UDR, INC., 10-Q filed on 10/31/2024
Quarterly Report
v3.24.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2024
Oct. 28, 2024
Document and Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
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 $0.01  
Trading Symbol UDR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   329,960,195
Entity Central Index Key 0000074208  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Real estate owned:    
Real estate held for investment $ 16,152,262 $ 15,757,456
Less: accumulated depreciation (6,739,674) (6,242,686)
Real estate held for investment, net 9,412,588 9,514,770
Real estate under development (net of accumulated depreciation of $0 and $184, respectively)   160,220
Real estate held for disposition (net of accumulated depreciation of $0 and $24,960, respectively)   81,039
Total real estate owned, net of accumulated depreciation 9,412,588 9,756,029
Cash and cash equivalents 2,285 2,922
Restricted cash 33,267 31,944
Notes receivable, net 280,006 228,825
Investment in and advances to unconsolidated joint ventures, net 966,227 952,934
Operating lease right-of-use assets 187,918 190,619
Other assets 197,473 209,969
Total assets 11,079,764 11,373,242
Liabilities:    
Secured debt, net 1,140,692 1,277,713
Unsecured debt, net 4,724,571 4,520,996
Operating lease liabilities 183,181 185,836
Real estate taxes payable 68,816 47,107
Accrued interest payable 28,773 47,710
Security deposits and prepaid rent 49,727 50,528
Distributions payable 151,755 149,600
Accounts payable, accrued expenses, and other liabilities 119,202 141,311
Total liabilities 6,466,717 6,420,801
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 1,098,987 961,087
Equity:    
Common stock, $0.01 par value; 450,000,000 shares authorized at September 30, 2024 and December 31, 2023: 329,926,696 and 329,014,512 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 3,299 3,290
Additional paid-in capital 7,526,910 7,493,217
Distributions in excess of net income (4,064,283) (3,554,892)
Accumulated other comprehensive income/(loss), net 4,606 4,914
Total stockholders' equity 3,513,725 3,991,144
Noncontrolling interests 335 210
Total equity 3,514,060 3,991,354
Total liabilities and equity 11,079,764 11,373,242
8.00% Series E Cumulative Convertible Preferred Stock    
Equity:    
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2024 and December 31, 2023: 43,192 44,614
Series F    
Equity:    
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2024 and December 31, 2023: $ 1 $ 1
v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Real estate owned:    
Real estate under development accumulated depreciation $ 0 $ 184
Real estate held for disposition accumulated depreciation $ 0 $ 24,960
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 329,926,696 329,014,512
Common stock, shares outstanding 329,926,696 329,014,512
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 2,686,308
Preferred stock, shares outstanding 2,600,678 2,686,308
Series F    
Equity:    
Preferred stock, shares issued 11,355,829 11,867,730
Preferred stock, shares outstanding 11,355,829 11,867,730
v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUES:        
Rental income $ 418,088 $ 408,359 $ 1,243,085 $ 1,209,764
Joint venture management and other fees $ 2,072 $ 1,772 $ 6,029 $ 4,464
Type of revenue udr:ManagementAndOtherFeesMember udr:ManagementAndOtherFeesMember udr:ManagementAndOtherFeesMember udr:ManagementAndOtherFeesMember
Total revenues $ 420,160 $ 410,131 $ 1,249,114 $ 1,214,228
OPERATING EXPENSES:        
Property operating and maintenance 76,484 71,599 220,405 205,294
Real estate taxes and insurance 57,182 58,104 174,861 173,590
Property management 13,588 13,271 40,400 39,317
Other operating expenses 6,382 4,611 20,803 11,902
Real estate depreciation and amortization 170,276 167,551 510,622 505,776
General and administrative 20,890 15,159 58,836 49,091
Casualty-related charges/(recoveries), net 1,473 (1,928) 8,749 3,362
Other depreciation and amortization 4,029 3,692 13,024 11,022
Total operating expenses 350,304 332,059 1,047,700 999,354
Gain/(loss) on sale of real estate owned     16,867 325,885
Operating income 69,856 78,072 218,281 540,759
Income/(loss) from unconsolidated entities (1,880) 5,508 11,251 24,912
Interest expense (50,214) (44,664) (146,087) (133,519)
Interest income and other income/(expense), net 6,159 (3,069) 18,522 8,388
Income/(loss) before income taxes 23,921 35,847 101,967 440,540
Tax (provision)/benefit, net 156 (428) (567) (2,013)
Net income/(loss) 24,077 35,419 101,400 438,527
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (1,574) (2,554) (6,736) (27,137)
Net (income)/loss attributable to noncontrolling interests 94 (7) (35) (23)
Net income/(loss) attributable to UDR, Inc. 22,597 32,858 94,629 411,367
Distributions to preferred stockholders - Series E (Convertible) (1,197) (1,221) (3,638) (3,626)
Net income/(loss) attributable to common stockholders $ 21,400 $ 31,637 $ 90,991 $ 407,741
Income/(loss) per weighted average common share - basic $ 0.06 $ 0.10 $ 0.28 $ 1.24
Income/(loss) per weighted average common share - diluted $ 0.06 $ 0.10 $ 0.28 $ 1.24
Weighted average number of common shares outstanding - basic 329,421 328,760 329,101 328,835
Weighted average number of common shares outstanding - diluted 330,557 329,201 329,755 329,283
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)        
Net income/(loss) $ 24,077 $ 35,419 $ 101,400 $ 438,527
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:        
Unrealized holding gain/(loss) (1,768) 1,314 5,464 5,336
(Gain)/loss reclassified into earnings from other comprehensive income/(loss) (1,782) (2,110) (5,768) (5,332)
Other comprehensive income/(loss), including portion attributable to noncontrolling interests (3,550) (796) (304) 4
Comprehensive income/(loss) 20,527 34,623 101,096 438,531
Comprehensive (income)/loss attributable to noncontrolling interests (1,234) (2,521) (6,775) (27,148)
Comprehensive income/(loss) attributable to UDR, Inc. $ 19,293 $ 32,102 $ 94,321 $ 411,383
v3.24.3
CONSOLIDATED STATEMENTS 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)
Noncontrolling Interest
Total
Beginning Balance at Dec. 31, 2022 $ 44,615 $ 3,290 $ 7,493,423 $ (3,451,587) $ 8,344 $ 210 $ 4,098,295
Consolidated Statements of Changes in Equity              
Net income/(loss) attributable to UDR, Inc.       411,367     411,367
Other comprehensive income/(loss)         16   16
Issuance/(forfeiture) of common and restricted shares, net   2 4,808       4,810
Issuance of common shares through public offering, net     (473)       (473)
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership   3 14,760       14,763
Common stock distributions declared       (414,808)     (414,808)
Repurchase of common shares   (6) (25,003)       (25,009)
Preferred stock distributions declared-Series E       (3,626)     (3,626)
Adjustment to reflect redemption value of redeemable noncontrolling interests       65,799     65,799
Ending Balance at Sep. 30, 2023 44,615 3,289 7,487,515 (3,392,855) 8,360 210 4,151,134
Beginning Balance at Jun. 30, 2023 44,615 3,295 7,508,616 (3,445,679) 9,116 210 4,120,173
Consolidated Statements of Changes in Equity              
Net income/(loss) attributable to UDR, Inc.       32,858     32,858
Other comprehensive income/(loss)         (756)   (756)
Issuance/(forfeiture) of common and restricted shares, net     1,842       1,842
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership     2,060       2,060
Common stock distributions declared       (138,111)     (138,111)
Repurchase of common shares   (6) (25,003)       (25,009)
Preferred stock distributions declared-Series E       (1,221)     (1,221)
Adjustment to reflect redemption value of redeemable noncontrolling interests       159,298     159,298
Ending Balance at Sep. 30, 2023 44,615 3,289 7,487,515 (3,392,855) 8,360 210 4,151,134
Beginning Balance at Dec. 31, 2023 44,615 3,290 7,493,217 (3,554,892) 4,914 210 3,991,354
Consolidated Statements of Changes in Equity              
Net income/(loss) attributable to UDR, Inc.       94,629     94,629
Other comprehensive income/(loss)         (308)   (308)
Issuance/(forfeiture) of common and restricted shares, net   1 4,343       4,344
Issuance of common shares through public offering, net     (456)       (456)
Conversion of Series E Cumulative Convertible shares (1,422) 1 1,421        
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership   7 28,385       28,392
Contribution of noncontrolling interests in consolidated real estate           125 125
Common stock distributions declared       (420,296)     (420,296)
Preferred stock distributions declared-Series E       (3,638)     (3,638)
Adjustment to reflect redemption value of redeemable noncontrolling interests       (180,086)     (180,086)
Ending Balance at Sep. 30, 2024 43,193 3,299 7,526,910 (4,064,283) 4,606 335 3,514,060
Beginning Balance at Jun. 30, 2024 43,193 3,295 7,508,794 (3,840,808) 7,910 335 3,722,719
Consolidated Statements of Changes in Equity              
Net income/(loss) attributable to UDR, Inc.       22,597     22,597
Other comprehensive income/(loss)         (3,304)   (3,304)
Issuance/(forfeiture) of common and restricted shares, net     2,242       2,242
Issuance of common shares through public offering, net     (38)       (38)
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership   4 15,912       15,916
Common stock distributions declared       (140,219)     (140,219)
Preferred stock distributions declared-Series E       (1,197)     (1,197)
Adjustment to reflect redemption value of redeemable noncontrolling interests       (104,656)     (104,656)
Ending Balance at Sep. 30, 2024 $ 43,193 $ 3,299 $ 7,526,910 $ (4,064,283) $ 4,606 $ 335 $ 3,514,060
v3.24.3
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY        
Common stock distributions declared per share $ 0.425 $ 0.42 $ 1.275 $ 0.84
Preferred stock distributions declared $ 0.465 $ 0.4548 $ 1.3950 $ 0.9096
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net income/(loss) $ 101,400 $ 438,527
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:    
Depreciation and amortization 523,646 516,798
(Gain)/loss on sale of real estate owned (16,867) (325,885)
(Income)/loss from unconsolidated entities (11,251) (24,912)
Return on investment in unconsolidated joint ventures and partnerships 29,816 11,969
Amortization of share-based compensation 25,857 22,770
Other 19,308 10,516
Changes in operating assets and liabilities:    
(Increase)/decrease in operating assets (21,235) (20,164)
Increase/(decrease) in operating liabilities (14,362) (16,026)
Net cash provided by/(used in) operating activities 636,312 613,593
Investing Activities    
Acquisition of real estate assets   (17,848)
Proceeds from sales of real estate investments, net 98,650 247,935
Development of real estate assets (63,236) (120,644)
Capital expenditures and other major improvements - real estate assets (188,783) (220,341)
Capital expenditures - non-real estate assets (16,304) (14,081)
Investment in unconsolidated joint ventures and partnerships (45,372) (27,775)
Distributions received from unconsolidated joint ventures and partnerships 13,646 9,315
Proceeds from sale of equity securities 4,624  
Purchase deposits on pending acquisitions 1,000 (1,000)
Repayment/(issuance) of notes receivable, net (31,818) (71,786)
Net cash provided by/(used in) investing activities (227,593) (216,225)
Financing Activities    
Payments on secured debt (136,631) (884)
Payments on unsecured debt (15,644)  
Net proceeds from the issuance of unsecured debt 296,929  
Net proceeds/(repayment) of commercial paper (118,075) 80,000
Net proceeds/(repayment) of revolving bank debt 42,191 (1,316)
Repurchase of common shares   (25,009)
Distributions paid to redeemable noncontrolling interests (31,398) (25,869)
Distributions paid to preferred stockholders (3,642) (3,540)
Distributions paid to common stockholders (418,263) (401,686)
Other (23,500) (16,803)
Net cash provided by/(used in) financing activities (408,033) (395,107)
Net increase/(decrease) in cash, cash equivalents, and restricted cash 686 2,261
Cash, cash equivalents, and restricted cash, beginning of year 34,866 30,194
Cash, cash equivalents, and restricted cash, end of period 35,552 32,455
Supplemental Information:    
Interest paid during the period, net of amounts capitalized 166,511 156,606
Operating cash flows from operating leases 9,377 9,377
Cash paid/(refunds received) for income taxes 1,063 1,914
Non-cash transactions:    
Secured debt assumed upon acquisition of real estate assets   191,737
OP Units issued for real estate, net   141,359
Redeemable long-term and short-term incentive plan units 21,121 19,334
Development costs and capital expenditures incurred, but not yet paid 21,214 42,760
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (715,603 shares and 357,813 shares, respectively) 28,391 14,763
Distribution of equity securities from unconsolidated real estate technology investments   7,749
Contribution of operating properties to unconsolidated joint venture   258,056
Transfer of preferred equity investment to note receivable   73,453
Dividends declared, but not yet paid $ 151,755 $ 149,615
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - CASH RECONCILIATION - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above:        
Cash and cash equivalents $ 2,285 $ 2,922 $ 1,624 $ 1,193
Restricted cash 33,267 31,944 30,831 29,001
Total cash, cash equivalents, and restricted cash as shown above $ 35,552 $ 34,866 $ 32,455 $ 30,194
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Non-cash transactions:    
Conversion of OP Units into common shares (in shares) 715,603 357,813
v3.24.3
BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2024
BASIS OF PRESENTATION  
BASIS OF PRESENTATION

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 September 30, 2024, our consolidated apartment portfolio consisted of 169 communities with a total of 55,699 apartment homes located in 21 markets. In addition, the Company has an ownership interest in 10,860 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 6,436 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 September 30, 2024, there were 189.8 million units in the Operating Partnership (“OP Units”) outstanding, of which 176.5 million OP Units (including 0.1 million of general partnership units), or 93.0%, were owned by UDR and 13.3 million OP Units, or 7.0%, were owned by outside limited partners. As of September 30, 2024, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 22.0 million, or 67.9%, were owned by UDR and its subsidiaries and 10.4 million, or 32.1%, 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 September 30, 2024, and results of operations for the three and nine months ended September 30, 2024 and 2023, 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, 2023 appearing in UDR’s Annual Report on Form 10-K, filed with the SEC on February 20, 2024.

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.
v3.24.3
SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES  
SIGNIFICANT ACCOUNTING POLICIES

2. SIGNIFICANT ACCOUNTING POLICIES

Recent Accounting Pronouncements

In March 2024, the SEC issued final rules on the enhancement and standardization of climate-related disclosures. The rules require disclosure of, among other things: material climate-related risks; activities to mitigate or

adapt to such risks; governance and management of such risks; and material greenhouse gas emissions from operations owned or controlled (Scope 1) and/or indirect emissions from purchased energy consumed in operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. The rules will become effective for the Company on a phased-in timeline starting in the year ended December 31, 2025. While the SEC has voluntarily stayed the rules, the Company is currently evaluating the effect the rules will have on its financial statement disclosures.

​

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which requires disclosure enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The ASU is effective for the Company for the year ended December 31, 2025. The Company is currently evaluating the effect that the ASU will have on the consolidated financial statements and related disclosures.

​

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segments Disclosures. ASU 2023-07 requires expanded disclosures of a public entity’s reportable segments, and requires more enhanced information regarding a reportable segment’s expenses on an interim and annual basis. The ASU is effective for the Company for the year ended December 31, 2024, and interim periods commencing in 2025. Early adoption is permitted. 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.

​

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 September 30, 2024 and 2023, the Company recorded net credit recoveries/(losses) of $(0.2) million and $(0.1) million, respectively, on the Consolidated Statements of Operations. For the nine months ended September 30, 2024 and 2023, the Company recorded net credit recoveries/(losses) of $(0.2) million and $(0.6) million, 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 September 30, 2024 and December 31, 2023 (dollars in thousands):

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​

​

​

Interest rate at

​

Balance Outstanding (a)

​

    

September 30, 

    

September 30, 

    

December 31, 

​

​

2024

​

2024

​

2023

Note due December 2024 (b)

​

12.00

%  

$

41,189

​

$

37,022

Notes due October 2025 (c)

​

10.50

%  

​

106,271

​

​

98,271

Note due December 2026 (d)

​

11.00

%  

​

69,977

​

​

64,608

Note due December 2026 (e)

​

11.00

%  

​

28,295

​

​

26,164

Notes due June 2027 (f)

​

18.00

%  

​

4,273

​

​

3,737

Note due September 2027 (g)

​

7.84

%  

​

31,154

​

​

—

Notes receivable

​

​

​

​

281,159

​

​

229,802

Allowance for credit losses

​

​

​

​

(1,153)

​

​

(977)

Total notes receivable, net

 

  

​

$

280,006

​

$

228,825

(a)Outstanding note amounts include any accrued and unpaid interest, as applicable.
(b)The Company has a secured note with an unaffiliated third party with an aggregate commitment of $32.5 million, of which $32.4 million was funded as of September 30, 2024. Interest payments are due monthly, with the exception of payments from June 2022 to December 2024, which are accrued and added to the principal balance and will be due at maturity of the note. The note is secured by substantially all of the borrower’s assets and matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) December 2024.
(c)The Company has two loans (the “Notes”) with a joint venture that owns a 478 apartment home operating community located in Philadelphia, Pennsylvania with an aggregate commitment of $93.5 million (exclusive of accrued and unpaid interest), all of which has been funded. The Notes are subordinate to the senior construction loan, but senior to the equity in the borrower. In April 2024, the joint venture refinanced the senior construction loan with a new loan that matures in April 2026, with a one-year extension option subject to certain conditions. The Notes had a scheduled maturity date in October 2024, with two one-year extension options. In September 2024, the developer extended the maturity date to October 2025. Commencing in October 2024, the contractual interest rate on the Notes increased to 11.0% in connection with the developer exercising its option to extend the maturity date of the Notes.
(d)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 2025, with an aggregate commitment of $59.7 million (exclusive of accrued and unpaid interest), all of which has been funded. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months. The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options.
(e)The Company has a secured mezzanine loan with a third party developer of a 237 apartment home community located in Menifee, California, which is expected to be 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 for 36 months and are due monthly after the loan has been outstanding for 36 months. The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options.
(f)The Company and a syndicate of lenders previously entered into a $16.0 million secured credit facility with an unaffiliated third party. In 2023, the secured credit facility was amended to provide a new term loan in the amount of $19.0 million, and the Company’s commitment was increased from $1.5 million to $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.
(g)In September 2024, the Company entered into a 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 $6.6 million and $5.0 million of interest income for the notes receivable described above during the three months ended September 30, 2024 and 2023, respectively, and $19.4 million and $8.4 million of interest income for the notes receivable described above during the nine months ended September 30, 2024 and 2023, 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.

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 and nine months ended September 30, 2024 and 2023, 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 September 30, 2024 and 2023 was $(0.2) million and less than $(0.1) million, respectively, and during the nine months ended September 30, 2024 and 2023, less than $0.1 million and less than $(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 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 September 30, 2024 and December 31, 2023, UDR’s net deferred tax asset/(liability) was $(0.9) million and $(0.8) 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 September 30, 2024. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2021 through 2023 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.

​

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.)

​

Lease Receivables

​

During the three and nine months ended September 30, 2024 and 2023, the Company performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables. This analysis included an assessment of collectibility of current and future rents and whether those lease payments were no longer probable of collection. In accordance with the leases guidance, if collection of lease payments is no longer deemed to be probable over the life of the lease contract, we recognize revenue only when cash is received, and all existing contractual operating lease receivables and straight-line lease receivables are reserved. 

​

As of September 30, 2024, the Company’s multifamily tenant lease receivables balance, net of its reserve, was approximately $5.9 million, including its share from unconsolidated joint ventures. The Company’s retail tenant lease

receivables balance (exclusive of straight-line rent receivables), net of its reserve, was approximately $0.2 million, including its share from unconsolidated joint ventures, as of September 30, 2024.

v3.24.3
REAL ESTATE OWNED
 9 Months Ended
Sep. 30, 2024
REAL ESTATE OWNED  
REAL ESTATE OWNED

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 September 30, 2024, the Company owned and consolidated 169 communities in 13 states plus the District of Columbia totaling 55,699 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

​

2024

​

2023

Land

​

$

2,565,795

​

$

2,549,716

Depreciable property — held and used:

​

 

​

​

 

​

Land improvements

​

 

265,420

​

 

255,706

Building, improvements, and furniture, fixtures and equipment

​

 

13,271,034

​

 

12,902,021

Real estate intangible assets

​

​

50,013

​

​

50,013

Under development:

​

 

  

​

 

  

Land and land improvements

​

 

—

​

 

16,576

Building, improvements, and furniture, fixtures and equipment

​

 

—

​

 

143,828

Real estate held for disposition:

​

 

  

​

 

  

Land and land improvements

​

 

—

​

 

13,734

Building, improvements, and furniture, fixtures and equipment

​

 

—

​

 

92,265

Real estate owned

​

 

16,152,262

​

 

16,023,859

Accumulated depreciation (a)

​

 

(6,739,674)

​

 

(6,267,830)

Real estate owned, net

​

$

9,412,588

​

$

9,756,029

(a)Accumulated depreciation is inclusive of $20.2 million and $17.2 million of accumulated amortization related to real estate intangible assets as of September 30, 2024 and December 31, 2023, respectively.

​

Acquisitions

In January 2024, the Company acquired its joint venture partner’s common equity interest in a 173 apartment home operating community located in Oakland, California for $1.4 million. The community was previously owned by a consolidated joint venture of the Company. (See Note 5, Joint Ventures and Partnerships for more information).

​

Dispositions

​

In February 2024, the Company sold an operating community located in Arlington, Virginia with a total of 214 apartment homes for gross proceeds of $100.0 million, resulting in a gain of approximately $16.9 million. This operating community was classified as held for disposition as of December 31, 2023.

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 September 30, 2024 and 2023, were $4.6 million and $2.6 million, respectively, and $13.2 million and $10.3 million, respectively, for the nine months ended September 30, 2024 and 2023. Total capitalized interest was $2.0 million and $2.6 million,

respectively, for the three months ended September 30, 2024 and 2023, and $7.3 million and $7.2 million for the nine months ended September 30, 2024 and 2023, 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 and nine months ended September 30, 2024 and 2023.

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.
v3.24.3
VARIABLE INTEREST ENTITIES
 9 Months Ended
Sep. 30, 2024
VARIABLE INTEREST ENTITIES  
VARIABLE INTEREST ENTITIES

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.
v3.24.3
JOINT VENTURES AND PARTNERSHIPS
 9 Months Ended
Sep. 30, 2024
JOINT VENTURES AND PARTNERSHIPS  
JOINT VENTURES AND PARTNERSHIPS

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. 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.

Consolidated joint venture

​

The Company previously held a preferred equity investment in a joint venture that owned a 173 apartment home community located in Oakland, California. In 2023, the joint venture was deemed to be a VIE and the Company concluded that it was the primary beneficiary of the VIE, and therefore began consolidating the joint venture. In January

2024, the Company took title to the developer’s equity interest in the joint venture resulting in it being a wholly-owned community. (See Note 3, Real Estate Owned for more information).

​

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 September 30, 2024 and December 31, 2023 (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

​

Nine Months Ended

​

  

September 30, 

  

September 30, 

​

September 30, 

  

​

December 31, 

 

  

September 30, 

  

December 31, 

​

September 30, 

​

September 30, 

Joint Ventures

  

2024

    

2024

​

2024

  

2023

 

  

2024

  

2023

​

2024

  

2023

​

2024

  

2023

Operating:

​

  

​

  

​

  

​

​

  

 

​

  

​

​

  

​

​

​

​

​

​

​

​

​

​

​

​

​

UDR/MetLife (a)

​

13

​

2,834

​

50.2

%  

​

50.2

%

​

$

208,882

​

$

225,195

​

$

(2,050)

​

$

(1,455)

​

$

(5,304)

​

$

(3,930)

UDR/LaSalle

​

5

​

1,590

​

51.0

%

​

51.0

%

​

​

271,927

​

​

286,723

​

​

(1,311)

​

​

(1,647)

​

​

(6,982)

​

​

(1,689)

Total Joint Ventures

​

18

 

4,424

​

  

 

​

  

​

​

$

480,809

​

$

511,918

​

$

(3,361)

​

$

(3,102)

​

$

(12,286)

​

$

(5,619)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

Apartment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income/(loss) from investments

​

​

Communities

​

Homes

​

Weighted

​

​

​

​

​

​

​

Investment at

​

Three Months Ended

​

Nine Months Ended

Debt and Preferred Equity Program

  

September 30, 

​

September 30, 

​

Average

​

  

Years To

​

UDR

  

September 30, 

  

December 31, 

  

September 30, 

​

September 30, 

and Real Estate Technology Investments (b)

  

2024

​

2024

​

Rate

​

  

Maturity

​

Commitment (c)

  

2024

  

2023

  

2024

  

2023

  

2024

  

2023

Preferred equity investments:

 

  

 

  

​

​

​

 

  

​

​

​

​

 

  

​

 

  

​

​

  

​

​

​

​

​

​

  

​

  

Operating

​

27

​

6,436

​

9.6

%

​

3.1

​

$

364,209

​

$

424,104

​

$

387,771

​

$

988

​

$

9,266

​

$

17,587

​

$

26,814

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate technology and sustainability investments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate technology and sustainability investments

​

N/A

​

N/A

​

N/A

​

​

N/A

​

$

86,000

​

​

52,284

​

​

44,382

​

​

493

​

​

415

​

​

5,950

​

​

534

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

476,388

​

​

432,153

​

​

1,481

​

​

9,681

​

​

23,537

​

​

27,348

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sold joint ventures and other investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

—

​

​

—

​

​

(1,071)

​

​

—

​

​

3,183

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

$

957,197

​

$

944,071

​

$

(1,880)

  

$

5,508

​

$

11,251

  

$

24,912

(a)As of September 30, 2024 and December 31, 2023, the Company’s negative investment in one UDR/MetLife community of $9.0 million and $8.9 million, respectively, is recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets.
(b)The Debt and Preferred Equity Program (previously referred to as the Developer Capital Program) is the program through which the Company makes investments, including preferred equity investments, first mortgage loans, mezzanine loans (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. At September 30, 2024, our preferred equity investment portfolio consisted of 27 communities located in various markets, consisting of 6,436 operating apartment homes. In addition, the Company’s preferred equity investments include three investments that receive a variable percentage of the value created from the project upon a capital or liquidating event. During the nine months ended September 30, 2024, the Company entered into four new preferred equity investments and no preferred equity investments were redeemed.

In July 2024, the Company received a $17.2 million partial paydown on one of its operating preferred equity investments. In conjunction with the paydown, the Company’s remaining $50.0 million preferred equity investment will earn a preferred return of 11.0% per annum.

In July 2024 and August 2024, the Company entered into four joint venture agreements with an unaffiliated joint

venture partner to operate four operating communities with a total of 818 apartment homes located in Portland, Oregon. The Company’s combined preferred equity investment of $35.0 million earns a preferred return of 10.75% per annum. The unaffiliated joint venture partner is the managing member of the joint ventures. The Company has concluded that it does not control the joint ventures and accounts for its investments under the equity method of accounting.

In September 2024, the Company made a $31.1 million secured mortgage loan to a joint venture, in which the Company also owns a preferred equity investment. The joint venture used the proceeds of the loan to repay its senior construction loan. The loan to the joint venture has an interest rate of SOFR plus 300 basis points and a maturity date in September 2027. (See Note 2, Significant Accounting Policies for further discussion.) In addition, the Company recorded an $8.1 million non-cash impairment loss on its preferred equity investment (recorded in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations) due to a decrease in the value of the operating community that it deemed to be other-than-temporary.

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

​

As of September 30, 2024 and December 31, 2023, the Company had deferred fees of $7.2 million and $7.6 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 $2.1 million and $1.8 million for the three months ended September 30, 2024 and 2023, respectively, and $6.0 million and $4.5 million for the nine months ended September 30, 2024 and 2023, 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 and nine months ended September 30, 2024 and 2023, other than the one preferred equity investment discussed in footnote (b) above.

Combined summary balance sheets relating to the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2024

    

2023

Total real estate, net

 

$

3,137,069

 

$

3,158,057

Investments, at fair value

​

​

322,637

​

​

257,832

Cash and cash equivalents

​

 

62,106

​

 

61,670

Other assets

​

​

139,898

​

 

146,976

Total assets

 

$

3,661,710

 

$

3,624,535

​

​

​

​

​

​

​

Third party debt, net

​

$

2,049,081

​

$

2,012,816

Accounts payable and accrued liabilities

​

​

172,656

​

​

171,502

Total liabilities

 

​

2,221,737

 

​

2,184,318

Total equity

 

$

1,439,973

 

$

1,440,217

​

Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

    

2024

    

2023

    

2024

    

2023

Total revenues

 

$

80,793

 

$

70,375

 

$

235,062

 

$

194,752

Property operating expenses

​

 

38,264

​

 

32,268

​

 

108,992

​

 

86,779

Real estate depreciation and amortization

​

 

37,412

​

 

34,874

​

 

112,465

​

 

84,907

Operating income/(loss)

​

 

5,117

​

​

3,233

​

 

13,605

​

​

23,066

Interest expense

​

 

(29,415)

​

 

(18,138)

​

 

(79,523)

​

 

(65,202)

Net unrealized/realized gain/(loss) on held investments

​

​

3,530

​

​

13,580

​

​

36,279

​

​

17,106

Other income/(loss)

​

​

(24)

​

​

(1,234)

​

​

(3,372)

​

​

(236)

Net income/(loss)

 

$

(20,792)

 

$

(2,559)

 

$

(33,011)

 

$

(25,266)

​
v3.24.3
LEASES
 9 Months Ended
Sep. 30, 2024
LEASES  
LEASES

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 and nine months ended September 30, 2024 and 2023.

As of September 30, 2024 and December 31, 2023, the Operating lease right-of-use assets were $187.9 million and $190.6 million, respectively, and the Operating lease liabilities were $183.2 million and $185.8 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 41.5 years and 42.0 years at September 30, 2024 and December 31, 2023, respectively, and the weighted average discount rate was 5.0% at both September 30, 2024 and December 31, 2023.

Future minimum lease payments and total operating lease liabilities from our ground leases as of September 30, 2024 are as follows (dollars in thousands):

​

​

​

​

​

​

Ground Leases

2024

​

$

3,111

2025

​

​

12,442

2026

​

​

12,442

2027

​

​

12,442

2028

​

​

12,442

Thereafter

​

​

405,452

Total future minimum lease payments (undiscounted)

​

​

458,331

Difference between future undiscounted cash flows and discounted cash flows

​

​

(275,150)

Total operating lease liabilities (discounted)

​

$

183,181

​

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 September 30, 

​

Nine Months Ended September 30, 

​

​

2024

​

2023

​

2024

​

2023

Lease expense:

​

​

​

​

​

​

​

​

​

​

​

​

Contractual lease expense

​

$

3,331

​

$

3,293

​

$

10,031

​

$

9,877

Variable lease expense (a)

​

​

47

​

​

42

​

​

130

​

​

103

Total operating lease expense (b)(c)

​

$

3,378

​

$

3,335

​

$

10,161

​

$

9,980

(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 nine months ended September 30, 2024, Operating lease right-of-use assets and Operating lease liabilities amortized by $2.7 million and $2.7 million, respectively. For the nine months ended September 30, 2023, Operating lease right-of-use assets and Operating lease liabilities amortized by $2.6 million and $2.5 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 September 30, 2024 and 2023, respectively, and $0.1 million and $0.1 million of total operating lease expense during the nine months ended September 30, 2024 and 2023, 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 September 30, 2024, our apartment home leases generally have initial terms of 12 months or less. As of September 30, 2024, 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.)

​

Future minimum lease payments from our retail and commercial leases as of September 30, 2024 are as follows (dollars in thousands):

​

​

​

​

​

​

Retail and Commercial Leases

2024

​

$

6,572

2025

​

​

25,795

2026

​

​

23,280

2027

​

​

19,640

2028

​

​

16,839

Thereafter

​

​

64,476

Total future minimum lease payments (a)

​

$

156,602

(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 $0.1 million and $0.2 million for the three months ended September 30, 2024 and 2023, respectively, and $0.9 million and $1.0 million during the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
SECURED AND UNSECURED DEBT, NET
 9 Months Ended
Sep. 30, 2024
SECURED AND UNSECURED DEBT, NET  
SECURED AND UNSECURED DEBT, NET

7. SECURED AND UNSECURED DEBT, NET

The following is a summary of our secured and unsecured debt at September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal Outstanding

​

As of September 30, 2024

​

​

​

​

​

​

​

​

Weighted

​

Weighted

​

​

​

​

​

​

​

​

​

​

Average

​

Average

​

Number of

​

​

September 30, 

​

December 31, 

​

Interest

​

Years to

​

Communities

​

    

2024

    

2023

    

Rate

    

Maturity

    

Encumbered

Secured Debt:

​

​

  

​

​

  

​

  

​

  

​

  

Fixed Rate Debt

 

​

  

 

​

  

 

  

 

  

 

  

Mortgage notes payable (a)

​

$

1,117,138

​

$

1,213,751

 

3.49

%  

4.3

 

19

Deferred financing costs and other non-cash adjustments (b)

​

 

(3,405)

​

 

(3,009)

 

  

 

  

 

  

Total fixed rate secured debt, net

​

 

1,113,733

​

 

1,210,742

 

3.50

%  

4.3

 

19

Variable Rate Debt

​

 

  

​

 

  

 

  

 

  

 

  

Mortgage notes payable (c)

​

 

—

​

 

40,017

 

—

%  

—

 

—

Tax-exempt secured notes payable (d)

​

 

27,000

​

 

27,000

 

3.96

%  

7.5

 

1

Deferred financing costs

​

 

(41)

​

 

(46)

 

  

 

  

 

  

Total variable rate secured debt, net

​

 

26,959

​

 

66,971

 

3.99

%  

7.5

 

1

Total Secured Debt, net

​

 

1,140,692

​

 

1,277,713

 

3.51

%  

4.4

 

20

Unsecured Debt:

​

 

  

​

 

  

 

  

 

  

 

  

Variable Rate Debt

​

 

  

​

 

  

 

  

 

  

 

  

Borrowings outstanding under unsecured credit facility due August 2028 (e) (o)

​

 

—

​

 

—

 

—

%  

3.9

 

  

Borrowings outstanding under unsecured commercial paper program due October 2024 (f) (o)

​

​

290,000

​

​

408,075

​

5.03

%  

0.1

​

​

Borrowings outstanding under unsecured working capital credit facility due January 2025 (g)

​

 

46,783

​

 

4,593

 

5.71

%  

0.3

 

  

Term Loan due January 2027 (e) (o)

​

 

175,000

​

 

—

 

6.18

%  

2.3

 

  

Fixed Rate Debt

​

 

  

​

 

  

 

  

 

  

 

  

Term Loan due January 2027 (e) (o)

​

​

175,000

​

 

350,000

 

1.45

%  

2.3

​

​

8.50% Debentures due September 2024

​

 

—

​

 

15,644

 

—

%  

—

 

  

2.95% Medium-Term Notes due September 2026 (h) (o)

​

 

300,000

​

 

300,000

 

2.89

%  

1.9

 

  

3.50% Medium-Term Notes due July 2027 (net of discounts of $194 and $247, respectively) (i) (o)

​

​

299,806

​

​

299,753

​

4.03

%  

2.8

​

​

3.50% Medium-Term Notes due January 2028 (net of discounts of $390 and $479, respectively) (o)

​

​

299,610

​

​

299,521

​

3.50

%  

3.3

​

​

4.40% Medium-Term Notes due January 2029 (net of discounts of $3 and $3, respectively) (j) (o)

​

​

299,997

​

​

299,997

​

4.27

%  

4.3

​

​

3.20% Medium-Term Notes due January 2030 (net of premiums of $7,264 and $8,294, respectively) (k) (o)

​

​

607,264

​

​

608,294

​

3.32

%  

5.3

​

​

3.00% Medium-Term Notes due August 2031 (net of premiums of $8,213 and $9,109, respectively) (l) (o)

​

​

608,213

​

​

609,109

​

3.01

%  

6.9

​

​

2.10% Medium-Term Notes due August 2032 (net of discounts of $276 and $303, respectively) (o)

​

​

399,724

​

​

399,697

​

2.10

%  

7.8

​

​

1.90% Medium-Term Notes due March 2033 (net of discounts of $1,019 and $1,110, respectively) (o)

​

​

348,981

​

​

348,890

​

1.90

%  

8.5

​

​

2.10% Medium-Term Notes due June 2033 (net of discounts of $867 and $941, respectively) (o)

​

​

299,133

​

​

299,059

​

2.10

%  

8.7

​

​

5.125% Medium-Term Notes due September 2034 (net of discounts of $3,030 and $0, respectively) (m) (o)

​

​

296,970

​

​

—

​

4.95

%  

9.9

​

​

3.10% Medium-Term Notes due November 2034 (net of discounts of $890 and $956, respectively) (n) (o)

​

​

299,110

​

​

299,044

​

3.13

%  

10.1

​

​

Other

​

 

—

​

 

2

 

  

 

  

 

  

Deferred financing costs

​

 

(21,020)

​

 

(20,682)

 

  

 

  

 

  

Total Unsecured Debt, net

​

 

4,724,571

​

 

4,520,996

 

3.41

%  

5.6

 

  

Total Debt, net

​

$

5,865,263

​

$

5,798,709

 

3.43

%  

5.4

 

  

​

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.

Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of September 30, 2024, secured debt encumbered approximately 13% of UDR’s total real estate owned based upon gross book value (approximately 87% of UDR’s real estate owned based on gross book value is unencumbered).

(a) At September 30, 2024, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from July 2025 through February 2031 and carry interest rates ranging from 2.62% to 4.39%.

In July 2024, the Company repaid a $94.1 million fixed rate mortgage at maturity with borrowings from the Company’s unsecured commercial paper program.

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 September 30, 2024 and 2023, the Company had $0.2 million and $0.8 million, respectively, and during the nine months ended September 30, 2024 and 2023, the Company had $1.0 million and $3.0 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 of $0.4 million and $1.5 million at September 30, 2024 and December 31, 2023, respectively. The change in net premium was primarily due to the assumption of fixed rate mortgages discussed in footnote (a) above.

​

(c) During the nine months ended September 30, 2024, the Company prepaid a variable rate mortgage with an outstanding balance of $40.0 million and an interest rate of 8.31% at the time of the payoff.
(d) 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 September 30, 2024, the variable interest rate on the mortgage note was 3.96%.
(e) 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. In August 2024, the Company amended the Revolving Credit Facility to extend the maturity date to August 31, 2028, with two six-month extension options. The Revolving Credit Facility was previously set to mature on January 31, 2026, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of January 31, 2027. In August 2024, the Company amended the Term Loan to include a twelve-month extension option, subject to certain conditions.

Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to Adjusted 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 Adjusted 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. Further, as amended, the Credit Agreement includes sustainability adjustments pursuant to which the applicable margin for the Term Loan may be reduced by up to two basis points contingent upon the Company receiving green building certifications. In addition, the Credit Agreement, as amended, 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 Revolving Credit Facility of up to four basis points and a change in the applicable facility fee of up to one basis point.

In August 2021, the Company entered into two interest rate swaps totaling $175.0 million of notional value, which became effective in July 2022, to hedge against interest rate risk on a portion of the Term Loan debt until July 2025. $175.0 million of the Term Loan debt has a weighted average interest rate, inclusive of the impact of interest rate swaps, of 1.45% until July 2025.

​

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.

The following is a summary of short-term bank borrowings under the Revolving Credit Facility at September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

​

 

2024

 

2023

​

Total revolving credit facility

​

$

1,300,000

​

$

1,300,000

​

Borrowings outstanding at end of period (1)

​

 

—

​

 

—

​

Weighted average daily borrowings during the period ended

​

 

—

​

 

2,055

​

Maximum daily borrowings during the period ended

​

 

—

​

 

250,000

​

Weighted average interest rate during the period ended

​

 

—

%  

 

5.6

%

Interest rate at end of the period

​

 

—

%  

 

—

%

(1)Excludes $3.8 million and $2.3 million of letters of credit at September 30, 2024 and December 31, 2023, respectively.
(f) 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 September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

 

​

​

2024

​

2023

 

Total unsecured commercial paper program

 

$

700,000

​

$

700,000

​

Borrowings outstanding at end of period

​

 

290,000

​

 

408,075

​

Weighted average daily borrowings during the period ended

​

 

416,215

​

 

384,068

​

Maximum daily borrowings during the period ended

​

 

645,000

​

 

505,000

​

Weighted average interest rate during the period ended

​

 

5.5

%  

 

5.4

%

Interest rate at end of the period

​

 

5.0

%  

 

5.7

%

​

(g) 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, 2025, with a one-year extension option. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to Adjusted 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 September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

 

​

​

2024

​

2023

 

Total working capital credit facility

​

$

75,000

​

$

75,000

​

Borrowings outstanding at end of period

​

 

46,783

​

 

4,593

​

Weighted average daily borrowings during the period ended

​

 

14,810

​

 

15,829

​

Maximum daily borrowings during the period ended

​

 

62,077

​

 

57,107

​

Weighted average interest rate during the period ended

​

 

6.2

%  

 

5.9

%

Interest rate at end of the period

​

 

5.7

%  

 

6.3

%

​

(h) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $100.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 2.89%
(i) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.03%.
(j) 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%.
(k) 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%.
(l) 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%.
(m) In August 2024, the Company issued $300.0 million of 5.125% senior medium-term notes due September 1, 2034. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2025. The notes were priced at 98.977% of the principal amount of the notes. The Company used the net proceeds to pay down outstanding indebtedness under its commercial paper program. 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%.
(n) 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%.
(o) 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 September 30, 2024 are as follows (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Total Fixed

    

Total Variable

    

Total 

    

Total 

    

Total 

Year

​

Secured Debt

​

Secured Debt

​

Secured Debt

​

Unsecured Debt

​

Debt

2024

​

$

1,340

​

$

—

​

$

1,340

​

$

290,000

​

$

291,340

2025

​

​

178,323

​

 

—

​

 

178,323

​

 

46,783

​

 

225,106

2026

​

 

56,672

​

 

—

​

 

56,672

​

 

300,000

​

 

356,672

2027

​

 

6,939

​

 

—

​

 

6,939

​

 

650,000

​

 

656,939

2028

​

 

166,526

​

 

—

​

 

166,526

​

 

300,000

​

 

466,526

2029

​

 

315,811

​

 

—

​

 

315,811

​

 

300,000

​

 

615,811

2030

​

 

230,597

​

 

—

​

 

230,597

​

 

600,000

​

 

830,597

2031

​

 

160,930

​

 

—

​

 

160,930

​

 

600,000

​

 

760,930

2032

​

 

—

​

 

27,000

​

 

27,000

​

 

400,000

​

 

427,000

2033

​

 

—

​

 

​

​

 

—

​

 

650,000

​

 

650,000

Thereafter

​

 

—

​

 

—

​

 

—

​

 

600,000

​

 

600,000

Subtotal

​

 

1,117,138

​

 

27,000

​

 

1,144,138

​

 

4,736,783

​

 

5,880,921

Non-cash (a)

​

 

(3,405)

​

 

(41)

​

 

(3,446)

​

 

(12,212)

​

 

(15,658)

Total

​

$

1,113,733

​

$

26,959

​

$

1,140,692

​

$

4,724,571

​

$

5,865,263

(a)Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. The Company amortized $1.2 million and $1.0 million during the three months ended September 30, 2024 and 2023, respectively, and $3.7 million and $2.9 million during the nine months ended September 30, 2024 and 2023, respectively, of deferred financing costs into Interest expense.

We were in compliance with the covenants of our debt instruments at September 30, 2024.
v3.24.3
INCOME/(LOSS) PER SHARE
 9 Months Ended
Sep. 30, 2024
INCOME/(LOSS) PER SHARE  
INCOME/(LOSS) PER SHARE

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

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

    

2024

    

2023

    

2024

    

2023

​

Numerator for income/(loss) per share:

​

​

​

​

​

  

​

​

​

​

​

  

​

Net income/(loss)

​

$

24,077

​

$

35,419

​

$

101,400

​

$

438,527

​

Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

​

 

(1,574)

​

 

(2,554)

​

 

(6,736)

​

 

(27,137)

​

Net (income)/loss attributable to noncontrolling interests

​

 

94

​

 

(7)

​

 

(35)

​

 

(23)

​

Net income/(loss) attributable to UDR, Inc.

​

 

22,597

​

 

32,858

​

 

94,629

​

 

411,367

​

Distributions to preferred stockholders — Series E (Convertible)

​

 

(1,197)

​

 

(1,221)

​

 

(3,638)

​

 

(3,626)

​

Income/(loss) attributable to common stockholders - basic and diluted

​

$

21,400

​

$

31,637

​

$

90,991

​

$

407,741

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Denominator for income/(loss) per share:

​

 

  

​

 

  

​

 

  

​

 

  

​

Weighted average common shares outstanding

​

 

329,788

​

 

329,130

​

 

329,488

​

 

329,207

​

Unvested restricted stock awards

​

 

(367)

​

 

(370)

​

 

(387)

​

 

(372)

​

Denominator for basic income/(loss) per share

​

 

329,421

​

 

328,760

​

 

329,101

​

 

328,835

​

Incremental shares issuable from assumed conversion of unvested LTIP Units, conversion of Series E preferred stock, performance units and unvested restricted stock

​

 

1,136

​

 

441

​

 

654

​

 

448

​

Denominator for diluted income/(loss) per share

​

 

330,557

​

 

329,201

​

 

329,755

​

 

329,283

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income/(loss) per weighted average common share:

​

 

  

​

 

  

​

 

  

​

 

  

​

Basic

​

$

0.06

​

$

0.10

​

$

0.28

​

$

1.24

​

Diluted

​

$

0.06

​

$

0.10

​

$

0.28

​

$

1.24

​

​

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 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 and nine months ended September 30, 2024 and 2023, 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. Upon entering into the ATM sales agreement, the Company simultaneously terminated the sales agreement for its prior at-the-market equity offering program, which was entered into in July 2017. During the three and nine months ended September 30, 2024, the Company did not sell any shares of common stock through its ATM program. As of September 30, 2024, 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.

For the three and nine months ended September 30, 2024, the Company did not enter into any forward purchase agreements under its continuous equity 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 and nine months ended September 30, 2024 and 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

​

2024

​

2023

​

2024

​

2023

​

OP/DownREIT Units

    

23,854

    

22,511

    

24,198

    

21,699

    

Convertible preferred stock

 

2,815

 

2,908

 

2,858

 

2,908

 

Unvested LTIP Units, performance units, and unvested restricted stock

 

1,136

 

441

 

654

 

448

 

​
v3.24.3
NONCONTROLLING INTERESTS
 9 Months Ended
Sep. 30, 2024
NONCONTROLLING INTERESTS  
NONCONTROLLING INTERESTS

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.

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, 2023

    

$

961,087

​

Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

​

 

180,086

​

Conversion of OP Units/DownREIT Units to Common Stock or Cash

​

 

(28,392)

​

Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

​

 

6,736

​

Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

​

 

(42,234)

​

Redeemable Long-Term and Short-Term Incentive Plan Units

​

​

21,700

​

Allocation of other comprehensive income/(loss)

​

 

4

​

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at September 30, 2024

​

$

1,098,987

​

​

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 $0.1 million and less than $(0.1) million during the three

months ended September 30, 2024 and 2023, respectively and less than $(0.1) million and less than $(0.1) million during the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2024
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS  
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS

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.

The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of September 30, 2024 and December 31, 2023, are summarized as follows (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value at September 30, 2024, 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

​

​

September 30, 

​

September 30, 

​

Liabilities

​

Inputs

​

Inputs

​

​

2024 (a)

​

2024

​

(Level 1)

​

(Level 2)

​

(Level 3)

Description:

    

​

  

    

​

  

    

​

  

    

​

  

    

​

​

Notes receivable, net (b)

​

$

280,006

​

$

272,583

​

$

—

​

$

—

​

$

272,583

Equity securities (c)

​

​

1,267

​

​

1,267

​

​

1,267

​

​

—

​

​

—

Derivatives - Interest rate contracts (d)

​

 

4,583

​

 

4,583

​

 

—

​

 

4,583

​

 

—

Total assets

​

$

285,856

​

$

278,433

​

$

1,267

​

$

4,583

​

$

272,583

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Secured debt instruments - fixed rate: (e)

​

 

  

​

 

  

​

 

  

​

 

  

​

 

​

Mortgage notes payable

​

$

1,117,576

​

$

1,067,422

​

$

—

​

$

—

​

$

1,067,422

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

​

​

46,783

​

​

46,783

​

​

—

​

​

—

​

​

46,783

Commercial paper program

​

​

290,000

​

​

290,000

​

​

—

​

​

—

​

​

290,000

Unsecured notes

​

​

4,408,808

​

​

3,998,555

​

​

—

​

​

—

​

​

3,998,555

Total liabilities

​

$

5,890,167

​

$

5,429,760

​

$

—

​

$

—

​

$

5,429,760

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

1,098,987

​

$

1,098,987

​

$

—

​

$

1,098,987

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value at December 31, 2023, 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

​

 

2023 (a)

​

2023

​

(Level 1)

​

(Level 2)

​

(Level 3)

Description:

    

​

  

    

​

  

    

​

  

    

​

  

    

​

​

Notes receivable, net (b)

​

$

228,825

​

$

222,755

​

$

—

​

$

—

​

$

222,755

Equity securities (c)

​

​

7,210

​

​

7,210

​

​

7,210

​

​

—

​

​

—

Derivatives - Interest rate contracts (d)

​

 

10,103

​

 

10,103

​

 

—

​

 

10,103

​

 

—

Total assets

​

$

246,138

​

$

240,068

​

$

7,210

​

$

10,103

​

$

222,755

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Secured debt instruments - fixed rate: (e)

​

 

  

​

 

  

​

 

  

​

 

  

​

 

​

Mortgage notes payable

​

$

1,215,228

​

$

1,124,140

​

$

—

​

$

—

​

$

1,124,140

Secured debt instruments - variable rate: (e)

​

 

  

​

 

  

​

 

  

​

 

  

​

 

​

Mortgage notes payable

​

 

40,017

​

 

40,017

​

 

—

​

 

—

​

 

40,017

Tax-exempt secured notes payable

​

 

27,000

​

 

27,000

​

 

—

​

 

—

​

 

27,000

Unsecured debt instruments: (e)

​

 

​

​

 

  

​

 

  

​

 

  

​

 

​

Working capital credit facility

​

​

4,593

​

​

4,593

​

​

—

​

​

—

​

​

4,593

Commercial paper program

​

​

408,075

​

​

408,075

​

​

—

​

​

—

​

​

408,075

Unsecured notes

​

​

4,129,010

​

​

3,611,697

​

​

—

​

​

—

​

​

3,611,697

Total liabilities

​

$

5,823,923

​

$

5,215,522

​

$

—

​

$

—

​

$

5,215,522

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

961,087

​

$

961,087

​

$

—

​

$

961,087

​

$

—

(a)Certain balances include fair market value adjustments and exclude deferred financing costs.
(b)See Note 2, Significant Accounting Policies.
(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 September 30, 2024 and December 31, 2023. 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 nine months ended September 30, 2024.

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

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 September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, 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.

v3.24.3
DERIVATIVES AND HEDGING ACTIVITY
 9 Months Ended
Sep. 30, 2024
DERIVATIVES AND HEDGING ACTIVITY  
DERIVATIVES AND HEDGING ACTIVITY

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

into earnings in the period that the hedged forecasted transaction affects earnings. During the three and nine months ended September 30, 2024 and 2023, 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 September 30, 2025, the Company estimates that an additional $3.4 million will be reclassified as a decrease to Interest expense.

As of September 30, 2024, 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

​

3

​

$

194,880

​

During the nine months ended September 30, 2024, the Company entered into and settled three treasury lock arrangements to hedge all the interest rate risk associated with the $300.0 million senior medium-term notes issued in August 2024. This resulted in a deferred gain of $4.1 million which is recorded in Accumulated other comprehensive income/(loss), net on the Consolidated Balance Sheets and will be reclassified into earnings over the life of the debt issued.

​

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 September 30, 2024, 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 September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset Derivatives

​

Liability Derivatives

​

​

(included in Other assets)

​

(included in Other liabilities)

​

​

Fair Value at:

​

Fair Value at:

​

​

September 30, 

​

December 31, 

​

September 30, 

​

December 31, 

​

​

2024

​

2023

​

2024

​

2023

Derivatives designated as hedging instruments:

    

​

  

    

​

  

    

​

  

    

​

  

Interest rate products

​

$

4,583

​

$

10,103

​

$

—

​

$

—

​

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 and nine months ended September 30, 2024 and 2023 (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

    

2024

    

2023

    

2024

    

2023

    

2024

    

2023

Three Months Ended September 30, 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate products

​

$

(1,768)

​

$

1,314

​

$

1,782

​

$

2,110

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate products

​

$

5,464

​

$

5,336

​

$

5,768

​

$

5,332

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

​

2024

​

2023

​

2024

​

2023

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

​

$

50,214

​

$

44,664

​

$

146,087

​

$

133,519

​

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.

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 tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of September 30, 2024 and December 31, 2023 (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

​

Consolidated

​

​

​

​

Cash

​

​

​

​

​

Recognized

​

Balance

​

Balance Sheets

​

Financial

​

Collateral

​

​

​

Offsetting of Derivative Assets

​

Assets

​

Sheets

​

(a)

​

Instruments

    

Received

    

Net Amount

September 30, 2024

​

$

4,583

​

$

—

​

$

4,583

​

$

—

​

$

—

​

$

4,583

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

$

10,103

​

$

—

​

$

10,103

​

$

—

​

$

—

​

$

10,103

(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.
v3.24.3
STOCK BASED COMPENSATION
 9 Months Ended
Sep. 30, 2024
STOCK BASED COMPENSATION  
STOCK BASED COMPENSATION

12. STOCK BASED COMPENSATION

The Company recognized stock based compensation expense, inclusive of awards granted to our non-employee directors, net of capitalization, of $9.2 million and $7.1 million during the three months ended September 30, 2024 and 2023, respectively, and $25.9 million and $22.8 million during the nine months ended September 30, 2024 and 2023, respectively, which are included in General and Administrative on the Consolidated Statements of Operations.

v3.24.3
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

13. COMMITMENTS AND CONTINGENCIES

Commitments

The following summarizes the Company’s commitments at September 30, 2024 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Number

​

UDR's

​

UDR's Remaining

​

​

​

Properties

​

Investment (a)

​

Commitment

​

Real estate commitments

​

​

​

​

​

​

​

​

​

Wholly-owned — redevelopment (b)

 

10

​

$

59,985

​

$

93,055

 

Other unconsolidated investments:

​

​

​

​

​

​

​

​

​

Real estate technology and sustainability investments (c)

​

-

​

​

58,972

​

​

47,028

​

Total

 

  

​

$

118,957

​

$

140,083

 

(a)Represents UDR’s investment as of September 30, 2024.
(b)Projects consist of unit renovations and/or renovation of related common area amenities.
(c)As of September 30, 2024, 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 a case with similar allegations that has been filed by the District of Columbia on November 1, 2023 in the Superior Court of the District of Columbia. 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. 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 September 30, 2024, there is no liability recorded.
v3.24.3
REPORTABLE SEGMENTS
 9 Months Ended
Sep. 30, 2024
REPORTABLE SEGMENTS  
REPORTABLE SEGMENTS

14. REPORTABLE SEGMENTS

GAAP guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s Chief Operating Decision Maker is comprised of several members of its executive management team 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 apartment communities are rental income and net operating income (“NOI”). 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. 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 Chief Operating Decision Maker utilizes NOI as the key measure of segment profit or loss.

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 July 1, 2023 (for quarter-to-date comparison) and January 1, 2023 (for year-to-date comparison) and held as of September 30, 2024. 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 Chief Operating Decision Maker.

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 and nine months ended September 30, 2024 and 2023.

​

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.

​

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.

The following table details rental income and NOI for UDR’s reportable segments for the three and nine months ended September 30, 2024 and 2023, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, (a)

​

September 30, (b)

​

    

2024

    

2023

    

2024

    

2023

Reportable apartment home segment lease revenue

​

​

​

​

​

​

​

​

​

​

​

​

Same-Store Communities

​

​

  

    

​

  

    

​

  

    

​

  

West Region

​

$

120,665

​

$

118,801

​

$

355,797

​

$

346,970

Mid-Atlantic Region

​

 

78,211

​

 

76,581

​

 

232,276

​

 

225,504

Northeast Region

​

 

83,353

​

 

81,525

​

 

242,785

​

 

235,412

Southeast Region

​

 

56,177

​

 

57,096

​

 

169,892

​

 

169,668

Southwest Region

​

 

41,128

​

 

42,054

​

 

112,627

​

 

113,564

Non-Mature Communities/Other

​

 

23,772

​

 

18,838

​

 

88,803

​

 

81,424

Total segment and consolidated lease revenue

​

$

403,306

​

$

394,895

​

$

1,202,180

​

$

1,172,542

​

​

​

​

​

​

​

​

​

​

​

​

​

Reportable apartment home segment other revenue

​

​

​

​

​

​

​

​

​

​

​

​

Same-Store Communities

​

​

  

    

​

  

    

​

  

    

​

  

West Region

​

$

3,175

​

$

3,052

​

$

8,970

​

$

8,670

Mid-Atlantic Region

​

 

3,633

​

 

3,379

​

 

10,107

​

 

8,689

Northeast Region

​

 

2,357

​

 

2,154

​

 

6,253

​

 

5,852

Southeast Region

​

 

2,951

​

 

2,571

​

 

8,080

​

 

7,030

Southwest Region

​

 

2,004

​

 

1,965

​

 

5,210

​

 

4,795

Non-Mature Communities/Other

​

 

662

​

 

344

​

 

2,285

​

 

2,186

Total segment and consolidated other revenue

​

$

14,782

​

$

13,465

​

$

40,905

​

$

37,222

​

​

​

​

​

​

​

​

​

​

​

​

​

Total reportable apartment home segment rental income

​

​

​

​

​

​

​

​

​

​

​

​

Same-Store Communities

​

​

  

    

​

  

    

​

  

    

​

  

West Region

​

$

123,840

​

$

121,853

​

$

364,767

​

$

355,640

Mid-Atlantic Region

​

 

81,844

​

 

79,960

​

 

242,383

​

 

234,193

Northeast Region

​

 

85,710

​

 

83,679

​

 

249,038

​

 

241,264

Southeast Region

​

 

59,128

​

 

59,667

​

 

177,972

​

 

176,698

Southwest Region

​

 

43,132

​

 

44,019

​

 

117,837

​

 

118,359

Non-Mature Communities/Other

​

 

24,434

​

 

19,182

​

 

91,088

​

 

83,610

Total segment and consolidated rental income

​

$

418,088

​

$

408,360

​

$

1,243,085

​

$

1,209,764

​

​

​

​

​

​

​

​

​

​

​

​

​

Reportable apartment home segment NOI

​

 

  

​

 

  

​

 

  

​

 

  

Same-Store Communities

​

 

  

​

 

  

​

 

  

​

 

  

West Region

​

$

91,209

​

$

90,011

​

$

270,378

​

$

265,550

Mid-Atlantic Region

​

 

55,823

​

 

54,591

​

 

165,750

​

 

161,143

Northeast Region

​

 

55,382

​

 

54,445

​

 

161,762

​

 

159,341

Southeast Region

​

 

40,328

​

 

40,727

​

 

121,416

​

 

121,071

Southwest Region

​

 

27,524

​

 

28,397

​

 

74,282

​

 

75,877

Non-Mature Communities/Other

​

 

14,156

​

 

10,485

​

 

54,231

​

 

47,898

Total segment and consolidated NOI

​

 

284,422

​

 

278,656

​

 

847,819

​

 

830,880

Reconciling items:

​

 

  

​

 

  

​

 

  

​

 

  

Joint venture management and other fees

​

 

2,072

​

 

1,772

​

 

6,029

​

 

4,464

Property management

​

 

(13,588)

​

 

(13,271)

​

 

(40,400)

​

 

(39,317)

Other operating expenses

​

 

(6,382)

​

 

(4,611)

​

 

(20,803)

​

 

(11,902)

Real estate depreciation and amortization

​

 

(170,276)

​

 

(167,551)

​

 

(510,622)

​

 

(505,776)

General and administrative

​

 

(20,890)

​

 

(15,159)

​

 

(58,836)

​

 

(49,091)

Casualty-related (charges)/recoveries, net

​

 

(1,473)

​

 

1,928

​

 

(8,749)

​

 

(3,362)

Other depreciation and amortization

​

 

(4,029)

​

 

(3,692)

​

 

(13,024)

​

 

(11,022)

Gain/(loss) on sale of real estate owned

​

​

—

​

​

—

​

​

16,867

​

​

325,885

Income/(loss) from unconsolidated entities

​

 

(1,880)

​

 

5,508

​

 

11,251

​

 

24,912

Interest expense

​

 

(50,214)

​

 

(44,664)

​

 

(146,087)

​

 

(133,519)

Interest income and other income/(expense), net

​

 

6,159

​

 

(3,069)

​

 

18,522

​

 

8,388

Tax (provision)/benefit, net

​

 

156

​

 

(428)

​

 

(567)

​

 

(2,013)

Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

​

 

(1,574)

​

 

(2,554)

​

 

(6,736)

​

 

(27,137)

Net (income)/loss attributable to noncontrolling interests

​

 

94

​

 

(7)

​

 

(35)

​

 

(23)

Net income/(loss) attributable to UDR, Inc.

​

$

22,597

​

$

32,858

​

$

94,629

​

$

411,367

(a)Same-Store Community population consisted of 52,837 apartment homes.
(b)Same-Store Community population consisted of 51,804 apartment homes.

​

The following table details the assets of UDR’s reportable segments as of September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

​

2024

​

2023

Reportable apartment home segment assets:

 

​

  

 

​

  

Same-Store Communities (a):

 

​

  

 

​

  

West Region

​

$

4,499,276

​

$

4,452,491

Mid-Atlantic Region

​

 

3,242,224

​

 

3,205,036

Northeast Region

​

 

3,993,659

​

 

3,957,210

Southeast Region

​

 

1,625,799

​

 

1,589,605

Southwest Region

​

 

1,521,730

​

 

1,506,052

Non-Mature Communities/Other

​

 

1,269,574

​

 

1,313,465

Total segment assets

​

 

16,152,262

​

 

16,023,859

Accumulated depreciation

​

 

(6,739,674)

​

 

(6,267,830)

Total segment assets — net book value

​

 

9,412,588

​

 

9,756,029

Reconciling items:

​

 

  

​

 

  

Cash and cash equivalents

​

 

2,285

​

 

2,922

Restricted cash

​

 

33,267

​

 

31,944

Notes receivable, net

​

 

280,006

​

 

228,825

Investment in and advances to unconsolidated joint ventures, net

​

 

966,227

​

 

952,934

Operating lease right-of-use assets

​

​

187,918

​

​

190,619

Other assets

​

 

197,473

​

 

209,969

Total consolidated assets

​

$

11,079,764

​

$

11,373,242

(a)Same-Store Community population consisted of 52,837 apartment homes.

​

Markets included in the above geographic segments are as follows:

i.West Region — Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles Other Southern California and Portland
ii.Mid-Atlantic Region — Metropolitan D.C., Baltimore and Richmond
iii.Northeast Region — Boston, New York and Philadelphia
iv.Southeast Region — Tampa, Orlando, Nashville and Other Florida
v.Southwest Region — Dallas, Austin and Denver
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 22,597 $ 32,858 $ 94,629 $ 411,367
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
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
v3.24.3
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES  
Recent Accounting Pronouncements

Recent Accounting Pronouncements

In March 2024, the SEC issued final rules on the enhancement and standardization of climate-related disclosures. The rules require disclosure of, among other things: material climate-related risks; activities to mitigate or

adapt to such risks; governance and management of such risks; and material greenhouse gas emissions from operations owned or controlled (Scope 1) and/or indirect emissions from purchased energy consumed in operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. The rules will become effective for the Company on a phased-in timeline starting in the year ended December 31, 2025. While the SEC has voluntarily stayed the rules, the Company is currently evaluating the effect the rules will have on its financial statement disclosures.

​

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which requires disclosure enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The ASU is effective for the Company for the year ended December 31, 2025. The Company is currently evaluating the effect that the ASU will have on the consolidated financial statements and related disclosures.

​

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segments Disclosures. ASU 2023-07 requires expanded disclosures of a public entity’s reportable segments, and requires more enhanced information regarding a reportable segment’s expenses on an interim and annual basis. The ASU is effective for the Company for the year ended December 31, 2024, and interim periods commencing in 2025. Early adoption is permitted. The Company is currently evaluating the effect that the ASU will have on the consolidated financial statements and related disclosures.
Principles of Consolidation

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

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

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.

​

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 September 30, 2024 and 2023, the Company recorded net credit recoveries/(losses) of $(0.2) million and $(0.1) million, respectively, on the Consolidated Statements of Operations. For the nine months ended September 30, 2024 and 2023, the Company recorded net credit recoveries/(losses) of $(0.2) million and $(0.6) million, 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

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 September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

Interest rate at

​

Balance Outstanding (a)

​

    

September 30, 

    

September 30, 

    

December 31, 

​

​

2024

​

2024

​

2023

Note due December 2024 (b)

​

12.00

%  

$

41,189

​

$

37,022

Notes due October 2025 (c)

​

10.50

%  

​

106,271

​

​

98,271

Note due December 2026 (d)

​

11.00

%  

​

69,977

​

​

64,608

Note due December 2026 (e)

​

11.00

%  

​

28,295

​

​

26,164

Notes due June 2027 (f)

​

18.00

%  

​

4,273

​

​

3,737

Note due September 2027 (g)

​

7.84

%  

​

31,154

​

​

—

Notes receivable

​

​

​

​

281,159

​

​

229,802

Allowance for credit losses

​

​

​

​

(1,153)

​

​

(977)

Total notes receivable, net

 

  

​

$

280,006

​

$

228,825

(a)Outstanding note amounts include any accrued and unpaid interest, as applicable.
(b)The Company has a secured note with an unaffiliated third party with an aggregate commitment of $32.5 million, of which $32.4 million was funded as of September 30, 2024. Interest payments are due monthly, with the exception of payments from June 2022 to December 2024, which are accrued and added to the principal balance and will be due at maturity of the note. The note is secured by substantially all of the borrower’s assets and matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) December 2024.
(c)The Company has two loans (the “Notes”) with a joint venture that owns a 478 apartment home operating community located in Philadelphia, Pennsylvania with an aggregate commitment of $93.5 million (exclusive of accrued and unpaid interest), all of which has been funded. The Notes are subordinate to the senior construction loan, but senior to the equity in the borrower. In April 2024, the joint venture refinanced the senior construction loan with a new loan that matures in April 2026, with a one-year extension option subject to certain conditions. The Notes had a scheduled maturity date in October 2024, with two one-year extension options. In September 2024, the developer extended the maturity date to October 2025. Commencing in October 2024, the contractual interest rate on the Notes increased to 11.0% in connection with the developer exercising its option to extend the maturity date of the Notes.
(d)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 2025, with an aggregate commitment of $59.7 million (exclusive of accrued and unpaid interest), all of which has been funded. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months. The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options.
(e)The Company has a secured mezzanine loan with a third party developer of a 237 apartment home community located in Menifee, California, which is expected to be 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 for 36 months and are due monthly after the loan has been outstanding for 36 months. The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options.
(f)The Company and a syndicate of lenders previously entered into a $16.0 million secured credit facility with an unaffiliated third party. In 2023, the secured credit facility was amended to provide a new term loan in the amount of $19.0 million, and the Company’s commitment was increased from $1.5 million to $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.
(g)In September 2024, the Company entered into a 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 $6.6 million and $5.0 million of interest income for the notes receivable described above during the three months ended September 30, 2024 and 2023, respectively, and $19.4 million and $8.4 million of interest income for the notes receivable described above during the nine months ended September 30, 2024 and 2023, 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.
Comprehensive Income/(Loss)

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 and nine months ended September 30, 2024 and 2023, 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 September 30, 2024 and 2023 was $(0.2) million and less than $(0.1) million, respectively, and during the nine months ended September 30, 2024 and 2023, less than $0.1 million and less than $(0.1) million, respectively.
Income Taxes

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 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 September 30, 2024 and December 31, 2023, UDR’s net deferred tax asset/(liability) was $(0.9) million and $(0.8) 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 September 30, 2024. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2021 through 2023 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

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.

​

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.)
Lease Receivables

Lease Receivables

​

During the three and nine months ended September 30, 2024 and 2023, the Company performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables. This analysis included an assessment of collectibility of current and future rents and whether those lease payments were no longer probable of collection. In accordance with the leases guidance, if collection of lease payments is no longer deemed to be probable over the life of the lease contract, we recognize revenue only when cash is received, and all existing contractual operating lease receivables and straight-line lease receivables are reserved. 

​

As of September 30, 2024, the Company’s multifamily tenant lease receivables balance, net of its reserve, was approximately $5.9 million, including its share from unconsolidated joint ventures. The Company’s retail tenant lease

receivables balance (exclusive of straight-line rent receivables), net of its reserve, was approximately $0.2 million, including its share from unconsolidated joint ventures, as of September 30, 2024.

v3.24.3
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES  
Summary of notes receivable, net

The following table summarizes our Notes receivable, net as of September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

Interest rate at

​

Balance Outstanding (a)

​

    

September 30, 

    

September 30, 

    

December 31, 

​

​

2024

​

2024

​

2023

Note due December 2024 (b)

​

12.00

%  

$

41,189

​

$

37,022

Notes due October 2025 (c)

​

10.50

%  

​

106,271

​

​

98,271

Note due December 2026 (d)

​

11.00

%  

​

69,977

​

​

64,608

Note due December 2026 (e)

​

11.00

%  

​

28,295

​

​

26,164

Notes due June 2027 (f)

​

18.00

%  

​

4,273

​

​

3,737

Note due September 2027 (g)

​

7.84

%  

​

31,154

​

​

—

Notes receivable

​

​

​

​

281,159

​

​

229,802

Allowance for credit losses

​

​

​

​

(1,153)

​

​

(977)

Total notes receivable, net

 

  

​

$

280,006

​

$

228,825

(a)Outstanding note amounts include any accrued and unpaid interest, as applicable.
(b)The Company has a secured note with an unaffiliated third party with an aggregate commitment of $32.5 million, of which $32.4 million was funded as of September 30, 2024. Interest payments are due monthly, with the exception of payments from June 2022 to December 2024, which are accrued and added to the principal balance and will be due at maturity of the note. The note is secured by substantially all of the borrower’s assets and matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) December 2024.
(c)The Company has two loans (the “Notes”) with a joint venture that owns a 478 apartment home operating community located in Philadelphia, Pennsylvania with an aggregate commitment of $93.5 million (exclusive of accrued and unpaid interest), all of which has been funded. The Notes are subordinate to the senior construction loan, but senior to the equity in the borrower. In April 2024, the joint venture refinanced the senior construction loan with a new loan that matures in April 2026, with a one-year extension option subject to certain conditions. The Notes had a scheduled maturity date in October 2024, with two one-year extension options. In September 2024, the developer extended the maturity date to October 2025. Commencing in October 2024, the contractual interest rate on the Notes increased to 11.0% in connection with the developer exercising its option to extend the maturity date of the Notes.
(d)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 2025, with an aggregate commitment of $59.7 million (exclusive of accrued and unpaid interest), all of which has been funded. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months. The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options.
(e)The Company has a secured mezzanine loan with a third party developer of a 237 apartment home community located in Menifee, California, which is expected to be 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 for 36 months and are due monthly after the loan has been outstanding for 36 months. The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options.
(f)The Company and a syndicate of lenders previously entered into a $16.0 million secured credit facility with an unaffiliated third party. In 2023, the secured credit facility was amended to provide a new term loan in the amount of $19.0 million, and the Company’s commitment was increased from $1.5 million to $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.
(g)In September 2024, the Company entered into a 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).
v3.24.3
REAL ESTATE OWNED (Tables)
 9 Months Ended
Sep. 30, 2024
REAL ESTATE OWNED  
Summary of carrying amounts for real estate owned (at cost) The following table summarizes the carrying amounts for our real estate owned (at cost) as of September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

​

2024

​

2023

Land

​

$

2,565,795

​

$

2,549,716

Depreciable property — held and used:

​

 

​

​

 

​

Land improvements

​

 

265,420

​

 

255,706

Building, improvements, and furniture, fixtures and equipment

​

 

13,271,034

​

 

12,902,021

Real estate intangible assets

​

​

50,013

​

​

50,013

Under development:

​

 

  

​

 

  

Land and land improvements

​

 

—

​

 

16,576

Building, improvements, and furniture, fixtures and equipment

​

 

—

​

 

143,828

Real estate held for disposition:

​

 

  

​

 

  

Land and land improvements

​

 

—

​

 

13,734

Building, improvements, and furniture, fixtures and equipment

​

 

—

​

 

92,265

Real estate owned

​

 

16,152,262

​

 

16,023,859

Accumulated depreciation (a)

​

 

(6,739,674)

​

 

(6,267,830)

Real estate owned, net

​

$

9,412,588

​

$

9,756,029

(a)Accumulated depreciation is inclusive of $20.2 million and $17.2 million of accumulated amortization related to real estate intangible assets as of September 30, 2024 and December 31, 2023, respectively.
v3.24.3
JOINT VENTURES AND PARTNERSHIPS (Tables)
 9 Months Ended
Sep. 30, 2024
JOINT VENTURES AND PARTNERSHIPS  
Schedule of 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 September 30, 2024 and December 31, 2023 (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

​

Nine Months Ended

​

  

September 30, 

  

September 30, 

​

September 30, 

  

​

December 31, 

 

  

September 30, 

  

December 31, 

​

September 30, 

​

September 30, 

Joint Ventures

  

2024

    

2024

​

2024

  

2023

 

  

2024

  

2023

​

2024

  

2023

​

2024

  

2023

Operating:

​

  

​

  

​

  

​

​

  

 

​

  

​

​

  

​

​

​

​

​

​

​

​

​

​

​

​

​

UDR/MetLife (a)

​

13

​

2,834

​

50.2

%  

​

50.2

%

​

$

208,882

​

$

225,195

​

$

(2,050)

​

$

(1,455)

​

$

(5,304)

​

$

(3,930)

UDR/LaSalle

​

5

​

1,590

​

51.0

%

​

51.0

%

​

​

271,927

​

​

286,723

​

​

(1,311)

​

​

(1,647)

​

​

(6,982)

​

​

(1,689)

Total Joint Ventures

​

18

 

4,424

​

  

 

​

  

​

​

$

480,809

​

$

511,918

​

$

(3,361)

​

$

(3,102)

​

$

(12,286)

​

$

(5,619)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

Apartment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income/(loss) from investments

​

​

Communities

​

Homes

​

Weighted

​

​

​

​

​

​

​

Investment at

​

Three Months Ended

​

Nine Months Ended

Debt and Preferred Equity Program

  

September 30, 

​

September 30, 

​

Average

​

  

Years To

​

UDR

  

September 30, 

  

December 31, 

  

September 30, 

​

September 30, 

and Real Estate Technology Investments (b)

  

2024

​

2024

​

Rate

​

  

Maturity

​

Commitment (c)

  

2024

  

2023

  

2024

  

2023

  

2024

  

2023

Preferred equity investments:

 

  

 

  

​

​

​

 

  

​

​

​

​

 

  

​

 

  

​

​

  

​

​

​

​

​

​

  

​

  

Operating

​

27

​

6,436

​

9.6

%

​

3.1

​

$

364,209

​

$

424,104

​

$

387,771

​

$

988

​

$

9,266

​

$

17,587

​

$

26,814

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate technology and sustainability investments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate technology and sustainability investments

​

N/A

​

N/A

​

N/A

​

​

N/A

​

$

86,000

​

​

52,284

​

​

44,382

​

​

493

​

​

415

​

​

5,950

​

​

534

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

476,388

​

​

432,153

​

​

1,481

​

​

9,681

​

​

23,537

​

​

27,348

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sold joint ventures and other investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

—

​

​

—

​

​

(1,071)

​

​

—

​

​

3,183

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

$

957,197

​

$

944,071

​

$

(1,880)

  

$

5,508

​

$

11,251

  

$

24,912

(a)As of September 30, 2024 and December 31, 2023, the Company’s negative investment in one UDR/MetLife community of $9.0 million and $8.9 million, respectively, is recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets.
(b)The Debt and Preferred Equity Program (previously referred to as the Developer Capital Program) is the program through which the Company makes investments, including preferred equity investments, first mortgage loans, mezzanine loans (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. At September 30, 2024, our preferred equity investment portfolio consisted of 27 communities located in various markets, consisting of 6,436 operating apartment homes. In addition, the Company’s preferred equity investments include three investments that receive a variable percentage of the value created from the project upon a capital or liquidating event. During the nine months ended September 30, 2024, the Company entered into four new preferred equity investments and no preferred equity investments were redeemed.

In July 2024, the Company received a $17.2 million partial paydown on one of its operating preferred equity investments. In conjunction with the paydown, the Company’s remaining $50.0 million preferred equity investment will earn a preferred return of 11.0% per annum.

In July 2024 and August 2024, the Company entered into four joint venture agreements with an unaffiliated joint

venture partner to operate four operating communities with a total of 818 apartment homes located in Portland, Oregon. The Company’s combined preferred equity investment of $35.0 million earns a preferred return of 10.75% per annum. The unaffiliated joint venture partner is the managing member of the joint ventures. The Company has concluded that it does not control the joint ventures and accounts for its investments under the equity method of accounting.

In September 2024, the Company made a $31.1 million secured mortgage loan to a joint venture, in which the Company also owns a preferred equity investment. The joint venture used the proceeds of the loan to repay its senior construction loan. The loan to the joint venture has an interest rate of SOFR plus 300 basis points and a maturity date in September 2027. (See Note 2, Significant Accounting Policies for further discussion.) In addition, the Company recorded an $8.1 million non-cash impairment loss on its preferred equity investment (recorded in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations) due to a decrease in the value of the operating community that it deemed to be other-than-temporary.

(c)Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments.
Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships

Combined summary balance sheets relating to the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2024

    

2023

Total real estate, net

 

$

3,137,069

 

$

3,158,057

Investments, at fair value

​

​

322,637

​

​

257,832

Cash and cash equivalents

​

 

62,106

​

 

61,670

Other assets

​

​

139,898

​

 

146,976

Total assets

 

$

3,661,710

 

$

3,624,535

​

​

​

​

​

​

​

Third party debt, net

​

$

2,049,081

​

$

2,012,816

Accounts payable and accrued liabilities

​

​

172,656

​

​

171,502

Total liabilities

 

​

2,221,737

 

​

2,184,318

Total equity

 

$

1,439,973

 

$

1,440,217
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)

Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

    

2024

    

2023

    

2024

    

2023

Total revenues

 

$

80,793

 

$

70,375

 

$

235,062

 

$

194,752

Property operating expenses

​

 

38,264

​

 

32,268

​

 

108,992

​

 

86,779

Real estate depreciation and amortization

​

 

37,412

​

 

34,874

​

 

112,465

​

 

84,907

Operating income/(loss)

​

 

5,117

​

​

3,233

​

 

13,605

​

​

23,066

Interest expense

​

 

(29,415)

​

 

(18,138)

​

 

(79,523)

​

 

(65,202)

Net unrealized/realized gain/(loss) on held investments

​

​

3,530

​

​

13,580

​

​

36,279

​

​

17,106

Other income/(loss)

​

​

(24)

​

​

(1,234)

​

​

(3,372)

​

​

(236)

Net income/(loss)

 

$

(20,792)

 

$

(2,559)

 

$

(33,011)

 

$

(25,266)

​
v3.24.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2024
LEASES  
Lessee - Future minimum lease payments and total operating lease liabilities

Future minimum lease payments and total operating lease liabilities from our ground leases as of September 30, 2024 are as follows (dollars in thousands):

​

​

​

​

​

​

Ground Leases

2024

​

$

3,111

2025

​

​

12,442

2026

​

​

12,442

2027

​

​

12,442

2028

​

​

12,442

Thereafter

​

​

405,452

Total future minimum lease payments (undiscounted)

​

​

458,331

Difference between future undiscounted cash flows and discounted cash flows

​

​

(275,150)

Total operating lease liabilities (discounted)

​

$

183,181
Lessee - components of operating lease expenses

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

2024

​

2023

​

2024

​

2023

Lease expense:

​

​

​

​

​

​

​

​

​

​

​

​

Contractual lease expense

​

$

3,331

​

$

3,293

​

$

10,031

​

$

9,877

Variable lease expense (a)

​

​

47

​

​

42

​

​

130

​

​

103

Total operating lease expense (b)(c)

​

$

3,378

​

$

3,335

​

$

10,161

​

$

9,980

(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 nine months ended September 30, 2024, Operating lease right-of-use assets and Operating lease liabilities amortized by $2.7 million and $2.7 million, respectively. For the nine months ended September 30, 2023, Operating lease right-of-use assets and Operating lease liabilities amortized by $2.6 million and $2.5 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 September 30, 2024 and 2023, respectively, and $0.1 million and $0.1 million of total operating lease expense during the nine months ended September 30, 2024 and 2023, respectively. 
Lessor - Future minimum lease payments

Future minimum lease payments from our retail and commercial leases as of September 30, 2024 are as follows (dollars in thousands):

​

​

​

​

​

​

Retail and Commercial Leases

2024

​

$

6,572

2025

​

​

25,795

2026

​

​

23,280

2027

​

​

19,640

2028

​

​

16,839

Thereafter

​

​

64,476

Total future minimum lease payments (a)

​

$

156,602

(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.
v3.24.3
SECURED AND UNSECURED DEBT, NET (Tables)
 9 Months Ended
Sep. 30, 2024
Secured and Unsecured Debt  
Schedule of debt instruments

The following is a summary of our secured and unsecured debt at September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal Outstanding

​

As of September 30, 2024

​

​

​

​

​

​

​

​

Weighted

​

Weighted

​

​

​

​

​

​

​

​

​

​

Average

​

Average

​

Number of

​

​

September 30, 

​

December 31, 

​

Interest

​

Years to

​

Communities

​

    

2024

    

2023

    

Rate

    

Maturity

    

Encumbered

Secured Debt:

​

​

  

​

​

  

​

  

​

  

​

  

Fixed Rate Debt

 

​

  

 

​

  

 

  

 

  

 

  

Mortgage notes payable (a)

​

$

1,117,138

​

$

1,213,751

 

3.49

%  

4.3

 

19

Deferred financing costs and other non-cash adjustments (b)

​

 

(3,405)

​

 

(3,009)

 

  

 

  

 

  

Total fixed rate secured debt, net

​

 

1,113,733

​

 

1,210,742

 

3.50

%  

4.3

 

19

Variable Rate Debt

​

 

  

​

 

  

 

  

 

  

 

  

Mortgage notes payable (c)

​

 

—

​

 

40,017

 

—

%  

—

 

—

Tax-exempt secured notes payable (d)

​

 

27,000

​

 

27,000

 

3.96

%  

7.5

 

1

Deferred financing costs

​

 

(41)

​

 

(46)

 

  

 

  

 

  

Total variable rate secured debt, net

​

 

26,959

​

 

66,971

 

3.99

%  

7.5

 

1

Total Secured Debt, net

​

 

1,140,692

​

 

1,277,713

 

3.51

%  

4.4

 

20

Unsecured Debt:

​

 

  

​

 

  

 

  

 

  

 

  

Variable Rate Debt

​

 

  

​

 

  

 

  

 

  

 

  

Borrowings outstanding under unsecured credit facility due August 2028 (e) (o)

​

 

—

​

 

—

 

—

%  

3.9

 

  

Borrowings outstanding under unsecured commercial paper program due October 2024 (f) (o)

​

​

290,000

​

​

408,075

​

5.03

%  

0.1

​

​

Borrowings outstanding under unsecured working capital credit facility due January 2025 (g)

​

 

46,783

​

 

4,593

 

5.71

%  

0.3

 

  

Term Loan due January 2027 (e) (o)

​

 

175,000

​

 

—

 

6.18

%  

2.3

 

  

Fixed Rate Debt

​

 

  

​

 

  

 

  

 

  

 

  

Term Loan due January 2027 (e) (o)

​

​

175,000

​

 

350,000

 

1.45

%  

2.3

​

​

8.50% Debentures due September 2024

​

 

—

​

 

15,644

 

—

%  

—

 

  

2.95% Medium-Term Notes due September 2026 (h) (o)

​

 

300,000

​

 

300,000

 

2.89

%  

1.9

 

  

3.50% Medium-Term Notes due July 2027 (net of discounts of $194 and $247, respectively) (i) (o)

​

​

299,806

​

​

299,753

​

4.03

%  

2.8

​

​

3.50% Medium-Term Notes due January 2028 (net of discounts of $390 and $479, respectively) (o)

​

​

299,610

​

​

299,521

​

3.50

%  

3.3

​

​

4.40% Medium-Term Notes due January 2029 (net of discounts of $3 and $3, respectively) (j) (o)

​

​

299,997

​

​

299,997

​

4.27

%  

4.3

​

​

3.20% Medium-Term Notes due January 2030 (net of premiums of $7,264 and $8,294, respectively) (k) (o)

​

​

607,264

​

​

608,294

​

3.32

%  

5.3

​

​

3.00% Medium-Term Notes due August 2031 (net of premiums of $8,213 and $9,109, respectively) (l) (o)

​

​

608,213

​

​

609,109

​

3.01

%  

6.9

​

​

2.10% Medium-Term Notes due August 2032 (net of discounts of $276 and $303, respectively) (o)

​

​

399,724

​

​

399,697

​

2.10

%  

7.8

​

​

1.90% Medium-Term Notes due March 2033 (net of discounts of $1,019 and $1,110, respectively) (o)

​

​

348,981

​

​

348,890

​

1.90

%  

8.5

​

​

2.10% Medium-Term Notes due June 2033 (net of discounts of $867 and $941, respectively) (o)

​

​

299,133

​

​

299,059

​

2.10

%  

8.7

​

​

5.125% Medium-Term Notes due September 2034 (net of discounts of $3,030 and $0, respectively) (m) (o)

​

​

296,970

​

​

—

​

4.95

%  

9.9

​

​

3.10% Medium-Term Notes due November 2034 (net of discounts of $890 and $956, respectively) (n) (o)

​

​

299,110

​

​

299,044

​

3.13

%  

10.1

​

​

Other

​

 

—

​

 

2

 

  

 

  

 

  

Deferred financing costs

​

 

(21,020)

​

 

(20,682)

 

  

 

  

 

  

Total Unsecured Debt, net

​

 

4,724,571

​

 

4,520,996

 

3.41

%  

5.6

 

  

Total Debt, net

​

$

5,865,263

​

$

5,798,709

 

3.43

%  

5.4

 

  
Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt

The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to September 30, 2024 are as follows (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Total Fixed

    

Total Variable

    

Total 

    

Total 

    

Total 

Year

​

Secured Debt

​

Secured Debt

​

Secured Debt

​

Unsecured Debt

​

Debt

2024

​

$

1,340

​

$

—

​

$

1,340

​

$

290,000

​

$

291,340

2025

​

​

178,323

​

 

—

​

 

178,323

​

 

46,783

​

 

225,106

2026

​

 

56,672

​

 

—

​

 

56,672

​

 

300,000

​

 

356,672

2027

​

 

6,939

​

 

—

​

 

6,939

​

 

650,000

​

 

656,939

2028

​

 

166,526

​

 

—

​

 

166,526

​

 

300,000

​

 

466,526

2029

​

 

315,811

​

 

—

​

 

315,811

​

 

300,000

​

 

615,811

2030

​

 

230,597

​

 

—

​

 

230,597

​

 

600,000

​

 

830,597

2031

​

 

160,930

​

 

—

​

 

160,930

​

 

600,000

​

 

760,930

2032

​

 

—

​

 

27,000

​

 

27,000

​

 

400,000

​

 

427,000

2033

​

 

—

​

 

​

​

 

—

​

 

650,000

​

 

650,000

Thereafter

​

 

—

​

 

—

​

 

—

​

 

600,000

​

 

600,000

Subtotal

​

 

1,117,138

​

 

27,000

​

 

1,144,138

​

 

4,736,783

​

 

5,880,921

Non-cash (a)

​

 

(3,405)

​

 

(41)

​

 

(3,446)

​

 

(12,212)

​

 

(15,658)

Total

​

$

1,113,733

​

$

26,959

​

$

1,140,692

​

$

4,724,571

​

$

5,865,263

(a)Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. The Company amortized $1.2 million and $1.0 million during the three months ended September 30, 2024 and 2023, respectively, and $3.7 million and $2.9 million during the nine months ended September 30, 2024 and 2023, respectively, of deferred financing costs into Interest expense.
Commercial Paper [Member]  
Secured and Unsecured Debt  
Schedule of short-term bank borrowings

The following is a summary of short-term bank borrowings under the unsecured commercial paper program at September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

 

​

​

2024

​

2023

 

Total unsecured commercial paper program

 

$

700,000

​

$

700,000

​

Borrowings outstanding at end of period

​

 

290,000

​

 

408,075

​

Weighted average daily borrowings during the period ended

​

 

416,215

​

 

384,068

​

Maximum daily borrowings during the period ended

​

 

645,000

​

 

505,000

​

Weighted average interest rate during the period ended

​

 

5.5

%  

 

5.4

%

Interest rate at end of the period

​

 

5.0

%  

 

5.7

%
Revolving Credit Facility  
Secured and Unsecured Debt  
Schedule of short-term bank borrowings

The following is a summary of short-term bank borrowings under the Revolving Credit Facility at September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

​

 

2024

 

2023

​

Total revolving credit facility

​

$

1,300,000

​

$

1,300,000

​

Borrowings outstanding at end of period (1)

​

 

—

​

 

—

​

Weighted average daily borrowings during the period ended

​

 

—

​

 

2,055

​

Maximum daily borrowings during the period ended

​

 

—

​

 

250,000

​

Weighted average interest rate during the period ended

​

 

—

%  

 

5.6

%

Interest rate at end of the period

​

 

—

%  

 

—

%

(1)Excludes $3.8 million and $2.3 million of letters of credit at September 30, 2024 and December 31, 2023, respectively.
Working capital credit facility  
Secured and Unsecured Debt  
Schedule of short-term bank borrowings

The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

 

​

​

2024

​

2023

 

Total working capital credit facility

​

$

75,000

​

$

75,000

​

Borrowings outstanding at end of period

​

 

46,783

​

 

4,593

​

Weighted average daily borrowings during the period ended

​

 

14,810

​

 

15,829

​

Maximum daily borrowings during the period ended

​

 

62,077

​

 

57,107

​

Weighted average interest rate during the period ended

​

 

6.2

%  

 

5.9

%

Interest rate at end of the period

​

 

5.7

%  

 

6.3

%
v3.24.3
INCOME/(LOSS) PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2024
INCOME/(LOSS) PER SHARE  
Computation of basic and diluted 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

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

    

2024

    

2023

    

2024

    

2023

​

Numerator for income/(loss) per share:

​

​

​

​

​

  

​

​

​

​

​

  

​

Net income/(loss)

​

$

24,077

​

$

35,419

​

$

101,400

​

$

438,527

​

Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

​

 

(1,574)

​

 

(2,554)

​

 

(6,736)

​

 

(27,137)

​

Net (income)/loss attributable to noncontrolling interests

​

 

94

​

 

(7)

​

 

(35)

​

 

(23)

​

Net income/(loss) attributable to UDR, Inc.

​

 

22,597

​

 

32,858

​

 

94,629

​

 

411,367

​

Distributions to preferred stockholders — Series E (Convertible)

​

 

(1,197)

​

 

(1,221)

​

 

(3,638)

​

 

(3,626)

​

Income/(loss) attributable to common stockholders - basic and diluted

​

$

21,400

​

$

31,637

​

$

90,991

​

$

407,741

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Denominator for income/(loss) per share:

​

 

  

​

 

  

​

 

  

​

 

  

​

Weighted average common shares outstanding

​

 

329,788

​

 

329,130

​

 

329,488

​

 

329,207

​

Unvested restricted stock awards

​

 

(367)

​

 

(370)

​

 

(387)

​

 

(372)

​

Denominator for basic income/(loss) per share

​

 

329,421

​

 

328,760

​

 

329,101

​

 

328,835

​

Incremental shares issuable from assumed conversion of unvested LTIP Units, conversion of Series E preferred stock, performance units and unvested restricted stock

​

 

1,136

​

 

441

​

 

654

​

 

448

​

Denominator for diluted income/(loss) per share

​

 

330,557

​

 

329,201

​

 

329,755

​

 

329,283

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income/(loss) per weighted average common share:

​

 

  

​

 

  

​

 

  

​

 

  

​

Basic

​

$

0.06

​

$

0.10

​

$

0.28

​

$

1.24

​

Diluted

​

$

0.06

​

$

0.10

​

$

0.28

​

$

1.24

​
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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 and nine months ended September 30, 2024 and 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

​

2024

​

2023

​

2024

​

2023

​

OP/DownREIT Units

    

23,854

    

22,511

    

24,198

    

21,699

    

Convertible preferred stock

 

2,815

 

2,908

 

2,858

 

2,908

 

Unvested LTIP Units, performance units, and unvested restricted stock

 

1,136

 

441

 

654

 

448

 

​
v3.24.3
NONCONTROLLING INTERESTS (Tables)
 9 Months Ended
Sep. 30, 2024
NONCONTROLLING INTERESTS  
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

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, 2023

    

$

961,087

​

Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

​

 

180,086

​

Conversion of OP Units/DownREIT Units to Common Stock or Cash

​

 

(28,392)

​

Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

​

 

6,736

​

Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

​

 

(42,234)

​

Redeemable Long-Term and Short-Term Incentive Plan Units

​

​

21,700

​

Allocation of other comprehensive income/(loss)

​

 

4

​

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at September 30, 2024

​

$

1,098,987

​
v3.24.3
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS  
Schedule of estimated fair values

The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of September 30, 2024 and December 31, 2023, are summarized as follows (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value at September 30, 2024, 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

​

​

September 30, 

​

September 30, 

​

Liabilities

​

Inputs

​

Inputs

​

​

2024 (a)

​

2024

​

(Level 1)

​

(Level 2)

​

(Level 3)

Description:

    

​

  

    

​

  

    

​

  

    

​

  

    

​

​

Notes receivable, net (b)

​

$

280,006

​

$

272,583

​

$

—

​

$

—

​

$

272,583

Equity securities (c)

​

​

1,267

​

​

1,267

​

​

1,267

​

​

—

​

​

—

Derivatives - Interest rate contracts (d)

​

 

4,583

​

 

4,583

​

 

—

​

 

4,583

​

 

—

Total assets

​

$

285,856

​

$

278,433

​

$

1,267

​

$

4,583

​

$

272,583

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Secured debt instruments - fixed rate: (e)

​

 

  

​

 

  

​

 

  

​

 

  

​

 

​

Mortgage notes payable

​

$

1,117,576

​

$

1,067,422

​

$

—

​

$

—

​

$

1,067,422

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

​

​

46,783

​

​

46,783

​

​

—

​

​

—

​

​

46,783

Commercial paper program

​

​

290,000

​

​

290,000

​

​

—

​

​

—

​

​

290,000

Unsecured notes

​

​

4,408,808

​

​

3,998,555

​

​

—

​

​

—

​

​

3,998,555

Total liabilities

​

$

5,890,167

​

$

5,429,760

​

$

—

​

$

—

​

$

5,429,760

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

1,098,987

​

$

1,098,987

​

$

—

​

$

1,098,987

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value at December 31, 2023, 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

​

 

2023 (a)

​

2023

​

(Level 1)

​

(Level 2)

​

(Level 3)

Description:

    

​

  

    

​

  

    

​

  

    

​

  

    

​

​

Notes receivable, net (b)

​

$

228,825

​

$

222,755

​

$

—

​

$

—

​

$

222,755

Equity securities (c)

​

​

7,210

​

​

7,210

​

​

7,210

​

​

—

​

​

—

Derivatives - Interest rate contracts (d)

​

 

10,103

​

 

10,103

​

 

—

​

 

10,103

​

 

—

Total assets

​

$

246,138

​

$

240,068

​

$

7,210

​

$

10,103

​

$

222,755

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Secured debt instruments - fixed rate: (e)

​

 

  

​

 

  

​

 

  

​

 

  

​

 

​

Mortgage notes payable

​

$

1,215,228

​

$

1,124,140

​

$

—

​

$

—

​

$

1,124,140

Secured debt instruments - variable rate: (e)

​

 

  

​

 

  

​

 

  

​

 

  

​

 

​

Mortgage notes payable

​

 

40,017

​

 

40,017

​

 

—

​

 

—

​

 

40,017

Tax-exempt secured notes payable

​

 

27,000

​

 

27,000

​

 

—

​

 

—

​

 

27,000

Unsecured debt instruments: (e)

​

 

​

​

 

  

​

 

  

​

 

  

​

 

​

Working capital credit facility

​

​

4,593

​

​

4,593

​

​

—

​

​

—

​

​

4,593

Commercial paper program

​

​

408,075

​

​

408,075

​

​

—

​

​

—

​

​

408,075

Unsecured notes

​

​

4,129,010

​

​

3,611,697

​

​

—

​

​

—

​

​

3,611,697

Total liabilities

​

$

5,823,923

​

$

5,215,522

​

$

—

​

$

—

​

$

5,215,522

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

961,087

​

$

961,087

​

$

—

​

$

961,087

​

$

—

(a)Certain balances include fair market value adjustments and exclude deferred financing costs.
(b)See Note 2, Significant Accounting Policies.
(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 September 30, 2024 and December 31, 2023. 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.
v3.24.3
DERIVATIVES AND HEDGING ACTIVITY (Tables)
 9 Months Ended
Sep. 30, 2024
DERIVATIVES AND HEDGING ACTIVITY  
Schedule of outstanding interest rate derivatives

As of September 30, 2024, 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

​

3

​

$

194,880

​
Fair value of Company's derivative financial instruments and their classification on 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 September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset Derivatives

​

Liability Derivatives

​

​

(included in Other assets)

​

(included in Other liabilities)

​

​

Fair Value at:

​

Fair Value at:

​

​

September 30, 

​

December 31, 

​

September 30, 

​

December 31, 

​

​

2024

​

2023

​

2024

​

2023

Derivatives designated as hedging instruments:

    

​

  

    

​

  

    

​

  

    

​

  

Interest rate products

​

$

4,583

​

$

10,103

​

$

—

​

$

—
Effect of Company's derivative financial instruments on 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 and nine months ended September 30, 2024 and 2023 (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

    

2024

    

2023

    

2024

    

2023

    

2024

    

2023

Three Months Ended September 30, 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate products

​

$

(1,768)

​

$

1,314

​

$

1,782

​

$

2,110

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate products

​

$

5,464

​

$

5,336

​

$

5,768

​

$

5,332

​

$

—

​

$

—
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

​

2024

​

2023

​

2024

​

2023

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

​

$

50,214

​

$

44,664

​

$

146,087

​

$

133,519
Offsetting of Derivative Assets

The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of September 30, 2024 and December 31, 2023 (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

​

Consolidated

​

​

​

​

Cash

​

​

​

​

​

Recognized

​

Balance

​

Balance Sheets

​

Financial

​

Collateral

​

​

​

Offsetting of Derivative Assets

​

Assets

​

Sheets

​

(a)

​

Instruments

    

Received

    

Net Amount

September 30, 2024

​

$

4,583

​

$

—

​

$

4,583

​

$

—

​

$

—

​

$

4,583

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

$

10,103

​

$

—

​

$

10,103

​

$

—

​

$

—

​

$

10,103

(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.
v3.24.3
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES  
Summary of real estate commitments

The following summarizes the Company’s commitments at September 30, 2024 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Number

​

UDR's

​

UDR's Remaining

​

​

​

Properties

​

Investment (a)

​

Commitment

​

Real estate commitments

​

​

​

​

​

​

​

​

​

Wholly-owned — redevelopment (b)

 

10

​

$

59,985

​

$

93,055

 

Other unconsolidated investments:

​

​

​

​

​

​

​

​

​

Real estate technology and sustainability investments (c)

​

-

​

​

58,972

​

​

47,028

​

Total

 

  

​

$

118,957

​

$

140,083

 

(a)Represents UDR’s investment as of September 30, 2024.
(b)Projects consist of unit renovations and/or renovation of related common area amenities.
(c)As of September 30, 2024, the investments were recorded in either Investment in and advances to unconsolidated joint ventures, net or Other Assets on the Consolidated Balance Sheets.
v3.24.3
REPORTABLE SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
REPORTABLE SEGMENTS  
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to Net income/(loss)

The following table details rental income and NOI for UDR’s reportable segments for the three and nine months ended September 30, 2024 and 2023, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, (a)

​

September 30, (b)

​

    

2024

    

2023

    

2024

    

2023

Reportable apartment home segment lease revenue

​

​

​

​

​

​

​

​

​

​

​

​

Same-Store Communities

​

​

  

    

​

  

    

​

  

    

​

  

West Region

​

$

120,665

​

$

118,801

​

$

355,797

​

$

346,970

Mid-Atlantic Region

​

 

78,211

​

 

76,581

​

 

232,276

​

 

225,504

Northeast Region

​

 

83,353

​

 

81,525

​

 

242,785

​

 

235,412

Southeast Region

​

 

56,177

​

 

57,096

​

 

169,892

​

 

169,668

Southwest Region

​

 

41,128

​

 

42,054

​

 

112,627

​

 

113,564

Non-Mature Communities/Other

​

 

23,772

​

 

18,838

​

 

88,803

​

 

81,424

Total segment and consolidated lease revenue

​

$

403,306

​

$

394,895

​

$

1,202,180

​

$

1,172,542

​

​

​

​

​

​

​

​

​

​

​

​

​

Reportable apartment home segment other revenue

​

​

​

​

​

​

​

​

​

​

​

​

Same-Store Communities

​

​

  

    

​

  

    

​

  

    

​

  

West Region

​

$

3,175

​

$

3,052

​

$

8,970

​

$

8,670

Mid-Atlantic Region

​

 

3,633

​

 

3,379

​

 

10,107

​

 

8,689

Northeast Region

​

 

2,357

​

 

2,154

​

 

6,253

​

 

5,852

Southeast Region

​

 

2,951

​

 

2,571

​

 

8,080

​

 

7,030

Southwest Region

​

 

2,004

​

 

1,965

​

 

5,210

​

 

4,795

Non-Mature Communities/Other

​

 

662

​

 

344

​

 

2,285

​

 

2,186

Total segment and consolidated other revenue

​

$

14,782

​

$

13,465

​

$

40,905

​

$

37,222

​

​

​

​

​

​

​

​

​

​

​

​

​

Total reportable apartment home segment rental income

​

​

​

​

​

​

​

​

​

​

​

​

Same-Store Communities

​

​

  

    

​

  

    

​

  

    

​

  

West Region

​

$

123,840

​

$

121,853

​

$

364,767

​

$

355,640

Mid-Atlantic Region

​

 

81,844

​

 

79,960

​

 

242,383

​

 

234,193

Northeast Region

​

 

85,710

​

 

83,679

​

 

249,038

​

 

241,264

Southeast Region

​

 

59,128

​

 

59,667

​

 

177,972

​

 

176,698

Southwest Region

​

 

43,132

​

 

44,019

​

 

117,837

​

 

118,359

Non-Mature Communities/Other

​

 

24,434

​

 

19,182

​

 

91,088

​

 

83,610

Total segment and consolidated rental income

​

$

418,088

​

$

408,360

​

$

1,243,085

​

$

1,209,764

​

​

​

​

​

​

​

​

​

​

​

​

​

Reportable apartment home segment NOI

​

 

  

​

 

  

​

 

  

​

 

  

Same-Store Communities

​

 

  

​

 

  

​

 

  

​

 

  

West Region

​

$

91,209

​

$

90,011

​

$

270,378

​

$

265,550

Mid-Atlantic Region

​

 

55,823

​

 

54,591

​

 

165,750

​

 

161,143

Northeast Region

​

 

55,382

​

 

54,445

​

 

161,762

​

 

159,341

Southeast Region

​

 

40,328

​

 

40,727

​

 

121,416

​

 

121,071

Southwest Region

​

 

27,524

​

 

28,397

​

 

74,282

​

 

75,877

Non-Mature Communities/Other

​

 

14,156

​

 

10,485

​

 

54,231

​

 

47,898

Total segment and consolidated NOI

​

 

284,422

​

 

278,656

​

 

847,819

​

 

830,880

Reconciling items:

​

 

  

​

 

  

​

 

  

​

 

  

Joint venture management and other fees

​

 

2,072

​

 

1,772

​

 

6,029

​

 

4,464

Property management

​

 

(13,588)

​

 

(13,271)

​

 

(40,400)

​

 

(39,317)

Other operating expenses

​

 

(6,382)

​

 

(4,611)

​

 

(20,803)

​

 

(11,902)

Real estate depreciation and amortization

​

 

(170,276)

​

 

(167,551)

​

 

(510,622)

​

 

(505,776)

General and administrative

​

 

(20,890)

​

 

(15,159)

​

 

(58,836)

​

 

(49,091)

Casualty-related (charges)/recoveries, net

​

 

(1,473)

​

 

1,928

​

 

(8,749)

​

 

(3,362)

Other depreciation and amortization

​

 

(4,029)

​

 

(3,692)

​

 

(13,024)

​

 

(11,022)

Gain/(loss) on sale of real estate owned

​

​

—

​

​

—

​

​

16,867

​

​

325,885

Income/(loss) from unconsolidated entities

​

 

(1,880)

​

 

5,508

​

 

11,251

​

 

24,912

Interest expense

​

 

(50,214)

​

 

(44,664)

​

 

(146,087)

​

 

(133,519)

Interest income and other income/(expense), net

​

 

6,159

​

 

(3,069)

​

 

18,522

​

 

8,388

Tax (provision)/benefit, net

​

 

156

​

 

(428)

​

 

(567)

​

 

(2,013)

Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

​

 

(1,574)

​

 

(2,554)

​

 

(6,736)

​

 

(27,137)

Net (income)/loss attributable to noncontrolling interests

​

 

94

​

 

(7)

​

 

(35)

​

 

(23)

Net income/(loss) attributable to UDR, Inc.

​

$

22,597

​

$

32,858

​

$

94,629

​

$

411,367

(a)Same-Store Community population consisted of 52,837 apartment homes.
(b)Same-Store Community population consisted of 51,804 apartment homes.
Details of assets of UDR's reportable segments

The following table details the assets of UDR’s reportable segments as of September 30, 2024 and December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

​

2024

​

2023

Reportable apartment home segment assets:

 

​

  

 

​

  

Same-Store Communities (a):

 

​

  

 

​

  

West Region

​

$

4,499,276

​

$

4,452,491

Mid-Atlantic Region

​

 

3,242,224

​

 

3,205,036

Northeast Region

​

 

3,993,659

​

 

3,957,210

Southeast Region

​

 

1,625,799

​

 

1,589,605

Southwest Region

​

 

1,521,730

​

 

1,506,052

Non-Mature Communities/Other

​

 

1,269,574

​

 

1,313,465

Total segment assets

​

 

16,152,262

​

 

16,023,859

Accumulated depreciation

​

 

(6,739,674)

​

 

(6,267,830)

Total segment assets — net book value

​

 

9,412,588

​

 

9,756,029

Reconciling items:

​

 

  

​

 

  

Cash and cash equivalents

​

 

2,285

​

 

2,922

Restricted cash

​

 

33,267

​

 

31,944

Notes receivable, net

​

 

280,006

​

 

228,825

Investment in and advances to unconsolidated joint ventures, net

​

 

966,227

​

 

952,934

Operating lease right-of-use assets

​

​

187,918

​

​

190,619

Other assets

​

 

197,473

​

 

209,969

Total consolidated assets

​

$

11,079,764

​

$

11,373,242

(a)Same-Store Community population consisted of 52,837 apartment homes.

​
v3.24.3
BASIS OF PRESENTATION (Details)
shares in Millions
 9 Months Ended
Sep. 30, 2024
home
community
item
shares
Consolidation And Basis Of Presentation  
Number of real estate properties | community 169
Number of markets operating within | item 21
Number of apartment homes owned and consolidated | home 55,699
Joint venture, number of completed or to be completed homes in communities | home 10,860
Preferred equity investment,, number of apartment homes | home 6,436
Operating partnership outstanding units 189.8
United Dominion Reality L.P.  
Consolidation And Basis Of Presentation  
Operating Partnership units outstanding related to limited partner 176.5
General partnership units outstanding 0.1
General Partners' ownership (as a percent) 93.00%
UDR Lighthouse DownREIT L.P.  
Consolidation And Basis Of Presentation  
Operating partnership outstanding units 32.4
Non-affiliated Partners  
Consolidation And Basis Of Presentation  
Operating Partnership units outstanding related to limited partner 13.3
Percentage of units outstanding in Partnership 7.00%
Non-affiliated Partners | UDR Lighthouse DownREIT L.P.  
Consolidation And Basis Of Presentation  
Operating partnership outstanding units 10.4
Percentage of units outstanding in Partnership 32.10%
UDR, Inc.  
Consolidation And Basis Of Presentation  
General Partners' ownership (as a percent) 67.90%
Operating partnership outstanding units 22.0
v3.24.3
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Accounting policies          
Credit losses   $ (100)   $ (600)  
Significant Accounting Policies          
Allocation of other comprehensive income/(loss)     $ 4    
Current income tax expense (benefit)     0    
Net deferred tax assets/(liabilities) $ (900)   (900)   $ (800)
Unrecognized tax benefit, accrued interest or penalties due to examination 0   0    
Maximum          
Accounting policies          
Credit losses (200)   (200)    
Maximum | Noncontrolling Interest          
Significant Accounting Policies          
Allocation of other comprehensive income/(loss)     100    
Non-related party          
Significant Accounting Policies          
Interest income 6,600 5,000 19,400 8,400  
Related party          
Significant Accounting Policies          
Interest income 0 0 0 0  
Multifamily tenant lease          
Significant Accounting Policies          
Tenant leases receivable, net 5,900   5,900    
Retail tenant lease          
Significant Accounting Policies          
Tenant leases receivable, net 200   $ 200    
Noncontrolling Interest          
Significant Accounting Policies          
Allocation of other comprehensive income/(loss) $ (200)        
Noncontrolling Interest | Maximum          
Significant Accounting Policies          
Allocation of other comprehensive income/(loss)   $ (100)   $ (100)  
v3.24.3
SIGNIFICANT ACCOUNTING POLICIES - Notes Receivables (Details)
$ in Thousands
 1 Months Ended 9 Months Ended
Apr. 30, 2024
Sep. 30, 2024
USD ($)
home
item
loan
Oct. 31, 2024
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Accounting Policies [Line Items]          
Notes receivable   $ 281,159   $ 229,802  
Allowance for credit losses   (1,153)   (977)  
Total notes receivable, net   280,006   228,825  
Note due October 2024          
Accounting Policies [Line Items]          
Aggregate commitment on note receivable   $ 93,500      
Number of extension options | item   2      
Term of notes receivable extension options   1 year      
Note due December 2024          
Accounting Policies [Line Items]          
Notes receivable   $ 41,189   37,022  
Note receivable interest rate   12.00%      
Number of loans | loan   2      
Number of apartment homes | home   478      
Aggregate commitment on note receivable   $ 32,500      
Aggregate commitment funded on note receivable   32,400      
Note maturity public capital threshold   5,000      
Note due October 2025          
Accounting Policies [Line Items]          
Notes receivable   $ 106,271   98,271  
Note receivable interest rate   10.50% 11.00%    
Note due December 2026 | Home Community, Riverside, California          
Accounting Policies [Line Items]          
Notes receivable   $ 69,977   64,608  
Note receivable interest rate   11.00%      
Number of apartment homes | home   482      
Aggregate commitment on note receivable   $ 59,700      
Interest payment accrual   36 months      
Number of extension options | item   2      
Term of notes receivable extension options   1 year      
Note due December 2026 | Home Community, Menifee, California          
Accounting Policies [Line Items]          
Number of apartment homes | home   237      
Aggregate commitment on note receivable   $ 24,400      
Interest payment accrual   36 months      
Number of extension options | item   2      
Term of notes receivable extension options   1 year      
Note due December 2026 | Home Community, Menifee, California          
Accounting Policies [Line Items]          
Notes receivable   $ 28,295   26,164  
Note receivable interest rate   11.00%      
Note due June 2027          
Accounting Policies [Line Items]          
Notes receivable   $ 4,273   3,737  
Note receivable interest rate   18.00%      
Aggregate commitment on note receivable       3,000 $ 1,500
Total revolving credit facility   $ 19,000   $ 16,000  
Note due September 2027          
Accounting Policies [Line Items]          
Notes receivable   $ 31,154      
Note receivable interest rate   7.84%      
Basis spread on variable rate   3.00%      
Note due September 2027 | Home Community, Santa Monica, California          
Accounting Policies [Line Items]          
Number of apartment homes | home   66      
Note Due on April 2026          
Accounting Policies [Line Items]          
Term of notes receivable extension options 1 year        
v3.24.3
REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Real estate owned    
Land $ 2,565,795 $ 2,549,716
Depreciable property - held and used:    
Land improvements 265,420 255,706
Building, improvements, and furniture, fixtures and equipment 13,271,034 12,902,021
Real estate intangible assets 50,013 50,013
Under development:    
Real estate under development   160,220
Real estate owned 16,152,262 16,023,859
Accumulated depreciation (6,739,674) (6,267,830)
Total real estate owned, net of accumulated depreciation 9,412,588 9,756,029
Accumulated amortization $ 20,200 17,200
Land, Buildings and Improvements    
Under development:    
Real estate under development   16,576
Real estate assets held for sale   13,734
Building, improvements and furniture, fixtures and equipment    
Under development:    
Real estate under development   143,828
Real estate assets held for sale   $ 92,265
v3.24.3
REAL ESTATE OWNED - Additional Information (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Feb. 29, 2024
USD ($)
home
Jan. 31, 2024
USD ($)
home
Sep. 30, 2024
USD ($)
state
home
community
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
state
home
community
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Real Estate Owned Disclosure              
Number of real estate properties | community     169   169    
Number of states in which there are owned and consolidated communities | state     13   13    
Number of apartment homes owned and consolidated | home     55,699   55,699    
Gain/(loss) on sale of real estate owned         $ 16,867 $ 325,885  
Development costs excluding direct costs and capitalized interest     $ 4,600 $ 2,600 13,200 10,300  
Capitalized interest during period     2,000 $ 2,600 7,300 $ 7,200  
Real estate intangible assets     50,013   50,013   $ 50,013
Total real estate owned, net of accumulated depreciation     $ 9,412,588   $ 9,412,588   $ 9,756,029
214 Home Operating Community located in Arlington              
Real Estate Owned Disclosure              
Proceeds from sale of real estate $ 100,000            
Gain/(loss) on sale of real estate owned $ 16,900            
Number of apartment homes sold | home 214            
173 Home Operating Community in Oakland, California              
Real Estate Owned Disclosure              
Number of apartment homes acquired | home   173          
Real estate acquired, Purchase price   $ 1,400          
v3.24.3
JOINT VENTURES AND PARTNERSHIPS - Summary (Details)
 1 Months Ended 2 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
community
home
property
Jul. 31, 2024
USD ($)
Aug. 31, 2024
USD ($)
agreement
community
home
Sep. 30, 2024
USD ($)
community
home
property
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
community
home
item
property
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Unconsolidated entities                
Number of communities | community 169     169   169    
Assets $ 11,079,764,000     $ 11,079,764,000   $ 11,079,764,000   $ 11,373,242,000
Liabilities 6,466,717,000     6,466,717,000   6,466,717,000   6,420,801,000
Total assets 11,079,764,000     11,079,764,000   11,079,764,000   11,373,242,000
Total liabilities 6,466,717,000     6,466,717,000   6,466,717,000   6,420,801,000
Investment in unconsolidated entities 957,197,000     957,197,000   957,197,000   944,071,000
Income/(loss) from investments       (1,880,000) $ 5,508,000 11,251,000 $ 24,912,000  
Notes receivable $ 281,159,000     $ 281,159,000   $ 281,159,000   229,802,000
Sold joint ventures and other investments         (1,071,000)   3,183,000  
Number of preferred equity agreements the company entered into | item           4    
Number of preferred equity agreements the company redeemed | item           0    
UDR/MetLife                
Unconsolidated entities                
Number of communities | property 13     13   13    
Number of apartment homes | home 2,834     2,834   2,834    
Investment in unconsolidated entities $ 208,882,000     $ 208,882,000   $ 208,882,000   $ 225,195,000
UDR's Ownership Interest 50.20%     50.20%   50.20%   50.20%
Income/(loss) from investments       $ (2,050,000) (1,455,000) $ (5,304,000) (3,930,000)  
UDR/LaSalle                
Unconsolidated entities                
Number of communities | property 5     5   5    
Number of apartment homes | home 1,590     1,590   1,590    
Investment in unconsolidated entities $ 271,927,000     $ 271,927,000   $ 271,927,000   $ 286,723,000
UDR's Ownership Interest 51.00%     51.00%   51.00%   51.00%
Income/(loss) from investments       $ (1,311,000) (1,647,000) $ (6,982,000) (1,689,000)  
Preferred Equity Investments                
Unconsolidated entities                
Number of communities | community 27     27   27    
Number of apartment homes | home 6,436     6,436   6,436    
Number of investments which receive a variable percentage of the value created from the project upon a capital or liquidating event | item           3    
Preferred Equity Investment Two                
Unconsolidated entities                
Impairment loss $ 8,100,000              
Joint venture one                
Unconsolidated entities                
Number of communities | community     4          
Number of apartment homes | home     818          
Weighted Average Rate     10.75%          
Investment in unconsolidated entities     $ 35,000,000.0          
Number of joint ventures agreements entered into | agreement     4          
Unconsolidated Joint Ventures                
Unconsolidated entities                
Number of communities | property 18     18   18    
Number of apartment homes | home 4,424     4,424   4,424    
Investment in unconsolidated entities $ 480,809,000     $ 480,809,000   $ 480,809,000   $ 511,918,000
Income/(loss) from investments       (3,361,000) (3,102,000) (12,286,000) (5,619,000)  
Real estate technology and sustainability investments                
Unconsolidated entities                
Investment in unconsolidated entities 52,284,000     52,284,000   52,284,000   44,382,000
Income/(loss) from investments       493,000 415,000 5,950,000 534,000  
UDR Commitment $ 86,000,000     $ 86,000,000   $ 86,000,000    
VIE, Primary Beneficiary                
Unconsolidated entities                
Number of apartment homes | home 173     173   173    
Operating Community | Preferred Equity Investments                
Unconsolidated entities                
Number of communities | community 27     27   27    
Number of apartment homes 6,436     6,436   6,436    
Weighted Average Rate 9.60%     9.60%   9.60%    
Investment in unconsolidated entities $ 424,104,000     $ 424,104,000   $ 424,104,000   387,771,000
Income/(loss) from investments       988,000 9,266,000 $ 17,587,000 26,814,000  
Years to Maturity           3 years 1 month 6 days    
UDR Commitment 364,209,000     364,209,000   $ 364,209,000    
Operating Community | Preferred Equity Investment One                
Unconsolidated entities                
Proceeds from Sale of Real Estate   $ 17,200,000            
Weighted Average Rate   11.00%            
Investment in unconsolidated entities   $ 50,000,000.0            
Debt and Preferred Equity Program | Real estate technology and sustainability investments                
Unconsolidated entities                
Investment in unconsolidated entities 476,388,000     476,388,000   476,388,000   $ 432,153,000
Income/(loss) from investments       1,481,000 $ 9,681,000 23,537,000 $ 27,348,000  
Note due September 2027                
Unconsolidated entities                
Original amount of notes receivable 31,100,000     31,100,000   31,100,000    
Notes receivable $ 31,154,000     $ 31,154,000   $ 31,154,000    
Basis spread on variable rate 3.00%     3.00%   3.00%    
v3.24.3
JOINT VENTURES AND PARTNERSHIPS - Commitments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Joint Ventures          
Investment in unconsolidated entities $ 957,197   $ 957,197   $ 944,071
Deferred fees from the sale of properties 7,200   7,200   7,600
Joint venture management and other fees $ 2,072 $ 1,772 $ 6,029 $ 4,464  
Type of revenue udr:ManagementAndOtherFeesMember udr:ManagementAndOtherFeesMember udr:ManagementAndOtherFeesMember udr:ManagementAndOtherFeesMember  
13th and Market Properties LLC | Accounts payable and Accrued Liabilities          
Joint Ventures          
Investment in unconsolidated entities $ (9,000)   $ (9,000)   $ (8,900)
v3.24.3
JOINT VENTURES AND PARTNERSHIPS - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Combined summary of balance sheets relating to unconsolidated joint ventures                
Total real estate, net $ 9,412,588   $ 9,412,588     $ 9,756,029    
Investments, at fair value 966,227   966,227     952,934    
Cash and cash equivalents 2,285 $ 1,624 2,285 $ 1,624   2,922   $ 1,193
Other assets 197,473   197,473     209,969    
Total assets 11,079,764   11,079,764     11,373,242    
Accounts payable and accrued liabilities 119,202   119,202     141,311    
Total liabilities 6,466,717   6,466,717     6,420,801    
Total equity 3,514,060 4,151,134 3,514,060 4,151,134 $ 3,722,719 3,991,354 $ 4,120,173 $ 4,098,295
Financial information relating to unconsolidated joint ventures operations                
Total revenues 420,160 410,131 1,249,114 1,214,228        
Property operating expenses 76,484 71,599 220,405 205,294        
Real estate depreciation and amortization 170,276 167,551 510,622 505,776        
Gain/(loss) on sale of real estate owned     16,867 325,885        
Operating income/(loss) 69,856 78,072 218,281 540,759        
Interest expense (50,214) (44,664) (146,087) (133,519)        
Other income/(loss) 6,159 (3,069) 18,522 8,388        
Net income/(loss) 24,077 35,419 101,400 438,527        
Unconsolidated Joint Ventures and Partnerships                
Combined summary of balance sheets relating to unconsolidated joint ventures                
Total real estate, net 3,137,069   3,137,069     3,158,057    
Investments, at fair value 322,637   322,637     257,832    
Cash and cash equivalents 62,106   62,106     61,670    
Other assets 139,898   139,898     146,976    
Total assets 3,661,710   3,661,710     3,624,535    
Third party debt, net 2,049,081   2,049,081     2,012,816    
Accounts payable and accrued liabilities 172,656   172,656     171,502    
Total liabilities 2,221,737   2,221,737     2,184,318    
Total equity 1,439,973   1,439,973     $ 1,440,217    
Financial information relating to unconsolidated joint ventures operations                
Total revenues 80,793 70,375 235,062 194,752        
Property operating expenses 38,264 32,268 108,992 86,779        
Real estate depreciation and amortization 37,412 34,874 112,465 84,907        
Operating income/(loss) 5,117 3,233 13,605 23,066        
Interest expense (29,415) (18,138) (79,523) (65,202)        
Other income/(loss) (24) (1,234) (3,372) (236)        
Net unrealized/realized gain/(loss) on held investments 3,530 13,580 36,279 17,106        
Net income/(loss) $ (20,792) $ (2,559) $ (33,011) $ (25,266)        
v3.24.3
LEASES - Lessee Future Minimum Payments (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
community
Dec. 31, 2023
USD ($)
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 $ 187,918 $ 190,619
Weighted average remaining lease term 41 years 6 months 42 years
Weighted average discount rate 5.00% 5.00%
Future minimum lease payments    
Total operating lease liabilities (discounted) $ 183,181 $ 185,836
Land    
Future minimum lease payments    
2024 3,111  
2025 12,442  
2026 12,442  
2027 12,442  
2028 12,442  
Thereafter 405,452  
Total future minimum lease payments (undiscounted) 458,331  
Difference between future undiscounted cash flows and discounted cash flows (275,150)  
Total operating lease liabilities (discounted) $ 183,181  
v3.24.3
LEASES - Lessee Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Lease expense:        
Variable lease expense $ 100 $ 200 $ 900 $ 1,000
Operating lease right-of-use asset amortization     2,700 2,600
Operating lease liabilities amortization     2,700 2,500
Maximum        
Lease expense:        
Contractual lease expense 100 100 100 100
Land        
Lease expense:        
Contractual lease expense 3,331 3,293 10,031 9,877
Variable lease expense 47 42 130 103
Land | Other Operating Expenses        
Lease expense:        
Total operating lease expense $ 3,378 $ 3,335 $ 10,161 $ 9,980
v3.24.3
LEASES - Lessor (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Future minimum lease payments        
Variable lease expense $ 100 $ 200 $ 900 $ 1,000
Minimum        
Lessor leases        
Percentage of lease revenue     1.00%  
Maximum        
Lessor leases        
Percentage of lease revenue     2.00%  
Apartment Homes        
Lessor leases        
Option to extend     true  
Apartment Homes | Maximum        
Lessor leases        
Lease terms 12 months   12 months  
Retail and Commercial Spaces        
Lessor leases        
Option to extend     true  
Future minimum lease payments        
2024 $ 6,572   $ 6,572  
2025 25,795   25,795  
2026 23,280   23,280  
2027 19,640   19,640  
2028 16,839   16,839  
Thereafter 64,476   64,476  
Total future minimum lease payments $ 156,602   $ 156,602  
Retail and Commercial Spaces | Minimum        
Lessor leases        
Lease terms 5 years   5 years  
Retail and Commercial Spaces | Maximum        
Lessor leases        
Lease terms 15 years   15 years  
v3.24.3
SECURED AND UNSECURED DEBT, NET - Summary (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
community
Aug. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Secured debt instruments      
Total Debt, net $ 5,865,263   $ 5,798,709
Long-term Debt $ 5,880,921    
Weighted average interest rate (as a percent) 3.43%    
Weighted Average      
Secured debt instruments      
Years to maturity 5 years 4 months 24 days    
Secured Debt      
Secured debt instruments      
Total Debt, net $ 1,140,692   1,277,713
Long-term Debt $ 1,144,138    
Weighted average interest rate (as a percent) 3.51%    
Number of Communities Encumbered | community 20    
Secured Debt | Weighted Average      
Secured debt instruments      
Years to maturity 4 years 4 months 24 days    
Unsecured Debt      
Secured debt instruments      
Total Debt, net $ 4,724,571   4,520,996
Long-term Debt $ 4,736,783    
Weighted average interest rate (as a percent) 3.41%    
Deferred finance costs, net $ (21,020)   (20,682)
Unsecured Debt | Weighted Average      
Secured debt instruments      
Years to maturity 5 years 7 months 6 days    
Fixed Rate Debt | Secured Debt      
Secured debt instruments      
Total Debt, net $ 1,113,733   1,210,742
Long-term Debt $ 1,117,138    
Weighted average interest rate (as a percent) 3.50%    
Number of Communities Encumbered | community 19    
Fixed Rate Debt | Secured Debt | Weighted Average      
Secured debt instruments      
Years to maturity 4 years 3 months 18 days    
Variable Rate Debt | Secured Debt      
Secured debt instruments      
Total Debt, net $ 26,959   66,971
Long-term Debt $ 27,000    
Weighted average interest rate (as a percent) 3.99%    
Number of Communities Encumbered | community 1    
Variable Rate Debt | Secured Debt | Weighted Average      
Secured debt instruments      
Years to maturity 7 years 6 months    
Mortgages loans | Fixed Rate Debt | Secured Debt      
Secured debt instruments      
Deferred financing costs and other non-cash adjustments $ 3,405   3,009
Long-term Debt $ 1,117,138   1,213,751
Weighted average interest rate (as a percent) 3.49%    
Number of Communities Encumbered | community 19    
Mortgages loans | Fixed Rate Debt | Secured Debt | Weighted Average      
Secured debt instruments      
Years to maturity 4 years 3 months 18 days    
Mortgages loans | Variable Rate Debt      
Secured debt instruments      
Stated interest rate 8.31%    
Mortgages loans | Variable Rate Debt | Secured Debt      
Secured debt instruments      
Long-term Debt     40,017
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) 3.96%    
Number of Communities Encumbered | community 1    
Deferred finance costs, net $ (41)   (46)
Tax-exempt secured notes payable | Variable Rate Debt | Secured Debt | Weighted Average      
Secured debt instruments      
Years to maturity 7 years 6 months    
Borrowings outstanding under unsecured credit facility due January 2026 | Variable Rate Debt | Unsecured Debt | Weighted Average      
Secured debt instruments      
Years to maturity 3 years 10 months 24 days    
Commercial Paper | Variable Rate Debt | Unsecured Debt      
Secured debt instruments      
Borrowings outstanding $ 290,000   408,075
Weighted average interest rate (as a percent) 5.03%    
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 $ 46,783   4,593
Weighted average interest rate (as a percent) 5.71%    
Working capital credit facility | Variable Rate Debt | Unsecured Debt | Weighted Average      
Secured debt instruments      
Years to maturity 3 months 18 days    
Term Loan due January 2027 | Fixed Rate Debt | Unsecured Debt      
Secured debt instruments      
Long-term Debt $ 175,000   350,000
Weighted average interest rate (as a percent) 1.45%    
Term Loan due January 2027 | Fixed Rate Debt | Unsecured Debt | Weighted Average      
Secured debt instruments      
Years to maturity 2 years 3 months 18 days    
Term Loan due January 2027 | Variable Rate Debt | Unsecured Debt      
Secured debt instruments      
Long-term Debt $ 175,000    
Weighted average interest rate (as a percent) 6.18%    
Term Loan due January 2027 | Variable Rate Debt | Unsecured Debt | Weighted Average      
Secured debt instruments      
Years to maturity 2 years 3 months 18 days    
8.50% Debentures, Due September 2024 | Fixed Rate Debt | Unsecured Debt      
Secured debt instruments      
Long-term Debt     $ 15,644
Stated interest rate 8.50%   8.50%
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) 2.89%    
2.95% Medium-Term Note due September 2026 | Fixed Rate Debt | Unsecured Debt | Weighted Average      
Secured debt instruments      
Years to maturity 1 year 10 months 24 days    
3.50 Medium-Term Note due July 2027 | Fixed Rate Debt | Unsecured Debt      
Secured debt instruments      
Total Debt, net $ 299,806   $ 299,753
Stated interest rate 3.50%   3.50%
Unamortized discount $ 194   $ 247
Weighted average interest rate (as a percent) 4.03%    
3.50 Medium-Term Note due July 2027 | Fixed Rate Debt | Unsecured Debt | Weighted Average      
Secured debt instruments      
Years to maturity 2 years 9 months 18 days    
3.50% Medium-Term Notes Due January 2028 | Fixed Rate Debt | Unsecured Debt      
Secured debt instruments      
Total Debt, net $ 299,610   $ 299,521
Stated interest rate 3.50%   3.50%
Unamortized discount $ 390   $ 479
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 3 years 3 months 18 days    
4.40% Medium-Term Notes due January 2029 | Fixed Rate Debt | Unsecured Debt      
Secured debt instruments      
Total Debt, net $ 299,997   $ 299,997
Stated interest rate 4.40%   4.40%
Unamortized discount $ 3   $ 3
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 4 years 3 months 18 days    
3.20% Medium-Term Notes due January 2030 | Fixed Rate Debt | Unsecured Debt      
Secured debt instruments      
Total Debt, net $ 607,264   $ 608,294
Stated interest rate 3.20%   3.20%
Unamortized net premium $ 7,264   $ 8,294
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 5 years 3 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 $ 608,213   $ 609,109
Stated interest rate 3.00%   3.00%
Unamortized net premium $ 8,213   $ 9,109
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 6 years 10 months 24 days    
2.10% Medium Term Note Due August 2032 | Fixed Rate Debt | Unsecured Debt      
Secured debt instruments      
Total Debt, net $ 399,724   $ 399,697
Stated interest rate 2.10%   2.10%
Unamortized discount $ 276   $ 303
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 7 years 9 months 18 days    
1.90% Medium-Term Notes due March 2033 | Fixed Rate Debt | Unsecured Debt      
Secured debt instruments      
Total Debt, net $ 348,981   $ 348,890
Stated interest rate 1.90%   1.90%
Unamortized discount $ 1,019   $ 1,110
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 8 years 6 months    
2.10% Medium-Term Note due June 2033 | Fixed Rate Debt | Unsecured Debt      
Secured debt instruments      
Total Debt, net $ 299,133   $ 299,059
Stated interest rate 2.10%   2.10%
Unamortized discount $ 867   $ 941
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 8 years 8 months 12 days    
5.125% Medium-Term Note due September 2034      
Secured debt instruments      
Long-term Debt   $ 300,000  
Stated interest rate 5.125% 5.125%  
Unamortized discount $ 3,030   0
5.125% Medium-Term Note due September 2034 | Fixed Rate Debt | Secured Debt      
Secured debt instruments      
Total Debt, net $ 296,970    
Weighted average interest rate (as a percent) 4.95%    
5.125% Medium-Term Note due September 2034 | Fixed Rate Debt | Secured Debt | Weighted Average      
Secured debt instruments      
Years to maturity 9 years 10 months 24 days    
3.10% Medium-Term Notes due November 2034 | Fixed Rate Debt | Unsecured Debt      
Secured debt instruments      
Total Debt, net $ 299,110   $ 299,044
Stated interest rate 3.10%   3.10%
Unamortized discount $ 890   $ 956
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 10 years 1 month 6 days    
Other | Fixed Rate Debt | Unsecured Debt      
Secured debt instruments      
Total Debt, net     $ 2
v3.24.3
SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details)
$ in Thousands
 1 Months Ended 9 Months Ended 12 Months Ended
Aug. 31, 2024
item
Jul. 31, 2024
item
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jul. 31, 2022
USD ($)
instrument
Summary of short-term bank borrowings under unsecured commercial bank credit facility          
Notional         $ 175,000
Number of interest rate swaps | instrument         2
All-in weighted average interest rate         1.45%
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 | item 2 2      
Extension period of option on loan 6 months 6 months      
Revolving credit facility due 2023 | Letter of Credit          
Summary of short-term bank borrowings under unsecured commercial bank credit facility          
Borrowings outstanding     $ 3,800 $ 2,300  
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%    
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       2,055  
Maximum daily borrowings during the period ended       $ 250,000  
Weighted average interest rate during the period ended       5.60%  
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%    
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 2027          
Summary of short-term bank borrowings under unsecured commercial bank credit facility          
Total revolving credit facility     $ 350,000    
Term Loan due January 2027 | Revolving Credit Facility          
Summary of short-term bank borrowings under unsecured commercial bank credit facility          
Extension period of option on loan 12 months        
v3.24.3
SECURED AND UNSECURED DEBT, NET - Working Capital Credit Facility (Details) - Working capital credit facility - Variable Rate Debt - Unsecured Debt - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Summary of short-term bank borrowings under unsecured commercial bank credit facility    
Total revolving credit facility $ 75,000 $ 75,000
Borrowings outstanding at end of period 46,783 4,593
Weighted average daily borrowings during the period ended 14,810 15,829
Maximum daily borrowings during the period ended $ 62,077 $ 57,107
Weighted average interest rate during the period ended 6.20% 5.90%
Interest rate at end of the period 5.70% 6.30%
Basis points added to to variable rate 0.775%  
Minimum    
Summary of short-term bank borrowings under unsecured commercial bank credit facility    
Basis points added to to variable rate 0.70%  
Maximum    
Summary of short-term bank borrowings under unsecured commercial bank credit facility    
Basis points added to to variable rate 1.40%  
v3.24.3
SECURED AND UNSECURED DEBT, NET - Short Term Debt (Details) - Variable Rate Debt - Unsecured Debt - Commercial Paper - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Secured and Unsecured Debt    
Total unsecured commercial paper program $ 700,000 $ 700,000
Borrowings outstanding at end of period 290,000 408,075
Weighted average daily borrowings during the period ended 416,215 384,068
Maximum daily borrowings during the period ended $ 645,000 $ 505,000
Weighted average interest rate during the period ended 5.50% 5.40%
Interest rate at end of the period 5.00% 5.70%
v3.24.3
SECURED AND UNSECURED DEBT, NET - Unsecured Maturities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Aggregate maturities of unsecured debt          
2024 $ 291,340   $ 291,340    
2025 225,106   225,106    
2026 356,672   356,672    
2027 656,939   656,939    
2028 466,526   466,526    
2029 615,811   615,811    
2030 830,597   830,597    
2031 760,930   760,930    
2032 427,000   427,000    
2033 650,000   650,000    
Thereafter 600,000   600,000    
Subtotal 5,880,921   5,880,921    
Non-cash (15,658)   (15,658)    
Total 5,865,263   5,865,263   $ 5,798,709
Interest expense          
Aggregate maturities of unsecured debt          
Amortization of financing costs 1,200 $ 1,000 3,700 $ 2,900  
Secured Debt          
Aggregate maturities of unsecured debt          
2024 1,340   1,340    
2025 178,323   178,323    
2026 56,672   56,672    
2027 6,939   6,939    
2028 166,526   166,526    
2029 315,811   315,811    
2030 230,597   230,597    
2031 160,930   160,930    
2032 27,000   27,000    
Subtotal 1,144,138   1,144,138    
Non-cash (3,446)   (3,446)    
Total 1,140,692   1,140,692   1,277,713
Secured Debt | Fixed Rate Debt          
Aggregate maturities of unsecured debt          
2024 1,340   1,340    
2025 178,323   178,323    
2026 56,672   56,672    
2027 6,939   6,939    
2028 166,526   166,526    
2029 315,811   315,811    
2030 230,597   230,597    
2031 160,930   160,930    
Subtotal 1,117,138   1,117,138    
Non-cash (3,405)   (3,405)    
Total 1,113,733   1,113,733   1,210,742
Secured Debt | Variable Rate Debt          
Aggregate maturities of unsecured debt          
2032 27,000   27,000    
Subtotal 27,000   27,000    
Non-cash (41)   (41)    
Total 26,959   26,959   66,971
Unsecured Debt          
Aggregate maturities of unsecured debt          
2024 290,000   290,000    
2025 46,783   46,783    
2026 300,000   300,000    
2027 650,000   650,000    
2028 300,000   300,000    
2029 300,000   300,000    
2030 600,000   600,000    
2031 600,000   600,000    
2032 400,000   400,000    
2033 650,000   650,000    
Thereafter 600,000   600,000    
Subtotal 4,736,783   4,736,783    
Non-cash (12,212)   (12,212)    
Total $ 4,724,571   $ 4,724,571   $ 4,520,996
v3.24.3
SECURED AND UNSECURED DEBT, NET - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 31, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Aug. 31, 2024
Dec. 31, 2023
Jul. 31, 2022
Secured Debt                
Percentage of secured debt which encumbers real estate owned based upon book value   13.00%   13.00%        
Percentage of secured debt of real estate owned which is unencumbered   87.00%   87.00%        
Outstanding balances   $ 5,880,921   $ 5,880,921        
All-in weighted average interest rate               1.45%
3.00% Medium-Term Notes due August 2031                
Secured Debt                
Outstanding balances   600,000   600,000        
Interest rate risk   $ 250,000   $ 250,000        
All-in weighted average interest rate   3.01%   3.01%        
5.125% Medium-Term Note due September 2034                
Secured Debt                
Outstanding balances           $ 300,000    
Stated interest rate   5.125%   5.125%   5.125%    
Percentage of principal amount at issuance           98.977    
All-in weighted average interest rate           4.95%    
Unsecured Debt                
Secured Debt                
Outstanding balances   $ 4,736,783   $ 4,736,783        
Secured Debt                
Secured Debt                
Outstanding balances   $ 1,144,138   $ 1,144,138        
Fixed Rate Debt | Mortgages loans                
Secured Debt                
Repayments of outstanding borrowing $ 94,100              
Fixed Rate Debt | Mortgages loans | Minimum                
Secured Debt                
Notes payable maximum interest rates range   2.62%   2.62%        
Fixed Rate Debt | Mortgages loans | Maximum                
Secured Debt                
Notes payable maximum interest rates range   4.39%   4.39%        
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026                
Secured Debt                
Outstanding balances   $ 300,000   $ 300,000     $ 300,000  
Stated interest rate   2.95%   2.95%     2.95%  
Portion of medium term note subject to interest rate swaps   $ 100,000   $ 100,000        
All-in weighted average interest rate   2.89%   2.89%        
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027                
Secured Debt                
Stated interest rate   3.50%   3.50%     3.50%  
Portion of medium term note subject to interest rate swaps   $ 200,000   $ 200,000        
All-in weighted average interest rate   4.03%   4.03%        
Fixed Rate Debt | Unsecured Debt | 4.40% Medium-Term Notes due January 2029                
Secured Debt                
Principal outstanding   $ 300,000   $ 300,000        
Stated interest rate   4.40%   4.40%     4.40%  
Portion of medium term note subject to interest rate swaps   $ 150,000   $ 150,000        
All-in weighted average interest rate   4.27%   4.27%        
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030                
Secured Debt                
Stated interest rate   3.20%   3.20%     3.20%  
All-in weighted average interest rate   3.32%   3.32%        
Unamortized net premium   $ 7,264   $ 7,264     $ 8,294  
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031                
Secured Debt                
Stated interest rate   3.00%   3.00%     3.00%  
Unamortized net premium   $ 8,213   $ 8,213     $ 9,109  
Fixed Rate Debt | Unsecured Debt | 3.10% senior unsecured notes due 2034                
Secured Debt                
All-in weighted average interest rate   3.13%   3.13%        
Fixed Rate Debt | Secured Debt                
Secured Debt                
Outstanding balances   $ 1,117,138   $ 1,117,138        
Fixed Rate Debt | Secured Debt | Mortgages loans                
Secured Debt                
Outstanding balances   1,117,138   1,117,138     1,213,751  
Fixed Rate Debt | Debt Assumed As Part of Acquisition | Mortgages loans                
Secured Debt                
Amortization of debt discount (Premium)   200 $ 800 1,000 $ 3,000      
Unamortized net premium   $ 400   400     1,500  
Variable Rate Debt | Mortgages loans                
Secured Debt                
Repayments of outstanding borrowing       $ 40,000        
Stated interest rate   8.31%   8.31%        
Variable Rate Debt | Secured Debt                
Secured Debt                
Outstanding balances   $ 27,000   $ 27,000        
Variable Rate Debt | Secured Debt | Mortgages loans                
Secured Debt                
Outstanding balances             40,017  
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable                
Secured Debt                
Outstanding balances   27,000   27,000     $ 27,000  
Variable Rate Debt | Tax-exempt secured notes payable | Mortgages loans                
Secured Debt                
Principal outstanding   $ 27,000   $ 27,000        
Variable Rate Debt | Tax-exempt secured notes payable | Mortgages loans                
Secured Debt                
Notes payable maximum interest rates range   3.96%   3.96%        
v3.24.3
INCOME/(LOSS) PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Jul. 31, 2021
Antidilutive securities            
Net income/(loss) $ 24,077 $ 35,419 $ 101,400 $ 438,527    
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (1,574) (2,554) (6,736) (27,137)    
Net (income)/loss attributable to noncontrolling interests 94 (7) (35) (23)    
Net income/(loss) attributable to UDR, Inc. 22,597 32,858 94,629 411,367    
Distributions to preferred stockholders - Series E (Convertible) (1,197) (1,221) (3,638) (3,626)    
Net income/(loss) attributable to common stockholders 21,400 31,637 90,991 407,741    
Income/(loss) attributable to common stockholders - diluted $ 21,400 $ 31,637 $ 90,991 $ 407,741    
Denominator for income/(loss) per share:            
Weighted average common shares outstanding 329,788,000 329,130,000 329,488,000 329,207,000    
Unvested restricted stock awards (367,000) (370,000) (387,000) (372,000)    
Denominator for basic income/(loss) per share 329,421,000 328,760,000 329,101,000 328,835,000    
Incremental shares issuable from assumed conversion of unvested LTIP Units, conversion of Series E preferred stock, performance units and unvested restricted stock 1,136,000 441,000 654,000 448,000    
Denominator for diluted income/(loss) per share 330,557,000 329,201,000 329,755,000 329,283,000    
Income/(loss) per weighted average common share - basic $ 0.06 $ 0.10 $ 0.28 $ 1.24    
Income/(loss) per weighted average common share - diluted $ 0.06 $ 0.10 $ 0.28 $ 1.24    
Number of shares authorized 450,000,000   450,000,000   450,000,000  
OP Units            
Denominator for income/(loss) per share:            
Antidilutive securities 23,854,000 22,511,000 24,198,000 21,699,000    
Preferred Stock            
Denominator for income/(loss) per share:            
Antidilutive securities 2,815,000 2,908,000 2,858,000 2,908,000    
Unvested LTIP Units, performance units, and unvested restricted stock            
Denominator for income/(loss) per share:            
Antidilutive securities 1,136,000 441,000 654,000 448,000    
ATM            
Denominator for income/(loss) per share:            
Number of shares authorized           20,000,000.0
Shares of common stock available for future issuance 14,000,000.0   14,000,000.0      
v3.24.3
NONCONTROLLING INTERESTS (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
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     $ 961,087  
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership $ 104,656 $ (159,298) 180,086 $ (65,799)
OP Units issued for real estate, net       141,359
Conversion of OP Units/DownREIT Units to Common Stock or Cash     (28,392)  
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 1,574 2,554 6,736 27,137
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership     (42,234)  
Redeemable Long-Term and Short-Term Incentive Plan Units     21,700  
Allocation of other comprehensive income/(loss)     4  
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year 1,098,987   1,098,987  
Net (income)/loss attributable to noncontrolling interests 94 (7) (35) (23)
Maximum        
Redeemable noncontrolling interests in the Operating Partnership        
Net (income)/loss attributable to noncontrolling interests $ 100 $ (100) $ (100) $ (100)
v3.24.3
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis    
Derivative Asset Designated as Hedging Instrument, Fair Value $ 4,583 $ 10,103
Debt instruments - fair value    
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 1,098,987 961,087
Carrying Amount | Fair Value, Measurements, Recurring    
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis    
Notes receivable 280,006 228,825
Total assets 285,856 246,138
Debt instruments - fair value    
Total liabilities 5,890,167 5,823,923
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 1,098,987 961,087
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 1,267 7,210
Carrying Amount | Interest rate contracts | Fair Value, Measurements, Recurring    
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis    
Derivative Asset Designated as Hedging Instrument, Fair Value 4,583 10,103
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 272,583 222,755
Total assets 278,433 240,068
Debt instruments - fair value    
Total liabilities 5,429,760 5,215,522
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 1,098,987 961,087
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 1,267 7,210
Estimate of Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring    
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis    
Derivative Asset Designated as Hedging Instrument, Fair Value 4,583 10,103
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 1,267 7,210
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 1,267 7,210
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 4,583 10,103
Debt instruments - fair value    
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 1,098,987 961,087
Estimate of Fair Value | Level 2 | Interest rate contracts | Fair Value, Measurements, Recurring    
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis    
Derivative Asset Designated as Hedging Instrument, Fair Value 4,583 10,103
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 272,583 222,755
Total assets 272,583 222,755
Debt instruments - fair value    
Total liabilities 5,429,760 5,215,522
Unsecured Debt | Carrying Amount | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value 4,408,808 4,129,010
Unsecured Debt | Estimate of Fair Value | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value 3,998,555 3,611,697
Unsecured Debt | Estimate of Fair Value | Level 3 | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value 3,998,555 3,611,697
Unsecured Debt | Working capital credit facility | Carrying Amount | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value 46,783 4,593
Unsecured Debt | Working capital credit facility | Estimate of Fair Value | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value 46,783 4,593
Unsecured Debt | Working capital credit facility | Estimate of Fair Value | Level 3 | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value 46,783 4,593
Unsecured Debt | Commercial Paper | Carrying Amount | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value 290,000 408,075
Unsecured Debt | Commercial Paper | Estimate of Fair Value | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value 290,000 408,075
Unsecured Debt | Commercial Paper | Estimate of Fair Value | Level 3 | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value 290,000 408,075
Fixed Rate Debt | Secured Debt | Mortgages loans | Carrying Amount | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value 1,117,576 1,215,228
Fixed Rate Debt | Secured Debt | Mortgages loans | Estimate of Fair Value | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value 1,067,422 1,124,140
Fixed Rate Debt | Secured Debt | Mortgages loans | Estimate of Fair Value | Level 3 | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value 1,067,422 1,124,140
Variable Rate Debt | Secured Debt | Mortgages loans | Carrying Amount | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value   40,017
Variable Rate Debt | Secured Debt | Mortgages loans | Estimate of Fair Value | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value   40,017
Variable Rate Debt | Secured Debt | Mortgages loans | Estimate of Fair Value | Level 3 | Fair Value, Measurements, Recurring    
Debt instruments - fair value    
Fair value   40,017
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
v3.24.3
DERIVATIVES AND HEDGING ACTIVITY - Interest Rate Derivatives (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
instrument
Aug. 31, 2024
USD ($)
Jul. 31, 2022
USD ($)
Derivatives      
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense $ 3,400    
Notional     $ 175,000
Designated as Hedging Instrument | Interest rate swap and caps      
Derivatives      
Number instruments entered into | instrument 3    
Notional $ 194,880    
Designated as Hedging Instrument | Treasury lock arrangement      
Derivatives      
Number instruments entered into | instrument 3    
Number instruments settled | instrument 3    
Notional   $ 300,000  
Deferred gain recorded in accumulated other comprehensive income/(loss) $ 4,100    
Not Designated as Hedging Instrument      
Derivatives      
Notional $ 0    
v3.24.3
DERIVATIVES AND HEDGING ACTIVITY - Undesignated Interest Rate Derivatives (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets    
Derivative Asset Designated as Hedging Instrument, Fair Value $ 4,583 $ 10,103
Interest rate contracts | Other assets | Designated as Hedging Instrument    
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets    
Derivative Asset Designated as Hedging Instrument, Fair Value $ 4,583 $ 10,103
v3.24.3
DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Effect of derivative instruments on the Consolidated Statements of Operations        
Unrealized holding gain/(loss) $ (1,768) $ 1,314 $ 5,464 $ 5,336
Gain/(Loss) Reclassified from Accumulated OCI in Interest expense 1,782 2,110 5,768 5,332
Interest rate contracts | Interest expense | Cash Flow Hedging        
Effect of derivative instruments on the Consolidated Statements of Operations        
Unrealized holding gain/(loss) (1,768) 1,314 5,464 5,336
Gain/(Loss) Reclassified from Accumulated OCI in Interest expense $ 1,782 $ 2,110 $ 5,768 $ 5,332
v3.24.3
DERIVATIVES AND HEDGING ACTIVITY - Effectiveness (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivatives and hedging activity        
Total amount of Interest expense presented on the Consolidated Statements of Operations $ 50,214 $ 44,664 $ 146,087 $ 133,519
v3.24.3
DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Offsetting derivative assets    
Gross Amounts of Recognized Assets $ 4,583 $ 10,103
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) $ 4,583 $ 10,103
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
Net Amount $ 4,583 $ 10,103
v3.24.3
STOCK BASED COMPENSATION (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
General and Administrative        
Stock based compensation        
Stock based compensation expense $ 9.2 $ 7.1 $ 25.9 $ 22.8
v3.24.3
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
community
Real estate properties  
Number of communities | community 169
Costs Incurred to Date $ 118,957
UDR's Remaining Commitment 140,083
Loss contingency accrual  
Contingency liabilities 0
Real estate technology investments  
Real estate properties  
Costs Incurred to Date 58,972
UDR's Remaining Commitment $ 47,028
Wholly owned - redevelopment  
Real estate properties  
Number of communities | community 10
Costs Incurred to Date $ 59,985
UDR's Remaining Commitment $ 93,055
v3.24.3
REPORTABLE SEGMENTS (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
home
segment
Sep. 30, 2023
USD ($)
home
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segments            
Same store communities | home     52,837 51,804    
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 $ 418,088 $ 408,359 $ 1,243,085 $ 1,209,764    
Reconciling items:            
Joint venture management and other fees $ 2,072 $ 1,772 $ 6,029 $ 4,464    
Type of revenue udr:ManagementAndOtherFeesMember udr:ManagementAndOtherFeesMember udr:ManagementAndOtherFeesMember udr:ManagementAndOtherFeesMember    
Property management $ (13,588) $ (13,271) $ (40,400) $ (39,317)    
Other operating expenses (6,382) (4,611) (20,803) (11,902)    
Real estate depreciation and amortization (170,276) (167,551) (510,622) (505,776)    
General and administrative (20,890) (15,159) (58,836) (49,091)    
Casualty-related (charges)/recoveries, net (1,473) 1,928 (8,749) (3,362)    
Other depreciation and amortization (4,029) (3,692) (13,024) (11,022)    
Gain/(loss) on sale of real estate owned     16,867 325,885    
Income/(loss) from unconsolidated entities (1,880) 5,508 11,251 24,912    
Interest expense (50,214) (44,664) (146,087) (133,519)    
Interest income and other income/(expense), net 6,159 (3,069) 18,522 8,388    
Tax (provision)/benefit, net 156 (428) (567) (2,013)    
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (1,574) (2,554) (6,736) (27,137)    
Net (income)/loss attributable to noncontrolling interests 94 (7) (35) (23)    
Net income/(loss) attributable to UDR, Inc. 22,597 32,858 94,629 411,367    
Reportable apartment home segment assets:            
Total segment assets 16,152,262   16,152,262   $ 16,023,859  
Accumulated depreciation (6,739,674)   (6,739,674)   (6,267,830)  
Total real estate owned, net of accumulated depreciation 9,412,588   9,412,588   9,756,029  
Reconciling items:            
Cash and cash equivalents 2,285 1,624 2,285 1,624 2,922 $ 1,193
Restricted cash 33,267 30,831 33,267 30,831 31,944 $ 29,001
Notes receivable, net 280,006   280,006   228,825  
Investment in and advances to unconsolidated joint ventures, net 966,227   966,227   952,934  
Operating lease right-of-use assets 187,918   187,918   190,619  
Other assets 197,473   197,473   209,969  
Total consolidated assets 11,079,764   11,079,764   11,373,242  
Total Communities            
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations            
Lease revenue 403,306 394,895 1,202,180 1,172,542    
Other revenue 14,782 13,465 40,905 37,222    
Rental income 418,088 408,360 1,243,085 1,209,764    
Reportable apartment home segment NOI 284,422 278,656 847,819 830,880    
Same Communities | Same Store Communities Western Region            
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations            
Lease revenue 120,665 118,801 355,797 346,970    
Other revenue 3,175 3,052 8,970 8,670    
Rental income 123,840 121,853 364,767 355,640    
Reportable apartment home segment NOI 91,209 90,011 270,378 265,550    
Reportable apartment home segment assets:            
Total segment assets 4,499,276   4,499,276   4,452,491  
Same Communities | 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 78,211 76,581 232,276 225,504    
Other revenue 3,633 3,379 10,107 8,689    
Rental income 81,844 79,960 242,383 234,193    
Reportable apartment home segment NOI 55,823 54,591 165,750 161,143    
Reportable apartment home segment assets:            
Total segment assets 3,242,224   3,242,224   3,205,036  
Same Communities | 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 83,353 81,525 242,785 235,412    
Other revenue 2,357 2,154 6,253 5,852    
Rental income 85,710 83,679 249,038 241,264    
Reportable apartment home segment NOI 55,382 54,445 161,762 159,341    
Reportable apartment home segment assets:            
Total segment assets 3,993,659   3,993,659   3,957,210  
Same Communities | Same Store Communities Southeastern Region            
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations            
Lease revenue 56,177 57,096 169,892 169,668    
Other revenue 2,951 2,571 8,080 7,030    
Rental income 59,128 59,667 177,972 176,698    
Reportable apartment home segment NOI 40,328 40,727 121,416 121,071    
Reportable apartment home segment assets:            
Total segment assets 1,625,799   1,625,799   1,589,605  
Same Communities | Same Store Communities Southwestern Region            
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations            
Lease revenue 41,128 42,054 112,627 113,564    
Other revenue 2,004 1,965 5,210 4,795    
Rental income 43,132 44,019 117,837 118,359    
Reportable apartment home segment NOI 27,524 28,397 74,282 75,877    
Reportable apartment home segment assets:            
Total segment assets 1,521,730   1,521,730   1,506,052  
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 23,772 18,838 88,803 81,424    
Other revenue 662 344 2,285 2,186    
Rental income 24,434 19,182 91,088 83,610    
Reportable apartment home segment NOI 14,156 $ 10,485 54,231 $ 47,898    
Reportable apartment home segment assets:            
Total segment assets $ 1,269,574   $ 1,269,574   $ 1,313,465