COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2022

13. COMMITMENTS AND CONTINGENCIES

Commitments

Real Estate Commitments

The following summarizes the Company’s real estate commitments at September 30, 2022 (dollars in thousands):


	Number	UDR's		UDR's Remaining
	Properties	Investment (a)		Commitment
Wholly-owned — under development	5	$	368,465	$	163,035
Unconsolidated joint ventures and partnerships:
Real estate technology investments:
RETV I (b)	-		25,639		4,320
RETV II	-		9,607		8,100
RET Strategic Fund	-		7,435		17,500
Climate Technology Funds (c)	-		5,262		4,656
RET ESG Fund (d)	-		3,959		6,000
Total		$	420,367	$	203,611

(a)	Represents UDR’s investment as of September 30, 2022.

(b)	Includes the impact of unrealized losses for the nine months ended September 30, 2022, which primarily relate to a decrease in SmartRent's public share price. (See Note 5, Joint Ventures and Partnerships).

(c)	In March 2022, the Company committed to invest $10.0 million in climate technology funds and funded $5.3 million. As of September 30, 2022, the investment is recorded in Other Assets on the Consolidated Balance Sheets.

(d)	In April 2022, the Company committed to invest $10.0 million in an ESG technology fund and funded $4.0 million. As of September 30, 2022, the investment is recorded in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets.

As of September 30, 2022, the Company recorded approximately $1.0 million in casualty-related charges related to communities located in Florida as a result of Hurricane Ian. UDR does not anticipate the overall cost, including cleanup costs incurred or to be incurred subsequent to quarter end, to be material to its financial statements.

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.