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JOINT VENTURES AND PARTNERSHIPS (Tables) | 3 Months Ended
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Mar. 31, 2026
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 March 31, 2026 and December 31, 2025 (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
​ | ​ | March 31, | ​ | March 31, | ​ | March 31, | ​ | ​ | December 31, |  | ​ | March 31, | ​ | December 31, | ​ | March 31,
Joint Ventures | ​ | 2026 | ​ ​ ​ | 2026 | ​ | 2026 | ​ | 2025 |  | ​ | 2026 | ​ | 2025 | ​ | 2026 | ​ | 2025
Operating: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
UDR/MetLife (a) | ​ | 13 | ​ | 2,837 | ​ | 50.2 | % | ​ | 50.2 | % | ​ | $ | 183,280 | ​ | $ | 189,420 | ​ | $ | (1,213) | ​ | $ | (1,041)
UDR/LaSalle | ​ | 9 | ​ | 2,564 | ​ | 51.0 | % | ​ | 51.0 | % | ​ | ​ | 235,936 | ​ | ​ | 242,337 | ​ | ​ | (3,269) | ​ | ​ | (1,035)
Total Joint Ventures | ​ | 22 |  | 5,401 | ​ | ​ |  | ​ | ​ | ​ | ​ | $ | 419,216 | ​ | $ | 431,757 | ​ | $ | (4,482) | ​ | $ | (2,076)
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Apartment | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Income/(loss) from investments
​ | ​ | Commitments | ​ | Homes | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | Investment at | ​ | Three Months Ended
Debt and Preferred Equity Program | ​ | March 31, | ​ | March 31, | ​ | Average | ​ | ​ | UDR | ​ | March 31, | ​ | December 31, | ​ | March 31,
and Real Estate Technology Investments (b) | ​ | 2026 | ​ | 2026 | ​ | Rate | ​ | ​ | Commitment (c) | ​ | 2026 | ​ | 2025 | ​ | 2026 | ​ | 2025
Preferred equity investments: |  | ​ |  | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating | ​ | 10 | ​ | 3,617 | ​ | 10.5 | % | ​ | $ | 222,537 | ​ | $ | 238,710 | ​ | $ | 236,997 | ​ | $ | 4,169 | ​ | $ | 2,479
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate technology and sustainability investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate technology and sustainability investments | ​ | N/A | ​ | N/A | ​ | N/A | ​ | ​ | $ | 86,000 | ​ | ​ | 92,533 | ​ | ​ | 74,747 | ​ | ​ | 17,032 | ​ | ​ | 1,669
Total Debt and Preferred Equity Program and Real Estate Technology and Sustainability Investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 331,243 | ​ | ​ | 311,744 | ​ | ​ | 21,201 | ​ | ​ | 4,148
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sold unconsolidated joint ventures and partnerships | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | 136,234 | ​ | ​ | 2,977 | ​ | ​ | 3,742
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total investment in and advances to unconsolidated joint ventures, net (a) | ​ | ​ | ​ | $ | 750,459 | ​ | $ | 879,735 | ​ | $ | 19,696 | ​ | $ | 5,814
(a) | As of March 31, 2026 and December 31, 2025, the Company’s negative investment in one UDR/MetLife community of $7.2 million and $6.8 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 two investments that receive a variable percentage of the value created from the project upon a capital or liquidating event. During the three months ended March 31, 2026, the Company did not enter into and fund any new preferred equity investments and two preferred equity investment were fully redeemed.
In February 2026, the Company received aggregate proceeds of approximately $138.9 million from the full repayment of two preferred equity investments. In April 2026, the Company acquired a 232-home operating apartment community located in Portland, Oregon in connection with the liquidation of the Company’s interest in a joint venture. (See Note 3, Real Estate Owned for further discussion.)
(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 March 31, 2026 and December 31, 2025 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Total real estate, net |  | $ | 3,069,461 |  | $ | 3,580,595
Investments, at fair value | ​ | ​ | 581,905 | ​ | ​ | 489,468
Cash and cash equivalents | ​ |  | 56,377 | ​ |  | 78,177
Other assets | ​ | ​ | 42,299 | ​ |  | 134,818
Total assets |  | $ | 3,750,042 |  | $ | 4,283,058
​ | ​ | ​ | ​ | ​ | ​ | ​
Third party debt, net | ​ | $ | 1,830,475 | ​ | $ | 2,496,081
Accounts payable and accrued liabilities | ​ | ​ | 66,857 | ​ | ​ | 180,461
Total liabilities |  | ​ | 1,897,332 |  | ​ | 2,676,542
Total equity |  | $ | 1,852,710 |  | $ | 1,606,516
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 months ended March 31, 2026 and 2025 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Total revenues |  | $ | 103,052 |  | $ | 90,121
Property operating expenses | ​ |  | 47,384 | ​ |  | 42,420
Real estate depreciation and amortization | ​ |  | 43,273 | ​ |  | 40,973
Operating income/(loss) | ​ |  | 12,395 | ​ | ​ | 6,728
Interest expense | ​ |  | (33,646) | ​ |  | (42,279)
Net unrealized/realized gain/(loss) on held investments | ​ | ​ | 98,529 | ​ | ​ | 15,612
Other income/(loss) | ​ | ​ | 184 | ​ | ​ | 3,042
Net income/(loss) |  | $ | 77,462 |  | $ | (16,897)
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