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REPORTABLE SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

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, 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.

Details of assets of UDR's reportable segments

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.

​

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- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
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- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
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