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JOINT VENTURES AND PARTNERSHIPS (Tables) | 9 Months Ended
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Sep. 30, 2025
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, 2025 and December 31, 2024 (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 |  | 2025 |  | 2025 | ​ | 2025 |  | 2024 |  |  | 2025 |  | 2024 | ​ | 2025 |  | 2024 | ​ | 2025 |  | 2024
Operating: | ​ |  | ​ |  | ​ |  | ​ | ​ |  |  | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
UDR/MetLife (a) | ​ | 13 | ​ | 2,837 | ​ | 50.2 | % | ​ | 50.2 | % | ​ | $ | 195,387 | ​ | $ | 206,308 | ​ | $ | 62 | ​ | $ | (2,050) | ​ | $ | (2,114) | ​ | $ | (5,304)
UDR/LaSalle | ​ | 5 | ​ | 1,590 | ​ | 51.0 | % | ​ | 51.0 | % | ​ | ​ | 258,381 | ​ | ​ | 267,562 | ​ | ​ | (813) | ​ | ​ | (1,311) | ​ | ​ | (2,774) | ​ | ​ | (6,982)
Total Joint Ventures | ​ | 18 |  | 4,427 | ​ |  |  | ​ |  | ​ | ​ | $ | 453,768 | ​ | $ | 473,870 | ​ | $ | (751) | ​ | $ | (3,361) | ​ | $ | (4,888) | ​ | $ | (12,286)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Apartment | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Income/(loss) from investments
​ | ​ | Commitments | ​ | Homes | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | Investment at | ​ | Three Months Ended | ​ | Nine Months Ended
Debt and Preferred Equity Program |  | September 30, | ​ | September 30, | ​ | Average | ​ |  | UDR |  | September 30, |  | December 31, |  | September 30, | ​ | September 30,
and Real Estate Technology Investments (b) |  | 2025 | ​ | 2025 | ​ | Rate | ​ |  | Commitment (c) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Preferred equity investments: |  |  |  |  | ​ | ​ | ​ |  | ​ | ​ | ​ |  |  | ​ |  |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ |
Operating | ​ | 12 | ​ | 6,766 | ​ | 9.7 | % | ​ | $ | 354,989 | ​ | $ | 379,437 | ​ | $ | 299,846 | ​ | $ | 6,581 | ​ | $ | (1,253) | ​ | $ | 16,623 | ​ | $ | 9,961
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate technology and sustainability investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate technology and sustainability investments | ​ | N/A | ​ | N/A | ​ | N/A | ​ | ​ | $ | 86,000 | ​ | ​ | 71,900 | ​ | ​ | 57,344 | ​ | ​ | 4,416 | ​ | ​ | 493 | ​ | ​ | 5,927 | ​ | ​ | 5,950
Total Debt and Preferred Equity Program and Real Estate Technology and Sustainability Investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 451,337 | ​ | ​ | 357,190 | ​ | ​ | 10,997 | ​ | ​ | (760) | ​ | ​ | 22,550 | ​ | ​ | 15,911
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sold unconsolidated joint ventures and partnerships | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | 81,123 | ​ | ​ | 3,765 | ​ | ​ | 2,241 | ​ | ​ | 5,792 | ​ | ​ | 7,626
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total investment in and advances to unconsolidated joint ventures, net (a) | ​ | ​ | ​ | $ | 905,105 | ​ | $ | 912,183 | ​ | $ | 14,011 |  | $ | (1,880) | ​ | $ | 23,454 |  | $ | 11,251
(a) | As of September 30, 2025 and December 31, 2024, the Company’s negative investment in one UDR/MetLife community of $6.5 million and $5.3 million, respectively, is recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets.
(b) | The Debt and Preferred Equity Program is the program through which the Company makes investments, including preferred equity investments, first mortgage loans, mezzanine loans (loans are recorded in Notes receivable, net on the Consolidated Balance Sheets) or other structured investments that may receive a fixed yield on the investment and may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property. The Company’s preferred equity investments include 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, 2025, the Company entered into and funded three new preferred equity investment and two preferred equity investment were redeemed.
In April 2025, the Company entered into a joint venture agreement with an unaffiliated joint venture partner in an operating community with a total of 256 apartment homes located in Daly City, California. The Company’s preferred equity investment of $13.0 million earns a preferred return of 12.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint ventures and accounts for its investments under the equity method of accounting. In June 2025, the Company received full repayment of its approximately $54.8 million preferred equity investment, which was inclusive of principal and accrued return, in a stabilized community located in Queens, New York, upon recapitalization of the venture. In July 2025, the Company entered into a joint venture agreement with an unaffiliated joint venture partner in an operating community with a total of 350 apartment homes located in Orlando, Florida. The Company’s preferred equity investment of $23.8 million earns a preferred return of 11.25% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint venture and accounts for its investments under the equity method of accounting. In August 2025, the Company entered into a joint venture agreement with an unaffiliated joint venture partner in an operating community with a total of 400 apartment homes located in Yorba Linda, California. The Company’s preferred equity investment of $35.8 million earns a preferred return of 10.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint venture and accounts for its investments under the equity method of accounting. In September 2025, the Company received full repayment of its approximately $32.2 million preferred equity investment, which was inclusive of principal and accrued return, in a stabilized community located in Thousand Oaks, California.
(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, 2025 and December 31, 2024 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2025 |  | 2024
Total real estate, net |  | $ | 3,052,742 |  | $ | 3,114,375
Investments, at fair value | ​ | ​ | 469,137 | ​ | ​ | 372,478
Cash and cash equivalents | ​ |  | 84,794 | ​ |  | 47,932
Other assets | ​ | ​ | 126,537 | ​ |  | 147,344
Total assets |  | $ | 3,733,210 |  | $ | 3,682,129
​ | ​ | ​ | ​ | ​ | ​ | ​
Third party debt, net | ​ | $ | 2,058,676 | ​ | $ | 2,060,135
Accounts payable and accrued liabilities | ​ | ​ | 169,168 | ​ | ​ | 158,505
Total liabilities |  | ​ | 2,227,844 |  | ​ | 2,218,640
Total equity |  | $ | 1,505,366 |  | $ | 1,463,489
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, 2025 and 2024 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Total revenues |  | $ | 96,331 |  | $ | 80,793 |  | $ | 279,658 |  | $ | 235,062
Property operating expenses | ​ |  | 43,228 | ​ |  | 38,264 | ​ |  | 127,908 | ​ |  | 108,992
Real estate depreciation and amortization | ​ |  | 40,099 | ​ |  | 37,412 | ​ |  | 121,171 | ​ |  | 112,465
Operating income/(loss) | ​ |  | 13,004 | ​ | ​ | 5,117 | ​ |  | 30,579 | ​ | ​ | 13,605
Interest expense | ​ |  | (32,919) | ​ |  | (29,415) | ​ |  | (111,215) | ​ |  | (79,523)
Net unrealized/realized gain/(loss) on held investments | ​ | ​ | 48,475 | ​ | ​ | 3,530 | ​ | ​ | 65,105 | ​ | ​ | 36,279
Other income/(loss) | ​ | ​ | 193 | ​ | ​ | (24) | ​ | ​ | 3,579 | ​ | ​ | (3,372)
Net income/(loss) |  | $ | 28,753 |  | $ | (20,792) |  | $ | (11,952) |  | $ | (33,011)
​

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