continuous equity program.

During the three months ended March 31, 2026, the Company repurchased 2.8 million shares of its common stock at an average price of $36.27 per share for total consideration of approximately $100.0 million under its share repurchase program. In April 2026, the Company repurchased an additional 1.4 million shares of its common stock at an average price of $35.01 per share for total consideration of approximately $50.0 million under its share repurchase program.

The following table sets forth the additional shares of common stock outstanding, by equity instrument, if converted to common stock for each of the three months ended March 31, 2026 and 2025 (in thousands):


		Three Months Ended
		March 31,
		2026	2025
OP/DownREIT Units		22,711	22,899
Convertible preferred stock		2,816	2,816
Unvested LTIP Units, performance units, stock options, and unvested restricted stock		177	1,089

9. NONCONTROLLING INTERESTS

Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership

Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income attributable to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership.

Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date.

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the following period (dollars in thousands):


Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at December 31, 2025		$	859,966
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership			(46,324)
Conversion of OP Units/DownREIT Units to Common Stock or Cash			(3,348)
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership			13,061
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership			(10,278)
Redeemable Long-Term and Short-Term Incentive Plan Units			6,626
Allocation of other comprehensive income/(loss)			50
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at March 31, 2026		$	819,753

Noncontrolling Interests

Noncontrolling interests represent interests of unrelated partners in certain consolidated affiliates, and are presented as part of equity on the Consolidated Balance Sheets since these interests are not redeemable. Net (income)/loss attributable to noncontrolling interests was less than $(0.1) million and less than $(0.1) million during the three months ended March 31, 2026 and 2025, respectively.

10. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS

Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below:

●

Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.

●

Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data.

●

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of March 31, 2026 and December 31, 2025, are summarized as follows (dollars in thousands):

Fair Value at March 31, 2026, Using

Total

Quoted

Carrying

Prices in

Amount in

Active

Statement of

Markets

Significant

Financial

Fair Value

for Identical

Other

Significant

Position at

Estimate at

Assets or

Observable

Unobservable

March 31,

Liabilities

Inputs

2026 (a)

2026

(Level 1)

(Level 2)

(Level 3)

Description:

Notes receivable, net (b)

153,564

153,320

—

153,320

Equity securities (c)

1,098

—

Derivatives - Interest rate contracts (d)

1,071

—

1,071

—

Total assets

155,733

155,489

1,098

1,071

153,320

Secured debt instruments - fixed rate: (e)

Mortgage notes payable

935,227

891,618

—

891,618

Secured debt instruments - variable rate: (e)

Tax-exempt secured notes payable

27,000

—

27,000

Unsecured debt instruments: (e)

Revolving credit facility

135,000

—

135,000

Working capital credit facility

9,553

—

9,553

Commercial paper program

170,000

—

170,000

Unsecured notes

4,406,214

4,078,914

—

4,078,914

Total liabilities

5,682,994

5,312,085

—

5,312,085

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f)

819,753

—

819,753

—

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026


					Fair Value at December 31, 2025, Using
	Total				Quoted
	Carrying				Prices in
	Amount in				Active
	Statement of				Markets		Significant
	Financial		Fair Value		for Identical		Other		Significant
	Position at		Estimate at		Assets or		Observable		Unobservable
	December 31,		December 31,		Liabilities		Inputs		Inputs
	2025 (a)		2025		(Level 1)		(Level 2)		(Level 3)
Description:
Notes receivable, net (b)	$	149,979	$	144,160	$	—	$	—	$	144,160
Equity securities (c)		1,479		1,479		1,479		—		—
Derivatives - Interest rate contracts (d)		272		272		—		272		—
Total assets	$	151,730	$	145,911	$	1,479	$	272	$	144,160

Secured debt instruments - fixed rate: (e)
Mortgage notes payable	$	937,007	$	895,881	$	—	$	—	$	895,881
Secured debt instruments - variable rate: (e)
Tax-exempt secured notes payable		27,000		27,000		—		—		27,000
Unsecured debt instruments: (e)
Working capital credit facility		26,381		26,381		—		—		26,381
Commercial paper program		445,000		445,000		—		—		445,000
Unsecured notes		4,406,646		4,092,949		—		—		4,092,949
Total liabilities	$	5,842,034	$	5,487,211	$	—	$	—	$	5,487,211

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f)	$	859,966	$	859,966	$	—	$	859,966	$	—

(a)	Certain balances include fair market value adjustments and exclude deferred financing costs.

(b)	See Note 2, Significant Accounting Policies. Note receivables, net includes any accrued and unpaid interest, as applicable, and allowance for credit losses.

(c)	The Company holds a direct investment in a publicly traded real estate technology company, SmartRent. The investment is valued at the market price on March 31, 2026 and December 31, 2025. The Company currently classifies the investment as Level 1 in the fair value hierarchy.

(d)	See Note 11, Derivatives and Hedging Activity.

(e)	See Note 7, Secured and Unsecured Debt, Net.

(f)	See Note 9, Noncontrolling Interests.

There were no transfers into or out of any of the levels of the fair value hierarchy during the three months ended March 31, 2026.

Financial Instruments Carried at Fair Value

The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate swaps and caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities.

The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2026 and December 31, 2025, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. In conjunction with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership have a redemption feature and are marked to their redemption value. The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership are classified as Level 2.

Financial Instruments Not Carried at Fair Value

At March 31, 2026 and December 31, 2025, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaids, real estate taxes payable, accrued interest payable, security deposits and prepaid rent, distributions payable and accounts payable approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments, which includes notes receivable and debt instruments, are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations.

11. DERIVATIVES AND HEDGING ACTIVITY

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium.

The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in Accumulated other comprehensive income/(loss), net on the Consolidated Balance Sheets and subsequently reclassified

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2026 and 2025, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.

Amounts reported in Accumulated other comprehensive income/(loss), net on the Consolidated Balance Sheets related to derivatives that will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Through March 31, 2027, the Company estimates that an additional $0.8 million will be reclassified as a decrease to Interest expense.

As of March 31, 2026, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):


		Number of
Product		Instruments		Notional
Interest rate swaps and caps		4		$	183,977

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of March 31, 2026, no derivatives not designated as hedges were held by the Company.

Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (dollars in thousands):

Asset Derivatives

Liability Derivatives

(included in Other assets)

(included in Other liabilities)

Fair Value at:

March 31,

December 31,

March 31,

December 31,

2026

2025

2026

2025

Derivatives designated as hedging instruments:

Interest rate products

1,071

272

—

Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (dollars in thousands):

Gain/(Loss) Recognized in

Gain/(Loss) Reclassified

Interest expense

Unrealized holding gain/(loss)

from Accumulated OCI into

(Amount Excluded from

Recognized in OCI

Interest expense

Effectiveness Testing)

Derivatives in Cash Flow Hedging Relationships

 

2026

 

2025

 

2026

 

2025

 

2026

 

2025

Three Months Ended March 31,

Interest rate products

1,008

108

213

1,367

—

Credit-risk-related Contingent Features

The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement.

Tabular Disclosure of Offsetting Derivatives

The Company has elected not to offset derivative positions on the consolidated financial statements. The table below present the effect on its financial position had the Company made the election to offset its derivative positions as of March 31, 2026 and December 31, 2025 (dollars in thousands):

 

Gross

 

Net Amounts of

 

Gross Amounts Not Offset

Amounts

Assets

in the Consolidated

Gross

Offset in the

Presented in the

Balance Sheets

Amounts of

Consolidated

Cash

Recognized

Balance

Balance Sheets

Financial

Collateral

Offsetting of Derivative Assets

Assets

Sheets

(a)

Instruments

 

Received

 

Net Amount

March 31, 2026

1,071

—

1,071

—

1,071

December 31, 2025

272

—

272

—

272

(a)	Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.

12. STOCK BASED COMPENSATION

The Company recognized stock based compensation expense, inclusive of awards granted to our non-employee directors, net of capitalization, of $9.6 million and $7.5 million during the three months ended March 31, 2026 and 2025, respectively, which are included in General and Administrative on the Consolidated Statements of Operations.

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

13. COMMITMENTS AND CONTINGENCIES

Commitments

The following summarizes the Company’s commitments at March 31, 2026 (dollars in thousands):


	Number	UDR's		UDR's Remaining
	Properties	Investment (a)		Commitment
Real estate commitments
Wholly-owned — under development	1	$	91,742	$	41,858
Other unconsolidated investments:
Real estate technology and sustainability investments (b)	-		134,920		34,080
Total		$	226,662	$	75,938

(a)	Represents UDR’s investment as of March 31, 2026.

(b)	As of March 31, 2026, the investments were recorded in either Investment in and advances to unconsolidated joint ventures, net or Other Assets on the Consolidated Balance Sheets.

Contingencies

Litigation and Legal Matters

The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flows.

We have been named as a defendant in a number of cases alleging antitrust violations by RealPage, Inc., a vendor providing revenue management software products, and various owners or managers of multifamily housing, which cases have been consolidated in the United States Court for the Middle District of Tennessee with the Second Amended Complaint filed September 7, 2023 and cases with similar allegations that have been filed by the District of Columbia on November 1, 2023 in the Superior Court of the District of Columbia, the State of Maryland on January 15, 2025 in the Circuit Court for Prince George’s County, Maryland, subsequently transferred to the Circuit Court for Baltimore City, Maryland, and on April 8, 2025 in the Superior Court for King County, Washington. These cases seek injunctive relief as well as monetary damages. We believe that there are defenses, both factual and legal, to the allegations in such cases and we intend to vigorously defend such suits. We are also aware that governmental investigations regarding antitrust matters in the multifamily industry are occurring and the federal government and various state attorneys general have filed a civil lawsuit against RealPage, Inc. and certain owners or managers of multifamily housing to which we are not a party. As all of the above proceedings are in the early stages, it is not possible for us to predict the outcome or to estimate the amount of loss, if any, that may be associated with an adverse decision in any of these cases or any case that may be brought based on the investigations. As a result, as of March 31, 2026, there is no liability recorded.

14. REPORTABLE SEGMENTS

GAAP guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker (“CODM”) to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s CODM is comprised of our Chairman, President and Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments.

UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

apartment communities are rental income and net operating income (“NOI”). NOI is a useful metric for investors as it is a more meaningful representation of a community’s continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing, which align with the segment-level information that is regularly provided to our CODM. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs. UDR’s CODM utilizes NOI as the key measure of segment profit or loss to assess the performance of each segment and to allocate resources (including employees and financial or capital resources) primarily during the quarterly or annual business review and annual budget and forecasting process.

UDR’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other:

●

Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2025 and held as of March 31, 2026. A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the community is not classified as held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months.

●

Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities, including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties.

Management evaluates the performance of each of our apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Company’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the CODM.

All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the three months ended March 31, 2026 and 2025.

The following is a description of the principal streams from which the Company generates its revenue:

Lease Revenue

Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 842, Leases. Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the noncancellable lease term because collection of the lease payments was probable at lease commencement, inclusive of any periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a straight-line basis over the lease term.

Lease revenue also includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. These services represent non-lease components in a contract as the Company transfers a service to the lessee other than the right to use the underlying asset. The Company has elected the practical expedient under the leasing standard to not separate lease and non-lease components from its resident and retail lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease.

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

Other Revenue

Other revenue is generated by services provided by the Company to its retail and residential tenants and other unrelated third parties. Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. These fees are generally recognized as earned.

Joint venture management and other fees

The Joint venture management and other fees revenue consists of management fees charged to our equity method joint ventures per the terms of contractual agreements and other fees. Joint venture fee revenue is recognized monthly as the management services are provided and the fees are earned or upon a transaction whereby the Company earns a fee. Joint venture management and other fees are not allocable to a specific reportable segment or segments.

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

The following table details rental income and NOI for UDR’s reportable segments for the three months ended March 31, 2026 and 2025, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands):


	March 31, (a)
	2026		2025
Reportable apartment home segment lease revenue
Same-Store Communities
West Region	$	125,741	$	122,392
Northeast Region		81,896		80,086
Mid-Atlantic Region		77,438		77,215
Southeast Region		53,024		54,178
Southwest Region		46,575		47,475
Non-Mature Communities/Other		24,048		23,913
Total segment and consolidated lease revenue	$	408,722	$	405,259

Reportable apartment home segment other revenue
Same-Store Communities
West Region	$	3,048	$	3,222
Northeast Region		2,065		2,166
Mid-Atlantic Region		3,541		3,310
Southeast Region		3,014		2,904
Southwest Region		2,304		2,307
Non-Mature Communities/Other		627		668
Total segment and consolidated other revenue	$	14,599	$	14,577

Total reportable apartment home segment rental income
Same-Store Communities
West Region	$	128,789	$	125,614
Northeast Region		83,961		82,252
Mid-Atlantic Region		80,979		80,525
Southeast Region		56,038		57,082
Southwest Region		48,879		49,782
Non-Mature Communities/Other		24,675		24,581
Total segment and consolidated rental income	$	423,321	$	419,836

Total reportable apartment home segment operating expenses
Same-Store Communities
Personnel	$	19,645	$	18,887
Utilities		20,324		18,769
Repair and maintenance		25,653		24,033
Administrative and marketing		9,875		9,385
Real estate taxes		51,072		50,103
Insurance		5,156		4,998
Non-Mature Communities/Other (b)		8,866		8,560
Total segment and consolidated operating expenses	$	140,591	$	134,735

Reportable apartment home segment NOI
Same-Store Communities
West Region	$	92,347	$	91,912
Northeast Region		52,756		52,458
Mid-Atlantic Region		54,151		54,900
Southeast Region		37,507		38,925
Southwest Region		30,160		30,885
Non-Mature Communities/Other		15,809		16,021
Total segment and consolidated NOI		282,730		285,101

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

Reconciling items:
Joint venture management and other fees		2,528		2,112
Property management		(13,758)		(13,645)
Other operating expenses		(9,415)		(8,059)
Real estate depreciation and amortization		(161,268)		(161,394)
General and administrative		(19,364)		(19,495)
Casualty-related (charges)/recoveries, net		(5,729)		(3,297)
Other depreciation and amortization		(3,335)		(7,067)
Gain/(loss) on sale of real estate owned		157,416		47,939
Income/(loss) from unconsolidated entities		19,696		5,814
Interest expense		(48,576)		(47,701)
Interest income and other income/(expense), net		2,434		1,921
Tax (provision)/benefit, net		(455)		(158)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership		(13,061)		(5,339)
Net (income)/loss attributable to noncontrolling interests		(12)		(12)
Net income/(loss) attributable to UDR, Inc.	$	189,831	$	76,720

(a)	Same-Store Community population consisted of 52,782 apartment homes.

(b)	Non-Mature Communities/Other operating expenses include costs to manage recently acquired, developed and redeveloped communities, and the non-apartment components of mixed-use properties.

The following table details the assets of UDR’s reportable segments as of March 31, 2026 and December 31, 2025 (dollars in thousands):


		March 31,			December 31,
		2026			2025
Reportable apartment home segment assets:
Same-Store Communities (a):
West Region		$	4,696,038		$	4,681,206
Northeast Region			3,844,560			3,835,341
Mid-Atlantic Region			3,272,143			3,268,160
Southeast Region			1,641,936			1,634,894
Southwest Region			1,760,267			1,756,582
Non-Mature Communities/Other			993,636			1,311,702
Total segment assets			16,208,580			16,487,885
Accumulated depreciation			(7,378,368)			(7,374,546)
Total segment assets — net book value			8,830,212			9,113,339
Reconciling items:
Cash and cash equivalents			1,300			1,222
Restricted cash			33,498			35,710
Notes receivable, net			153,564			149,979
Investment in and advances to unconsolidated joint ventures, net			757,689			886,492
Operating lease right-of-use assets			186,641			187,624
Other assets			370,870			231,308
Total consolidated assets		$	10,333,774		$	10,605,674

(a)	Same-Store Community population consisted of 52,782 apartment homes.

Markets included in the above geographic segments are as follows:

West Region — Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles, Other Southern California and Portland

ii.

Northeast Region — Boston, New York and Philadelphia

iii.

Mid-Atlantic Region — Metropolitan D.C., Baltimore and Richmond

iv.

Southeast Region — Tampa, Orlando, Nashville and Other Florida

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UDR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

MARCH 31, 2026

Southwest Region — Dallas, Austin and Denver

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Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the consolidated financial statements appearing elsewhere herein and is based primarily on the consolidated financial statements for the three months ended March 31, 2026 and 2025, of UDR, Inc. Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q (this “Report”) to “UDR,” the “Company,” “we,” “our” and “us” refer to UDR, Inc., together with its consolidated subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”).

Forward-Looking Statements

This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements include, without limitation, statements concerning property acquisitions and dispositions, development activity and capital expenditures, capital raising activities, rent growth, occupancy and rental expense growth. Words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements.

The following factors, among others, could cause our future results to differ materially from those expressed in the forward-looking statements:

●

general market and economic conditions;

●

the impact of inflation/deflation, tariffs, geopolitical tensions and government shutdowns;

●

unfavorable changes in apartment market and economic conditions that could adversely affect occupancy levels and rental rates;

●

the failure of acquisitions, developments or redevelopments to achieve anticipated results;

●

possible difficulty in selling apartment communities;

●

competitive factors that may limit our ability to lease apartment homes or increase or maintain rents;

●

insufficient cash flow that could affect our debt financing and create refinancing risk;

●

failure to generate sufficient revenue, which could impair our debt service payments and distributions to stockholders;

●

development and construction risks that may impact our profitability;

●

potential damage from natural disasters, including hurricanes, fires, floods, ice storms and other weather-related events, which could result in substantial costs to us;

●

risks from climate change that impacts our properties or operations;

●

risks from extraordinary losses for which we may not have insurance or adequate reserves;

●

risks from cybersecurity breaches of our information technology systems and the information technology systems of our third party vendors and other third parties;

●

the availability of capital and the stability of the capital markets;

●

changes in job growth, home affordability and the demand/supply ratio for multifamily housing;

●

the failure of automation or technology to help grow net operating income;

●

uninsured losses due to insurance deductibles, self-insurance retention, uninsured claims or casualties, or losses in excess of applicable coverage;

●

delays in completing developments and lease-ups on schedule or at expected rent and occupancy levels;

●

our failure to succeed in new markets;

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●

risks that third parties who have an interest in or are otherwise involved in projects in which we have an interest, including mezzanine borrowers, joint venture partners or other investors, do not perform as expected;

●

changing interest rates, which could increase interest costs and affect the market price of our securities;

●

potential liability for environmental contamination, which could result in substantial costs to us;

●

the imposition of federal taxes if we fail to qualify as a REIT under the Code in any taxable year;

●

our internal control over financial reporting may not be considered effective which could result in a loss of investor confidence in our financial reports, and in turn have an adverse effect on our stock price; and

●

changes in real estate laws, tax laws, rent control or stabilization laws or other laws affecting our business.

A discussion of these and other factors affecting our business and prospects is set forth in Part II, Item 1A. Risk Factors. We encourage investors to review these risk factors.

Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this Report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved.

Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Report, and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our 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 by law.

Business Overview

We are a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States. We were formed in 1972 as a Virginia corporation. In June 2003, we changed our state of incorporation from Virginia to Maryland. Our subsidiaries include the Operating Partnership and the DownREIT Partnership.

At March 31, 2026, our consolidated real estate portfolio included 161 communities in 12 states plus the District of Columbia totaling 54,081 apartment homes. In addition, we have an ownership interest in 9,018 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 3,617 apartment homes owned by entities in which we hold preferred equity investments. The Same-Store Community apartment home population for the three months ended March 31, 2026, was 52,782.

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The following table summarizes our same-store market information by major geographic markets as of and for the three months ended March 31, 2026, as applicable:


	March 31, 2026						Three Months Ended March 31, 2026
			Percentage		Total		Weighted		Monthly
	Number of	Number of	of Total		Carrying		Average		Income per
	Apartment	Apartment	Carrying		Value (in		Physical		Occupied
Same-Store Communities	Communities	Homes	Value		thousands)		Occupancy		Home (a)
West Region
Orange County, CA	8	4,305	8.8	%	$	1,431,762	96.2	%	$	3,221
San Francisco, CA	14	3,317	7.6	%		1,238,212	97.7	%		3,699
Seattle, WA	13	2,525	6.6	%		1,062,075	97.0	%		2,978
Monterey Peninsula, CA	7	1,567	1.3	%		209,305	97.3	%		2,407
Los Angeles, CA	4	1,225	3.1	%		496,194	96.2	%		3,255
Other Southern California	3	821	1.4	%		231,305	96.6	%		2,953
Portland, OR	1	220	0.2	%		27,185	96.9	%		2,168
Northeast Region
Boston, MA	12	4,667	12.3	%		1,993,375	96.3	%		3,348
New York, NY	4	1,945	8.7	%		1,403,071	98.5	%		5,219
Philadelphia, PA	4	1,172	2.8	%		448,114	96.3	%		2,615
Mid-Atlantic Region
Metropolitan D.C.	24	9,119	16.5	%		2,695,064	96.3	%		2,507
Baltimore, MD	6	1,721	3.0	%		487,607	96.4	%		2,113
Richmond, VA	2	841	0.6	%		89,472	94.6	%		1,856
Southeast Region
Tampa, FL	10	3,611	4.3	%		689,874	96.4	%		2,148
Orlando, FL	10	3,293	3.5	%		571,341	96.4	%		1,897
Nashville, TN	8	2,261	1.7	%		281,088	95.7	%		1,721
Other Florida	1	636	0.6	%		99,633	96.2	%		2,381
Southwest Region
Dallas, TX	19	7,364	8.2	%		1,327,753	96.9	%		1,761
Austin, TX	6	1,880	2.0	%		329,519	96.7	%		1,730
Denver, CO	1	292	0.6	%		102,995	95.8	%		2,065
Total/Average Same-Store Communities	157	52,782	93.8	%		15,214,944	96.6	%	$	2,605
Non-Mature, Commercial Properties & Other	4	1,299	5.6	%		901,894
Total Real Estate Held for Investment	161	54,081	99.4	%		16,116,838
Real Estate Under Development (b)	—	—	0.6	%		91,742
Total Real Estate Owned	161	54,081	100.0	%		16,208,580
Total Accumulated Depreciation						(7,378,368)
Total Real Estate Owned, Net of Accumulated Depreciation					$	8,830,212

(a)	Monthly Income per Occupied Home represents total monthly revenues divided by the average physical number of occupied apartment homes in our Same-Store portfolio.

(b)	As of March 31, 2026, the Company was developing one wholly-owned community with a total of 300 apartment homes, none of which have been completed.

We report in two segments: Same-Store Communities and Non-Mature Communities/Other.

Our Same-Store Communities segment represents those communities acquired, developed, and stabilized prior to January 1, 2025 and held as of March 31, 2026. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the communities are not classified as held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months.

Our Non-Mature Communities/Other segment represents those communities that do not meet the criteria to be included in Same-Store Communities, including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties.

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Liquidity and Capital Resources

Liquidity is the ability to meet present and future financial obligations either through operating cash flows, sales of properties, borrowings under our credit agreements, and/or the issuance of debt and/or equity securities. Our primary source of liquidity is our cash flow from operations, as determined by rental rates, occupancy levels, and operating expenses related to our portfolio of apartment homes, and borrowings under our credit agreements. We routinely use our working capital credit facility, our unsecured revolving credit facility and issuances of commercial paper to temporarily fund certain investing and financing activities prior to arranging for longer-term financing or the issuance of equity or debt securities. During the past several years, proceeds from the sale of real estate have been used for both investing and financing activities as we continue to execute on maintaining a diversified portfolio.

We expect to meet our short-term liquidity requirements generally through net cash provided by property operations and borrowings under our credit agreements and our unsecured commercial paper program. We expect to meet certain long-term liquidity requirements such as scheduled debt maturities, the repayment of financing on development activities, and potential property acquisitions, through net cash provided by property operations, secured and unsecured borrowings, the issuance of debt or equity securities, and/or the disposition of properties. We believe that our net cash provided by property operations and borrowings under our credit agreements and our unsecured commercial paper program will continue to be adequate to meet both operating requirements and the payment of dividends by the Company in accordance with REIT requirements. Likewise, the budgeted expenditures for improvements and renovations of certain properties are expected to be funded from property operations, borrowings under credit agreements, the issuance of debt or equity securities, and/or dispositions of properties.

We have a shelf registration statement filed with the Securities and Exchange Commission, or “SEC,” which provides for the issuance of common stock, preferred stock, depositary shares, debt securities, guarantees of debt securities, warrants, subscription rights, purchase contracts and units to facilitate future financing activities in the public capital markets. Access to capital markets is dependent on market conditions at the time of issuance.

The Company has a $1.3 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan (the “Term Loan”). The credit agreement for these facilities (the “Credit Agreement”) allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan to be increased to an aggregate maximum amount of up to $2.5 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of August 31, 2028, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of January 2029, with two one-year extension options, subject to certain conditions.

The Company has an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $700.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. As of March 31, 2026, we had issued $170.0 million of commercial paper, for one month terms, at a weighted average annualized rate of 4.13%, leaving $530.0 million of unused capacity.

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Future Capital Needs

Future development and redevelopment expenditures may be funded through unsecured or secured credit facilities, unsecured commercial paper, proceeds from the issuance of equity or debt securities, sales of properties, joint ventures, and, to a lesser extent, from cash flows provided by property operations. Acquisition activity in strategic markets may be funded through joint ventures, by the reinvestment of proceeds from the sale of properties, through the issuance of equity or debt securities, the issuance of operating partnership units and the assumption or placement of secured and/or unsecured debt.

During the remainder of 2026, we have approximately $55.0 million of secured debt maturing, inclusive of principal amortization, and $470.0 million of unsecured debt maturing. We anticipate repaying the remaining debt with cash flow from our operations, proceeds from debt or equity offerings, proceeds from dispositions of properties, or from borrowings under our credit agreements and our unsecured commercial paper program.

We do not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources that are material.

Guarantor Subsidiary Summarized Financial Information

UDR has certain outstanding debt securities that are guaranteed by the Operating Partnership. With respect to this debt, as further outlined below, the Operating Partnership fully and unconditionally guarantees payment of any principal, premium and interest in full to the holders thereof. The Operating Partnership is a subsidiary of UDR, through which UDR conducts a significant portion of its business and holds a substantial amount of its assets. UDR also conducts business through other subsidiaries, including its taxable REIT subsidiaries. In addition to its ownership interest in the Operating Partnership, UDR holds interests in subsidiaries and joint ventures, owns and operates properties, issues securities from time to time and guarantees debt of certain of its subsidiaries. UDR, as the sole general partner of the Operating Partnership, owns 100 percent of the Operating Partnership’s general partnership interests and approximately 95 percent of its limited partnership interests and, by virtue thereof, has the ability to control all of the day-to-day operations of the Operating Partnership. UDR has concluded that it is the primary beneficiary of, and therefore consolidates, the Operating Partnership.

The Operating Partnership is the subsidiary guarantor of certain of our registered debt securities, including the $300 million of medium-term notes due September 2026, $300 million of medium-term notes due July 2027, $300 million of medium-term notes due January 2028, $300 million of medium-term notes due January 2029, $600 million of medium-term notes due January 2030, $600 million of medium-term notes due August 2031, $400 million of medium-term notes due August 2032, $350 million of medium-term notes due March 2033, $300 million of medium-term notes due in June 2033, $300 million of medium-term notes due September 2034 and $300 million of medium-term notes due November 2034.

The Operating Partnership fully and unconditionally guarantees payment of any principal, premium and interest in full to the holders of the notes described above. The guarantee forms part of the indenture under which the notes were issued. If, for any reason, we do not make any required payment in respect of the notes when due, the Operating Partnership will cause the payment to be made to, or to the order of, the applicable paying agent on behalf of the trustee. Holders of the notes may enforce their rights under the guarantee directly against the Operating Partnership without first making a demand or taking action against UDR or any other person or entity. The Operating Partnership may, without the consent of the holders of the notes, assume all of our rights and obligations under the notes and, upon such assumption, we will be released from our liabilities under the indenture and the notes.

The notes are UDR’s unsecured general obligations and rank equally with all of UDR’s other unsecured and unsubordinated indebtedness outstanding from time to time. As a result, our payment of amounts due on the notes is subordinated to all of our existing and future secured obligations to the extent of the value of the collateral pledged toward any such secured obligation. Our payment of amounts due on the notes also is effectively subordinated to all liabilities, whether secured or unsecured, of any of our non-guarantor subsidiaries because, in the event of a bankruptcy, liquidation, dissolution, reorganization or similar proceeding with respect to such subsidiaries, we, as an equity holder of such subsidiaries, would not receive distributions from such subsidiaries until claims of any creditors of such subsidiaries are satisfied.

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The following tables present the summarized financial information for the Operating Partnership as of March 31, 2026 and December 31, 2025, and for the three months ended March 31, 2026 and 2025. The information presented below excludes eliminations necessary to arrive at the information on a consolidated basis (dollars in thousands):


		March 31,			December 31,
		2026			2025
Total real estate, net		$	2,508,554		$	2,624,249
Cash and cash equivalents			15			—
Operating lease right-of-use assets			187,317			188,343
Other assets			170,756			37,548
Total assets		$	2,866,642		$	2,850,140

Secured debt, net		$	375,230		$	375,820
Notes payable to UDR (a)			1,683,386			1,697,552
Operating lease liabilities			182,719			183,731
Other liabilities			219,189			146,348
Total liabilities			2,460,524			2,403,451
Total capital		$	406,118		$	446,689


		Three Months Ended
		March 31,
		2026			2025
Total revenue		$	156,010		$	152,196
Property operating expenses			(64,073)			(66,491)
Real estate depreciation and amortization			(48,529)			(46,141)
Operating income/(loss)			43,408			39,564
Interest expense (a)			(20,348)			(17,878)
Gain/(loss) on sale of real estate			46,351			—
Other income/(loss)			(954)			2,856
Net income/(loss)		$	68,457		$	24,542

(a)

All $1.7 billion and $1.7 billion notes payable to UDR as of March 31, 2026 and December 31, 2025, respectively, and $16.2 million and $13.6 million of interest expense on notes payable to UDR for the three months ended March 31, 2026 and 2025, respectively, eliminate upon consolidation of UDR’s consolidated financial statements.

Critical Accounting Policies and Estimates and New Accounting Pronouncements

Our critical accounting policies are those having the most impact on the reporting of our financial condition and results and those requiring significant judgments and estimates. These policies include those related to (1) capital expenditures, (2) impairment of long-lived assets, (3) real estate investment properties, and (4) revenue recognition.

Our critical accounting policies are described in more detail in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in UDR’s Annual Report on Form 10-K, filed with the SEC on February 17, 2026. There have been no significant changes in our critical accounting policies from those reported in our Form 10-K filed with the SEC on February 17, 2026. With respect to these critical accounting policies, we believe that the application of judgments and assessments is consistently applied and produces financial information that fairly depicts the results of operations for all periods presented.

Statements of Cash Flows

The following discussion explains the changes in Net cash provided by/(used in) operating activities, Net cash provided by/(used in) investing activities, and Net cash provided by/(used in) financing activities that are presented in our Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025.

Operating Activities

For the three months ended March 31, 2026, our Net cash provided by/(used in) operating activities was $128.7 million, compared to $156.2 million for the comparable period in 2025. The decrease in cash flow from operating activities

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was primarily due to changes in operating assets and liabilities and a decrease in NOI, partially offset by an increase in operating distributions from our unconsolidated joint ventures and partnerships.

Investing Activities

For the three months ended March 31, 2026, Net cash provided by/(used in) investing activities was $283.7 million, compared to $17.8 million for the comparable period in 2025. The increase in cash provided by investing activities was primarily due to an increase in distributions received from unconsolidated joint ventures and partnerships, a decrease in the issuance of notes receivables during the current period compared to the prior year period, a decrease in capital expenditures, and an increase in proceeds from the sales of real estate investments, partially offset by an increase in spend for development of real estate.

Dispositions

Capital Expenditures

We capitalize those expenditures that materially enhance the value of an existing asset or substantially extend the useful life of an existing asset. Expenditures necessary to maintain an existing property in ordinary operating condition are expensed as incurred.

For the three months ended March 31, 2026, total capital expenditures of $42.1 million, or $767 per stabilized home, which in aggregate include recurring capital expenditures and major renovations, were spent across our portfolio, excluding development, as compared to $55.4 million, or $1,009 per stabilized home, for the comparable period in 2025.

The decrease in total capital expenditures was primarily due to:

●

a decrease of 60.1%, or $14.3 million, in major renovations, which includes major structural changes and/or architectural revisions to existing buildings; and

●

a decrease of 7.1%, or $1.0 million, in NOI enhancing improvements, such as kitchen and bath remodels and upgrades to common areas.

This was partially offset by:

●

an increase of 13.3%, or $2.3 million, in recurring capital expenditures, which includes asset preservation expenditures and turnover-related expenditures.

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The following table outlines capital expenditures and repair and maintenance costs for all of our communities, excluding real estate under development, for the three months ended March 31, 2026 and 2025 (dollars in thousands except Per Home amounts):


										Per Home
		Three Months Ended March 31,								Three Months Ended March 31,
		2026			2025			% Change		2026			2025			% Change
Turnover capital expenditures		$	3,579		$	3,676		(2.6)	%	$	65		$	67		(3.0)	%
Asset preservation expenditures			16,008			13,607		17.6	%		292			247		18.2	%
Total recurring capital expenditures			19,587			17,283		13.3	%		357			314		13.7	%
NOI enhancing improvements (a)			13,064			14,055		(7.1)	%		238			256		(7.0)	%
Major renovations (b)			9,460			23,730		(60.1)	%		172			432		(60.2)	%
Operations platform			14			372		(96.2)	%		—			7		(100.0)	%
Total capital expenditures (c)		$	42,125		$	55,440		(24.0)	%	$	767		$	1,009		(24.0)	%
Repair and maintenance expense		$	26,925		$	25,004		7.7	%	$	491		$	455		7.9	%
Average home count (d)			54,854			54,993		(0.3)	%

(a)	NOI enhancing improvements are expenditures that we believe will result in increased income generation or decreased expense growth.

(b)	Major renovations include major structural changes and/or architectural revisions to existing buildings.

(c)	Total capital expenditures includes amounts capitalized during the year. Cash paid for capital expenditures is impacted by the net change in related accruals.

(d)	Average number of homes is calculated based on the number of homes outstanding at the end of each month.

We intend to continue to selectively add NOI enhancing improvements, which we believe will provide a return on investment in excess of our cost of capital. Our objective in redeveloping a community is twofold: we aim to meaningfully grow rental rates while also achieving cap rate compression through asset quality improvement.

Consolidated Real Estate Under Development and Redevelopment

At March 31, 2026, our development pipeline consisted of one wholly-owned community totaling 300 apartment homes, none of which have been completed, with a budget of $133.6 million, in which we have a gross carrying value of $91.7 million. The homes are estimated to be completed during the first quarter of 2027. In addition, the Company is incurring and capitalizing costs directly related to predevelopment activities at other development sites in preparation of future commencements.

At March 31, 2026, the Company had no communities at which it was conducting substantial redevelopment activities.

Unconsolidated Joint Ventures and Partnerships

The Company recognizes income or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net income or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services to the communities held by the unconsolidated joint ventures and partnerships.

The Company’s Investment in and advances to unconsolidated joint ventures and partnerships, net, are accounted for under the equity method of accounting. For the three months ended March 31, 2026:

●

we made investments totaling $0.8 million in our unconsolidated joint ventures and partnerships;

●

our proportionate share of the net income/(loss) of the joint ventures and partnerships was $19.7 million; and

●

we received distributions of $149.8 million, of which $10.5 million were operating cash flows and $139.3 million were investing cash flows.

We evaluate our investments in unconsolidated joint ventures and partnerships when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. The Company did not incur any other-than-temporary

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impairments in the value of its investments in unconsolidated joint ventures during the three months ended March 31, 2026 and 2025.

Financing Activities

For the three months ended March 31, 2026, our Net cash provided by/(used in) financing activities was $(414.5) million, compared to $(176.1) million for the comparable period of 2025.

The following significant financing activities occurred during the three months ended March 31, 2026:

●

repaid $275.0 million, net on our unsecured commercial paper program;

●

received net proceeds of $118.2 million on our revolving bank debt;

●

repurchased 2.8 million common shares for approximately $100.0 million,

●

paid $9.9 million of distributions to redeemable noncontrolling interests; and

●

paid $141.3 million of distributions to our common stockholders.

Credit Facilities and Commercial Paper Program

As of March 31, 2026, we had $135.0 million outstanding borrowings under the Revolving Credit Facility, leaving $1.2 billion of unused capacity (excluding $4.3 million of letters of credit at March 31, 2026), and $350.0 million of outstanding borrowings under the Term Loan.

The Company has a working capital credit facility, which provides for a $75.0 million unsecured revolving credit facility (the “Working Capital Credit Facility”) with a scheduled maturity date of January 12, 2027, with two one-year extension options. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to SOFR plus a margin of 77.5 basis points. Depending on the Company’s credit rating, the margin ranges from 70 to 140 basis points.

As of March 31, 2026, we had $9.6 million of outstanding borrowings under the Working Capital Credit Facility, leaving $65.4 million of unused capacity.

The bank revolving credit facilities and the term loan are subject to customary financial covenants and limitations, all of which we were in compliance with at March 31, 2026.

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issued $170.0 million of commercial paper, for one month terms, at a weighted average annualized rate of 4.13%, leaving $530.0 million of unused capacity.

Interest Rate Risk

We are exposed to interest rate risk associated with variable rate notes payable and maturing debt that has to be refinanced. We do not hold financial instruments for trading or other speculative purposes, but rather issue these financial instruments to finance our portfolio of real estate assets and operations. Interest rate sensitivity is the relationship between changes in market interest rates and the fair value of market rate sensitive assets and liabilities. Our earnings are affected as changes in short-term interest rates impact our cost of variable rate debt and maturing fixed rate debt. We had $516.6 million in variable rate debt that is not subject to interest rate swap contracts as of March 31, 2026. If market interest rates for variable rate debt increased by 100 basis points, our interest expense for the three months ended March 31, 2026 would increase by $1.7 million based on the average balance outstanding during the period.

These amounts are determined by considering the impact of hypothetical interest rates on our borrowing cost. This analysis does not consider the effects of the adjusted level of overall economic activity that could exist in such an environment or actions we may take to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analysis assumes no change in our financial structure.

The Company also utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. See Note 11, Derivatives and Hedging Activities, in the Notes to the UDR Consolidated Financial Statements included in this Report for additional discussion of derivative instruments.

A presentation of cash flow metrics based on GAAP is as follows (dollars in thousands):


		Three Months Ended March 31,
		2026		2025
Net cash provided by/(used in) operating activities		$	128,743	$	156,216
Net cash provided by/(used in) investing activities			283,653		17,816
Net cash provided by/(used in) financing activities			(414,530)		(176,138)

Results of Operations

The following discussion explains the changes in results of operations that are presented in our Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025.

Net Income/(Loss) Attributable to Common Stockholders

Net income/(loss) attributable to common stockholders was $188.6 million ($0.57 per diluted share) for the three months ended March 31, 2026, as compared to $75.5 million ($0.23 per diluted share) for the comparable period in the prior year. The increase resulted primarily from the following items, all of which are discussed in further detail elsewhere within this Report:

●

gains on the sale of real estate of $157.4 million from the sale of four operating communities located in various markets during the three months ended March 31, 2026, as compared to a gain on the sale of real estate of $47.9 million from the sale of two operating communities located in Englewood, New Jersey and Brooklyn, New York during the three months ended March 31, 2025;

●

an increase in income/(loss) from unconsolidated entities of $13.9 million primarily due to an increase of $15.4 million from realized and unrealized gains on real estate technology investments, partially offset by a $2.4 million decrease from unconsolidated joint ventures primarily due to higher depreciation and amortization expense partially offset by higher NOI; and

●

a decrease in other depreciation and amortization of $3.7 million primarily due to $3.0 million of software transition related costs incurred during the three months ended March 31, 2025, as compared to none during the three months ended March 31, 2026.

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This was partially offset by:

●

an increase in net income attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership of $7.7 million primarily attributed to the noncontrolling interests’ share of the gain from the sale of four operating communities located in various markets during the three months ended March 31, 2026, as compared to the noncontrolling interests’ share of the gain from the sale of two operating communities located in Englewood, New Jersey and Brooklyn, New York in the same period of 2025;

●

a decrease in total property NOI of $2.4 million primarily due to an increase in property operating expenses and a decrease in NOI from communities sold during 2025 and 2026, partially offset by higher revenue per occupied home and NOI from communities acquired in 2025; and

●

an increase in casualty-related charges/(recoveries), net of $2.4 million primarily due to casualty-related charges recorded during the three months ended March 31, 2026 as a result of damages caused by various winter storms.

Apartment Community Operations

Our net income results are primarily from NOI generated from the operation of our apartment communities. The Company defines NOI, which is a non-GAAP financial measure, as rental income less direct property rental expenses. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs.

Management considers NOI a useful metric for investors as it is a more meaningful representation of a community’s continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization.

Although the Company considers NOI a useful measure of operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities as determined in accordance with GAAP. NOI excludes several income and expense categories as detailed in the reconciliation of NOI to Net income/(loss) attributable to UDR, Inc. below.

The following table summarizes the operating performance of our total property NOI for each of the periods presented (dollars in thousands):


		Three Months Ended
		March 31, (a)
		2026		2025		% Change
Same-Store Communities:
Same-Store rental income		$	398,646	$	395,255	0.9	%
Same-Store operating expense (b)			(131,725)		(126,175)	4.4	%
Same-Store NOI			266,921		269,080	(0.8)	%

Non-Mature Communities/Other NOI:
Stabilized, non-mature communities NOI (c)			6,107		1,703	NM	*
Non-residential/other NOI (d)			4,667		4,231	10.3	%
Sold and held for disposition communities NOI			5,035		10,087	(50.1)	%
Total Non-Mature Communities/Other NOI			15,809		16,021	(1.3)	%
Total property NOI		$	282,730	$	285,101	(0.8)	%

* Not meaningful

(a)	Same-Store consists of 52,782 apartment homes.

(b)	Excludes depreciation, amortization, and property management expenses.

(c)	Represents non-mature communities that have achieved 90% occupancy for three consecutive months but do not meet the criteria to be included in Same-Store Communities.

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(d)	Primarily non-residential retail revenue and expense.

The following table is our reconciliation of Net income/(loss) attributable to UDR, Inc. to total property NOI for each of the periods presented (dollars in thousands):


	Three Months Ended
	March 31,
	2026		2025
Net income/(loss) attributable to UDR, Inc.	$	189,831	$	76,720
Joint venture management and other fees		(2,528)		(2,112)
Property management		13,758		13,645
Other operating expenses		9,415		8,059
Real estate depreciation and amortization		161,268		161,394
General and administrative		19,364		19,495
Casualty-related charges/(recoveries), net		5,729		3,297
Other depreciation and amortization		3,335		7,067
(Gain)/loss on sale of real estate owned		(157,416)		(47,939)
(Income)/loss from unconsolidated entities		(19,696)		(5,814)
Interest expense		48,576		47,701
Interest income and other (income)/expense, net		(2,434)		(1,921)
Tax provision/(benefit), net		455		158
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership		13,061		5,339
Net income/(loss) attributable to noncontrolling interests		12		12
Total property NOI	$	282,730	$	285,101

Same-Store Communities

Our Same-Store Community properties, those acquired, developed, and stabilized prior to January 1, 2025 and held on March 31, 2026 consisted of 52,782 apartment homes, and provided 94.4% of our total NOI for the three months ended March 31, 2026.

NOI for our Same-Store Community properties decreased 0.8%, or $2.2 million, for the three months ended March 31, 2026 compared to the same period in 2025. The decrease in property NOI was attributable to a 4.4%, or $5.6 million, increase in operating expenses, partially offset by a 0.9%, or $3.4 million, increase in property rental income. The increase in property rental income was primarily driven by a 0.7%, or $2.7 million, increase in rental rates, and a 5.3%, or $2.5 million, increase in reimbursement and other income, partially offset by a 23.6%, or $2.3 million, increase in vacancy loss. Weighted average physical occupancy decreased by 0.6% to 96.6% and total monthly income per occupied home increased by 1.5% to $2,605.

The increase in operating expenses was primarily driven by a 6.7%, or $1.6 million, increase in repair and maintenance expense due to increases in third party vendor costs and weather-related events, an 8.3%, or $1.6 million, increase in utilities, and a 1.9%, or $1.0 million, increase in real estate taxes due to higher assessed valuations.

The operating margin (property net operating income divided by property rental income) was 67.0% and 68.1% for the three months ended March 31, 2026 and 2025, respectively.

Non-Mature Communities/Other

UDR’s Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities, which include communities recently developed or acquired, redevelopment properties, sold or held for disposition properties, and non-apartment components of mixed use properties.

The remaining 5.6%, or $15.8 million, of our total NOI during the three months ended March 31, 2026 was generated from our Non-Mature Communities/Other. NOI from Non-Mature Communities/Other decreased by 1.3%, or $0.2 million, for the three months ended March 31, 2026 as compared to the same period in 2025. The decrease was primarily attributable to a $5.1 million decrease in sold and held for disposition communities NOI due to the sale of four operating communities during the three months ended March 31, 2026, partially offset by a $4.4 million increase in NOI from stabilized, non-mature

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communities, primarily due to completed development communities becoming stabilized and a $3.8 million increase in NOI due to two communities acquired during 2025 becoming stabilized.

Gain/(loss) on sale of real estate owned

For the three months ended March 31, 2026, the Company recognized gain/(loss) on sale of real estate owned of $157.4 million as compared to $47.9 million on sale of real estate owned for the three months ended March 31, 2025. The increase in 2026 as compared to 2025 was attributable to the sale of four operating communities located in various markets during the three months ended March 31, 2026, as compared to the sale of two operating communities located in Englewood, New Jersey, and Brooklyn, New York during the three months ended March 31, 2025.

Income/(loss) from unconsolidated entities

For the three months ended March 31, 2026 and 2025, the Company recognized income/(loss) from unconsolidated entities of $19.7 million and $5.8 million, respectively. The increase in 2026 as compared to 2025 was primarily due to an increase of $15.4 million from realized and unrealized gains on real estate technology investments, partially offset by $2.4 million decrease from unconsolidated joint ventures primarily due to higher depreciation and amortization expense partially offset by higher NOI.

Other depreciation and amortization

For the three months ended March 31, 2026 and 2025, the Company recognized other depreciation and amortization of $3.3 million and $7.1 million, respectively. The decrease in 2026 as compared to 2025 was primarily due to $3.0 million of software transition related costs incurred during the three months ended March 31, 2025, as compared to none during the three months ended March 31, 2026.

Casualty-related charges/(recoveries), net

For the three months ended March 31, 2026 and 2025, the Company recognized casualty-related charges/(recoveries), net of $5.7 million and $3.3 million, respectively. The increase of $2.4 million was primarily due to casualty-related charges recorded during the three months ended March 31, 2026 as a result of damages caused by various winter storms.

Noncontrolling Interest

For the three months ended March 31, 2026 and 2025, the Company recognized net income attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership of $13.1 million and $5.3 million, respectively. The increase in 2026 as compared to 2025 primarily attributed to the noncontrolling interests’ share of the gain from the sale of four operating communities located in various markets during the three months ended March 31, 2026, as compared to the noncontrolling interests’ share of the gain from the sale of two operating communities located in Englewood, New Jersey and Brooklyn, New York in the same period of 2025.

Inflation

Inflation primarily impacts our results of operations as a result of wage pressures and increases in utilities and repair and maintenance costs. In addition, inflation could also impact our general and administrative expenses, the interest on our debt if variable or refinanced in a high-inflationary environment, our cost of capital, and our cost of development, redevelopment, maintenance or other operating activities. However, the majority of our apartment leases have initial terms of 12 months or less, which in an inflationary environment, and absent other factors such as increased supply, generally enables us to compensate for inflationary effects by increasing rents on our apartment homes. Although an extreme or sustained escalation in costs could have a negative impact on our residents and their ability to absorb rent increases, we do not believe this had a material impact on our results for the three months ended March 31, 2026.

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Funds from Operations, Funds from Operations as Adjusted, and Adjusted Funds from Operations

Funds from Operations

Funds from operations (“FFO”) attributable to common stockholders and unitholders is defined as Net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company’s share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust’s (“Nareit”) definition issued in April 2002 and restated in November 2018. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, Nareit created FFO as a supplemental measure of a REIT’s operating performance. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count.

Management considers FFO a useful metric for investors as the Company uses 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 flow as a measure of the Company’s activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs.

Funds from Operations as Adjusted

FFO as Adjusted (“FFOA”) attributable to common stockholders and unitholders is defined as FFO excluding the impact of non-comparable items including, but not limited to, acquisition-related costs, prepayment costs/benefits associated with early debt retirement, impairment write-downs or gains and losses on sales of real estate or other assets incidental to the main business of the Company and income taxes directly associated with those gains and losses, casualty-related expenses and recoveries, severance costs, software transition related costs and legal and other costs.

Management believes that FFOA is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and enables investors to more easily compare our operating results with other REITs. FFOA is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. We believe that Net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFOA. However, other REITs may use different methodologies for calculating FFOA or similar FFO measures and, accordingly, our FFOA may not always be comparable to FFOA or similar FFO measures calculated by other REITs. FFOA should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity.

Adjusted Funds from Operations

Adjusted FFO (“AFFO”) attributable to common stockholders and unitholders is defined as FFOA less recurring capital expenditures on consolidated communities and the Company’s proportionate share of recurring capital expenditures on unconsolidated partnerships and joint ventures, that are necessary to help preserve the value of and maintain functionality at our communities. Therefore, management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company’s operational performance than FFO or FFOA.

AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. We believe that Net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from

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operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions.

The following table outlines our reconciliation of Net income/(loss) attributable to common stockholders to FFO, FFOA, and AFFO for the three months ended March 31, 2026 and 2025 (dollars in thousands):


	Three Months Ended
	March 31,
	2026		2025
Net income/(loss) attributable to common stockholders	$	188,611	$	75,514
Real estate depreciation and amortization		161,268		161,394
Noncontrolling interests		13,073		5,351
Real estate depreciation and amortization on unconsolidated joint ventures		15,481		12,766
Net gain on the sale of depreciable real estate owned, net of tax		(157,416)		(47,939)
FFO attributable to common stockholders and unitholders, basic	$	221,017	$	207,086
Distributions to preferred stockholders — Series E (Convertible)		1,220		1,206
FFO attributable to common stockholders and unitholders, diluted	$	222,237	$	208,292
Income/(loss) per weighted average common share, diluted	$	0.57	$	0.23
FFO per weighted average common share and unit, basic	$	0.63	$	0.59
FFO per weighted average common share and unit, diluted	$	0.63	$	0.58
Weighted average number of common shares and OP/DownREIT Units outstanding — basic		350,012		353,527
Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding — diluted		353,005		357,432

Impact of adjustments to FFO:
Legal and other costs	$	5,183	$	3,805
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		(15,434)		211
Severance costs		—		499
Software transition related costs		—		2,967
Casualty-related charges/(recoveries)		5,729		3,297
Total impact of adjustments to FFO	$	(4,522)	$	10,779
FFOA attributable to common stockholders and unitholders, diluted	$	217,715	$	219,071

FFOA per weighted average common share and unit, diluted	$	0.62	$	0.61

Recurring capital expenditures, inclusive of unconsolidated joint ventures		(20,699)		(18,405)
AFFO attributable to common stockholders and unitholders, diluted	$	197,016	$	200,666

AFFO per weighted average common share and unit, diluted	$	0.56	$	0.56

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The following table is our reconciliation of FFO share information to weighted average common shares outstanding, basic and diluted, reflected on the UDR Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (shares in thousands):


		Three Months Ended
		March 31,
		2026	2025
Weighted average number of common shares and OP/DownREIT Units outstanding — basic		350,012	353,527
Weighted average number of OP/DownREIT Units outstanding		(22,711)	(22,899)
Weighted average number of common shares outstanding — basic per the Consolidated Statements of Operations		327,301	330,628

Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding — diluted		353,005	357,432
Weighted average number of OP/DownREIT Units outstanding		(22,711)	(22,899)
Weighted average number of Series E Cumulative Convertible Preferred shares outstanding		—	(2,816)
Weighted average number of common shares outstanding — diluted per the Consolidated Statements of Operations		330,294	331,717

Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is exposed to interest rate changes associated with our commercial paper program and unsecured credit facility and other variable rate debt as well as refinancing risk on our fixed rate debt. The Company’s involvement with derivative financial instruments is limited and we do not expect to use them for trading or other speculative purposes. The Company uses derivative instruments solely to manage its exposure to interest rates.

See our Annual Report on Form 10-K for the year ended December 31, 2025 under the heading “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” for a more complete discussion of our interest rate sensitive assets and liabilities. As of March 31, 2026, our market risk has not changed materially from the amounts reported in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 4.

CONTROLS AND PROCEDURES

The disclosure controls and procedures of the Company are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Our disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

It should be noted that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. As a result, our disclosure controls and procedures are designed to provide reasonable assurance that such disclosure controls and procedures will meet their objectives.

As of March 31, 2026, we carried out an evaluation, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer of the Company, of the effectiveness of the design and operation of the disclosure controls and procedures of the Company. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer of the Company concluded that the disclosure controls and procedures of the Company are effective at the reasonable assurance level described above.

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) during the fiscal quarter to which this report relates that materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of the Company.

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PART II — OTHER INFORMATION

Item 1.

LEGAL PROCEEDINGS

The Company is a party to various claims and routine litigation arising in the ordinary course of business. We do not believe that the results of any such claims and litigation, individually or in the aggregate, will have a material adverse effect on our business, financial position or results of operations. As described in more detail in Note 13, Commitments and Contingencies, to the consolidated financial statements included in this report, we are currently a defendant, among other companies, in lawsuits related to our use of products licensed by RealPage, Inc.

Item 1A.

RISK FACTORS

There are many factors that affect the business and the results of operations of the Company, some of which are beyond its control. The following is a description of material factors that may cause the Company’s actual results in future periods to differ materially from those currently expected or discussed in forward-looking statements set forth in this Report relating to our financial results, operations and business prospects. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Report, and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our 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 by law. These risks are not all of the risks we face and other factors not presently known to us or that we currently believe are immaterial may also affect our business if they occur.

Risks Related to Our Real Estate Investments and Our Operations

Unfavorable Apartment Market and Economic Conditions Could Adversely Affect Occupancy Levels, Rental Revenues and the Value of Our Real Estate Assets. Unfavorable market conditions in the areas in which we operate or unfavorable economic conditions generally, may significantly affect our occupancy levels, our rental rates and collections, the value of our properties and our ability to acquire or dispose of apartment communities on economically favorable terms. Our ability to lease our properties at favorable rates is adversely affected by increases in supply in the multifamily and other rental markets and is dependent upon the overall level in the economy, which is adversely affected by, among other things, job losses and unemployment levels, recession, debt levels, housing markets, stock market volatility, any federal government shutdown and uncertainty about the future. Our major expenses generally do not decline when related rents decline. We would expect that declines in our occupancy levels and rental and other revenues would cause us to have less cash available to pay our indebtedness and to distribute to our stockholders, which could adversely affect our financial condition or the market value of our securities. Factors that have in the past and may in the future affect our occupancy levels, our rental revenues, and/or the value of our properties include the following, among others:

●

downturns in global, national, regional and local economic conditions, particularly increases in unemployment, including as a result of tariffs currently in effect, including Section 122 tariffs, and any future tariffs that may be imposed, geopolitical tensions, government shutdowns or otherwise;

●

declines in mortgage interest rates, making alternative housing options more affordable;

●

government or builder incentives with respect to home ownership, making alternative housing options more attractive;

●

local real estate market conditions, including oversupply of, or reduced demand for, apartment homes;

●

declines in the financial condition of our tenants, which may make it more difficult for us to collect rents from some tenants;

●

changes in market rental rates;

●

our ability to renew leases or re-lease space on favorable terms;

●

the timing and costs associated with property improvements, repairs or renovations;

●

changes in household formation; and

●

rent control or stabilization laws, or other laws regulating or impacting rental housing, which could prevent us from raising rents to offset increases in operating costs or otherwise impact us.

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The Geographic Concentration of Our Communities in Certain Markets Could Have an Adverse Effect on Our Operations if a Particular Market is Adversely Impacted by Economic or Other Conditions. For the three months ended March 31, 2026, approximately 74.8% of our total NOI was generated from communities located in Metropolitan D.C. (16.9%), Boston, MA (11.3%), Orange County, CA (11.0%), the San Francisco Bay Area, CA (9.0%), Dallas, TX (8.8%), New York, NY (6.0%), Tampa, FL (6.0%) and Seattle, WA (5.8%). As a result, if any one or more of these markets is adversely impacted by regional or local economic conditions or real estate market conditions, including new supply, such conditions may have a greater adverse impact on our results of operations than if our portfolio was more geographically diverse. In addition, if one or more of these markets is adversely affected by changes in regional or local regulations, including those related to rent control or stabilization, such regulations may have a greater adverse impact on our results of operations than if our portfolio was more geographically diverse.

We May Be Unable to Renew Leases or Relet Apartment Units as Leases Expire, or the Terms of Renewals or New Leases May Be Less Favorable Than Current Leases. When our residents decide to leave our apartments, whether because their leases are not renewed or they leave prior to their lease expiration date, we may not be able to relet their apartment units. Even if leases are renewed or we can relet the apartment units, the terms of renewal or reletting may be less favorable to us than the expiring lease terms. Furthermore, because the majority of our apartment leases have initial terms of 12 months or less, our rental revenues are impacted by declines in market rents more quickly than if our leases were for longer terms. If we are unable to promptly renew the leases or relet the apartment units, or if the rental rates upon renewal or reletting are lower than expected rates, then our results of operations and financial condition may be, and have in the past been, adversely affected. If residents do not experience increases in their income or if they experience decreases in their income or job losses, we may be unable to increase or maintain rent and/or delinquencies may increase.

We Face Certain Risks Related to Our Retail and Commercial Space. Certain of our properties include retail or commercial space that we lease to third parties. The long-term nature of our retail and commercial leases (generally five to ten years with market-based or fixed-price renewal options) and the characteristics of many of our tenants (small and/or local businesses) may subject us to certain risks. The longer-term leases could result in below market lease rates over time, particularly in an inflationary environment. We may require guarantees and other credit support which may prove to be inadequate or uncollectable, and the failure rate of small and/or local businesses may be higher than average. We may not be able to lease new space for rents that are consistent with our projections or for market rates. Also, when leases for our retail or commercial space terminate either at the end of the lease or because a tenant leaves early, the space may take, and spaces have taken in the past, longer than expected to relet, may not be relet or the terms of reletting, including the cost of allowances and concessions to tenants, may be less favorable to us than the prior lease terms, or we may incur additional expenses related to modifications of the spaces in order to satisfy new tenants. Our properties compete with other properties with retail or commercial space. The presence of competitive alternatives may adversely affect our ability to lease space and the level of rents we can obtain. Our retail or commercial tenants may experience financial distress or bankruptcy, or may fail to comply with their contractual obligations, and may seek concessions in order to continue operations or cease their operations, all of which has happened in the past and may occur again in the future, which could adversely impact our results of operations and financial condition.

We Face Risks Related to Inflation/Deflation. Substantial inflationary or deflationary pressures could have a negative effect on rental rates and property operating expenses. The U.S. economy has during certain periods over the last few years experienced periods of high rates of inflation and could again, including due to pressures related to tariffs currently in effect, which has in the past increased, and could in the future increase, our operating expenses due to higher third party vendor costs and increased our interest expense due to higher interest rates on our variable rate debt. Although the short-term nature of our apartment leases may, absent other factors, enable us to compensate for inflationary effects by increasing rents on our apartment homes, an extreme or sustained escalation in costs could have a negative impact on our residents and their ability to absorb rent increases. The general risk of inflation is that interest on our debt, general and administrative expenses, materials costs, labor costs, and other expenses increase at a rate faster than increases in our rental rates, which could adversely affect our financial condition or results of operations.

We Are Subject to Certain Risks Associated with Selling Apartment Communities, Which Could Limit Our Operational and Financial Flexibility. We periodically dispose of apartment communities that no longer meet our strategic objectives, but adverse market conditions, among other factors, may make it difficult to sell apartment communities we own. We cannot predict whether we will be able to sell any property for the price or on the terms we set, or whether any price or other terms offered by a prospective purchaser would be acceptable to us. We also cannot predict the length of time needed to find a willing purchaser or to close the sale of a property. Furthermore, we may be required to expend funds to correct defects or to make improvements before a property can be sold or the purchase price may be reduced to cover any cost of correcting defects or making improvements. These conditions may limit our ability to dispose of properties and to change our portfolio in

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order to meet our strategic objectives, which could in turn adversely affect our financial condition, results of operations or our ability to fund other activities in which we may want to engage such as the purchase of properties, development or redevelopment, or funding the Debt and Preferred Equity Program. We are also subject to the following risks in connection with sales of our apartment communities, among others:

●

a significant portion of the proceeds from some property sales may be held by intermediaries in order for such sales to qualify as like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended, or the “Code,” so that any related capital gain can be deferred for federal income tax purposes. As a result, we may not have immediate access to all of the cash proceeds generated from our property sales; and

●

federal tax laws limit our ability to profit on the sale of communities or interests in communities that we have owned for less than two years, and this limitation may prevent us from selling communities when market conditions are favorable or when we may otherwise desire to sell.

Competition Could Limit Our Ability to Lease Apartment Homes or Increase or Maintain Rents. Our apartment communities compete with numerous housing alternatives in attracting residents, including other apartment communities, condominiums and single-family rental homes, as well as owner occupied single- and multi-family homes. Competitive housing in a particular area, including new supply, could adversely affect our ability to lease apartment homes and increase or maintain rents, which could materially and adversely affect our results of operations and financial condition.

We May Not Realize the Anticipated Benefits of Past or Future Acquisitions, and the Failure to Integrate Acquired Communities and New Personnel Successfully Could Create Inefficiencies. We have acquired in the past, and if presented with attractive opportunities we intend to acquire in the future, apartment communities that meet our investment criteria. Our acquisition activities and their success are subject to the following risks, among others:

●

we may be unable to obtain financing for acquisitions on favorable terms, or at all, which could cause us to delay or even abandon potential acquisitions;

●

if we seek and are able to finance an acquisition with debt, cash flow from the acquisition may be insufficient to meet our required principal and interest payments on the debt used to finance the acquisition;

●

even if we enter into an acquisition agreement for an apartment community, we may not complete the acquisition for a variety of reasons after incurring certain acquisition-related costs;

●

we may incur significant costs and divert management attention in connection with the evaluation and negotiation of potential acquisitions, including potential acquisitions that we subsequently do not complete;

●

when we acquire an apartment community, we may invest additional amounts in it with the intention of increasing profitability, and these additional investments may not produce the anticipated improvements in profitability;

●

the expected occupancy rates, rental rates and expenses may differ from actual results; and

●

we may be unable to quickly and efficiently integrate acquired apartment communities and new personnel into our existing operations, and the failure to successfully integrate such apartment communities or personnel will result in inefficiencies that could materially and adversely affect our expected return on our investments and our overall profitability.

Competition Could Adversely Affect Our Ability to Acquire Properties. In the past, other real estate investors, including insurance companies, pension and investment funds, developer partnerships, investment companies and other public and private REITs, have competed with us to acquire existing properties and to develop new properties, and such competition in the future may limit attractive investment opportunities, which could adversely affect our ability to grow or acquire properties profitably or with attractive returns.

Development and Construction Risks Could Impact Our Profitability. In the past we have pursued, and we are currently pursuing, the development and construction of apartment communities. We intend to continue to do so in the future as appropriate opportunities arise. We may conduct development activities through wholly-owned affiliated companies or

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through joint ventures with unaffiliated parties. Our development and construction activities are subject to the following risks, among others:

●

if we seek construction financing we may be unable to obtain such financing for development activities on favorable terms, or at all, which could cause us to delay or even abandon potential developments;

●

we may experience supply chain constraints, which could result in increased development costs or delay initial occupancy dates for all or a portion of a development community;

●

we may be unable to obtain, or face delays in obtaining, necessary zoning, land-use, building, occupancy and other required governmental or quasi-governmental permits and authorizations, which could result in increased development costs, delay initial occupancy dates for all or a portion of a development community, and require us to abandon our activities entirely with respect to a project for which we are unable to obtain permits or authorizations;

●

costs may be higher or yields may be less than anticipated as a result of delays in completing projects, defaults by our counterparties, higher than expected concessions for lease-up and lower rents than expected, and/or due to increased material, labor or other costs or supply chain disruptions, including as a result of tariffs or changes in immigration laws or their enforcement;

●

we may abandon development opportunities that we have already begun to explore, and we may be unable to recover expenses already incurred in connection with exploring such development opportunities;

●

we may be unable to complete construction and lease-up of a community on schedule, or we may incur development or construction costs that exceed our original estimates, and we may be unable to charge rents that would compensate for any increase in such costs;

●

occupancy rates, rents and concessions at a newly developed community may fluctuate depending on a number of factors, including market and economic conditions, preventing us from meeting our expected return on our investment and our overall profitability goals; and

●

when we sell communities or properties that we developed or renovated to third parties, we may be subject to warranty or construction defect claims that are uninsured or exceed the limits of our insurance.

An Epidemic, Pandemic or Other Health Crisis, and Measures Intended to Prevent the Spread of Such an Event, Could Have a Material Adverse Effect on our Business, Results of Operations, Cash Flows and Financial Condition. We face risks related to an epidemic, pandemic or other health crisis, which in the past have impacted, and in the future could impact, the markets in which we operate and could have a material adverse effect on our business, results of operations, cash flows and financial condition. The impact of an epidemic, pandemic or other health crisis, and measures to prevent the spread of such an event, could materially and adversely affect our business in a number of ways. Our rental revenue and operating results depend significantly on the occupancy levels at our properties and the ability of our residents and retail and commercial tenants to meet their rent obligations to us, which have in the past been, and could in the future be, adversely affected by, among other things, job losses, furloughs, store closures, lower incomes, uncertainty about the future as a result of an epidemic, pandemic or other health crisis and related governmental actions such as eviction moratoriums, shelter-in-place orders, prohibitions or limits on charging certain fees, and limitations on collections and or rent increases. Such government actions have affected, and may again in the future affect, our ability to collect rent or enforce legal or contractual remedies for the failure to pay rent, which has in turn negatively impacted, and may in the future negatively impact, our ability to remove residents or retail and commercial tenants who are not paying rent and our ability to rent their units or other space to new residents or retail and commercial tenants, respectively.

State, local, and federal governments also have increased, and may in the future increase, property taxes or other taxes or fees, or may enact new taxes or fees, in order to increase revenue in connection with an epidemic, pandemic or other health crisis or otherwise, which has in the past increased, and may in the future increase, our expenses. Our development and construction projects, including those in our Debt and Preferred Equity Program, also have been and could in the future be adversely affected by factors related to an epidemic, pandemic or other health crisis. An epidemic, pandemic or other health crisis, or related impacts thereof also could adversely affect the businesses and financial conditions of our counterparties, including our joint venture partners, participants in the Debt and Preferred Equity Program, and general contractors and their subcontractors, and their ability to satisfy their obligations to us and to complete transactions or projects with us as intended.

Bankruptcy or Defaults of Our Counterparties Could Adversely Affect Our Performance. We have relationships with and we execute transactions with or receive services from many counterparties, such as general contractors engaged in

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connection with our development activities, borrowers, and joint venture partners, among others. As a result, bankruptcies or defaults by these counterparties or their subcontractors have resulted in, and in the future could result in, services not being provided as expected, projects not being completed on time, on budget, or at all, or contractual obligations to us not being satisfied. Further, volatility in the financial markets and economic weakness could affect the counterparties’ ability to complete transactions with us as intended. Either circumstance could result in disruptions to our operations that may adversely affect our financial condition and results of operations.

Property Ownership Through Partnerships and Joint Ventures May Limit Our Ability to Act Exclusively in Our Interest. We have in the past and may in the future develop and/or acquire properties through partnerships and joint ventures, including those in which we own a preferred interest or debt, with other persons or entities when we believe circumstances warrant the use of such structures. As of March 31, 2026, we had active unconsolidated joint ventures and partnerships, including our preferred equity investments, with a total equity investment of $757.7 million. We have in the past, and could in the future, become engaged in a dispute with one or more of our partners which could adversely impact us. Moreover, our partners may have business, economic or other objectives that are inconsistent with our objectives, including objectives that relate to the appropriate timing and terms of any sale or refinancing of a property. In some instances, our partners may have competing interests in our markets that could create conflicts of interest. Also, our partners have in the past failed, and may in the future fail to make capital contributions when due and our partners or the project may otherwise not act or perform as expected, or the property may not be operated in the manner in which we would operate it, any of which may require us to contribute additional capital, acquire our partner’s interest or other property, or take other actions that may negatively impact the project or our return. In addition, we may be responsible to our partners for indemnifiable losses. In general, we and our partners may each have the right to trigger a buy-sell or other similar arrangement, which arrangement or other factors could cause us to sell our interest, or acquire our partner’s interest or other property, at a time when we otherwise would not have initiated such a transaction and may result in the valuation of our interest in the partnership or joint venture (if we are the seller) or of the other partner’s interest in the partnership or joint venture (if we are the buyer) at levels which may not be representative of the valuation that would result from an arm’s length marketing process and could cause us to recognize unanticipated capital gains or losses or the loss of fee income.

We may also be subject to other risks in connection with partnerships or joint ventures, including (i) a deadlock if we and our partner are unable to agree upon certain major and other decisions (which could result in litigation or disposing of an asset at a time at which we otherwise would not sell the asset), (ii) limitations on our ability to liquidate our position in the partnership or joint venture without the consent of the other partner, and (iii) requirements to provide guarantees in favor of lenders with respect to the indebtedness of the joint venture.

We May Not be Permitted to Dispose of Certain Properties or Pay Down the Indebtedness Associated with Those Properties When We Might Otherwise Desire to Do so Without Incurring Additional Costs. In connection with certain property acquisitions, we have agreed with the sellers that we will not dispose of the acquired properties or reduce the mortgage indebtedness on such properties for significant periods of time unless we pay certain of the resulting tax costs of the sellers or dispose of the property in a transaction in which a gain is not recognized for federal income tax purposes by such sellers, and we may enter into similar agreements in connection with future property acquisitions. These agreements could result in us retaining properties that we would otherwise sell or not paying down or refinancing indebtedness that we would otherwise pay down or refinance. However, subject to certain conditions, we generally retain the right to substitute other property or debt to meet these obligations to the sellers.

We Could Incur Significant Insurance Costs and Some Potential Losses May Not Be Adequately Covered by Insurance Reserves. We have a comprehensive insurance program covering our properties and operating activities with limits of liability, deductibles and self-insured retentions that we believe are comparable to similarly situated companies, including within the multifamily industry. We believe the policy specifications and insured limits of these policies are adequate and appropriate. There are, however, certain types of extraordinary losses that may not be adequately covered under our insurance program. In addition, we will sustain losses due to insurance deductibles, self-insured retention, uninsured claims or casualties, or losses in excess of applicable coverage.

If an uninsured loss or a loss in excess of insured limits occurs, we could lose all or a portion of the capital we have invested in a property, as well as the future revenue from the property. In such an event, we might nevertheless remain obligated for any mortgage debt or other financial obligations related to the property. Material losses in excess of insurance proceeds may occur in the future. If one or more of our properties were to experience a catastrophic loss, it could seriously disrupt our operations, delay revenue and result in large expenses to repair or rebuild the property. Such events could materially and adversely affect our financial condition and results of operations.

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The cost of insuring our apartment communities and our operations is a component of expense. Insurance premiums and the terms and conditions of insurance policies are subject to significant fluctuations and changes, including recent increases in premiums, which are generally outside of our control. We insure our properties and our operations with insurance companies that we believe have a good rating and financial profile at the time our policies are put into effect. The financial condition of one or more insurance companies that insure us may be negatively impacted, which could result in their inability to pay on future insurance claims. Their inability to pay future claims may have a negative impact on our financial results. In addition, the failure, or exit or partial exit from an insurance market, of one or more insurance companies or other changes in insurance markets in general may affect our ability to obtain insurance coverage in the amounts that we seek, or at all, increase the costs to renew or replace our insurance policies, cause us to self-insure a larger portion of the risk, or increase the cost of insuring properties.

Failure to Succeed in New Markets May Limit Our Growth. We have acquired in the past, and we may acquire in the future if opportunities we believe are appropriate arise, apartment communities that are outside of our existing markets. Entering into new markets may expose us to a variety of risks, and we may not be able to operate successfully in new markets. These risks include, among others:

●

inability to accurately evaluate local apartment market conditions and local economies;

●

inability to hire and retain key personnel;

●

lack of familiarity with local governmental and permitting procedures; and

●

inability to achieve budgeted financial results.

Failure to Succeed with New Initiatives May Limit Our Ability to Grow NOI. We have in the past developed and may in the future develop initiatives or processes that are intended to drive operating efficiencies and grow NOI, including smart home technologies and self-service options that are accessible to residents through smart devices or otherwise. Such initiatives in the past have involved and in the future may involve our associates having new or different responsibilities and processes. We may incur significant costs and divert resources in connection with such initiatives or processes, and these initiatives or processes may not perform as projected, which could adversely affect our results of operations and the market price of our common stock. We may also invest, directly or indirectly, in technology companies developing technologies that are of interest to us and we may not realize the intended benefits of such investments and may incur losses in connection with such investments.

Potential Liability for Environmental Contamination Could Result in Substantial Costs. Under various federal, state and local environmental laws, as a current or former owner or operator of real estate, we could be required to investigate and remediate the effects of contamination of currently or formerly owned real estate by hazardous or toxic substances, often regardless of our knowledge of or responsibility for the contamination and solely by virtue of our current or former ownership or operation of the real estate. In addition, we could be held liable to a governmental authority or to third parties for property damage and for investigation and clean-up costs incurred in connection with the contamination or we could be required to incur additional costs to change how the property is constructed or operated due to presence of such substances. These costs could be substantial, and in many cases environmental laws create liens in favor of governmental authorities to secure their payment. The presence of such substances or a failure to properly remediate any resulting contamination could materially and adversely affect our ability to borrow against, sell or rent an affected property.

In addition, our properties are subject to various federal, state and local environmental, health and safety laws, including laws governing the management of wastes and underground and aboveground storage tanks. Noncompliance with these environmental, health and safety laws could subject us to liability. Changes in laws could increase the potential costs of compliance with environmental laws, health and safety laws or increase liability for noncompliance. This may result in significant unanticipated expenditures or may otherwise adversely affect our financial condition and results of operations.

As the owner or operator of real property, we may also incur liability based on various building conditions. For example, buildings and other structures on properties that we currently own or operate or those we acquire or operate in the future contain, may contain, or may have contained, asbestos-containing material, or ACM, or other hazardous substances. Environmental, health and safety laws require that ACM and other hazardous substances be properly managed and maintained and may impose fines or penalties on owners, operators or employers for non-compliance with those requirements.

These requirements include special precautions, such as removal, abatement or air monitoring, if ACM would be disturbed during maintenance, renovation or demolition of a building, potentially resulting in substantial costs. In addition, we

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may be subject to liability for personal injury or property damage sustained as a result of exposure to ACM or other hazardous substances or releases of ACM or other hazardous substances into the environment.

We cannot assure you that costs or liabilities incurred as a result of environmental or building condition issues will not adversely affect our financial condition and results of operations.

Our Properties May Contain or Develop Harmful Mold or Suffer from Other Indoor Air Quality Issues, Which Could Lead to Liability for Adverse Health Effects or Property Damage or Cost for Remediation. When excessive moisture accumulates in buildings or on building materials, mold growth may occur, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Some molds may produce airborne toxins or irritants. Indoor air quality issues can also stem from inadequate ventilation, chemical contamination from indoor or outdoor sources, and other biological contaminants such as pollen, viruses and bacteria. Indoor exposure to airborne toxins or irritants can be alleged to cause a variety of adverse health effects and symptoms, including allergic or other reactions. As a result, the presence of significant mold or other airborne contaminants at any of our properties could require us to undertake a costly remediation program to contain or remove the mold or other airborne contaminants or to increase ventilation, which could adversely affect our results of operations and cash flows. In addition, the presence of significant mold or other airborne contaminants could expose us to liability from our tenants or others for property damage or personal injury.

Compliance or Failure to Comply with the Americans with Disabilities Act of 1990 or Other Safety Regulations and Requirements Could Result in Substantial Costs. The Americans with Disabilities Act of 1990, as amended (the “Americans with Disabilities Act”) generally requires that public buildings, including our properties and other public facing functions related to our business, including our website, be made accessible to disabled persons. Noncompliance could result in the imposition of fines by the federal government or the award of damages to private litigants. Claims have been asserted, and in the future claims may be asserted, against us with respect to some of our properties or operations under the Americans with Disabilities Act. If, under the Americans with Disabilities Act, we are required to make substantial alterations and capital expenditures in one or more of our properties or otherwise related to our operations, including the removal of access barriers, it could adversely affect our financial condition and results of operations. In addition, if claims arise, we may expend resources and incur costs in investigating and resolving such claims even if we or our property was in compliance with the law.

Our properties are subject to various federal, state and local regulatory requirements, such as state and local fire and life safety requirements and federal, state and local accessibility requirements in addition to those imposed by the Americans with Disabilities Act. If we fail to comply with these requirements, we could incur fines or private damage awards. We do not know whether existing requirements will change or whether compliance with future requirements will require significant unanticipated expenditures that could adversely affect our financial condition or results of operations.

The Adoption of, or Changes to, Rent Control, Rent Stabilization, Eviction, Tenants’ Rights and Similar Laws and Regulations in Our Markets Could Have an Adverse Effect on Our Results of Operations and Property Values. Various state and local governments as well as the federal government have enacted and may continue to enact rent control, rent stabilization, eviction, tenants’ rights, allowable fees, and other matters, as well as any lawsuits against us arising from such laws and regulations, may limit our ability to charge market rents, increase rents, evict delinquent tenants or charge fees, or recover increases in our operating expenses, which could have an adverse effect on our results of operations and the value of our properties. These laws, regulations and policies may apply prospectively or retroactively. For example, in 2023, Montgomery County, Maryland enacted rent control that initially impacts a portion of our portfolio in that market. In 2024, the State of New York passed the Good Cause Eviction Law, which established rent limits on certain market-rate apartments. In the City of New York, the new administration is seeking to freeze rent increases for covered properties. Although our properties currently have minimal exposure to the city’s allowable annual rent increases, such a freeze, or other measures that seek to increase affordability, would in turn reduce our property values. In 2024, the City of Salinas, California passed a rent stabilization ordinance that impacted all our properties within the city. In 2025, the State of Washington enacted statewide rent control, which initially impacts a portion of our properties within the state. In some cases, the increases in rents allowed by such regulations may not offset increases in expenses, whether such increases in expenses are due to inflation or otherwise. We have seen a recent increase in governments enacting or considering, or being urged to consider, such laws and regulations. Federal, state and local governments or courts also have made, and may make in the future, changes to laws related to allowable fees and rents, eviction and other tenants’ rights laws and regulations (including changes that apply retroactively) that could adversely impact our results of operations and the value of our properties. In addition, the increases in regulations applicable to our business in general may increase our costs of compliance and could have an adverse effect on our financial performance.

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Compliance with or Changes in Real Estate Tax and Other Laws and Regulations Could Adversely Affect Our Funds from Operations and Our Ability to Make Distributions to Stockholders. We are subject to federal, state and local laws, regulations, rules and ordinances at locations where we operate regarding a wide variety of matters that could affect, directly or indirectly, our operations. Generally, we do not directly pass through costs resulting from compliance with or changes in real estate tax laws to residential property tenants. We also do not generally pass through increases in income, service or other taxes to tenants under leases. These costs may adversely affect net operating income and the ability to make distributions to stockholders. Similarly, compliance with or changes in (i) laws increasing the potential liability for environmental conditions existing on properties or the restrictions on discharges or other conditions, (ii) laws and regulations regulating housing, such as the Americans with Disabilities Act and the Fair Housing Amendments Act of 1988, or (iii) employment related laws, among others, may result in significant unanticipated expenditures, which could adversely affect our financial condition and results of operations. In addition, changes in federal and state legislation and regulation on climate change may result in increased capital expenditures to improve the energy efficiency of our existing communities and also may require us to spend more on our new development communities without a corresponding increase in revenue. In addition, existing laws could be interpreted in a manner that restricts our ability to use systems that we currently use in our operations and we may face litigation or regulatory risk in connection with such laws. Future compliance with new laws of general applicability, laws applicable to companies in our industry, or laws applicable to public companies generally could increase our costs and could have an adverse effect on our financial performance.

Risk of Litigation. From time to time, we are, and would expect to be in the future, involved in legal proceedings, lawsuits, and other claims with respect to our properties or operations. For example, we have been named as a defendant in a number of cases alleging antitrust violations by RealPage, Inc., a vendor providing revenue management software products, and various owners or managers of multifamily housing, which cases have been consolidated in the United States Court for the Middle District of Tennessee, and cases with similar allegations that have been filed by the District of Columbia, the State of Maryland and the State of Washington. An unfavorable resolution of any litigation may have a material adverse effect on our business, results of operations and financial condition. Further, being involved in litigation, whether the result is favorable or unfavorable, could negatively impact our reputation. Additionally, litigation, whether the result is favorable or unfavorable, has in the past and may in the future result in substantial costs and expenses and could significantly divert the attention of management.

Risk of Damage from Catastrophic Weather and Natural Events. Our communities are located in areas that have experienced, and in the future may experience, catastrophic weather and other natural events from time to time, including mudslides, fires, hurricanes, tornadoes, floods, deep freezes, snow or ice storms, or other severe inclement weather. These adverse weather and natural events could cause damage or losses that may be greater than insured levels. In the event of a loss in excess of insured limits, we could lose our capital invested in the affected community, as well as anticipated future revenue from that community. We would also continue to be obligated to repay any mortgage indebtedness or other obligations related to the community. Any such loss could adversely affect our financial condition and results of operations.

Risk of Potential Climate Change. To the extent significant changes in the climate in areas where our communities are located occur, we may experience extreme weather conditions and changes in precipitation and temperature or water levels, all of which could result in physical damage to, and/or a decrease in demand for, our communities located in these areas or communities that are otherwise affected by these changes. Should the impact of such climate changes be material in nature, or occur for lengthy periods of time, our financial condition and results of operations could be adversely affected.

Risk of Earthquake Damage. Some of our communities are located in areas subject to earthquakes, including in the general vicinity of earthquake faults. We cannot assure you that an earthquake would not cause damage or losses greater than insured levels. In the event of a loss in excess of insured limits, we could lose our capital invested in the affected community, as well as anticipated future revenue from that community. We may also continue to be obligated to repay any mortgage indebtedness or other obligations related to the community. Any such loss could adversely affect our financial condition and results of operations. Insurance coverage for earthquakes can be costly due to limited industry capacity. As a result, we may experience shortages in desired coverage levels if market conditions are such that insurance is not available or the cost of insurance makes it, in management’s view, economically impractical.

Risk of Accidental Death or Injury Due to Fire, Natural Disasters or Other Hazards. The accidental death or injury of persons living in our communities due to fire, natural disasters, other hazards, or acts or omissions of third parties could have an adverse effect on our business and results of operations. Our insurance coverage may not cover all losses associated with such events, and we may experience difficulty marketing communities where any such events have occurred, which could have an adverse effect on our financial condition and results of operations.

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Actual or Threatened Terrorist Attacks and Other Acts of Violence, Destruction or War May Have an Adverse Effect on Our Business and Operating Results and Could Decrease the Value of Our Assets. Actual or threatened terrorist attacks and other acts of violence, destruction or war could have an adverse effect on our business and operating results. Attacks or other similar actions that directly impact one or more of our apartment communities could significantly affect our ability to operate those communities and thereby impair our ability to achieve our expected results. Further, our insurance coverage may not cover all losses caused by a terrorist attack or similar events. In addition, the adverse effects that such violent acts and threats of future attacks could have on the U.S. economy could similarly have an adverse effect on our financial condition and results of operations.

Mezzanine Loan or Other Loan Assets Involve Greater Risks of Loss than Senior Loans Secured by Income-Producing Properties. We have originated in the past and may in the future originate mezzanine loans, which take the form of subordinated loans secured by second mortgages on the underlying property, or subordinated loans secured by a pledge of the ownership interests of either the entity owning the property, or a pledge of the ownership interests of the entity that owns the interest in the entity owning the property, or loans that are not secured. We have in the past and may in the future originate mezzanine loans for properties or projects that are under development. Mezzanine loans may involve a higher degree of risk than a senior mortgage secured by real property, because the security for the loan may lose all or substantially all of its value as a result of foreclosure by the senior lender and because it is in second position and there may not be adequate equity in the property. Unsecured loans involve higher risk by virtue of being unsecured. In the event of a bankruptcy of the entity providing the pledge of its ownership interests as security, we may not have full recourse to the assets of such entity, or the assets of the entity may not be sufficient to satisfy our mezzanine loan. If a borrower defaults on our loan or debt senior to our loan, or in the event of a borrower bankruptcy, our mezzanine or other loan will be satisfied only after the senior debt. As a result, we may not recover some of or all our investment. In addition, mezzanine loans typically have higher loan-to-value ratios than conventional mortgage loans, resulting in less equity in the property and increasing the risk of loss of principal. Further, foreclosing on our security interest may be delayed or otherwise impacted by the existence of the senior loan, the senior lender’s decision regarding whether to enforce its remedies, or the timing of the senior lender’s foreclosure or enforcement of other remedies with respect to such loan. If there is a default on the senior debt or an inability to refinance the senior debt, we may contribute additional capital or take other actions that we would not otherwise pursue absent such default or failure. In addition, in the event of a default or other changes in the circumstances of an investment, including a change in the value of the applicable property, we may be, and have been in the past, required to change the manner in which the investment is accounted for, including our ability to recognize earnings, or to recognize an allowance for loan loss or a loss on consolidation.

Risk Related to Preferred Equity Investments. We have made in the past and may in the future make preferred equity investments in corporations, limited partnerships, limited liability companies or other entities that have been formed for the purpose of directly or indirectly acquiring, developing and/or managing real property. Generally, we will not have the ability to control the daily operations of the entity, and we will not have the ability to select or remove a majority of the members of the board of directors, managers, general partner or partners or similar governing body of the entity or otherwise control its operations. Although we have sought and would seek to maintain sufficient influence over the entity to achieve our objectives, our partners may have interests that differ from ours and may be in a position to take actions without our consent that are inconsistent with our interests. Further, if our partners were to fail to invest additional capital in the entity when required, which has happened in the past, or otherwise do not perform as expected, we may have to invest additional capital to protect our investment. Our partners have in the past failed, and may in the future fail, to develop or operate the real property, operate the entity, refinance property indebtedness or sell the real property in the manner intended and as a result the entity may not be able to redeem our investment or pay the return expected to us in a timely manner or at all. In addition, we may not be able to dispose of our investment in the entity in a timely manner or at the price at which we would want to divest or at all. Further, the entity may need to refinance third-party debt on terms that are inconsistent with our interests or are terms on which we would not elect to incur debt, or the entity may default on third-party debt. To the extent the entity defaults on third-party debt or is unable to refinance such debt or any portion thereof, we may acquire such debt or otherwise take action, including contributing additional capital, to protect our position that we would not take absent the default or inability to refinance. Such activities have in the past involved and may in the future involve foreclosing on the security interest in the property secured by such debt, seeking a deed-in-lieu of foreclosure or similar remedy or removing our partner, and such activities may involve costs or delays or create other risks, including the risk of claims from our partners. In the event that such an entity fails to meet expectations, defaults on its debt, or becomes insolvent or the investment or the underlying property otherwise does not perform as expected, we may lose all or part of our investment in the entity, be delayed in recovering our investment or the expected returns or directly or indirectly take over the property or the management thereof at a time at which we would not have done so absent the failure to meet expectations or the default. In addition, in the event of a default or other changes in the circumstances of an investment, including a change in the value of the applicable property, we may be, and have been in the past, required to change the manner in which the investment is accounted for, including our ability to recognize earnings, or recognize an impairment or a loss on consolidation.

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Risks Related to Ground Leases. We have entered into in the past and may in the future enter into, as either landlord or tenant, a long-term ground lease with respect to a property or a portion thereof. Such ground leases may contain a rent reset provision that requires both parties to agree to a new rent or is based upon factors, for example fair market rent, that are not objective and are not within our control. We may not be able to agree with the counterparty to a revised rental rate, or the revised rental rate may be set by external factors, which could result in a different rental rate than we forecasted. In the past we have had disagreements with respect to revised rental rates and certain of such disagreements have gone to arbitration (for resolution as provided in the applicable lease agreement) and have been resolved in a manner adverse to us. In addition, the other party may not perform as expected under the ground lease or there may be a dispute with the other party to the ground lease. Any of these circumstances could have an adverse effect on our business, financial condition or operating results.

We May Experience a Decline in the Fair Value of Our Assets and Be Forced to Recognize Impairment Charges, Which Could Adversely Impact Our Financial Condition, Liquidity and Results of Operations and the Market Price of Our Common Stock. A decline in the fair value of our assets may require us, and has in the past required us, to recognize an impairment against such assets under generally accepted accounting principles as in effect in the United States (“GAAP”) if we were to determine that, with respect to any assets in unrealized loss positions, we do not have the ability and intent to hold such assets for a period of time sufficient to allow for recovery to the amortized cost of such assets. If such a determination were to be made, we would recognize unrealized losses through earnings and write down the amortized cost of such assets to a new cost basis, based on the fair value of such assets on the date they are considered to be impaired. Such impairment charges reflect non-cash losses at the time of recognition; subsequent disposition or sale of such assets could further affect our future losses or gains, as they are based on the difference between the sale price received and adjusted amortized cost of such assets at the time of sale. If we are required to recognize asset impairment charges in the future, these charges could adversely affect our financial condition, liquidity, results of operations and the market price of our common stock.

Any Material Weaknesses Identified in Our Internal Control Over Financial Reporting Could Have an Adverse Effect on the Market Price of Our Common Stock. Section 404 of the Sarbanes-Oxley Act of 2002 requires us to evaluate and report on our internal control over financial reporting. If we fail to maintain the adequacy of our internal controls over financial reporting, including any failure to implement required new or improved controls as a result of changes to our business or otherwise, or if we experience difficulties in their implementation, our business, results of operations and financial condition could be materially and adversely affected and we could fail to meet our reporting obligations. In addition, if we have one or more material weaknesses in our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, which in turn could have an adverse effect on the market price of our common stock.

A Breach of Information Technology Systems On Which We Rely Could Materially and Adversely Impact Our Business, Financial Condition, Results of Operations and Reputation. We rely on information technology systems, including the internet and networks and systems and software developed, maintained and controlled by third party vendors and other third parties, to process, transmit and store information and to manage or support our business processes. Third party vendors may collect and hold personally identifiable information and other confidential information of our tenants, prospective tenants and employees. We also maintain such information and financial and business information regarding us and persons and entities with which we do business on our information technology systems. While we take steps, and generally require third party vendors to take steps, to protect the security of the information maintained in our and third party vendors’ information technology systems, including associate training and testing and the use of commercially available systems, software, tools and monitoring to provide security for processing, transmitting and storing of the information, it is possible that our or our third party vendors’ security measures will not be able to prevent human error or the systems’ or software’s improper functioning, or the loss, misappropriation, disclosure or corruption of personally identifiable information or other confidential or sensitive information, including information about our tenants and employees. Cybersecurity breaches, including physical or electronic break-ins, computer viruses, malware, phishing scams, attacks by hackers, breaches due to employee error or misconduct, and similar breaches, can create system disruptions, shutdowns or unauthorized access to information maintained on our information technology systems or the information technology systems of our third party vendors or other third parties or otherwise cause disruption or negative impacts to occur to our business and adversely affect our financial condition and results of operations. While we maintain cyber risk insurance to provide some coverage for certain risks arising out of cybersecurity breaches, there is no assurance that such insurance would cover all or a significant portion of the costs or consequences associated with a cybersecurity breach or other occurrence or that such insurance will continue to be available at rates that we consider reasonable or at all. We have in the past experienced cybersecurity breaches on our information technology systems or relating to software or third party vendor systems that we utilize, and, while none to date have been material to us, we expect such breaches may occur in the future. As the techniques used to obtain unauthorized access to information technology systems become more varied and sophisticated and the occurrence of such breaches becomes more frequent, we and our third party vendors and other third parties may be unable to adequately anticipate these techniques or breaches or implement appropriate preventative measures. Any failure to prevent cybersecurity breaches and maintain the proper function, security and availability

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of our or our third party vendors’ and other third parties’ information technology systems could interrupt our operations, damage our reputation and brand, damage our competitive position, make it difficult for us to attract and retain residents or other tenants, and subject us to liability claims or regulatory penalties that could adversely affect our business, financial condition and results of operations.

Our Business and Operations Would Suffer in the Event of Information Technology System Failures. Despite system redundancy and the existence of disaster recovery plans for our information technology systems, our information technology systems and the information technology systems maintained by our third party vendors are vulnerable to damage arising from any number of sources beyond our or our third party vendors’ control, including energy blackouts, natural disasters, terrorism, war, and telecommunication failures. Any failure to maintain proper function and availability of our or third parties’ information technology systems could interrupt our operations, damage our reputation, subject us to liability claims or regulatory penalties and could adversely affect our business, financial condition and results of operations.

A Failure to Keep Pace with Developments in Technology Could Impair our Operations or Competitive Position. Our business continues and will continue to demand the use of sophisticated systems, software and technology, including artificial intelligence. These systems, software and technologies must be refined, updated and replaced on a regular basis in order for us to meet our business requirements, our residents’ demands and expectations, and regulatory requirements. If we are unable to do so on a timely basis or at a reasonable cost, or fail to do so, our business could suffer. Also, we may not achieve the benefits that we anticipate from any new system, software or technology, and a failure to do so could result in higher than anticipated costs or could adversely affect our results of operations.

Social Media Presents Risks. The use of social media could cause us to suffer brand damage or unintended information disclosure. Negative posts or communications about us on a social networking website could damage our reputation. Further, employees or others may disclose non-public information regarding us or our business or otherwise make negative comments regarding us on social networking or other websites, which could adversely affect our business and results of operations. As social media evolves, we will be presented with new risks and challenges.

Our Success Depends on Our Senior Management. Our success depends upon the retention of our senior management, whose continued service is not guaranteed. We may not be able to find qualified replacements for the individuals who make up our senior management if their services should no longer be available to us. The loss of services of one or more members of our senior management team could have a material adverse effect on our business, financial condition and results of operations.

Changes in U.S. Accounting Standards May Materially and Adversely Affect Our Reported Results of Operations. Accounting for public companies in the United States is in accordance with GAAP, which is established by the Financial Accounting Standards Board (the “FASB”), an independent body whose standards are recognized by the SEC as authoritative for publicly held companies. Uncertainties posed by various initiatives of accounting standard-setting by the FASB and the SEC, which create and interpret applicable accounting standards for U.S. companies, may change the financial accounting and reporting standards or their interpretation and application of these standards that govern the preparation of our financial statements. These changes could have a material impact on our reported financial condition and results of operations. In some cases, we could be required to apply a new or revised standard retroactively, resulting in potentially material restatements of prior period financial statements.

Third-Party Expectations Relating to Environmental, Social and Governance Factors May Impose Additional Costs and Expose Us to New Risks. There is a focus from certain investors, tenants, employees, and other stakeholders concerning corporate responsibility, specifically related to environmental, social and governance factors. In addition, there has been increased focus on such matters by various regulatory authorities, including the SEC and the state of California and other states or jurisdictions, and the activities and expense required to comply with new laws, regulations or standards may be significant. In addition, the standards or expectations of various stakeholders or regulators may differ from each other and it may not be possible to comply with all of such standards or expectations. Some investors may use these factors to guide their investment strategies and, in some cases, may choose not to invest in us if they believe our policies relating to corporate responsibility are inadequate. Third-party providers of corporate responsibility ratings and reports on companies have increased in number, resulting in varied and in some cases inconsistent standards. In addition, the criteria by which companies’ corporate responsibility practices are assessed and the regulations applicable thereto are evolving, which could result in greater expectations of us and cause us to undertake costly initiatives or activities to satisfy such new criteria or regulations. Further, if we elect not to or are unable to satisfy such new criteria or do not meet the criteria of a specific third-party provider or investor, some investors may conclude that our policies with respect to corporate responsibility are inadequate. We may face reputational damage in the event that our corporate responsibility procedures or standards do not meet the standards set by various constituencies. Furthermore, if our competitors’ corporate responsibility performance is perceived to be greater than

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ours, potential or current investors may elect to invest in our competitors instead. In addition, we have communicated certain initiatives and goals regarding environmental, social and governance matters, and we may in the future communicate revised or additional initiatives or goals. We could fail, or be perceived to fail, in our achievement of such initiatives or goals, or we could be criticized for the scope of such initiatives or goals. In addition, certain locations have enacted, and others may in the future enact, sustainability regulations pertaining to buildings, including existing buildings. If we fail to satisfy the expectations of investors, tenants and other stakeholders, our initiatives are not executed as planned, we are unable to comply with regulations or we do not satisfy our goals, our reputation and financial results could be adversely affected.

Risks Related to Our Indebtedness and Financings

Changing Interest Rates Could Increase Interest Costs and Adversely Affect Our Cash Flows and the Market Price of Our Common Stock. We currently have, and expect to incur in the future, interest-bearing debt, including unsecured commercial paper, at rates that vary with market interest rates. As of March 31, 2026, we had approximately $516.6 million of variable rate indebtedness outstanding, which constitutes approximately 9.1% of total outstanding indebtedness as of such date, and we have from time to time experienced increases in the interest rates on such indebtedness, which has increased our interest expense and adversely impacted our results of operations and cash flows. In addition, as a result of higher interest rates, the costs of hedging transactions have increased significantly and may continue to increase. Continued increases in interest rates would further increase our interest expenses and increase the costs of refinancing existing indebtedness and of issuing new debt, including unsecured commercial paper. The effect of any prolonged interest rate increases could negatively impact our ability to service our indebtedness, make distributions to security holders, make acquisitions and develop properties.

Insufficient Cash Flow Could Affect Our Debt Financing and Create Refinancing Risk. We are subject to the risks normally associated with debt financing, including the risk that our operating income and cash flow could be insufficient to make required payments of principal and interest, could restrict or limit our ability to incur additional debt, or could restrict our borrowing capacity under our line of credit due to debt covenant restraints. Sufficient cash flow may not be available to make all required debt payments and satisfy our distribution requirements to maintain our status as a REIT for federal income tax purposes. In addition, the amounts under our line of credit may not be available to us and we may not be able to access the commercial paper market if our operating performance falls outside the constraints of our debt covenants. We are also likely to need to refinance substantially all of our outstanding debt as it matures. We may not be able to refinance existing debt, or the terms of any refinancing may not be as favorable as the terms of the existing debt, which could create pressure to sell assets or to issue additional equity when we would otherwise not choose to do so. In addition, our failure to comply with our debt covenants could result in a requirement to repay our indebtedness prior to its maturity, which could have a material adverse effect on our financial condition and cash flow, increase our financing costs and impact our ability to make distributions to our stockholders.

Failure to Generate Sufficient Income Could Impair Debt Service Payments and Distributions to Stockholders. If our apartment communities do not generate sufficient revenue to meet rental expenses, our ability to make required payments of interest and principal on our debt and to pay dividends or distributions to our stockholders will be adversely affected. The following factors, among others, may affect the income generated by our apartment communities:

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the national and local economies;

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local real estate market conditions, such as an oversupply or increasing supply of apartment homes;

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tenants’ or prospective tenants’ perceptions of the safety, convenience, and attractiveness of our communities and the neighborhoods where they are located;

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our ability to provide adequate management, maintenance and insurance;

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rental expenses, including real estate taxes and utilities;

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competition from other apartment communities or alternative housing options;

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changes in interest rates and the availability of financing;

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changes in governmental regulations and the related costs of compliance; and

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changes in tax and housing laws, including the enactment of rent control laws or other laws regulating multifamily housing.

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Expenses associated with our investment in an apartment community, such as debt service, real estate taxes, insurance, labor costs and maintenance costs, are generally not reduced when circumstances cause a reduction in revenue from that community. If a community is mortgaged to secure payment of debt and we are unable to make the mortgage payments, we could sustain a loss as a result of foreclosure on the community or the exercise of other remedies by the mortgage holder.

Our Debt Level May Be Increased. Our ability to incur debt is limited by covenants in our bank and other credit agreements. We manage our debt to be in compliance with these debt covenants, but subject to compliance with these covenants, we may increase the amount of our debt at any time without a concurrent improvement in our ability to service the additional debt.

Financing May Not Be Available and Could Be Dilutive. Our ability to execute our business strategy depends on our access to an appropriate blend of debt financing, including unsecured lines of credit, construction loans and other forms of secured debt, commercial paper and other forms of unsecured debt, and equity financing, including common and preferred equity. We and other companies in the real estate industry have experienced limited availability of financing from time to time, including due to disruptions and uncertainty in the equity and credit markets and regulatory changes directly or indirectly affecting financing markets, for example the changes in terms on construction loans brought about by the Basel III capital requirements and the associated “High Volatility Commercial Real Estate” designation, which has adversely impacted the availability of loans, including construction loans, and the proceeds of and the interest rates thereon. Restricted lending practices could impact our ability to obtain financing or refinancing for our properties. If we issue additional equity securities, including under our ATM program, instead of incurring debt, the interests of our existing stockholders could be diluted.

Failure To Maintain Our Current Credit Ratings Could Adversely Affect Our Cost of Funds, Related Margins, Liquidity, and Access to Capital Markets. Moody’s and Standard & Poor’s routinely evaluate our debt and have given us ratings on our senior unsecured debt, commercial paper program and preferred stock. These ratings are based on a number of factors, which include their assessment of our financial strength, liquidity, capital structure, asset quality, and sustainability of cash flows and earnings. Due to changes in these factors and market conditions, we may not be able to maintain our current credit ratings, which could adversely affect our cost of funds and related margins, liquidity, and access to capital markets, including our ability to access the commercial paper market.

Disruptions in Financial Markets May Adversely Impact the Availability and Cost of Credit and Have Other Adverse Effects on Us and the Market Price of Our Common Stock. Our ability to make scheduled payments on, or to refinance, our debt obligations will depend on our operating and financial performance, which in turn is subject to prevailing economic conditions and to financial, business and other factors beyond our control. The global equity and credit markets have experienced in the past, and may experience in the future, periods of extraordinary turmoil and volatility. These circumstances may materially and adversely impact liquidity in the financial markets at times, making terms for certain financings less attractive or in some cases unavailable. Disruptions and uncertainty in the equity and credit markets, including as a result of bank failures and uncertainty in the banking sector generally, may negatively impact our ability to refinance existing indebtedness and access additional financing for acquisitions, development of our properties and other purposes at reasonable terms or at all, which may negatively affect our business and the market price of our common stock. We also rely on the financial institutions that are parties to our revolving credit facility and other credit facilities. If these institutions become capital constrained, tighten their lending standards or become insolvent or if they experience excessive volumes of borrowing requests from other borrowers within a short period of time, they may be unable or unwilling to honor their funding commitments to us, which would adversely affect our ability to draw on our revolving credit facility. If we are not successful in refinancing our existing indebtedness when it becomes due, we may be forced to dispose of properties on disadvantageous terms, which might adversely affect our ability to service other debt and to meet our other obligations. A prolonged downturn in the financial markets may cause us to seek alternative sources of potentially less attractive financing and may require us to adjust our business plan accordingly. These events also may make it more difficult or costly for us to raise capital through the issuance of our common or preferred stock.

A Change in U.S. Government Policy or Support Regarding Fannie Mae or Freddie Mac Could Have a Material Adverse Impact on Our Business. While in recent years we have decreased our borrowings from Fannie Mae and Freddie Mac, Fannie Mae and Freddie Mac are a major source of financing to participants in the multifamily housing markets including potential purchasers of our properties. Potential options for the future of agency mortgage financing in the U.S. have been, and may in the future be, suggested that could involve a reduction in the amount of financing Fannie Mae and Freddie Mac are able to provide, limitations on the loans that the agencies may make, which may not include loans secured by properties like our properties, or the phase out of Fannie Mae and Freddie Mac. Should Fannie Mae and Freddie Mac discontinue providing liquidity to our sector, have their mandates changed or reduced or be disbanded or reorganized by the government, or if there is reduced government support for multifamily housing generally, it may adversely affect interest rates, capital availability,

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development of multifamily communities and the value of multifamily residential real estate and, as a result, may adversely affect our business and results of operations.

The Soundness of Financial Institutions Could Adversely Affect Us. We have relationships with many financial institutions, including lenders under our credit facilities, and, from time to time, we execute transactions with counterparties in the financial services industry. Actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, could result in losses or defaults by these institutions or counterparties or could lead to market-wide liquidity problems. Disruptions and uncertainty with respect to financial institutions, including as a result of bank failures and liquidity concerns, may negatively impact our ability to refinance existing indebtedness and access additional financing for acquisitions, development of our properties and other purposes at reasonable terms or at all, which may negatively affect our business and the market price of our common stock. In addition, in the event that the volatility of the financial markets adversely affects our financial institutions or other counterparties, we or other parties to the transactions with us may be unable to complete transactions as intended, which could adversely affect our results of operations.

Interest Rate Hedging Contracts May Be Ineffective and May Result in Material Charges. From time to time when we anticipate issuing debt securities, we may seek to limit our exposure to fluctuations in interest rates during the period prior to the pricing of the securities by entering into interest rate hedging contracts. We may do this to increase the predictability of our financing costs. Also, from time to time we may rely on interest rate hedging contracts to limit our exposure under variable rate debt to unfavorable changes in market interest rates. If the terms of new debt securities are not within the parameters of, or market interest rates fall below that which we incur under a particular interest rate hedging contract, the contract is ineffective. Furthermore, the settlement of interest rate hedging contracts has involved and may in the future involve material charges. In addition, our use of interest rate hedging arrangements may expose us to additional risks, including a risk that a counterparty to a hedging arrangement may fail to honor its obligations. Developing an effective interest rate risk strategy is complex and no strategy can completely insulate us from risks associated with interest rate fluctuations. There can be no assurance that our hedging activities will have the desired beneficial impact on our results of operations or financial condition. Termination of these hedging agreements typically involves costs, such as transaction fees or breakage costs.

Risks Related to Tax Laws

We Would Incur Adverse Tax Consequences if We Failed to Qualify as a REIT. We have elected to be taxed as a REIT under the Code. Our qualification as a REIT requires us to satisfy numerous requirements, some on an annual and quarterly basis, established under highly technical and complex Code provisions for which there are only limited judicial or administrative interpretations, and involves the determination of various factual matters and circumstances not entirely within our control. We intend that our current organization and method of operation will enable us to continue to qualify as a REIT, but we may not so qualify or we may not be able to remain so qualified in the future. In addition, U.S. federal income tax laws governing REITs and other corporations and the administrative interpretations of those laws may be amended at any time, potentially with retroactive effect. Future legislation, new regulations, administrative interpretations or court decisions could adversely affect our ability to qualify as a REIT or adversely affect our stockholders.

If we fail to qualify as a REIT in any taxable year, we would be subject to federal income tax on our taxable income at regular corporate rates, and would not be allowed to deduct dividends paid to our stockholders in computing our taxable income. Also, unless the Internal Revenue Service granted us relief under certain statutory provisions, we could not re-elect REIT status until the fifth calendar year after the year in which we first failed to qualify as a REIT. The additional tax liability from the failure to qualify as a REIT would reduce or eliminate the amount of cash available for investment or distribution to our stockholders. This would likely have a significant adverse effect on the value of our securities and our ability to raise additional capital. In addition, we would no longer be required to make distributions to our stockholders. Even if we continue to qualify as a REIT, we will continue to be subject to certain federal, state and local taxes on our income and property.

Certain of our subsidiaries have also elected to be taxed as REITs under the Code, and are therefore subject to the same risks in the event that any such subsidiary fails to qualify as a REIT in any taxable year.

Dividends Paid by REITs Generally Do Not Qualify for Reduced Tax Rates. In general, qualified dividends paid to individual U.S. stockholders are eligible for a reduced 20% U.S. federal income tax rate. However, unlike dividends received from a corporation that is not a REIT, our regular dividends (i.e., dividends other than capital gain dividends) paid to individual U.S. stockholders generally are not eligible for the reduced rates on qualified dividends and are instead taxed at ordinary

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income rates. However, individual U.S. stockholders generally may deduct 20% of our regular dividends under Section 199A of the Code, reducing the effective tax rate applicable to such dividends.

We Conduct a Portion of Our Business Through Taxable REIT Subsidiaries, Which Are Subject to Certain Tax Risks. We have established or invested in and conduct a portion of our business through taxable REIT subsidiaries. Despite our qualification as a REIT, taxable REIT subsidiaries must pay income tax on their taxable income. In addition, we must comply with various tests to continue to qualify as a REIT for federal income tax purposes, and our income from and investments in taxable REIT subsidiaries generally do not constitute permissible income and investments for certain of these tests. While we will attempt to ensure that our dealings with taxable REIT subsidiaries will not adversely affect our REIT qualification, we cannot provide assurance that we will successfully achieve that result. Furthermore, we may be subject to a 100% penalty tax or taxable REIT subsidiaries may be denied deductions, to the extent our dealings with taxable REIT subsidiaries are not deemed to be arm’s length in nature or are otherwise not respected.

REIT Distribution Requirements Limit Our Available Cash. As a REIT, we are subject to annual distribution requirements, which limit the amount of cash we retain for other business purposes, including amounts to fund our growth. We generally must distribute annually at least 90% of our net REIT taxable income, excluding any net capital gain, in order for our distributed earnings not to be subject to corporate income tax. We intend to make distributions to our stockholders to comply with the requirements of the Code. However, differences in timing between the recognition of taxable income and the actual receipt of cash and/or nondeductible expenditures, could require us to sell assets or borrow funds on a short-term or long-term basis to meet the 90% distribution requirement of the Code. To the extent we distribute at least 90%, but less than 100%, of our net REIT taxable income we will be subject to tax at regular corporate tax rates on the retained portion.

Certain Property Transfers May Generate Prohibited Transaction Income, Resulting in a Penalty Tax on Gain Attributable to the Transaction. From time to time, we may transfer or otherwise dispose of some of our properties. Under the Code, any gain resulting from transfers of properties that we hold as inventory or primarily for sale to customers in the ordinary course of business would be treated as income from a prohibited transaction and subject to a 100% penalty tax. Since we acquire properties for investment purposes, we do not believe that our occasional transfers or disposals of property are prohibited transactions. However, whether property is held for investment purposes is a question of fact that depends on all the facts and circumstances surrounding the particular transaction. The Internal Revenue Service may contend that certain transfers or disposals of properties by us are prohibited transactions. If the Internal Revenue Service were to argue successfully that a transfer or disposition of property constituted a prohibited transaction, then we would be required to pay a 100% penalty tax on any gain allocable to us from the prohibited transaction. In addition, income from a prohibited transaction might adversely affect our ability to satisfy the income tests for qualification as a REIT for federal income tax purposes.

Changes to the U.S. Federal Income Tax Laws, including the Enactment of Certain Tax Reform Measures, Could Have an Adverse Impact on Our Business and Financial Results. In recent years, numerous legislative, judicial and administrative changes have been made to the U.S. federal income tax laws applicable to investments in real estate and REITs, and it is possible that additional legislation may be enacted in the future. There can be no assurance that future changes to the U.S. federal income tax laws or regulatory changes will not be proposed or enacted that could impact our business and financial results. The REIT rules are regularly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department, which may result in revisions to regulations and interpretations in addition to statutory changes. If enacted, certain of such changes could have an adverse impact on our business and financial results.

We cannot predict whether, when or to what extent any new U.S. federal income tax laws, regulations, interpretations or rulings will impact the real estate investment industry or REITs. Prospective investors are urged to consult their tax advisors regarding the effect of potential future changes to the U.S. federal income tax laws on an investment in our shares.

We May Be Adversely Affected by Changes in State and Local Tax Laws and May Become Subject to Tax Audits from Time to Time. Because we are organized and qualify as a REIT, we are generally not subject to federal income tax, but we are subject to certain state and local tax. From time to time, changes in state and local tax laws or regulations may result in an increase in our tax liability. A shortfall in tax revenues for states and local jurisdictions in which we own apartment communities may lead to an increase in the frequency and size of such changes. If such changes occur, we may be required to pay additional state and local taxes. These increased tax costs could adversely affect our financial condition and the amount of cash available for the payment of distributions to our stockholders. In the normal course of business, we or our affiliates (including entities through which we own real estate) may also become subject to federal, state or local tax audits. If we (or such entities) become subject to federal, state or local tax audits, the ultimate result of such audits could have an adverse effect on our financial condition and results of operations.

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The Operating Partnership and the DownREIT Partnership Intend to Qualify as Partnerships, but Cannot Guarantee That They Will Qualify. The Operating Partnership and the DownREIT Partnership intend to qualify as partnerships for federal income tax purposes, and we intend to take that position for all income tax reporting purposes. If classified as partnerships, the Operating Partnership and the DownREIT Partnership generally will not be taxable entities and will not incur federal income tax liability. However, the Operating Partnership and the DownREIT Partnership would be treated as corporations for federal income tax purposes if they were “publicly traded partnerships,” unless at least 90% of their income was qualifying income as defined in the Code. A “publicly traded partnership” is a partnership whose partnership interests are traded on an established securities market or are readily tradable on a secondary market (or the substantial equivalent thereof). Although neither the Operating Partnership’s nor the DownREIT Partnership’s partnership units are traded on an established securities market, because of the redemption rights of their limited partners, the Operating Partnership’s and DownREIT Partnership’s units held by limited partners could be viewed as readily tradable on a secondary market (or the substantial equivalent thereof), and the Operating Partnership and the DownREIT Partnership may not qualify for one of the “safe harbors” under the applicable tax regulations. Qualifying income for the 90% test generally includes passive income, such as real property rents, dividends and interest. The income requirements applicable to REITs and the definition of qualifying income for purposes of this 90% test are similar in most respects. The Operating Partnership and the DownREIT Partnership may not meet this qualifying income test. If either the Operating Partnership or the DownREIT Partnership were to be taxed as a corporation, unless it qualified for relief under certain statutory savings provisions, such partnership would incur substantial tax liabilities, and we would then fail to qualify as a REIT for tax purposes and our ability to raise additional capital would be impaired. In addition, even if the 90% test were met if the Operating Partnership or the DownREIT Partnership were a publicly traded partnership, there could be adverse tax impacts for certain limited partners.

Qualifying as a REIT Involves Highly Technical and Complex Provisions of the Code. Our qualification as a REIT involves the application of highly technical and complex Code provisions for which only limited judicial and administrative authorities exist. Even a technical or inadvertent violation could jeopardize our REIT qualification. Moreover, new legislation, court decisions or administrative guidance, in each case possibly with retroactive effect, may make it more difficult or impossible for us to qualify as a REIT. Our qualification as a REIT will depend on our satisfaction of certain asset, income, organizational, distribution, stockholder ownership and other requirements on a continuing basis. Our ability to satisfy the REIT income and asset tests depends upon our analysis of the characterization and fair market values of our assets, some of which are not susceptible to a precise determination and for which we will not obtain independent appraisals, and upon our ability to successfully manage the composition of our income and assets on an ongoing basis. In addition, our ability to satisfy the requirements to qualify as a REIT depends in part on the actions of third parties over which we have no control or only limited influence, including in cases where we own an equity interest in an entity that is classified as a partnership for federal income tax purposes.

Risks Related to Our Organization and Ownership of Our Stock

Changes in Market Conditions and Volatility of Stock Prices Could Adversely Affect the Market Price of Our Common Stock. The stock markets, including the New York Stock Exchange (“NYSE”), on which we list our common stock, have experienced significant price and volume fluctuations. As a result, the market price of our common stock has been, and in the future could be similarly volatile, and investors in our common stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects. In addition to the risks listed in this “Risk Factors” section, a number of factors could negatively affect the price per share of our common stock, including:

●

general market and economic conditions;

●

actual or anticipated variations in our quarterly operating results or dividends or our payment of dividends in shares of our stock;

●

changes in our funds from operations or earnings estimates;

●

difficulties or inability to access capital or extend or refinance existing debt;

●

decreasing (or uncertainty in) real estate valuations;

●

changes in market valuations of similar companies;

●

publication of research reports about us or the real estate industry;

●

the general reputation of REITs and the attractiveness of their equity securities in comparison to other equity securities (including securities issued by other real estate companies);

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●

general stock and bond market conditions, including changes in interest rates on fixed income securities, that may lead prospective purchasers of our common stock to demand a higher annual yield from future dividends;

●

a change in analyst ratings;

●

additions or departures of key management personnel;

●

adverse market reaction to any additional debt we incur in the future;

●

speculation in the press or investment community;

●

terrorist activity, geopolitical events or armed conflicts (including the ongoing war between Russia and Ukraine and the war in the Middle East and potential further escalation or expansion thereof), which may adversely affect the markets in which our securities trade, possibly increasing market volatility and causing the further erosion of business and consumer confidence and spending;

●

failure to qualify as a REIT;

●

strategic decisions by us or by our competitors, such as acquisitions, divestments, spin-offs, joint ventures, strategic investments or changes in business strategy;

●

failure to satisfy listing requirements of the NYSE;

●

governmental regulatory action and changes in tax laws; and

●

the issuance of additional shares of our common stock, or the perception that such sales might occur, including under an at-the-market equity distribution program.

Many of the factors listed above are beyond our control. These factors may cause the market price of shares of our common stock to decline, regardless of our financial condition, results of operations, business or prospects.

We May Change the Dividend Policy for Our Common Stock in the Future. The decision to declare and pay dividends on our common stock, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our board of directors and will depend on our earnings, funds from operations, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our indebtedness, the annual distribution requirements under the REIT provisions of the Code, state law and such other factors as our board of directors considers relevant. Any change in our dividend policy could have an adverse effect on the market price of our common stock.

Maryland Law May Limit the Ability of a Third Party to Acquire Control of Us, Which May Not be in Our Stockholders’ Best Interests. Maryland business statutes may limit the ability of a third party to acquire control of us. As a Maryland corporation, we are subject to various Maryland laws which may have the effect of discouraging offers to acquire our Company and of increasing the difficulty of consummating any such offers, even if our acquisition would be in our stockholders’ best interests. The Maryland General Corporation Law restricts mergers and other business combination transactions between us and any person who acquires beneficial ownership of shares of our stock representing 10% or more of the voting power without our board of directors’ prior approval. Any such business combination transaction could not be completed until five years after the person acquired such voting power, and generally only with the approval of stockholders representing 80% of all votes entitled to be cast and 66 2/3% of the votes entitled to be cast, excluding the interested stockholder, or upon payment of a fair price. Maryland law also provides generally that a person who acquires shares of our equity stock that represents 10% (and certain higher levels) of the voting power in electing directors will have no voting rights unless approved by a vote of two-thirds of the shares eligible to vote.

Limitations on Share Ownership and Limitations on the Ability of Our Stockholders to Effect a Change in Control of Our Company Restrict the Transferability of Our Stock and May Prevent Takeovers That are Beneficial to Our Stockholders. One of the requirements for maintenance of our qualification as a REIT for U.S. federal income tax purposes is that no more than 50% in value of our outstanding capital stock may be owned by five or fewer individuals, including entities specified in the Code, during the last half of any taxable year. Our charter contains ownership and transfer restrictions relating to our stock primarily to assist us in complying with this and other REIT ownership requirements; however, the restrictions may have the effect of preventing a change of control which does not threaten our REIT status. These restrictions include a provision that generally limits ownership by any person of more than 9.9% of the value of our outstanding equity stock, unless our board of directors exempts the person from such ownership limitation, provided that any such exemption shall not allow the person to exceed 13% of the value of our outstanding equity stock. Absent such an exemption from our board of directors, the transfer of our stock to any person in excess of the applicable ownership limit, or any transfer of shares of such stock in violation of the

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ownership requirements of the Code for REITs, will be considered null and void, and the intended transferee of such stock will acquire no rights in such shares. These provisions of our charter may have the effect of delaying, deferring or preventing someone from taking control of us, even though a change of control might involve a premium price for our stockholders or might otherwise be in our stockholders’ best interests.

Item 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Unregistered Sales of Equity Securities

From time to time the Company issues shares of the Company’s common stock in exchange for operating partnership units (“OP Units”) tendered to the Operating Partnership for redemption in accordance with the provisions of the Operating Partnership’s limited partnership agreement. The holders of OP Units have the right to require the Operating Partnership to redeem all or a portion of their OP Units in exchange for a cash payment based on the market value of our common stock at the time of redemption. However, the Operating Partnership’s obligation to pay the cash amount is subject to the prior right of the Company to acquire such OP Units in exchange for either the cash amount or the number of shares of the Company’s common stock equal to the number of OP Units being redeemed.

During the three months ended March 31, 2026, we issued 11,901 shares of our common stock upon redemption of OP Units in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933.

Repurchase of Equity Securities

In January 2008, UDR’s Board of Directors authorized a 15 million share repurchase program. Under the share repurchase program, UDR may repurchase shares of our common stock in open market purchases, block purchases, privately negotiated transactions or otherwise. The following table summarizes all of UDR’s repurchases of shares of common stock under this program during the three months ended March 31, 2026 (shares in thousands):


						Total Number		Maximum
						of Shares		Number of
						Purchased as		Shares that
	Total					Part of		May Yet Be
	Number of		Average			Publicly		Purchased
	Shares		Price Paid			Announced Plan		Under the Plan
Period	Purchased		per Share			or Program		or Program (a)
Beginning Balance	6,233		$	36.97		6,233		8,767
January 1, 2026 through January 31, 2026	—			—		—		8,767
February 1, 2026 through February 28, 2026	666			37.52		666		8,101
March 1, 2026 through March 31, 2026	2,089			35.80		2,089		6,012
Balance as of March 31, 2026	8,988		$	36.74		8,988		6,012

(a)	This number reflects the amount of shares that were available for purchase under our 15 million share repurchase program authorized in January 2008.

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During the three months ended March 31, 2026, certain of our employees surrendered shares of common stock owned by them to satisfy their statutory minimum federal and state tax obligations associated with the vesting of restricted shares of common stock issued under our 1999 Long-Term Incentive Plan (the “LTIP”). The following table summarizes all of these repurchases during the three months ended March 31, 2026 (shares in thousands):


						Total Number		Maximum
						of Shares		Number of
						Purchased as		Shares that
	Total					Part of		May Yet Be
	Number of		Average			Publicly		Purchased
	Shares		Price Paid			Announced Plans		Under the Plans
Period	Purchased		per Share (a)			or Programs		or Programs
January 1, 2026 through January 31, 2026	28		$	36.26		N/A		N/A
February 1, 2026 through February 28, 2026	53			38.17		N/A		N/A
March 1, 2026 through March 31, 2026	—			—		N/A		N/A
Total	81		$	37.51

(a)	The price paid per share is based on the closing price of our common stock as of the date of the determination of the statutory minimum for federal and state tax obligations.

Item 3.

DEFAULTS UPON SENIOR SECURITIES

None.

Item 4.

MINE SAFETY DISCLOSURES

Not applicable.

Item 5.

OTHER INFORMATION

During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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Exhibit No.		Description
104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.


		UDR, Inc.
Date:	April 30, 2026	/s/ David D. Bragg
		David D. Bragg
		Senior Vice President and Chief Financial Officer (Principal Financial Officer)

EXHIBIT 31.1

CERTIFICATION

I, Thomas W. Toomey, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of UDR, Inc.;

2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

(d) Disclosed in this Report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: April 30, 2026	/s/ Thomas W. Toomey

	Thomas W. Toomey
	Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer)

EXHIBIT 31.2

CERTIFICATION

I, David D. Bragg, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of UDR, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: April 30, 2026	/s/ David D. Bragg

	David D. Bragg
	Senior Vice President and Chief Financial Officer (Principal Financial Officer)

EXHIBIT 32.1

CERTIFICATION

In connection with the periodic report of UDR, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission (the “Report”), I, Thomas W. Toomey, Chairman of the Board, President and Chief Executive Officer of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.


Date: April 30, 2026	/s/ Thomas W. Toomey

	Thomas W. Toomey
	Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer)

EXHIBIT 32.2

CERTIFICATION

In connection with the periodic report of UDR, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission (the “Report”), I, David D. Bragg, Senior Vice President and Chief Financial Officer of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.


Date: April 30, 2026	/s/ David D. Bragg

	David D. Bragg
	Senior Vice President and Chief Financial Officer (Principal Financial Officer)

Document and Entity Information - shares

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($)
$ in Thousands

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)
$ in Thousands

Distributions in Excess of Net Income

Accumulated Other Comprehensive Income/(Loss), net

Noncontrolling Interests

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares

CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands

CONSOLIDATED STATEMENTS OF CASH FLOWS - CASH RECONCILIATION - USD ($)
$ in Thousands

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares

BASIS OF PRESENTATION

SIGNIFICANT ACCOUNTING POLICIES

REAL ESTATE OWNED

VARIABLE INTEREST ENTITIES

JOINT VENTURES AND PARTNERSHIPS

(a)We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less.

SECURED AND UNSECURED DEBT, NET

(l) The Operating Partnership is the guarantor of this debt.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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INCOME/(LOSS) PER SHARE

NONCONTROLLING INTERESTS

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS

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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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DERIVATIVES AND HEDGING ACTIVITY

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The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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STOCK BASED COMPENSATION

COMMITMENTS AND CONTINGENCIES

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+ Details

Pay vs Performance Disclosure - USD ($)
$ in Thousands

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Insider Trading Arrangements

SIGNIFICANT ACCOUNTING POLICIES (Policies)

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

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+ Details

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

SIGNIFICANT ACCOUNTING POLICIES (Tables)

REAL ESTATE OWNED (Tables)

JOINT VENTURES AND PARTNERSHIPS (Tables)

(a)We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less.

SECURED AND UNSECURED DEBT, NET (Tables)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

INCOME/(LOSS) PER SHARE (Tables)

NONCONTROLLING INTERESTS (Tables)

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)

DERIVATIVES AND HEDGING ACTIVITY (Tables)

COMMITMENTS AND CONTINGENCIES (Tables)

REPORTABLE SEGMENTS (Tables)

BASIS OF PRESENTATION (Details)
shares in Millions

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Thousands

SIGNIFICANT ACCOUNTING POLICIES - Notes Receivables (Details)
$ in Thousands

SIGNIFICANT ACCOUNTING POLICIES - Schedule of allowance for credit losses (Details) - USD ($)
$ in Thousands

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) - USD ($)
$ in Thousands

REAL ESTATE OWNED - Additional Information (Details)
$ in Thousands

JOINT VENTURES AND PARTNERSHIPS - Summary (Details)
$ in Thousands

JOINT VENTURES AND PARTNERSHIPS - Commitments (Details) - USD ($)
$ in Thousands

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

JOINT VENTURES AND PARTNERSHIPS - Additional Information (Details) - USD ($)
$ in Thousands

LEASES - Lessee Future Minimum Payments (Details)
$ in Thousands

LEASES - Lessee Expenses (Details) - USD ($)
$ in Thousands

LEASES - Lessor (Details) - USD ($)
$ in Thousands

SECURED AND UNSECURED DEBT, NET - Summary (Details)
$ in Thousands

SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details)
$ in Thousands

SECURED AND UNSECURED DEBT, NET - Short Term Debt (Details) - Variable Rate Debt - Unsecured Debt - Commercial Paper - USD ($)
$ in Thousands

	PAGE
PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025 (audited)	3

Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)	4

Consolidated Statements of Comprehensive Income/(Loss) for the three months ended March 31, 2026 and 2025 (unaudited)	5

Consolidated Statements of Changes in Equity for the three months ended March 31, 2026 and 2025 (unaudited)	6

Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	7

Notes to Consolidated Financial Statements (unaudited)	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	39

Item 3. Quantitative and Qualitative Disclosures About Market Risk	54

Item 4. Controls and Procedures	54

PART II — OTHER INFORMATION

Item 1. Legal Proceedings	55

Item 1A. Risk Factors	55

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	72

Item 3. Defaults Upon Senior Securities	73

Item 4. Mine Safety Disclosures	73

Item 5. Other Information	73

Item 6. Exhibits	74

Signatures	76


Exhibit No.		Description
3.1		Articles of Restatement of UDR, Inc. (incorporated by reference to Exhibit 3.09 to UDR, Inc.’s Current Report on Form 8-K dated July 27, 2005 and filed with the SEC on August 1, 2005).

3.2		Articles of Amendment to the Articles of Restatement of UDR, Inc. dated and filed with the State Department of Assessments and Taxation of the State of Maryland on March 14, 2007 (incorporated by reference to Exhibit 3.2 to UDR, Inc.’s Current Report on Form 8-K dated March 14, 2007 and filed with the SEC on March 15, 2007).

3.3		Articles of Amendment to the Articles of Restatement of UDR, Inc. dated August 30, 2011 and filed with the State Department of Assessments and Taxation of the State of Maryland on August 31, 2011 (incorporated by reference to Exhibit 3.1 to UDR, Inc.’s Current Report on Form 8-K dated August 29, 2011 and filed with the SEC on September 1, 2011).

3.4		Articles of Amendment to the Articles of Restatement of UDR, Inc. dated and filed with the State Department of Assessments and Taxation of the State of Maryland on May 24, 2018 (incorporated by reference to Exhibit 3.1 to UDR, Inc.’s Current Report on Form 8-K dated May 24, 2018 and filed with the SEC on May 29, 2018).

3.5		Articles of Amendment to the Articles of Restatement of UDR, Inc. dated and filed with the State Department of Assessments and Taxation of the State of Maryland on July 27, 2021 (incorporated by reference to Exhibit 3.1 to UDR, Inc.’s Current Report on Form 8-K dated July 29, 2021 and filed with the SEC on July 29, 2021).

3.6		Articles Supplementary relating to UDR, Inc.’s 6.75% Series G Cumulative Redeemable Preferred Stock dated and filed with the State Department of Assessments and Taxation of the State of Maryland on May 30, 2007 (incorporated by reference to Exhibit 3.4 to UDR, Inc.’s Form 8-A Registration Statement dated and filed with the SEC on May 30, 2007).

3.7		Amended and Restated Bylaws of UDR, Inc. (as amended through May 24, 2018) (incorporated by reference to Exhibit 3.6 to UDR, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018).

10.1		Amendment No. 5, dated February 20, 2026, to the Third Amended and Restated Distribution Agreement, dated September 1, 2011 and as amended July 29, 2014, April 27, 2017, May 7, 2020 and February 14, 2023 (incorporated by reference to Exhibit 1.2 to UDR, Inc.’s Current Report on Form 8-K dated February 20, 2026 and filed with the SEC on February 20, 2026).

10.2		UDR, Inc. Executive Severance Plan (incorporated by reference to Exhibit 10.33 to UDR, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and filed with the SEC on February 17, 2026).

22.1		List of Guarantor Subsidiaries of UDR, Inc. (incorporated by reference to Exhibit 22.1 to UDR Inc.’s Quarterly Report of Form 10-Q for the quarter ended September 30, 2024).

31.1		Rule 13a-14(a) Certification of the Chief Executive Officer of UDR, Inc.

31.2		Rule 13a-14(a) Certification of the Chief Financial Officer of UDR, Inc.

32.1		Section 1350 Certification of the Chief Executive Officer of UDR, Inc.

32.2		Section 1350 Certification of the Chief Financial Officer of UDR, Inc.

101		Inline XBRL (Extensible Business Reporting Language). The following materials from this Quarterly Report on Form 10-Q for the period ended March 31, 2026, formatted in Inline XBRL: (i) consolidated balance sheets of UDR, Inc., (ii) consolidated statements of operations of UDR, Inc., (iii) consolidated statements of comprehensive income/(loss) of UDR, Inc., (iv) consolidated statements of changes in equity of UDR, Inc., (v) consolidated statements of cash flows of UDR, Inc. and (vi) notes to consolidated financial statements of UDR, Inc. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 27, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Securities Act File Number	1-10524
Entity Registrant Name	UDR, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	54-0857512
Entity Address, Address Line One	1745 Shea Center Drive, Suite 200
Entity Address, City or Town	Highlands Ranch
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80129
City Area Code	720
Local Phone Number	283-6120
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	UDR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		324,915,653
Entity Central Index Key	0000074208
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Real estate owned:
Real estate held for investment	$ 16,116,838	$ 16,415,000
Less: accumulated depreciation	(7,378,368)	(7,374,546)
Real estate held for investment, net	8,738,470	9,040,454
Real estate under development (net of accumulated depreciation of $0 and $0, respectively)	91,742	72,885
Total real estate owned, net of accumulated depreciation	8,830,212	9,113,339
Cash and cash equivalents	1,300	1,222
Restricted cash	33,498	35,710
Notes receivable, net	153,564	149,979
Investment in and advances to unconsolidated joint ventures, net	757,689	886,492
Operating lease right-of-use assets	186,641	187,624
Other assets	370,870	231,308
Total assets	10,333,774	10,605,674
Liabilities:
Secured debt, net	959,597	961,180
Unsecured debt, net	4,703,719	4,860,189
Operating lease liabilities	181,995	182,963
Real estate taxes payable	35,378	45,640
Accrued interest payable	27,817	51,698
Security deposits and prepaid rent	59,557	61,205
Distributions payable	152,871	151,934
Accounts payable, accrued expenses, and other liabilities	107,072	142,102
Total liabilities	6,228,006	6,456,911
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	819,753	859,966
Equity:
Common stock, $0.01 par value; 450,000,000 shares authorized at March 31, 2026 and December 31, 2025: 325,894,030 and 328,273,044 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	3,259	3,283
Additional paid-in capital	7,384,029	7,480,594
Distributions in excess of net income	(4,147,206)	(4,240,268)
Accumulated other comprehensive income/(loss), net	2,405	1,660
Total stockholders' equity	3,285,680	3,288,462
Noncontrolling interests	335	335
Total equity	3,286,015	3,288,797
Total liabilities and equity	10,333,774	10,605,674
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at March 31, 2026 and December 31, 2025:	43,192	43,192
Series F
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at March 31, 2026 and December 31, 2025:	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Real estate owned:
Real estate under development accumulated depreciation	$ 0	$ 0
Equity:
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	50,000,000	50,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	325,894,030	328,273,044
Common stock, shares outstanding	325,894,030	328,273,044
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, dividend rate percentage	8.00%	8.00%
Preferred stock, shares issued	2,600,678	2,600,678
Preferred stock, shares outstanding	2,600,678	2,600,678
Series F
Equity:
Preferred stock, shares issued	10,026,490	10,105,845
Preferred stock, shares outstanding	10,026,490	10,105,845

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
REVENUES:
Rental income	$ 423,321	$ 419,836
Joint venture management and other fees	$ 2,528	$ 2,112
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total revenues	$ 425,849	$ 421,948
OPERATING EXPENSES:
Property operating and maintenance	80,732	75,990
Real estate taxes and insurance	59,859	58,745
Property management	13,758	13,645
Other operating expenses	9,415	8,059
Real estate depreciation and amortization	161,268	161,394
General and administrative	19,364	19,495
Casualty-related charges/(recoveries), net	5,729	3,297
Other depreciation and amortization	3,335	7,067
Total operating expenses	353,460	347,692
Gain/(loss) on sale of real estate owned	157,416	47,939
Operating income	229,805	122,195
Income/(loss) from unconsolidated entities	19,696	5,814
Interest expense	(48,576)	(47,701)
Interest income and other income/(expense), net	2,434	1,921
Income/(loss) before income taxes	203,359	82,229
Tax (provision)/benefit, net	(455)	(158)
Net income/(loss)	202,904	82,071
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(13,061)	(5,339)
Net (income)/loss attributable to noncontrolling interests	(12)	(12)
Net income/(loss) attributable to UDR, Inc.	189,831	76,720
Distributions to preferred stockholders - Series E (Convertible)	(1,220)	(1,206)
Net income/(loss) attributable to common stockholders	$ 188,611	$ 75,514
Income/(loss) per weighted average common share - basic	$ 0.58	$ 0.23
Income/(loss) per weighted average common share - diluted	$ 0.57	$ 0.23
Weighted average number of common shares outstanding - basic	327,301	330,628
Weighted average number of common shares outstanding - diluted	330,294	331,717

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net income/(loss)	$ 202,904	$ 82,071
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	1,008	108
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	(213)	(1,367)
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	795	(1,259)
Comprehensive income/(loss)	203,699	80,812
Comprehensive (income)/loss attributable to noncontrolling interests	(13,123)	(5,257)
Comprehensive income/(loss) attributable to UDR, Inc.	$ 190,576	$ 75,555

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Paid-in Capital	Distributions in Excess of Net Income	Accumulated Other Comprehensive Income/(Loss), net	Noncontrolling Interests	Total
Beginning Balance at Dec. 31, 2024	$ 43,193	$ 3,309	$ 7,572,480	$ (4,179,415)	$ 3,638	$ 335	$ 3,443,540
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				76,720			76,720
Other comprehensive income/(loss)					(1,165)		(1,165)
Issuance/(forfeiture) of common and restricted shares, net		2	854				856
Issuance of common shares through public offering, net			(454)				(454)
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		1	2,218				2,219
Common stock distributions declared				(142,519)			(142,519)
Preferred stock distributions declared-Series E				(1,206)			(1,206)
Adjustment to reflect redemption value of redeemable noncontrolling interests				(46,612)			(46,612)
Ending Balance at Mar. 31, 2025	43,193	3,312	7,575,098	(4,293,032)	2,473	335	3,331,379
Beginning Balance at Dec. 31, 2025	43,193	3,283	7,480,594	(4,240,268)	1,660	335	3,288,797
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				189,831			189,831
Other comprehensive income/(loss)					745		745
Issuance/(forfeiture) of common and restricted shares, net		3	497				500
Issuance of common shares through public offering, net			(437)				(437)
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		1	3,347				3,348
Common stock distributions declared				(141,873)			(141,873)
Repurchase of common shares		(28)	(99,972)				(100,000)
Preferred stock distributions declared-Series E				(1,220)			(1,220)
Adjustment to reflect redemption value of redeemable noncontrolling interests				46,324			46,324
Ending Balance at Mar. 31, 2026	$ 43,193	$ 3,259	$ 7,384,029	$ (4,147,206)	$ 2,405	$ 335	$ 3,286,015

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Operating Activities
Net income/(loss)	$ 202,904	$ 82,071
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	164,603	168,461
(Gain)/loss on sale of real estate owned	(157,416)	(47,939)
(Income)/loss from unconsolidated entities	(19,696)	(5,814)
Return on investment in unconsolidated joint ventures and partnerships	10,513	4,700
Amortization of share-based compensation	9,568	7,498
Other	12,739	8,664
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(18,556)	8,208
Increase/(decrease) in operating liabilities	(75,916)	(69,633)
Net cash provided by/(used in) operating activities	128,743	156,216
Investing Activities
Proceeds from sales of real estate investments, net	218,561	203,565
Development of real estate assets	(28,509)	(8,835)
Capital expenditures and other major improvements - real estate assets	(43,461)	(52,990)
Capital expenditures - non-real estate assets	(1,396)	(8,877)
Investment in unconsolidated joint ventures and partnerships	(843)	(4,209)
Distributions received from unconsolidated joint ventures and partnerships	139,301	3,726
Repayment/(issuance) of notes receivable, net		(114,564)
Net cash provided by/(used in) investing activities	283,653	17,816
Financing Activities
Payments on secured debt	(1,685)	(1,485)
Net proceeds/(repayment) of commercial paper	(275,000)	(39,900)
Net proceeds/(repayment) of revolving bank debt	118,172	25,285
Repurchase of common shares	(100,000)
Distributions paid to redeemable noncontrolling interests	(9,930)	(9,819)
Distributions paid to preferred stockholders	(1,199)	(1,185)
Distributions paid to common stockholders	(141,267)	(140,729)
Other	(3,621)	(8,305)
Net cash provided by/(used in) financing activities	(414,530)	(176,138)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(2,134)	(2,106)
Cash, cash equivalents, and restricted cash, beginning of year	36,932	35,427
Cash, cash equivalents, and restricted cash, end of period	34,798	33,321
Supplemental Information:
Interest paid during the period, net of amounts capitalized	70,848	71,942
Operating cash flows from operating leases	3,189	3,126
Cash paid/(refunds received) for income taxes	61
Non-cash transactions:
Net proceeds from sale of real estate investment held by qualified intermediary	134,803
Development costs and capital expenditures incurred, but not yet paid	25,683	16,318
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (91,256 shares and 51,115 shares, respectively)	3,348	2,219
Dividends declared, but not yet paid	$ 152,871	$ 153,756

CONSOLIDATED STATEMENTS OF CASH FLOWS - CASH RECONCILIATION - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above:
Cash and cash equivalents	$ 1,300	$ 1,222	$ 1,250	$ 1,326
Restricted cash	33,498	35,710	32,071	34,101
Total cash, cash equivalents, and restricted cash as shown above	$ 34,798	$ 36,932	$ 33,321	$ 35,427

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Details) shares in Millions	3 Months Ended
BASIS OF PRESENTATION (Details) shares in Millions	Mar. 31, 2026 home item community shares
Consolidation And Basis Of Presentation
Number of real estate properties \| community	161
Number of apartment homes owned and consolidated \| home	54,081
Number of markets operating within \| item	21
Joint venture, number of completed or to be completed homes in communities \| home	9,018
Preferred equity investment,, number of apartment homes \| home	3,617
Operating partnership outstanding units	190.4
United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	176.7
General Partners' ownership (as a percent)	92.80%
General partnership units outstanding	0.1
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating partnership outstanding units	23.4
General Partners' ownership (as a percent)	72.20%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating partnership outstanding units	32.4
Non-affiliated Partners \| United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	13.7
Percentage of units outstanding in Partnership	7.20%
Non-affiliated Partners \| UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating partnership outstanding units	9.0
Percentage of units outstanding in Partnership	27.80%

SIGNIFICANT ACCOUNTING POLICIES - Notes Receivables (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) item home	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2024 USD ($) home
SIGNIFICANT ACCOUNTING POLICIES
Notes receivable	$ 154,155		$ 150,570
Allowance for credit losses	(591)		(591)
Total notes receivable, net	153,564		149,979
Credit recoveries/(losses)	0	$ 0
Note due December 2026 \| Home Community, Riverside, California
SIGNIFICANT ACCOUNTING POLICIES
Notes receivable	$ 81,951		79,889
Note receivable interest rate	11.00%
Number of apartment homes \| home	482
Aggregate commitment on note receivable	$ 59,700
Number of extension options \| item	2
Term of notes receivable extension options	1 year
Note due December 2026 \| Home Community, Menifee, California
SIGNIFICANT ACCOUNTING POLICIES
Number of apartment homes \| home	237
Aggregate commitment on note receivable	$ 24,400
Number of extension options \| item	2
Term of notes receivable extension options	1 year
Note due December 2026 \| Home Community, Menifee, California
SIGNIFICANT ACCOUNTING POLICIES
Notes receivable	$ 32,912		32,054
Note receivable interest rate	11.00%
Note due June 2027
SIGNIFICANT ACCOUNTING POLICIES
Notes receivable	$ 5,032		4,815
Note receivable interest rate	18.00%
Aggregate commitment on note receivable	$ 3,000
Total revolving credit facility	19,000
Note due September 2027
SIGNIFICANT ACCOUNTING POLICIES
Notes receivable	$ 34,260		$ 33,812
Note receivable interest rate	6.66%
Note due September 2027 \| Home operating community in Philadelphia, Pennsylvania
SIGNIFICANT ACCOUNTING POLICIES
Number of apartment homes \| home				66
Original amount of notes receivable				$ 31,100
Basis spread on variable rate				300.00%

REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
REAL ESTATE OWNED
Land	$ 2,505,946	$ 2,537,747
Depreciable property - held and used:
Land improvements	277,044	277,996
Building, improvements, and furniture, fixtures and equipment	13,311,853	13,577,262
Real estate intangible assets	21,995	21,995
Under development:
Real estate under development	91,742	72,885
Real estate owned	16,208,580	16,487,885
Accumulated depreciation	(7,378,368)	(7,374,546)
Total real estate owned, net of accumulated depreciation	8,830,212	9,113,339
Land, Buildings and Improvements
Under development:
Real estate under development	13,468	13,468
Building, improvements and furniture, fixtures and equipment
Under development:
Real estate under development	$ 78,274	$ 59,417

REAL ESTATE OWNED - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Apr. 30, 2026 USD ($) home	Mar. 31, 2026 USD ($) home community state	Mar. 31, 2026 USD ($) state	Mar. 31, 2025 USD ($)
Real estate properties
Number of states in which there are owned and consolidated communities \| state		12	12
Gain/(loss) on sale of real estate owned			$ 157,416	$ 47,939
Development Costs Excluding Direct Costs and Capitalized Interest			4,400	2,600
Interest capitalized during period			2,200	$ 2,000
Operating community in Portland, Oregon \| Subsequent Event
Real estate properties
Number of apartment homes acquired \| home	232
Repayment of joint venture's loan	$ 54,000
Proceeds from preferred investment	18,900
Payment of cash consideration	$ 0
Four operating communities located in various markets
Real estate properties
Number of communities sold \| community		4
Number of apartment homes sold \| home		1,159
Proceeds from Sale of Real Estate		$ 362,000
Gain/(loss) on sale of real estate owned		157,400
Escrow Deposit		$ 134,800	$ 134,800

JOINT VENTURES AND PARTNERSHIPS - Summary (Details) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Apr. 30, 2026 home	Feb. 28, 2026 USD ($) item	Mar. 31, 2026 USD ($) community property home item	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
JOINT VENTURES AND PARTNERSHIPS
Number Properties \| community			161
Investment in unconsolidated entities			$ 750,459		$ 879,735
Sold joint ventures and other investments - Investment					136,234
Income/(loss) from investments			19,696	$ 5,814
Equity method investment amount sold					$ 136,234
Sold unconsolidated joint ventures and partnerships			$ 2,977	3,742
Number of preferred equity agreements redeemed \| item			2
UDR/MetLife
JOINT VENTURES AND PARTNERSHIPS
Number Properties \| property			13
Number of apartment homes \| home			2,837
UDR's ownership interest			50.20%		50.20%
Investment in unconsolidated entities			$ 183,280		$ 189,420
Income/(loss) from investments			$ (1,213)	(1,041)
UDR/LaSalle
JOINT VENTURES AND PARTNERSHIPS
Number Properties \| property			9
Number of apartment homes \| home			2,564
UDR's ownership interest			51.00%		51.00%
Investment in unconsolidated entities			$ 235,936		$ 242,337
Income/(loss) from investments			$ (3,269)	(1,035)
Preferred Equity Investments
JOINT VENTURES AND PARTNERSHIPS
Number of investments which receive a variable percentage of the value created from the project upon a capital or liquidating event \| item			2
Aggregate proceeds		$ 138,900
Number of preferred equity agreements redeemed \| item		2
Unconsolidated Joint Ventures
JOINT VENTURES AND PARTNERSHIPS
Number Properties \| property			22
Number of apartment homes \| home			5,401
Investment in unconsolidated entities			$ 419,216		431,757
Income/(loss) from investments			(4,482)	(2,076)
Real estate technology and sustainability investments
JOINT VENTURES AND PARTNERSHIPS
UDR Commitment			86,000
Investment in unconsolidated entities			92,533		74,747
Income/(loss) from investments			$ 17,032	1,669
Operating Community \| Preferred Equity Investments
JOINT VENTURES AND PARTNERSHIPS
Number Properties \| community			10
Number of apartment homes \| home			3,617
Weighted Average Rate			10.50%
UDR Commitment			$ 222,537
Investment in unconsolidated entities			238,710		236,997
Income/(loss) from investments			4,169	2,479
Debt and Preferred Equity Program \| Real estate technology and sustainability investments
JOINT VENTURES AND PARTNERSHIPS
Investment in unconsolidated entities			331,243		$ 311,744
Income/(loss) from investments			$ 21,201	$ 4,148
Operating community in Portland, Oregon \| Subsequent Event
JOINT VENTURES AND PARTNERSHIPS
Number of apartment homes acquired \| home	232

LEASES - Lessee Future Minimum Payments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) community	Dec. 31, 2025 USD ($)
Lease expense:
Number of communities subject to ground leases \| community	6
Operating leases existence of option to extend	true
Operating lease right-of-use assets	$ 186,641	$ 187,624
Weighted average remaining lease term	40 years 7 months 6 days	40 years 9 months 18 days
Weighted average discount rate	5.00%	5.00%
Future minimum lease payments
Total operating lease liabilities (discounted)	$ 181,995	$ 182,963
Ground Leases
Future minimum lease payments
2026	9,521
2027	12,695
2028	12,695
2029	12,695
2030	12,695
Thereafter	389,340
Total future minimum lease payments (undiscounted)	449,641
Difference between future undiscounted cash flows and discounted cash flows	(267,646)
Total operating lease liabilities (discounted)	$ 181,995

SECURED AND UNSECURED DEBT, NET - Summary (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) community	Dec. 31, 2025 USD ($)
Secured debt instruments
Total Debt, net	$ 5,663,316	$ 5,821,369
Long-term Debt	$ 5,677,342
Weighted average interest rate (as a percent)	3.37%
Weighted Average
Secured debt instruments
Years to maturity	4 years 3 months 18 days
Secured Debt
Secured debt instruments
Total Debt, net	$ 959,597	961,180
Long-term Debt	$ 962,789
Weighted average interest rate (as a percent)	3.49%
Number of Communities Encumbered \| community	18
Secured Debt \| Weighted Average
Secured debt instruments
Years to maturity	3 years 6 months
Unsecured Debt
Secured debt instruments
Total Debt, net	$ 4,703,719	4,860,189
Long-term Debt	$ 4,714,553
Weighted average interest rate (as a percent)	3.35%
Deferred finance costs	$ (17,048)	(17,838)
Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	4 years 4 months 24 days
Fixed Rate Debt \| Secured Debt
Secured debt instruments
Total Debt, net	$ 932,638	934,223
Weighted average interest rate (as a percent)	3.51%
Number of Communities Encumbered \| community	17
Fixed Rate Debt \| Secured Debt \| Weighted Average
Secured debt instruments
Years to maturity	3 years 4 months 24 days
Variable Rate Debt \| Secured Debt
Secured debt instruments
Total Debt, net	$ 26,959	26,957
Weighted average interest rate (as a percent)	2.60%
Number of Communities Encumbered \| community	1
Variable Rate Debt \| Secured Debt \| Weighted Average
Secured debt instruments
Years to maturity	6 years
Mortgages loans \| Fixed Rate Debt \| Secured Debt
Secured debt instruments
Deferred financing costs and other non-cash adjustments	$ (3,151)	(3,252)
Long-term Debt	$ 935,789	937,475
Weighted average interest rate (as a percent)	3.46%
Number of Communities Encumbered \| community	17
Mortgages loans \| Fixed Rate Debt \| Secured Debt \| Weighted Average
Secured debt instruments
Years to maturity	3 years 4 months 24 days
Tax-exempt secured notes payable \| Variable Rate Debt \| Secured Debt
Secured debt instruments
Long-term Debt	$ 27,000	27,000
Weighted average interest rate (as a percent)	2.56%
Number of Communities Encumbered \| community	1
Deferred finance costs	$ (41)	(43)
Tax-exempt secured notes payable \| Variable Rate Debt \| Secured Debt \| Weighted Average
Secured debt instruments
Years to maturity	6 years
Borrowings outstanding under unsecured credit facility due August 2028 \| Variable Rate Debt \| Unsecured Debt
Secured debt instruments
Borrowings outstanding	$ 135,000
Weighted average interest rate (as a percent)	4.41%
Borrowings outstanding under unsecured credit facility due August 2028 \| Variable Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	2 years 4 months 24 days
Commercial Paper \| Variable Rate Debt \| Unsecured Debt
Secured debt instruments
Borrowings outstanding	$ 170,000	445,000
Weighted average interest rate (as a percent)	4.13%
Commercial Paper \| Variable Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	1 month 6 days
Working Capital Credit Facility \| Variable Rate Debt \| Unsecured Debt
Secured debt instruments
Borrowings outstanding	$ 9,553	26,381
Weighted average interest rate (as a percent)	4.41%
Working Capital Credit Facility \| Variable Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	9 months 18 days
Term Loan due January 2029 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Long-term Debt	$ 175,000	175,000
Weighted average interest rate (as a percent)	4.04%
Term Loan due January 2029 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	2 years 9 months 18 days
Term Loan due January 2029 \| Variable Rate Debt \| Unsecured Debt
Secured debt instruments
Long-term Debt	$ 175,000	175,000
Weighted average interest rate (as a percent)	4.50%
Term Loan due January 2029 \| Variable Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	2 years 9 months 18 days
2.95% Medium-Term Note due September 2026 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Long-term Debt	$ 300,000	$ 300,000
Stated interest rate	2.95%	2.95%
Weighted average interest rate (as a percent)	2.95%
2.95% Medium-Term Note due September 2026 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	4 months 24 days
3.50 Medium-Term Note due July 2027 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,912	$ 299,894
Stated interest rate	3.50%	3.50%
Unamortized discount	$ 88	$ 106
Weighted average interest rate (as a percent)	3.50%
3.50 Medium-Term Note due July 2027 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	1 year 3 months 18 days
3.50% Medium-Term Notes Due January 2028 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,787	$ 299,758
Stated interest rate	3.50%	3.50%
Unamortized discount	$ 213	$ 242
Weighted average interest rate (as a percent)	3.50%
3.50% Medium-Term Notes Due January 2028 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	1 year 9 months 18 days
4.40% Medium-Term Notes due January 2029 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,998	$ 299,998
Stated interest rate	4.40%	4.40%
Unamortized discount	$ 2	$ 2
Weighted average interest rate (as a percent)	4.27%
4.40% Medium-Term Notes due January 2029 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	2 years 9 months 18 days
3.20% Medium-Term Notes due January 2030 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 605,205	$ 605,548
Stated interest rate	3.20%	3.20%
Unamortized net premium	$ 5,205	$ 5,548
Weighted average interest rate (as a percent)	3.32%
3.20% Medium-Term Notes due January 2030 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	3 years 9 months 18 days
3.00% Medium-Term Notes due August 2031
Secured debt instruments
Long-term Debt	$ 600,000
3.00% Medium-Term Notes due August 2031 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 606,421	$ 606,720
Stated interest rate	3.00%	3.00%
Unamortized net premium	$ 6,421	$ 6,720
Weighted average interest rate (as a percent)	3.01%
3.00% Medium-Term Notes due August 2031 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	5 years 4 months 24 days
2.10% Medium Term Note Due August 2032 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 399,777	$ 399,768
Stated interest rate	2.10%	2.10%
Unamortized discount	$ 223	$ 232
Weighted average interest rate (as a percent)	2.10%
2.10% Medium Term Note Due August 2032 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	6 years 3 months 18 days
1.90% Medium-Term Notes due March 2033 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 349,161	$ 349,131
Stated interest rate	1.90%	1.90%
Unamortized discount	$ 839	$ 869
Weighted average interest rate (as a percent)	1.90%
1.90% Medium-Term Notes due March 2033 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	7 years
2.10% Medium-Term Note due June 2033 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,283	$ 299,258
Stated interest rate	2.10%	2.10%
Unamortized discount	$ 717	$ 742
Weighted average interest rate (as a percent)	2.10%
2.10% Medium-Term Note due June 2033 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	7 years 2 months 12 days
5.125% Medium-Term Note due September 2034 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 297,428	$ 297,351
Stated interest rate	5.125%	5.125%
Unamortized discount	$ 2,572	$ 2,649
Weighted average interest rate (as a percent)	4.95%
5.125% Medium-Term Note due September 2034 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	8 years 4 months 24 days
3.10% Medium-Term Notes due November 2034 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,242	$ 299,220
Stated interest rate	3.10%	3.10%
Unamortized discount	$ 758	$ 780
Weighted average interest rate (as a percent)	3.13%
3.10% Medium-Term Notes due November 2034 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	8 years 7 months 6 days

SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) item loan	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($) instrument
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Notional			$ 175,000
Number of interest rate swaps \| instrument			3
All-in weighted average interest rate			4.04%
Revolving Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 1,300,000
Potential maximum available	$ 2,500,000
Number of Extensions of loan \| loan	2
Extension period of option on loan	6 months
Revolving credit facility due 2023 \| Letter of Credit
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding	$ 4,300	$ 4,300
Revolving credit facility due 2023 \| Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	0.775%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Commitment fee	0.15%
Revolving credit facility due 2023 \| Unsecured Debt \| Minimum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	0.70%
Commitment fee	0.10%
Revolving credit facility due 2023 \| Unsecured Debt \| Maximum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	1.40%
Commitment fee	0.30%
Revolving credit facility due 2023 \| Revolving Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 1,300,000	1,300,000
Weighted average daily borrowings during the period ended	1,500
Maximum daily borrowings during the period ended	$ 135,000
Weighted average interest rate during the period ended	4.40%
Borrowings outstanding	$ 135,000
Interest rate at end of the period	4.40%
Working Capital Credit Facility \| Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Number of extension options \| item	2
Term of notes receivable extension options	1 year
Working Capital Credit Facility \| Variable Rate Debt \| Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 75,000	75,000
Weighted average daily borrowings during the period ended	17,233	18,403
Maximum daily borrowings during the period ended	$ 47,811	$ 62,622
Weighted average interest rate during the period ended	4.40%	5.10%
Borrowings outstanding	$ 9,553	$ 26,381
Interest rate at end of the period	4.40%	4.40%
Basis points added to to variable rate	0.775%
Working Capital Credit Facility \| Variable Rate Debt \| Unsecured Debt \| Minimum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	0.70%
Working Capital Credit Facility \| Variable Rate Debt \| Unsecured Debt \| Maximum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	1.40%
Term Loan due September 2023 \| Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	0.85%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Term Loan due September 2023 \| Unsecured Debt \| Minimum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	0.75%
Term Loan due September 2023 \| Unsecured Debt \| Maximum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	1.60%
Term Loan due January 2029
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 350,000
Term Loan due January 2029 \| Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Number of extension options \| item	2
Term of notes receivable extension options	1 year
Basis point subtracted from variable rate for company receiving green building certifications	5.00%

SECURED AND UNSECURED DEBT, NET - Short Term Debt (Details) - Variable Rate Debt - Unsecured Debt - Commercial Paper - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Secured and Unsecured Debt
Total unsecured commercial paper program	$ 700,000	$ 700,000
Borrowings outstanding at end of period	170,000	445,000
Weighted average daily borrowings during the period ended	462,556	318,244
Maximum daily borrowings during the period ended	$ 570,000	$ 650,000
Weighted average interest rate during the period ended	3.90%	4.40%
Interest rate at end of the period	4.10%	3.90%

INCOME/(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jul. 31, 2021
Numerator for income/(loss) per share:
Net income/(loss)		$ 202,904	$ 82,071
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership		(13,061)	(5,339)
Net (income)/loss attributable to noncontrolling interests		(12)	(12)
Net income/(loss) attributable to UDR, Inc.		189,831	76,720
Distributions to preferred stockholders - Series E (Convertible)		(1,220)	(1,206)
Net income/(loss) attributable to common stockholders		188,611	75,514
Dilutive distributions to preferred stockholders - Series E (Convertible)		1,220
Income/(loss) attributable to common stockholders - diluted		$ 189,831	$ 75,514
Denominator for income/(loss) per share:
Weighted average common shares outstanding		327,974,000	331,138,000
Unvested restricted stock awards		(673,000)	(510,000)
Denominator for basic income/(loss) per share		327,301,000	330,628,000
Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, stock options and unvested restricted stock		2,993,000	1,089,000
Denominator for diluted income/(loss) per share		330,294,000	331,717,000
Income/(loss) per weighted average common share - basic		$ 0.58	$ 0.23
Income/(loss) per weighted average common share - diluted		$ 0.57	$ 0.23
Number of shares authorized		450,000,000		450,000,000
Number of shares agreed to repurchase (in shares)		2,800,000
Average price of shares repurchased (dollar per share)		$ 36.27
Repurchase of common shares		$ 100,000
Subsequent Event
Denominator for income/(loss) per share:
Number of shares agreed to repurchase (in shares)	1,400,000
Average price of shares repurchased (dollar per share)	$ 35.01
Repurchase of common shares	$ 50,000
OP/DownREIT Units
Denominator for income/(loss) per share:
Antidilutive securities		22,711,000	22,899,000
Convertible preferred stock
Denominator for income/(loss) per share:
Antidilutive securities		2,816,000	2,816,000
Unvested LTIP Units, performance units, stock options, and unvested restricted stock
Denominator for income/(loss) per share:
Antidilutive securities		177,000	1,089,000
ATM
Denominator for income/(loss) per share:
Number of shares authorized					20,000,000
Shares of common stock available for future issuance		14,000,000

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	3 Months Ended
NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Noncontrolling interests
Minimum holding period prior to redemption (in years)	1 year
Redeemable noncontrolling interests in the Operating Partnership
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at beginning of year	$ 859,966
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(46,324)	$ 46,612
Conversion of OP Units/DownREIT Units to Common Stock or Cash	(3,348)
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	13,061	5,339
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(10,278)
Redeemable Long-Term and Short-Term Incentive Plan Units	6,626
Allocation of other comprehensive income/(loss)	50
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year	819,753
Net (income)/loss attributable to noncontrolling interests	(12)	(12)
Maximum
Redeemable noncontrolling interests in the Operating Partnership
Net (income)/loss attributable to noncontrolling interests	$ (100)	$ (100)

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Asset Derivatives designated as hedging instruments, Fair Value	$ 1,071	$ 272
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	819,753	859,966
Transfers between levels of fair value hierarchy	0
Carrying Amount \| Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable	153,564	149,979
Total assets	155,733	151,730
Debt instruments - fair value
Total liabilities	5,682,994	5,842,034
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	819,753	859,966
Carrying Amount \| Equity Securities \| Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Equity securities	1,098	1,479
Carrying Amount \| Interest rate products \| Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Asset Derivatives designated as hedging instruments, Fair Value	1,071	272
Estimate of Fair Value \| Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable	153,320	144,160
Total assets	155,489	145,911
Debt instruments - fair value
Total liabilities	5,312,085	5,487,211
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	819,753	859,966
Estimate of Fair Value \| Equity Securities \| Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Equity securities	1,098	1,479
Estimate of Fair Value \| Interest rate products \| Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Asset Derivatives designated as hedging instruments, Fair Value	1,071	272
Estimate of Fair Value \| Level 1 \| Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	1,098	1,479
Estimate of Fair Value \| Level 1 \| Equity Securities \| Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Equity securities	1,098	1,479
Estimate of Fair Value \| Level 2 \| Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	1,071	272
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	819,753	859,966
Estimate of Fair Value \| Level 2 \| Interest rate products \| Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Asset Derivatives designated as hedging instruments, Fair Value	1,071	272
Estimate of Fair Value \| Level 3 \| Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable	153,320	144,160
Total assets	153,320	144,160
Debt instruments - fair value
Total liabilities	5,312,085	5,487,211
Unsecured Debt \| Carrying Amount \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,406,214	4,406,646
Unsecured Debt \| Estimate of Fair Value \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,078,914	4,092,949
Unsecured Debt \| Estimate of Fair Value \| Level 3 \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,078,914	4,092,949
Unsecured Debt \| Revolving Credit Facility \| Carrying Amount \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	135,000
Unsecured Debt \| Revolving Credit Facility \| Estimate of Fair Value \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	135,000
Unsecured Debt \| Revolving Credit Facility \| Estimate of Fair Value \| Level 3 \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	135,000
Unsecured Debt \| Working Capital Credit Facility \| Carrying Amount \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	9,553	26,381
Unsecured Debt \| Working Capital Credit Facility \| Estimate of Fair Value \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	9,553	26,381
Unsecured Debt \| Working Capital Credit Facility \| Estimate of Fair Value \| Level 3 \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	9,553	26,381
Unsecured Debt \| Commercial Paper \| Carrying Amount \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	170,000	445,000
Unsecured Debt \| Commercial Paper \| Estimate of Fair Value \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	170,000	445,000
Unsecured Debt \| Commercial Paper \| Estimate of Fair Value \| Level 3 \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	170,000	445,000
Fixed Rate Debt \| Secured Debt \| Mortgages loans \| Carrying Amount \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	935,227	937,007
Fixed Rate Debt \| Secured Debt \| Mortgages loans \| Estimate of Fair Value \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	891,618	895,881
Fixed Rate Debt \| Secured Debt \| Mortgages loans \| Estimate of Fair Value \| Level 3 \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	891,618	895,881
Variable Rate Debt \| Secured Debt \| Tax-exempt secured notes payable \| Carrying Amount \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,000	27,000
Variable Rate Debt \| Secured Debt \| Tax-exempt secured notes payable \| Estimate of Fair Value \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,000	27,000
Variable Rate Debt \| Secured Debt \| Tax-exempt secured notes payable \| Estimate of Fair Value \| Level 3 \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	$ 27,000	$ 27,000

DERIVATIVES AND HEDGING ACTIVITY - Interest Rate Derivatives (Details) $ in Thousands	Mar. 31, 2026 USD ($) instrument	Sep. 30, 2025 USD ($)
Derivatives
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 800
Notional		$ 175,000
Designated as Hedging Instrument \| Interest rate swaps and caps
Derivatives
Number of Instruments \| instrument	4
Notional	$ 183,977
Not Designated as Hedging Instrument
Derivatives
Notional	$ 0

DERIVATIVES AND HEDGING ACTIVITY - Undesignated Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets
Asset Derivatives designated as hedging instruments, Fair Value	$ 1,071	$ 272
Interest rate products \| Other assets \| Designated as Hedging Instrument
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets
Asset Derivatives designated as hedging instruments, Fair Value	$ 1,071	$ 272

DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	$ 1,008	$ 108
Gain/(Loss) Reclassified from Accumulated OCI in Interest expense	213	1,367
Interest rate products \| Interest expense \| Cash Flow Hedging
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	1,008	108
Gain/(Loss) Reclassified from Accumulated OCI in Interest expense	$ 213	$ 1,367

DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Offsetting derivative assets
Gross Amounts of Recognized Assets	$ 1,071	$ 272
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	$ 1,071	$ 272
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Net Amount	$ 1,071	$ 272

STOCK BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended
STOCK BASED COMPENSATION (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
General and Administrative
Stock based compensation
Stock based compensation expense	$ 9.6	$ 7.5

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2026 USD ($) community
Real estate properties
Number Properties \| community	161
UDR's Investment	$ 226,662
UDR's Remaining Commitment	75,938
Loss contingency accrual
Contingency liabilities	0
Real estate technology and sustainability investments
Real estate properties
UDR's Investment	134,920
UDR's Remaining Commitment	$ 34,080
Wholly owned - under development
Real estate properties
Number Properties \| community	1
UDR's Investment	$ 91,742
UDR's Remaining Commitment	$ 41,858

REPORTABLE SEGMENTS (Details) $ in Thousands	3 Months Ended
REPORTABLE SEGMENTS (Details) $ in Thousands	Mar. 31, 2026 USD ($) home segment	Mar. 31, 2025 USD ($) home	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Segments
Same store communities \| home	52,782	52,782
Reportable Segments
Management fee (as a percent)	3.25%
Number of reportable segments \| segment	2
Condition for Community considered to have stabilized occupancy	90%
Time to maintain percent occupancy to be considered a community	3 months
Practical expedient, single lease component	true
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	$ 423,321	$ 419,836
Reconciling items:
Joint venture management and other fees	$ 2,528	$ 2,112
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Property management	$ (13,758)	$ (13,645)
Other operating expenses	(9,415)	(8,059)
Real estate depreciation and amortization	(161,268)	(161,394)
General and administrative	(19,364)	(19,495)
Casualty-related (charges)/recoveries, net	(5,729)	(3,297)
Other depreciation and amortization	(3,335)	(7,067)
Gain/(loss) on sale of real estate owned	157,416	47,939
Income/(loss) from unconsolidated entities	19,696	5,814
Interest expense	(48,576)	(47,701)
Interest income and other income/(expense), net	2,434	1,921
Tax (provision)/benefit, net	(455)	(158)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(13,061)	(5,339)
Net (income)/loss attributable to noncontrolling interests	(12)	(12)
Net income/(loss) attributable to UDR, Inc.	189,831	76,720
Reportable apartment home segment assets:
Total segment assets	16,208,580		$ 16,487,885
Accumulated depreciation	(7,378,368)		(7,374,546)
Total real estate owned, net of accumulated depreciation	8,830,212		9,113,339
Reconciling items:
Cash and cash equivalents	1,300	1,250	1,222	$ 1,326
Restricted cash	33,498	32,071	35,710	$ 34,101
Notes receivable, net	153,564		149,979
Investment in and advances to unconsolidated joint ventures, net	757,689		886,492
Operating lease right-of-use assets	186,641		187,624
Other assets	370,870		231,308
Total consolidated assets	10,333,774		10,605,674
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	408,722	405,259
Other revenue	14,599	14,577
Rental income	423,321	419,836
Total segment and consolidated operating expenses	140,591	134,735
Reportable apartment home segment NOI	282,730	285,101
Same-Store Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Personnel	19,645	18,887
Utilities	20,324	18,769
Repair and maintenance	25,653	24,033
Administrative and marketing	9,875	9,385
Real estate taxes	51,072	50,103
Insurance	5,156	4,998
Same-Store Communities \| West Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	125,741	122,392
Other revenue	3,048	3,222
Rental income	128,789	125,614
Reportable apartment home segment NOI	92,347	91,912
Reportable apartment home segment assets:
Total segment assets	4,696,038		4,681,206
Same-Store Communities \| Northeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	81,896	80,086
Other revenue	2,065	2,166
Rental income	83,961	82,252
Reportable apartment home segment NOI	52,756	52,458
Reportable apartment home segment assets:
Total segment assets	3,844,560		3,835,341
Same-Store Communities \| Mid-Atlantic Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	77,438	77,215
Other revenue	3,541	3,310
Rental income	80,979	80,525
Reportable apartment home segment NOI	54,151	54,900
Reportable apartment home segment assets:
Total segment assets	3,272,143		3,268,160
Same-Store Communities \| Southeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	53,024	54,178
Other revenue	3,014	2,904
Rental income	56,038	57,082
Reportable apartment home segment NOI	37,507	38,925
Reportable apartment home segment assets:
Total segment assets	1,641,936		1,634,894
Same-Store Communities \| Southwest Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	46,575	47,475
Other revenue	2,304	2,307
Rental income	48,879	49,782
Reportable apartment home segment NOI	30,160	30,885
Reportable apartment home segment assets:
Total segment assets	1,760,267		1,756,582
Non-Mature Communities/Other
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	24,048	23,913
Other revenue	627	668
Rental income	24,675	24,581
Other	8,866	8,560
Reportable apartment home segment NOI	15,809	$ 16,021
Reportable apartment home segment assets:
Total segment assets	$ 993,636		$ 1,311,702