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REPORTABLE SEGMENTS | 3 Months Ended
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Mar. 31, 2026
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 to assess the performance of each segment and to allocate resources (including employees and financial or capital resources) primarily during the quarterly or annual business review and annual budget and forecasting process. ​ 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 January 1, 2025 and held as of March 31, 2026. 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 months ended March 31, 2026 and 2025. ​ 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 months ended March 31, 2026 and 2025, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, (a)
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Reportable apartment home segment lease revenue | ​ | ​ | ​ | ​ | ​ | ​
Same-Store Communities | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​
West Region | ​ | $ | 125,741 | ​ | $ | 122,392
Northeast Region | ​ |  | 81,896 | ​ |  | 80,086
Mid-Atlantic Region | ​ |  | 77,438 | ​ |  | 77,215
Southeast Region | ​ |  | 53,024 | ​ |  | 54,178
Southwest Region | ​ |  | 46,575 | ​ |  | 47,475
Non-Mature Communities/Other | ​ |  | 24,048 | ​ |  | 23,913
Total segment and consolidated lease revenue | ​ | $ | 408,722 | ​ | $ | 405,259
​ | ​ | ​ | ​ | ​ | ​ | ​
Reportable apartment home segment other revenue | ​ | ​ | ​ | ​ | ​ | ​
Same-Store Communities | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​
West Region | ​ | $ | 3,048 | ​ | $ | 3,222
Northeast Region | ​ |  | 2,065 | ​ |  | 2,166
Mid-Atlantic Region | ​ |  | 3,541 | ​ |  | 3,310
Southeast Region | ​ |  | 3,014 | ​ |  | 2,904
Southwest Region | ​ |  | 2,304 | ​ |  | 2,307
Non-Mature Communities/Other | ​ |  | 627 | ​ |  | 668
Total segment and consolidated other revenue | ​ | $ | 14,599 | ​ | $ | 14,577
​ | ​ | ​ | ​ | ​ | ​ | ​
Total reportable apartment home segment rental income | ​ | ​ | ​ | ​ | ​ | ​
Same-Store Communities | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​
West Region | ​ | $ | 128,789 | ​ | $ | 125,614
Northeast Region | ​ |  | 83,961 | ​ |  | 82,252
Mid-Atlantic Region | ​ |  | 80,979 | ​ |  | 80,525
Southeast Region | ​ |  | 56,038 | ​ |  | 57,082
Southwest Region | ​ |  | 48,879 | ​ |  | 49,782
Non-Mature Communities/Other | ​ |  | 24,675 | ​ |  | 24,581
Total segment and consolidated rental income | ​ | $ | 423,321 | ​ | $ | 419,836
​ | ​ | ​ | ​ | ​ | ​ | ​
Total reportable apartment home segment operating expenses | ​ | ​ | ​ | ​ | ​ | ​
Same-Store Communities | ​ | ​ | ​ | ​ | ​ | ​
Personnel | ​ | $ | 19,645 | ​ | $ | 18,887
Utilities | ​ | ​ | 20,324 | ​ | ​ | 18,769
Repair and maintenance | ​ | ​ | 25,653 | ​ | ​ | 24,033
Administrative and marketing | ​ | ​ | 9,875 | ​ | ​ | 9,385
Real estate taxes | ​ | ​ | 51,072 | ​ | ​ | 50,103
Insurance | ​ | ​ | 5,156 | ​ | ​ | 4,998
Non-Mature Communities/Other (b) | ​ | ​ | 8,866 | ​ | ​ | 8,560
Total segment and consolidated operating expenses | ​ | $ | 140,591 | ​ | $ | 134,735
​ | ​ | ​ | ​ | ​ | ​ | ​
Reportable apartment home segment NOI | ​ |  | ​ | ​ |  | ​
Same-Store Communities | ​ |  | ​ | ​ |  | ​
West Region | ​ | $ | 92,347 | ​ | $ | 91,912
Northeast Region | ​ |  | 52,756 | ​ |  | 52,458
Mid-Atlantic Region | ​ |  | 54,151 | ​ |  | 54,900
Southeast Region | ​ |  | 37,507 | ​ |  | 38,925
Southwest Region | ​ |  | 30,160 | ​ |  | 30,885
Non-Mature Communities/Other | ​ |  | 15,809 | ​ |  | 16,021
Total segment and consolidated NOI | ​ |  | 282,730 | ​ |  | 285,101
​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciling items: | ​ |  | ​ | ​ |  | ​
Joint venture management and other fees | ​ |  | 2,528 | ​ |  | 2,112
Property management | ​ |  | (13,758) | ​ |  | (13,645)
Other operating expenses | ​ |  | (9,415) | ​ |  | (8,059)
Real estate depreciation and amortization | ​ |  | (161,268) | ​ |  | (161,394)
General and administrative | ​ |  | (19,364) | ​ |  | (19,495)
Casualty-related (charges)/recoveries, net | ​ |  | (5,729) | ​ |  | (3,297)
Other depreciation and amortization | ​ |  | (3,335) | ​ |  | (7,067)
Gain/(loss) on sale of real estate owned | ​ | ​ | 157,416 | ​ | ​ | 47,939
Income/(loss) from unconsolidated entities | ​ |  | 19,696 | ​ |  | 5,814
Interest expense | ​ |  | (48,576) | ​ |  | (47,701)
Interest income and other income/(expense), net | ​ |  | 2,434 | ​ |  | 1,921
Tax (provision)/benefit, net | ​ |  | (455) | ​ |  | (158)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | ​ |  | (13,061) | ​ |  | (5,339)
Net (income)/loss attributable to noncontrolling interests | ​ |  | (12) | ​ |  | (12)
Net income/(loss) attributable to UDR, Inc. | ​ | $ | 189,831 | ​ | $ | 76,720
(a) | Same-Store Community population consisted of 52,782 apartment homes.
(b) | 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 March 31, 2026 and December 31, 2025 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | March 31, | ​ ​ ​ | December 31,
​ | ​ | 2026 | ​ | 2025
Reportable apartment home segment assets: |  | ​ | ​ |  | ​ | ​
Same-Store Communities (a): |  | ​ | ​ |  | ​ | ​
West Region | ​ | $ | 4,696,038 | ​ | $ | 4,681,206
Northeast Region | ​ |  | 3,844,560 | ​ |  | 3,835,341
Mid-Atlantic Region | ​ |  | 3,272,143 | ​ |  | 3,268,160
Southeast Region | ​ |  | 1,641,936 | ​ |  | 1,634,894
Southwest Region | ​ |  | 1,760,267 | ​ |  | 1,756,582
Non-Mature Communities/Other | ​ |  | 993,636 | ​ |  | 1,311,702
Total segment assets | ​ |  | 16,208,580 | ​ |  | 16,487,885
Accumulated depreciation | ​ |  | (7,378,368) | ​ |  | (7,374,546)
Total segment assets — net book value | ​ |  | 8,830,212 | ​ |  | 9,113,339
Reconciling items: | ​ |  | ​ | ​ |  | ​
Cash and cash equivalents | ​ |  | 1,300 | ​ |  | 1,222
Restricted cash | ​ |  | 33,498 | ​ |  | 35,710
Notes receivable, net | ​ |  | 153,564 | ​ |  | 149,979
Investment in and advances to unconsolidated joint ventures, net | ​ |  | 757,689 | ​ |  | 886,492
Operating lease right-of-use assets | ​ | ​ | 186,641 | ​ | ​ | 187,624
Other assets | ​ |  | 370,870 | ​ |  | 231,308
Total consolidated assets | ​ | $ | 10,333,774 | ​ | $ | 10,605,674
(a) | Same-Store Community population consisted of 52,782 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. | Northeast Region — Boston, New York and Philadelphia
| iii. | Mid-Atlantic Region — Metropolitan D.C., Baltimore and Richmond
| iv. | Southeast Region — Tampa, Orlando, Nashville and Other Florida
| v. | Southwest Region — Dallas, Austin and Denver

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- Definition The entire disclosure for reporting segments including data and tables. 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