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REPORTABLE SEGMENTS

9 Months Ended

Sep. 30, 2025

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS

14. REPORTABLE SEGMENTS

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

UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). NOI is a useful metric for investors as it is a more meaningful representation of a community’s continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing, which align with the segment-level information that is regularly provided to our CODM. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs. UDR’s CODM utilizes NOI as the key measure of segment profit or loss.

​

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, 2024 (for quarter-to-date comparison) and January 1, 2024 (for year-to-date comparison) and held as of September 30, 2025. A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the community is not classified as held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months.

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

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

All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the three and nine months ended September 30, 2025 and 2024.

​

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, 2025 and 2024, 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)
​		2025			2024			2025			2024
Reportable apartment home segment lease revenue	​	​	​	​	​	​	​	​	​	​	​	​
Same-Store Communities	​	​			​			​			​
West Region	​	$	127,324	​	$	124,032	​	$	374,919	​	$	365,245
Mid-Atlantic Region	​		83,435	​		80,407	​		241,962	​		232,276
Northeast Region	​		81,987	​		79,248	​		242,623	​		234,978
Southeast Region	​		56,140	​		56,177	​		168,952	​		169,892
Southwest Region	​		49,719	​		49,899	​		149,336	​		150,359
Non-Mature Communities/Other	​		14,338	​		13,543	​		48,112	​		49,431
Total segment and consolidated lease revenue	​	$	412,943	​	$	403,306	​	$	1,225,904	​	$	1,202,181
​	​	​	​	​	​	​	​	​	​	​	​	​
Reportable apartment home segment other revenue	​	​	​	​	​	​	​	​	​	​	​	​
Same-Store Communities	​	​			​			​			​
West Region	​	$	3,577	​	$	3,238	​	$	10,191	​	$	9,181
Mid-Atlantic Region	​		3,956	​		3,699	​		11,041	​		10,107
Northeast Region	​		2,696	​		2,250	​		7,289	​		6,042
Southeast Region	​		3,317	​		2,950	​		9,622	​		8,079
Southwest Region	​		2,506	​		2,341	​		7,245	​		6,521
Non-Mature Communities/Other	​		299	​		304	​		839	​		975
Total segment and consolidated other revenue	​	$	16,351	​	$	14,782	​	$	46,227	​	$	40,905
​	​	​	​	​	​	​	​	​	​	​	​	​
Total reportable apartment home segment rental income	​	​	​	​	​	​	​	​	​	​	​	​
Same-Store Communities	​	​			​			​			​
West Region	​	$	130,901	​	$	127,270	​	$	385,110	​	$	374,426
Mid-Atlantic Region	​		87,391	​		84,106	​		253,003	​		242,383
Northeast Region	​		84,683	​		81,498	​		249,912	​		241,020
Southeast Region	​		59,457	​		59,127	​		178,574	​		177,971
Southwest Region	​		52,225	​		52,240	​		156,581	​		156,880
Non-Mature Communities/Other	​		14,637	​		13,847	​		48,951	​		50,406
Total segment and consolidated rental income	​	$	429,294	​	$	418,088	​	$	1,272,131	​	$	1,243,086
​	​	​	​	​	​	​	​	​	​	​	​	​
Total reportable apartment home segment operating expenses	​	​	​	​	​	​	​	​	​	​	​	​
Same-Store Communities	​	​	​	​	​	​	​	​	​	​	​	​
Personnel	​	$	18,897	​	$	18,258	​	$	56,508	​	$	54,035
Utilities	​	​	19,090	​	​	18,230	​	​	55,460	​	​	52,936
Repair and maintenance	​	​	27,539	​	​	27,230	​	​	77,583	​	​	75,403
Administrative and marketing	​	​	10,530	​	​	9,618	​	​	29,615	​	​	26,479
Real estate taxes	​	​	50,073	​	​	48,375	​	​	150,022	​	​	148,188
Insurance	​	​	5,695	​	​	6,159	​	​	16,267	​	​	18,305
Non-Mature Communities/Other (b)	​	​	5,335	​	​	5,796	​	​	19,060	​	​	19,921
Total segment and consolidated operating expenses	​	$	137,159	​	$	133,666	​	$	404,515	​	$	395,267
​	​	​	​	​	​	​	​	​	​	​	​	​
Reportable apartment home segment NOI	​			​			​			​
Same-Store Communities	​			​			​			​
West Region	​	$	95,771	​	$	93,596	​	$	283,352	​	$	276,462
Mid-Atlantic Region	​		59,341	​		57,124	​		173,469	​		165,750
Northeast Region	​		55,250	​		52,360	​		161,640	​		155,416
Southeast Region	​		40,256	​		40,326	​		121,391	​		121,416
Southwest Region	​		32,215	​		32,964	​		97,873	​		98,290
Non-Mature Communities/Other	​		9,302	​		8,052	​		29,891	​		30,485
Total segment and consolidated NOI	​		292,135	​		284,422	​		867,616	​		847,819
​	​	​	​	​	​	​	​	​	​	​	​	​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended					​	Nine Months Ended
​	​	September 30, (a)					​	September 30, (b)
​		2025			2024			2025			2024
Reconciling items:	​			​			​			​
Joint venture management and other fees	​		2,570	​		2,072	​		7,080	​		6,029
Property management	​		(13,952)	​		(13,588)	​		(41,344)	​		(40,400)
Other operating expenses	​		(6,975)	​		(6,382)	​		(22,787)	​		(20,803)
Real estate depreciation and amortization	​		(165,926)	​		(170,276)	​		(490,511)	​		(510,622)
General and administrative	​		(22,732)	​		(20,890)	​		(62,156)	​		(58,836)
Casualty-related (charges)/recoveries, net	​		(1,755)	​		(1,473)	​		(8,434)	​		(8,749)
Other depreciation and amortization	​		(7,009)	​		(4,029)	​		(21,463)	​		(13,024)
Gain/(loss) on sale of real estate owned	​	​	—	​	​	—	​	​	47,939	​	​	16,867
Income/(loss) from unconsolidated entities	​		14,011	​		(1,880)	​		23,454	​		11,251
Interest expense	​		(50,569)	​		(50,214)	​		(146,935)	​		(146,087)
Interest income and other income/(expense), net	​		3,714	​		6,159	​		13,769	​		18,522
Tax (provision)/benefit, net	​		(382)	​		156	​		(798)	​		(567)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	​		(2,709)	​		(1,574)	​		(10,593)	​		(6,736)
Net (income)/loss attributable to noncontrolling interests	​		(12)	​		94	​		(35)	​		(35)
Net income/(loss) attributable to UDR, Inc.	​	$	40,409	​	$	22,597	​	$	154,802	​	$	94,629

(a) Same-Store Community population consisted of 54,915 apartment homes.

(b) Same-Store Community population consisted of 54,442 apartment homes.

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

​

The following table details the assets of UDR’s reportable segments as of September 30, 2025 and December 31, 2024 (dollars in thousands):

​	​	​	​	​	​	​
​		September 30,			December 31,
​	​	2025		​	2024
Reportable apartment home segment assets:		​			​
Same-Store Communities (a):		​			​
West Region	​	$	4,765,030	​	$	4,712,621
Mid-Atlantic Region	​		3,437,912	​		3,401,208
Northeast Region	​		3,822,490	​		3,788,083
Southeast Region	​		1,669,745	​		1,635,360
Southwest Region	​		1,901,220	​		1,889,173
Non-Mature Communities/Other	​		805,065	​		786,918
Total segment assets	​		16,401,462	​		16,213,363
Accumulated depreciation	​		(7,320,363)	​		(6,901,026)
Total segment assets — net book value	​		9,081,099	​		9,312,337
Reconciling items:	​			​
Cash and cash equivalents	​		1,194	​		1,326
Restricted cash	​		35,052	​		34,101
Notes receivable, net	​		146,749	​		247,849
Investment in and advances to unconsolidated joint ventures, net	​		911,575	​		917,483
Operating lease right-of-use assets	​	​	184,172	​	​	186,997
Other assets	​		242,071	​		197,493
Total consolidated assets	​	$	10,601,912	​	$	10,897,586

(a) Same-Store Community population consisted of 54,915 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

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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