# UDR, Inc. (UDR) Informational only - not investment advice. CIK: 0000074208 SIC: 6798 Real Estate Investment Trusts SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/) Latest 10-K filed: 2026-02-17 SEC page: https://www.sec.gov/edgar/browse/?CIK=74208 Filing source: https://www.sec.gov/Archives/edgar/data/74208/000007420826000013/udr-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-17 · accession 0000074208-26-000013 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000074208.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 1,712,317,000 USD | 2025 | verified | | Net income | 377,704,000 USD | 2025 | verified | | Assets | 10,605,674,000 USD | 2025 | verified | | Free cash flow | 650,030,000 USD | 2025 | computed | | Net margin | 22.06% | 2025 | computed | | Operating margin | 32.33% | 2025 | computed | | Revenue YoY | +2.42% | 2025 | computed | | ROE | 11.49% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | UDR | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 22.1% | 16.8% | 57 | 149 | | Operating margin | 32.3% | 23.2% | 55 | 66 | | Revenue growth | 2.4% | 3.7% | 43 | 149 | | FCF margin | 38.0% | 21.8% | 75 | 70 | | ROE | 11.5% | 5.7% | 79 | 151 | | ROA | 3.6% | 1.5% | 71 | 155 | | Liabilities / equity | 1.96 | 1.48 | 63 | 151 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1712317000 | USD | 2025 | 2026-02-17 | | Net income | 377704000 | USD | 2025 | 2026-02-17 | | Assets | 10605674000 | USD | 2025 | 2026-02-17 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-17. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000074208.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2008 | 2009 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | 959,861,000 | 995,791,000 | 1,046,859,000 | 1,152,193,000 | 1,241,165,000 | 1,290,767,000 | 1,517,386,000 | 1,627,501,000 | 1,671,842,000 | 1,712,317,000 | | Net income | | | 292,718,000 | 121,558,000 | 203,106,000 | 184,965,000 | 64,266,000 | 150,016,000 | 86,924,000 | 444,353,000 | 89,585,000 | 377,704,000 | | Operating income | | | 400,821,000 | 227,898,000 | 354,718,000 | 221,057,000 | 249,103,000 | 267,968,000 | 250,814,000 | 635,008,000 | 284,569,000 | 553,606,000 | | Diluted EPS | | | 1.08 | 0.44 | 0.74 | 0.63 | 0.20 | 0.48 | 0.26 | 1.34 | 0.26 | 1.13 | | Operating cash flow | | | 536,568,000 | 518,915,000 | 560,676,000 | 630,704,000 | 604,316,000 | 663,960,000 | 820,071,000 | 832,664,000 | 876,848,000 | 902,887,000 | | Capital expenditures | | | 91,740,000 | 124,728,000 | 112,359,000 | 167,188,000 | 163,105,000 | 156,384,000 | 214,833,000 | 295,440,000 | 249,886,000 | 252,857,000 | | Dividends paid | | | 308,923,000 | 327,793,000 | 342,241,000 | 383,079,000 | 419,350,000 | 433,780,000 | 483,624,000 | 539,852,000 | 558,482,000 | 567,864,000 | | Share buybacks | 140,533,000 | 798,000 | | | 19,988,000 | | 19,795,000 | | 49,028,000 | 25,009,000 | | 117,811,000 | | Assets | | | 7,679,584,000 | 7,733,273,000 | 7,711,728,000 | 9,636,472,000 | 9,637,533,000 | 10,775,220,000 | 11,038,470,000 | 11,373,242,000 | 10,897,586,000 | 10,605,674,000 | | Liabilities | | | 3,673,132,000 | 3,949,771,000 | 3,816,211,000 | 5,228,493,000 | 5,522,648,000 | 6,001,474,000 | 6,100,325,000 | 6,420,801,000 | 6,436,691,000 | 6,456,911,000 | | Stockholders' equity | | | 3,093,110,000 | 2,825,800,000 | 2,905,625,000 | 3,358,542,000 | 3,234,200,000 | 3,442,874,000 | 4,098,085,000 | 3,991,144,000 | 3,443,205,000 | 3,288,462,000 | | Cash and cash equivalents | | | 2,112,000 | 2,038,000 | 185,216,000 | 8,106,000 | 1,409,000 | 967,000 | 1,193,000 | 2,922,000 | 1,326,000 | 1,222,000 | | Free cash flow | | | 444,828,000 | 394,187,000 | 448,317,000 | 463,516,000 | 441,211,000 | 507,576,000 | 605,238,000 | 537,224,000 | 626,962,000 | 650,030,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2008 | 2009 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | 30.50% | 12.21% | 19.40% | 16.05% | 5.18% | 11.62% | 5.73% | 27.30% | 5.36% | 22.06% | | Operating margin | | | 41.76% | 22.89% | 33.88% | 19.19% | 20.07% | 20.76% | 16.53% | 39.02% | 17.02% | 32.33% | | Return on equity | | | 9.46% | 4.30% | 6.99% | 5.51% | 1.99% | 4.36% | 2.12% | 11.13% | 2.60% | 11.49% | | Return on assets | | | 3.81% | 1.57% | 2.63% | 1.92% | 0.67% | 1.39% | 0.79% | 3.91% | 0.82% | 3.56% | | Liabilities / equity | | | 1.19 | 1.40 | 1.31 | 1.56 | 1.71 | 1.74 | 1.49 | 1.61 | 1.87 | 1.96 | ## As-reported value updates 3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/UDR/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000074208.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 0.01 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.07 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.09 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 404,548,000 | 347,545,000 | 1.05 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 410,131,000 | 32,858,000 | 0.10 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 413,273,000 | 32,986,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 413,634,000 | 43,149,000 | 0.13 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 415,320,000 | 28,883,000 | 0.08 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 420,160,000 | 22,597,000 | 0.06 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 422,728,000 | -5,044,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 421,948,000 | 76,720,000 | 0.23 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 425,399,000 | 37,673,000 | 0.11 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 431,864,000 | 40,409,000 | 0.12 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 433,106,000 | 222,902,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 425,849,000 | 189,831,000 | 0.57 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from UDR's latest 10-K: [/company/UDR/business/](/company/UDR/business/). ## Risk Factors Verbatim Item 1A Risk Factors from UDR's latest 10-K: [/company/UDR/risk-factors/](/company/UDR/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/74208/000007420826000073/udr-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-28 Report date: 2026-06-30 Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements appearing elsewhere herein and is based primarily on the consolidated financial statements for the three and six months ended June 30, 2026 and 2025, of UDR, Inc. Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q (this “Report”) to “UDR,” the “Company,” “we,” “our” and “us” refer to UDR, Inc., together with its consolidated subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and, prior to its liquidation in July 2026, UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). ​ Forward-Looking Statements This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements include, without limitation, statements concerning property acquisitions and dispositions, development activity and capital expenditures, capital raising activities, rent growth, occupancy and rental expense growth. Words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. The following factors, among others, could cause our future results to differ materially from those expressed in the forward-looking statements: [[GREPCENT_TABLE]] [["","\u25cf","general market and economic conditions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the impact of inflation/deflation, tariffs, geopolitical tensions and government shutdowns;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","unfavorable changes in apartment market and economic conditions that could adversely affect occupancy levels and rental rates;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the failure of acquisitions, developments or redevelopments to achieve anticipated results;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","possible difficulty in selling apartment communities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","competitive factors that may limit our ability to lease apartment homes or increase or maintain rents;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","insufficient cash flow that could affect our debt financing and create refinancing risk;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","failure to generate sufficient revenue, which could impair our debt service payments and distributions to stockholders;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","development and construction risks that may impact our profitability;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","potential damage from natural disasters, including hurricanes, fires, floods, ice storms and other weather-related events, which could result in substantial costs to us;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","risks from climate change that impacts our properties or operations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","risks from extraordinary losses for which we may not have insurance or adequate reserves;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","risks from cybersecurity breaches of our information technology systems and the information technology systems of our third party vendors and other third parties;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the availability of capital and the stability of the capital markets;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in job growth, home affordability and the demand/supply ratio for multifamily housing;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the failure of automation or technology to help grow net operating income;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","uninsured losses due to insurance deductibles, self-insurance retention, uninsured claims or casualties, or losses in excess of applicable coverage;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","delays in completing developments and lease-ups on schedule or at expected rent and occupancy levels;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our failure to succeed in new markets;"]] [[/GREPCENT_TABLE]] 42 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","risks that third parties who have an interest in or are otherwise involved in projects in which we have an interest, including mezzanine borrowers, joint venture partners or other investors, do not perform as expected;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changing interest rates, which could increase interest costs and affect the market price of our securities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","potential liability for environmental contamination, which could result in substantial costs to us;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the imposition of federal taxes if we fail to qualify as a REIT under the Code in any taxable year;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our internal control over financial reporting may not be considered effective which could result in a loss of investor confidence in our financial reports, and in turn have an adverse effect on our stock price; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in real estate laws, tax laws, rent control or stabilization laws or other laws affecting our business."]] [[/GREPCENT_TABLE]] A discussion of these and other factors affecting our business and prospects is set forth in Part II, Item 1A. Risk Factors. We encourage investors to review these risk factors. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this Report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Report, and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law. ​ Business Overview We are a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States. We were formed in 1972 as a Virginia corporation. In June 2003, we changed our state of incorporation from Virginia to Maryland. Our subsidiaries include the Operating Partnership. At June 30, 2026, our consolidated real estate portfolio included 162 communities in 12 states plus the District of Columbia totaling 54,173 apartment homes. In addition, we have an ownership interest in 8,720 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 3,319 apartment homes owned by entities in which we hold preferred equity investments. The Same-Store Community apartment home population for the three and six months ended June 30, 2026, was 52,426 and 52,341, respectively. 43 Table of Contents The following table summarizes our same-store market information by major geographic markets as of and for the three and six months ended June 30, 2026, as applicable: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/74208/000007420826000013/udr-20251231x10k.htm Complete FY 2025 MD&A: /company/UDR/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-17 Report date: 2025-12-31 Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements appearing elsewhere herein and is based primarily on the consolidated financial statements for the years ended December 31, 2025, and 2024. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024 of UDR, Inc. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Business Overview We are a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States. We were formed in 1972 as a Virginia corporation. In June 2003, we changed our state of incorporation from Virginia to Maryland. Our subsidiaries include the Operating Partnership and the DownREIT Partnership. Unless the context otherwise requires, all references in this Report to “we,” “us,” “our,” “the Company,” or “UDR” refer collectively to UDR, Inc., its consolidated subsidiaries and its consolidated joint ventures. At December 31, 2025, our consolidated real estate portfolio included 165 communities in 12 states plus the District of Columbia totaling 55,240 apartment homes. In addition, we have an ownership interest in 12,167 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 6,766 apartment homes owned by entities in which we hold preferred equity investments. The Same-Store Community apartment home population for the year ended December 31, 2025, was 53,468. Critical Accounting Policies and Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles (“GAAP”) requires management to use judgment in the application of accounting policies, including making estimates and assumptions. A critical accounting policy is one that is both important to our financial condition and results of operations as well as involves some degree of uncertainty. Estimates are prepared based on management’s assessment after considering all evidence available. Changes in estimates could affect our financial position or results of operations. Below is a discussion of the accounting policies that we consider critical to understanding our financial condition or results of operations where there is uncertainty or where significant judgment is required. A discussion of our significant accounting policies, including further discussion of the accounting policies described below, can be found in Note 2, Significant Accounting Policies, to the Notes to the UDR, Inc. Consolidated Financial Statements included in this Report. Cost Capitalization In conformity with GAAP, we capitalize those expenditures that materially enhance the value of an existing asset or substantially extend the useful life of an existing asset. Expenditures necessary to maintain an existing property in ordinary operating condition are expensed as incurred. In addition to construction costs, we capitalize costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. As each home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion. The costs capitalized are reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation. Amounts capitalized during the years ended December 31, 2025, 2024, and 2023 were $15.4 million, $24.4 million, and $23.2 million, respectively. 38 Table of Contents Investment in Unconsolidated Entities We may enter into various joint venture agreements and/or partnerships with unrelated third parties to hold or develop real estate assets. We must determine for each of these ventures whether to consolidate the entity or account for our investment under the equity method of accounting. We determine whether to consolidate a joint venture or partnership based on our rights and obligations under the venture agreement, applying the applicable accounting guidance. The application of the rules in evaluating the accounting treatment for each joint venture or partnership is complex and requires substantial management judgment. We evaluate our accounting for investments on a regular basis including when a significant change in the design of an entity occurs. Throughout our financial statements, and in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, we use the term “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. We continually evaluate our investments in unconsolidated joint ventures when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken as a whole by management in determining the valuation of our investment property. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. Impairment of Long-Lived Assets Quarterly or when changes in circumstances warrant, we will assess our real estate properties for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ​ If a real estate property has indicators of impairment, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. Real Estate Investment Properties We purchase real estate investment properties from time to time and record the fair value to various components, such as land, buildings, and intangibles related to in-place leases, based on the fair value of each component. In making estimates of fair values for purposes of allocating purchase price, we utilize various sources, including independent appraisals, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The fair value of buildings is determined as if the buildings were vacant upon acquisition and subsequently leased at market rental rates. As such, the determination of fair value considers the present value of all cash flows expected to be generated from the property including an initial lease-up period. We determine the fair value of in-place leases by assessing the net effective rent and remaining term of the lease relative to market terms for similar leases at acquisition. In addition, we consider the cost of acquiring similar leases, the foregone rents 39 Table of Contents associated with the lease-up period, and the carrying costs associated with the lease-up period. The fair value of in-place leases is recorded and amortized as amortization expense over the remaining average contractual lease period. REIT Status We are a Maryland corporation that has elected to be treated for federal income tax purposes as a REIT. A REIT is a legal entity that holds interests in real estate and is required by the Code to meet a number of organizational and operational requirements, including a requirement that a REIT must distribute at least 90% of our REIT taxable income (other than our net capital gain) to our stockholders. If we were to fail to qualify as a REIT in any taxable year, we will be subject to federal and state income taxes at the regular corporate rates and may not be able to qualify as a REIT for four years. Based on the net earnings reported for the year ended December 31, 2025 in our Consolidated Statements of Operations, we would have incurred federal and state GAAP income taxes if we had failed to qualify as a REIT. 40 Table of Contents Summary of Real Estate Portfolio by Geographic Market The following table summarizes our market information by major geographic markets as of and for the year ended December 31, 2025: [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/UDR/mda/fy2025/ All MD&A years: /company/UDR/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/UDR/mda/fy2024/): filed 2025-02-18; accession 0000074208-25-000010 (https://www.sec.gov/Archives/edgar/data/74208/000007420825000010/udr-20241231x10k.htm) - [FY 2023 MD&A](/company/UDR/mda/fy2023/): filed 2024-02-20; accession 0000074208-24-000011 (https://www.sec.gov/Archives/edgar/data/74208/000007420824000011/udr-20231231x10k.htm) - [FY 2022 MD&A](/company/UDR/mda/fy2022/): filed 2023-02-13; accession 0000074208-23-000007 (https://www.sec.gov/Archives/edgar/data/74208/000007420823000007/udr-20221231x10k.htm) - [FY 2021 MD&A](/company/UDR/mda/fy2021/): filed 2022-02-15; accession 0000074208-22-000010 (https://www.sec.gov/Archives/edgar/data/74208/000007420822000010/udr-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/UDR.md · JSON record: /company/UDR.json · verified financials: /company/UDR/financials.json / /company/UDR/financials.csv · machine TOC for the whole site: /llms.txt