UDR, Inc.

Listed Company

UDRCIK 0000074208NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$1.71B

Net Income

$377.70M

Total Assets

$10.61B

Equity

$3.29B

Shares Out

324.92M

Op. Cash Flow

$902.89M

Business

UDR, Inc. is a self‑administered real estate investment trust that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted U.S. markets. It offers multifamily rental housing and related services including property management, leasing, resident services, redevelopment and development activities, and investments through joint ventures and preferred equity. UDR reports results in two operating segments: Same‑Store Communities and Non‑Mature Communities/Other. Its properties are concentrated across multiple U.S. markets, including coastal and sunbelt regions, held directly or through subsidiaries, consolidated and unconsolidated joint ventures and partnerships.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	1,701	1,664	1,621	1,512	1,285
Joint venture management and other fees	11	8	7	5	6
Total revenues	1,712	1,672	1,628	1,517	1,291
Property operating and maintenance	305	293	274	250	218
Real estate taxes and insurance	234	232	232	222	199
Property management	55	54	53	49	39
Other operating expenses	31	30	20	17	22
Real estate depreciation and amortization	654	676	676	665	607
General and administrative	85	84	70	64	58
Casualty-related charges/(recoveries), net	12	15	3	10	4
Other depreciation and amortization	26	19	15	14	13
Total operating expenses	1,402	1,404	1,344	1,292	1,159
Gain/(loss) on sale of real estate owned	243	17	351	25	136
Operating income	554	285	635	251	268
Income/(loss) from unconsolidated entities	28	20	5	5	66
Interest expense	−197	−196	−181	−156	−186
Interest income and other income/(expense), net	19	−12	18	−7	15
Income/(loss) before income taxes	405	97	477	93	162
Tax (provision)/benefit, net	−800,000	−900,000	−2	−300,000	−1
Net income/(loss)	404	96	474	93	161
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	−26	−6	−30	−6	−11
Net (income)/loss attributable to noncontrolling interests	−46,000	−46,000	−31,000	−42,000	−104,000
Net income/(loss) attributable to UDR, Inc.	378	90	444	87	150
Distributions to preferred stockholders - Series E (Convertible)	−5	−5	−5	−4	−4
Net income/(loss) attributable to common stockholders	373	85	440	83	146
Income/(loss) per weighted average common share - basic	1.13	0.26	1.34	0.26	0.49
Income/(loss) per weighted average common share - diluted	1.13	0.26	1.34	0.26	0.48
Weighted average number of common shares outstanding - basic	330	329	329	322	300
Weighted average number of common shares outstanding - diluted	331	330	329	323	302

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate held for investment	16,415	15,995	15,757	15,366	14,352
Less: accumulated depreciation	−7,375	−6,837	−6,243	−5,762	−5,137
Real estate held for investment, net	9,040	9,158	9,515	9,604	9,216
Real estate under development (net of accumulated depreciation of $0 and $0, respectively)	73	—	160	190	388
Real estate held for disposition (net of accumulated depreciation of $0 and $64,106, respectively)	—	154	81	14	—
Total real estate owned, net of accumulated depreciation	9,113	9,312	9,756	9,808	9,604
Cash and cash equivalents	1	1	3	1	967,000
Restricted cash	36	34	32	29	27
Notes receivable, net	150	248	229	55	—
Investment in and advances to unconsolidated joint ventures, net	886	917	953	754	702
Operating lease right-of-use assets	188	187	191	194	198
Other assets	231	197	210	197	216
Total assets	10,606	10,898	11,373	11,038	10,775
Secured debt, net	961	1,139	1,278	1,052	1,057
Unsecured debt, net	4,860	4,688	4,521	4,435	4,355
Operating lease liabilities	183	182	186	189	193
Real estate taxes payable	46	46	47	38	33
Accrued interest payable	52	53	48	47	46
Security deposits and prepaid rent	61	62	51	52	55
Distributions payable	152	152	150	134	125
Accounts payable, accrued expenses, and other liabilities	142	115	141	153	137
Total liabilities	6,457	6,437	6,421	6,100	6,001
Commitments and contingencies (Note 15)	—	—	—	—	—
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	860	1,017	961	840	1,299
Common stock, $0.01 par value; 450,000,000 shares authorized at December 31, 2025 and December 31, 2024: 328,273,044 and 330,858,719 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	3	3	3	3	3
Additional paid-in capital	7,481	7,572	7,493	7,493	6,884
Distributions in excess of net income	−4,240	−4,179	−3,555	−3,452	−3,485
Accumulated other comprehensive income/(loss), net	2	4	5	8	−4
Total stockholders' equity	3,288	3,443	3,991	4,098	3,443
Noncontrolling interests	335,000	335,000	210,000	210,000	31
Total equity	3,289	3,444	3,991	4,098	3,474
Total liabilities and equity	10,606	10,898	11,373	11,038	10,775

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	680	695	692	680	620
Return on investment in unconsolidated joint ventures and partnerships	54	61	16	22	23
Amortization of share-based compensation	26	33	33	28	22
Provision/(recovery) for credit losses	−200,000	38	700,000	100,000	—
Other	33	27	9	32	19
(Increase)/decrease in operating assets	−8	−31	−34	10	−33
Increase/(decrease) in operating liabilities	−14	−5	−3	−13	11
Net cash provided by/(used in) operating activities	903	877	833	820	664
Acquisition of real estate assets	−147	—	−18	−341	−1,245
Proceeds from sales of real estate investments, net	374	99	326	41	280
Development of real estate assets	−44	−68	−156	−198	−178
Capital expenditures and other major improvements - real estate assets	−253	−250	−295	−215	−156
Capital expenditures - non-real estate assets	−36	−22	−17	−21	−10
Investment in unconsolidated joint ventures and partnerships	−83	−50	−71	−201	−112
Distributions received from unconsolidated joint ventures and partnerships	150	41	14	81	37
Proceeds from sale of equity securities	—	5	14	—	—
Purchase deposits on pending acquisitions	—	1	−1	—	—
Repayment/(issuance) of notes receivable, net	−112	−32	−85	−75	112
Net cash provided by/(used in) investing activities	−151	−276	−289	−930	−1,272
Payments on secured debt	−178	−138	−1	−1	−1
Payments on unsecured debt	—	−16	—	—	−300
Net proceeds from the issuance of unsecured debt	—	297	—	—	512
Net proceeds/(repayment) of commercial paper	155	−118	108	80	30
Net proceeds/(repayment) of revolving bank debt	17	5	−23	−2	2
Repurchase of common shares	−118	—	−25	−49	—
Distributions paid to redeemable noncontrolling interests	−40	−43	−36	−34	−34
Distributions paid to preferred stockholders	−5	−5	−5	−4	−4
Distributions paid to common stockholders	−568	−558	−540	−484	−434
Other	−14	−24	−17	−24	−16
Net cash provided by/(used in) financing activities	−750	−600	−539	111	613
Net increase/(decrease) in cash, cash equivalents, and restricted cash	2	561,000	5	2	4
Interest paid during the period, net of amounts capitalized	191	192	184	155	137
Operating cash flows from operating leases	13	13	13	13	13
Cash paid/(refunds received) for income taxes	1	1	2	1	5
Secured debt assumed upon acquisition of real estate assets	—	—	192	—	201
OP Units issued for real estate, net	—	—	141	—	49
Notes receivable settled in exchange for real estate owned	181	—	—	—	—
Conversion of note receivable to equity securities	43	—	—	—	—
Development costs and capital expenditures incurred, but not yet paid	29	15	39	56	40
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (382,991 shares; 1,703,570 shares; and 470,800 shares)	16	73	19	24	100
Distribution of equity securities from unconsolidated real estate technology investments	—	—	8	18	—
Right-of-use assets obtained in exchange for operating lease liabilities remeasurement	4	—	—	—	—
Contribution of operating properties to unconsolidated joint venture	60	—	258	—	—
Transfer of preferred equity investment to note receivable	—	—	73	—	—

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