<SEC-DOCUMENT>0001195697-26-000004.txt : 20260220
<SEC-HEADER>0001195697-26-000004.hdr.sgml : 20260220
<ACCEPTANCE-DATETIME>20260217181453
ACCESSION NUMBER:		0001195697-26-000004
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260212
FILED AS OF DATE:		20260217
DATE AS OF CHANGE:		20260217

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			TOOMEY THOMAS W
		CENTRAL INDEX KEY:			0001195697
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10524
		FILM NUMBER:		26644145

	MAIL ADDRESS:	
		STREET 1:		1745 SHEA CENTER DRIVE
		STREET 2:		SUITE 200
		CITY:			HIGHLANDS RANCH
		STATE:			CO
		ZIP:			80129

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UDR, Inc.
		CENTRAL INDEX KEY:			0000074208
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				540857512
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1745 SHEA CENTER DRIVE
		STREET 2:		SUITE 200
		CITY:			HIGHLANDS RANCH
		STATE:			CO
		ZIP:			80129
		BUSINESS PHONE:		720-283-6120

	MAIL ADDRESS:	
		STREET 1:		1745 SHEA CENTER DRIVE
		STREET 2:		SUITE 200
		CITY:			HIGHLANDS RANCH
		STATE:			CO
		ZIP:			80129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED DOMINION REALTY TRUST INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OLD DOMINION REAL ESTATE INVESTMENT TRUST
		DATE OF NAME CHANGE:	19850110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OLD DOMINION REIT ONE
		DATE OF NAME CHANGE:	19770921
</SEC-HEADER>
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    <footnotes>
        <footnote id="F1">Represents shares of restricted stock withheld to satisfy the reporting person's tax withholding obligation upon vesting of restricted stock. The deemed disposition of the withheld shares is exempt pursuant to Rule 16b-3(e).</footnote>
        <footnote id="F10">The vesting of these Class 2 LTIP Units is determined as follows: 30 percent shall be based upon the Committee's subjective determination, in its sole discretion, of the executive officer's performance with respect to individual performance objectives; and 70 percent shall be based on pre-determined financial metrics. These Class 2 LTIP Units vest upon a determination by the Committee after the completion of the applicable performance period.</footnote>
        <footnote id="F11">The portion of these Class 2 LTIP Units that vests based upon the achievement of pre-determined financial metrics is determined as follows: 30 percent based on an operations index goal; 30 percent based on an FFO as Adjusted per share goal; 15 percent based on a transactions index goal; 10 percent based on a Sustainability Index goal; and 10 percent based on a Health of the Workforce goal, each over a one-year period.</footnote>
        <footnote id="F12">Represents Class 2 Performance LTIP Units in the UDR Partnership (the &quot;Class 2 Performance LTIP Units&quot;).</footnote>
        <footnote id="F13">Subject to the conditions set forth in the Partnership Agreement, each Class 2 Performance LTIP Unit may be converted, at the election of the holder, into a Class 2 LTIP Unit at any time (i) on or after when the Class 2 Performance LTIP Unit has vested and (ii) before the expiration date of the Class 2 Performance LTIP Unit.</footnote>
        <footnote id="F14">Class 2 Performance LTIP Units convert to a number of Class 2 LTIP Units equal to (i) the applicable Performance LTIP Unit Value, which is calculated as the product of (x) the excess (if any) of the REIT Share Value over the issue price for the Class 2 Performance LTIP Unit and (y) the Conversion Factor, multiplied by (ii) the number of Class 2 Performance LTIP Units being converted, and divided by (iii) the REIT Share Value on the conversion date, as such terms are defined in the Partnership Agreement.</footnote>
        <footnote id="F15">The Class 2 Performance LTIP Units vest only to the extent that pre-established performance metrics are met for the applicable performance period, subject to continuing employment. Except as otherwise set forth in the UDR, Inc. 1999 Long-Term Incentive Plan, as amended from time to time, except Section 14.9 thereof, the Partnership Agreement, or as determined by the Committee, in its sole discretion, vesting of the Class 2 Performance LTIP Units shall cease upon the date of termination for any reason other than in the event of a change of control of the Company, and no unvested Class 2 Performance LTIP Units shall thereafter become vested.</footnote>
        <footnote id="F16">In the event of a change of control of the Company, the Class 2 Performance LTIP Units will vest only if the holder's employment or other service relationship with the Company is terminated by the Company without cause, or by the holder for good reason, in each case on or within 12 months following the date of a change of control. Further, all restrictions on outstanding awards that have been earned shall lapse upon the Company's termination of the holder's employment without cause or the holder's termination of employment for good reason.</footnote>
        <footnote id="F17">The vesting of these Class 2 Performance LTIP Units occurs on the Determination Date for the applicable performance period ending on December 31, 2025, based the achievement of: a goal measured by the Company's relative total shareholder return (&quot;TSR&quot;) as compared to an apartment peer group over a three-year cumulative performance period; a goal measured by the Company's relative TSR as compared to a REIT peer group over a three-year cumulative performance period; and a goal measured by the Company's relative FFO as Adjusted growth rate as compared to an apartment peer group over a three-year cumulative performance period.</footnote>
        <footnote id="F2">Represents Class 2 LTIP Units (the &quot;Class 2 LTIP Units&quot;) in United Dominion Realty, L.P., a Delaware limited partnership (the &quot;UDR Partnership&quot;). UDR, Inc. (the &quot;Company&quot;) is the parent company and sole general partner of the UDR Partnership.</footnote>
        <footnote id="F3">Subject to the conditions set forth in the Amended and Restated Agreement of Limited Partnership of the UDR Partnership (the &quot;Partnership Agreement&quot;) and subject to the vesting conditions specified with respect to each Class 2 LTIP Unit, each Class 2 LTIP Unit may be converted into a unit of limited partnership of the UDR Partnership (a &quot;Partnership Common Unit&quot;), provided that such Class 2 LTIP Unit has been outstanding for at least two years from the date of grant.</footnote>
        <footnote id="F4">A holder of Partnership Common Units has the right to require the UDR Partnership to redeem all or a portion of the Partnership Common Units held by the holder in exchange for a cash payment based on the market value of the Company's Common Stock at the time of redemption, as defined in the Partnership Agreement (the &quot;Cash Amount&quot;). However, the UDR Partnership's obligation to pay the Cash Amount is subject to the prior right of the Company to acquire such Partnership Common Units in exchange for either the Cash Amount or shares of the Company's Common Stock.</footnote>
        <footnote id="F5">The Company, as the general partner of the UDR Partnership, may, in its sole discretion, purchase the Partnership Common Units by paying the limited partner either the Cash Amount or the REIT Share Amount (generally one share of the Company's Common Stock for each Partnership Common Unit), as such terms are defined in the Partnership Agreement. The right to convert the Class 2 LTIP Units into Partnership Common Units and the right to receive the Cash Amount or the REIT Share Amount (in the Company's sole discretion) in exchange for Partnership Common Units do not have expiration dates.</footnote>
        <footnote id="F6">The Class 2 LTIP Units vest only to the extent that pre-established performance metrics are met for the applicable performance period, subject to continuing employment. Except as otherwise set forth in the UDR, Inc. 1999 Long-Term Incentive Plan, as amended from time to time, except Section 14.9 thereof, the Partnership Agreement, or as determined by the Compensation Committee of the Company's Board of Directors (the &quot;Committee&quot;), in its sole discretion, vesting of the Class 2 LTIP Units shall cease upon the date of termination for any reason other than in the event of a change of control of the Company, and no unvested Class 2 LTIP Units shall thereafter become vested.</footnote>
        <footnote id="F7">In the event of a change of control of the Company, the Class 2 LTIP Units will vest only if the holder's employment or other service relationship with the Company is terminated by the Company without cause, or by the holder for good reason, in each case on or within 12 months following the date of a change of control. Further, all restrictions on outstanding awards that have been earned shall lapse upon the Company's termination of the holder's employment without cause or the holder's termination of employment for good reason.</footnote>
        <footnote id="F8">The vesting of these Class 2 LTIP Units occurs on the Determination Date for the applicable performance period ending on December 31, 2025 based on the achievement of  a pre-determined FFO as Adjusted goal over a one-year period. The Class 2 LTIP Units vest 50 percent on the Determination Date, and 50 percent on the one-year anniversary thereof.</footnote>
        <footnote id="F9">Amount represents the portion of the award (including dividends) forfeited when performance results were determined by the Committee for the applicable portion of the award on the Determination Date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Thomas W. Toomey</signatureName>
        <signatureDate>2026-02-17</signatureDate>
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