UDR (UDR) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 26, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	1-10524
Entity Registrant Name	UDR, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	54-0857512
Entity Address, Address Line One	1745 Shea Center Drive, Suite 200
Entity Address, City or Town	Highlands Ranch
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80129
City Area Code	720
Local Phone Number	283-6120
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	UDR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		296,846,871
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000074208
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real estate owned:
Real estate held for investment	$ 13,325,599	$ 12,706,940
Less: accumulated depreciation	(4,871,124)	(4,590,577)
Real estate held for investment, net	8,454,475	8,116,363
Real estate under development (net of accumulated depreciation of $382 and $1,010, respectively)	286,543	246,867
Real estate held for disposition (net of accumulated depreciation of $0 and $13,779, respectively)		102,876
Total real estate owned, net of accumulated depreciation	8,741,018	8,466,106
Cash and cash equivalents	3,370	1,409
Restricted cash	32,700	22,762
Notes receivable, net	139,047	157,992
Investment in and advances to unconsolidated joint ventures, net	619,172	600,233
Operating lease right-of-use assets	199,206	200,913
Other assets	184,758	188,118
Total assets	9,919,271	9,637,533
Liabilities:
Secured debt, net	1,059,913	862,147
Unsecured debt, net	4,392,194	4,114,401
Operating lease liabilities	194,058	195,592
Real estate taxes payable	34,146	29,946
Accrued interest payable	43,536	44,760
Security deposits and prepaid rent	49,882	49,008
Distributions payable	116,688	115,795
Accounts payable, accrued expenses, and other liabilities	119,405	110,999
Total liabilities	6,009,822	5,522,648
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,104,276	856,294
Equity:
Common stock, $0.01 par value; 350,000,000 shares authorized: 296,848,024 and 296,611,579 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	2,968	2,966
Additional paid-in capital	5,887,838	5,881,383
Distributions in excess of net income	(3,143,000)	(2,685,770)
Accumulated other comprehensive income/(loss), net	(8,301)	(9,144)
Total stockholders' equity	2,784,270	3,234,200
Noncontrolling interests	20,903	24,391
Total equity	2,805,173	3,258,591
Total liabilities and equity	9,919,271	9,637,533
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized:	44,764	44,764
Series F
Equity:
Preferred stock, no par value; 50,000,000 shares authorized:	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Real estate owned:
Real estate under development accumulated depreciation	$ 382	$ 1,010
Real estate held for disposition accumulated depreciation	$ 0	$ 13,779
Equity:
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	50,000,000	50,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	296,848,024	296,611,579
Common stock, shares outstanding	296,848,024	296,611,579
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, dividend rate percentage	8.00%	8.00%
Preferred stock, shares issued	2,695,363	2,695,363
Preferred stock, shares outstanding	2,695,363	2,695,363
Series F
Equity:
Preferred stock, shares issued	14,357,914	14,440,519
Preferred stock, shares outstanding	14,357,914	14,440,519

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES:
Rental income	$ 309,116	$ 305,982	$ 608,942	$ 626,075
Joint venture management and other fees	$ 2,232	$ 1,274	$ 3,847	$ 2,662
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total revenues	$ 311,348	$ 307,256	$ 612,789	$ 628,737
OPERATING EXPENSES:
Property operating and maintenance	51,335	48,717	102,716	98,200
Real estate taxes and insurance	49,145	45,012	96,532	90,157
Property management	9,273	8,797	18,268	18,000
Other operating expenses	4,373	6,100	8,808	11,066
Real estate depreciation and amortization	146,169	155,056	290,257	310,532
General and administrative	15,127	10,971	27,863	25,949
Casualty-related charges/(recoveries), net	(2,463)	102	3,114	1,353
Other depreciation and amortization	2,602	2,027	5,203	4,052
Total operating expenses	275,561	276,782	552,761	559,309
Gain/(loss) on sale of real estate owned		61,303	50,829	61,303
Operating income	35,787	91,777	110,857	130,731
Income/(loss) from unconsolidated entities	9,751	8,021	14,673	11,388
Interest expense	(35,404)	(38,597)	(113,560)	(77,914)
Interest income and other income/(expense), net	2,536	2,421	4,593	5,121
Income/(loss) before income taxes	12,670	63,622	16,563	69,326
Tax (provision)/benefit, net	(135)	(1,526)	(754)	(1,690)
Net income/(loss)	12,535	62,096	15,809	67,636
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(807)	(4,291)	(961)	(4,604)
Net (income)/loss attributable to noncontrolling interests	(8)	(34)	(24)	(40)
Net income/(loss) attributable to UDR, Inc.	11,720	57,771	14,824	62,992
Distributions to preferred stockholders - Series E (Convertible)	(1,057)	(1,062)	(2,113)	(2,128)
Net income/(loss) attributable to common stockholders	$ 10,663	$ 56,709	$ 12,711	$ 60,864
Income/(loss) per weighted average common share - basic	$ 0.04	$ 0.19	$ 0.04	$ 0.21
Income/(loss) per weighted average common share - diluted	$ 0.04	$ 0.19	$ 0.04	$ 0.21
Weighted average number of common shares outstanding - basic	296,589	294,710	296,564	294,584
Weighted average number of common shares outstanding - diluted	297,542	295,087	297,221	295,083

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net income/(loss)	$ 12,535	$ 62,096	$ 15,809	$ 67,636
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	(94)	(294)	34	(3,211)
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	428	1,292	873	1,649
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	334	998	907	(1,562)
Comprehensive income/(loss)	12,869	63,094	16,716	66,074
Comprehensive (income)/loss attributable to noncontrolling interests	(836)	(4,393)	(1,049)	(4,574)
Comprehensive income/(loss) attributable to UDR, Inc.	$ 12,033	$ 58,701	$ 15,667	$ 61,500

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Paid-in Capital	Distributions in Excess of Net IncomeAdjustment	Distributions in Excess of Net Income	Accumulated Other Comprehensive Income/(Loss), net	Noncontrolling Interest	Adjustment	Total
Consolidated Statements of Changes in Equity
Cumulative effect upon adoption of ASC 326	$ 46,201	$ 2,946	$ 5,781,975	$ (2,182)	$ (2,462,132)	$ (10,448)	$ 30,772	$ (2,182)	$ 3,389,314
Beginning Balance at Dec. 31, 2019	46,201	2,946	5,781,975	$ (2,182)	(2,462,132)	(10,448)	30,772	$ (2,182)	3,389,314
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.					62,992				62,992
Net income/(loss) attributable to noncontrolling interests							9		9
Long Term Incentive Plan Unit grants/(vestings), net							(13,158)		(13,158)
Other comprehensive income/(loss)						(1,492)			(1,492)
Issuance/(forfeiture) of common and restricted shares, net		1	(229)						(228)
Conversion of Series E Cumulative Convertible Shares	(1,436)	1	1,435
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		3	11,247						11,250
Common stock distributions declared					(212,422)				(212,422)
Preferred stock distributions declared-Series E					(2,128)				(2,128)
Adjustment to reflect redemption value of redeemable noncontrolling interests					182,990				182,990
Ending Balance at Jun. 30, 2020	44,765	2,951	5,794,428		(2,432,882)	(11,940)	17,623		3,414,945
Consolidated Statements of Changes in Equity
Cumulative effect upon adoption of ASC 326	46,201	2,949	5,788,471		(2,360,636)	(12,870)	14,275		3,478,390
Beginning Balance at Mar. 31, 2020	46,201	2,949	5,788,471		(2,360,636)	(12,870)	14,275		3,478,390
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.					57,771				57,771
Net income/(loss) attributable to noncontrolling interests							19		19
Long Term Incentive Plan Unit grants/(vestings), net							3,329		3,329
Other comprehensive income/(loss)						930			930
Issuance/(forfeiture) of common and restricted shares, net			1,103						1,103
Conversion of Series E Cumulative Convertible Shares	(1,436)	1	1,435
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		1	3,419						3,420
Common stock distributions declared					(106,232)				(106,232)
Preferred stock distributions declared-Series E					(1,062)				(1,062)
Adjustment to reflect redemption value of redeemable noncontrolling interests					(22,723)				(22,723)
Ending Balance at Jun. 30, 2020	44,765	2,951	5,794,428		(2,432,882)	(11,940)	17,623		3,414,945
Consolidated Statements of Changes in Equity
Cumulative effect upon adoption of ASC 326	44,765	2,951	5,794,428		(2,432,882)	(11,940)	17,623		3,414,945
Cumulative effect upon adoption of ASC 326	44,765	2,966	5,881,383		(2,685,770)	(9,144)	24,391		3,258,591
Beginning Balance at Dec. 31, 2020	44,765	2,966	5,881,383		(2,685,770)	(9,144)	24,391		3,258,591
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.					14,824				14,824
Net income/(loss) attributable to noncontrolling interests							16		16
Redemption of noncontrolling interests in consolidated real estate							(125)		(125)
Long Term Incentive Plan Unit grants/(vestings), net							(3,379)		(3,379)
Other comprehensive income/(loss)						843			843
Issuance/(forfeiture) of common and restricted shares, net		1	1,510						1,511
Issuance of common shares through public offering, net			(393)						(393)
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		1	5,338						5,339
Common stock distributions declared					(215,260)				(215,260)
Preferred stock distributions declared-Series E					(2,113)				(2,113)
Adjustment to reflect redemption value of redeemable noncontrolling interests					(254,681)				(254,681)
Ending Balance at Jun. 30, 2021	44,765	2,968	5,887,838		(3,143,000)	(8,301)	20,903		2,805,173
Consolidated Statements of Changes in Equity
Cumulative effect upon adoption of ASC 326	44,765	2,968	5,885,682		(2,923,073)	(8,614)	14,673		3,016,401
Beginning Balance at Mar. 31, 2021	44,765	2,968	5,885,682		(2,923,073)	(8,614)	14,673		3,016,401
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.					11,720				11,720
Net income/(loss) attributable to noncontrolling interests							8		8
Long Term Incentive Plan Unit grants/(vestings), net							6,222		6,222
Other comprehensive income/(loss)						313			313
Issuance/(forfeiture) of common and restricted shares, net			1,707						1,707
Issuance of common shares through public offering, net			(393)						(393)
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership			842						842
Common stock distributions declared					(107,609)				(107,609)
Preferred stock distributions declared-Series E					(1,057)				(1,057)
Adjustment to reflect redemption value of redeemable noncontrolling interests					(122,981)				(122,981)
Ending Balance at Jun. 30, 2021	44,765	2,968	5,887,838		(3,143,000)	(8,301)	20,903		2,805,173
Consolidated Statements of Changes in Equity
Cumulative effect upon adoption of ASC 326	$ 44,765	$ 2,968	$ 5,887,838		$ (3,143,000)	$ (8,301)	$ 20,903		$ 2,805,173

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Common stock distributions declared per share	$ 0.3625	$ 0.36	$ 0.725	$ 0.72
8.00% Series E Cumulative Convertible Preferred Stock
Preferred stock distributions declared	$ 0.3925	$ 0.3898	$ 0.7850	$ 0.7796

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities
Net income/(loss)	$ 15,809	$ 67,636
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	295,460	314,584
(Gain)/loss on sale of real estate owned	(50,829)	(61,303)
(Income)/loss from unconsolidated entities	(14,673)	(11,388)
Return on investment in unconsolidated joint ventures	16,597	2,016
Amortization of share-based compensation	11,310	10,808
Loss on extinguishment of debt, net	41,950
Other	15,754	8,203
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	925	(20,282)
Increase/(decrease) in operating liabilities	(2,146)	6,741
Net cash provided by/(used in) operating activities	330,157	317,015
Investing Activities
Acquisition of real estate assets	(295,301)	(141,727)
Proceeds from sales of real estate investments, net	154,857	133,934
Development of real estate assets	(74,515)	(63,010)
Capital expenditures and other major improvements - real estate assets	(66,103)	(64,083)
Capital expenditures - non-real estate assets	(7,154)	(7,358)
Investment in unconsolidated joint ventures	(53,706)	(20,041)
Distributions received from unconsolidated joint ventures	33,345	5,731
Purchase deposits on pending acquisitions	(5,100)
Repayment/(issuance) of notes receivable, net	(1,060)	(5,340)
Net cash provided by/(used in) investing activities	(314,737)	(161,894)
Financing Activities
Payments on secured debt	(543)	(31,621)
Payments on unsecured debt	(300,000)
Net proceeds from the issuance of unsecured debt	298,776	211,320
Net proceeds/(repayment) of commercial paper	280,000	(115,000)
Net proceeds/(repayment) of revolving bank debt	(706)	597
Distributions paid to redeemable noncontrolling interests	(16,899)	(15,782)
Distributions paid to preferred stockholders	(2,109)	(2,115)
Distributions paid to common stockholders	(214,433)	(207,095)
Payment of prepayment and extinguishment costs	(40,769)
Other	(6,838)	(5,840)
Net cash provided by/(used in) financing activities	(3,521)	(165,536)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	11,899	(10,415)
Cash, cash equivalents, and restricted cash, beginning of year	24,171	33,291
Cash, cash equivalents, and restricted cash, end of period	36,070	22,876
Supplemental Information:
Interest paid during the period, net of amounts capitalized	71,006	78,170
Operating cash flows from operating leases	6,251	6,251
Cash paid/(refunds received) for income taxes	3,013	1,324
Non-cash transactions:
Secured debt assumed upon acquisition of real estate assets	201,296
Acquisition of land parcel pursuant to a deed in lieu of foreclosure	25,000
Cancellation of secured note receivable pursuant to a deed in lieu of foreclosure	24,869
Transfer of investment in and advances to unconsolidated joint ventures to real estate owned		14,700
Acquisition of intellectual property in exchange for cancellation of secured note receivable		2,250
Recognition of allowance for credit losses		2,182
Vesting of LTIP Units	14,576	23,018
Development costs and capital expenditures incurred, but not yet paid	38,541	26,400
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (136,206 shares in 2021 and 261,196 shares in 2020)	5,339	11,250
Dividends declared, but not yet paid	$ 116,688	$ 115,254

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above:
Cash and cash equivalents	$ 3,370	$ 1,409	$ 833	$ 8,106
Restricted cash	32,700	22,762	22,043	25,185
Total cash, cash equivalents, and restricted cash as shown above	$ 36,070	$ 24,171	$ 22,876	$ 33,291

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Non-cash transactions:
Conversion of OP Units into common shares	136,206	261,196

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Basis of Presentation UDR, Inc., collectively with our consolidated subsidiaries (“UDR,” the “Company,” “we,” “our,” or “us”), is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities. The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of June 30, 2021, there were 185.2 million units in the Operating Partnership (“OP Units”) outstanding, of which 176.2 million OP Units (including 0.1 million of general partnership units), or 95.1%, were owned by UDR and 9.0 million OP Units, or 4.9%, were owned by outside limited partners. As of June 30, 2021, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 18.8 million, or 58.0%, were owned by UDR and its subsidiaries and 13.6 million, or 42.0%, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The accompanying interim unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of our financial position as of June 30, 2021, and results of operations for the three and six months ended June 30, 2021 and 2020, have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of results that can be expected for a full year, particularly in light of the novel coronavirus disease (“COVID-19”) pandemic and measures intended to mitigate its spread. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2020 appearing in UDR’s Annual Report on Form 10-K, filed with the SEC on February 18, 2021. The accompanying interim unaudited consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those noted in Note 2, Significant Accounting Policies Real Estate Owned, Secured and Unsecured Debt, Net , Commitments and Contingencies

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In March 2020, the SEC adopted rules that amended the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. Subsequently, in November 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762, which revised SEC paragraphs of the codification to reflect, as appropriate, the amended disclosure requirements mentioned above. Under the amended rules, parent companies can provide alternative disclosures in lieu of separate audited financial statements of subsidiary issuers and guarantors that meet certain criteria. We evaluated the criteria and determined that we are eligible for the exceptions, which allow us to provide alternative disclosures for the Operating Partnership, which guarantees certain outstanding debt securities issued by the Company. As a result of the amendments, the Operating Partnership, as subsidiary guarantor, is no longer subject to the filing requirements under Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and will no longer file separate periodic and current reports in reliance on Rule 12h-5 under the Exchange Act. The alternative disclosures related to the Operating Partnership are presented in Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations” in this report. ​ I n August 2020, the FASB issued ASU 2020-06, Debt—Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in E ntity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ​ Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. Real Estate Sales Gain Recognition ​ For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. ​ Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. ​ Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain or loss on consolidation of a property. ​ Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ​ The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with its other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net ​ The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible. ​ Notes Receivable Notes receivable relate to financing arrangements which are typically secured by real estate, real estate related projects or other assets. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a VIE, and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities. Additionally, we analyze each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The following table summarizes our Notes receivable, net dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ June 30, June 30, December 31, ​ ​ 2021 ​ 2021 ​ 2020 Note due February 2021 (a) ​ N/A ​ $ — ​ $ 4,000 Note due May 2022 (b) ​ 8.00 % ​ — ​ ​ 20,000 Note due May 2022 (c) ​ 14.00 % ​ 2,760 ​ ​ — Note due October 2022 (d) 4.75 % ​ 115,000 ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 21,985 ​ ​ 19,685 Notes Receivable ​ ​ ​ ​ 139,745 ​ ​ 158,685 Allowance for credit losses ​ ​ ​ ​ (698) ​ ​ (693) Total notes receivable, net ​ $ 139,047 ​ $ 157,992 (a) In May 2020, the Company entered into a promissory note with an unaffiliated third party with an aggregate commitment of $4.0 million, in connection with the sale of an operating community. In January 2021, the unaffiliated third party repaid the $4.0 million promissory note. (b) The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million. The note was secured by a parcel of land and related land improvements located in Alameda, California. In September 2020, the developer defaulted on the loan. As a result of the default, in April 2021, the Company took title to the property pursuant to a deed in lieu of foreclosure. As such, t he Company increased its real estate assets owned by approximately $25.0 million, the fair market value of the property on the date of the title transfer, and recorded a $0.1 million gain on extinguishment of the secured note to Interest income and other income/(expense), net on the Consolidated Statements of Operations, which was based on the note’s principal balance and unpaid accrued interest of $4.9 million. (See Note 3, Real Estate Owned for further discussion.) (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $2.8 million, all of which has been funded. The note is secured by a to-be-developed parcel of land in Kissimmee, Florida. Interest payments are due when the loan matures. The note matures in May 2022. (d) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million, all of which has been funded. Interest payments are due when the loan matures. The note is secured by a first priority deed of trust on a 259 apartment home operating community in Bellevue, Washington, which was completed in 2020. When the note was funded, the Company also entered into a purchase option agreement and paid a deposit of $10.0 million, which gave the Company the option to acquire the community at a fixed price of $170.0 million. In August 2020, the Company exercised the purchase option. In July 2021, the Company acquired the operating community. In connection with the acquisition of this community, the note and the unpaid accrued interest were paid in full. (See Note 3, Real Estate Owned (e) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $22.0 million, substantially all of which has been funded, including $2.3 million funded during the six months ended June 30, 2021. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) January 2023. The Company recognized $2.0 million and $2.4 million of interest income from notes receivable described above during the three months ended June 30, 2021 and 2020, respectively, and $4.0 million and $5.0 million of interest income for the notes receivable described above during the six months ended June 30, 2021 and 2020, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three and six months ended June 30, 2021 and 2020, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of June 30, 2021 and December 31, 2020, UDR’s net deferred tax asset/(liability) was ($0.6) million and ($3.2) million, respectively, and are recorded in Accounts payable, accrued expenses and other liabilities GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company invests in assets that qualify for federal investment tax credits (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities UDR had no material unrecognized tax benefit, accrued interest or penalties at June 30, 2021. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2017 through 2019 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net ​ Forward Sales Agreements ​ The Company utilizes forward sales agreements for the future issuance of its common stock. When the Company enters into a forward sales agreement, the contract requires the Company to sell its shares to a counterparty at a predetermined price at a future date. The net sales price and proceeds attained by the Company will be determined on the dates of settlement, with adjustments during the term of the contract for the Company’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. ​ The Company accounts for the shares of common stock reserved for issuance upon settlement as equity in accordance with ASC 815-40, Contracts in Entity's Own Equity ​ The guidance establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to its own stock, first, evaluating the instrument’s contingent exercise provisions and second, evaluating the instrument’s settlement provisions. When entering into forward sales agreements, we determined that (i) none of the agreement’s exercise contingencies are based on observable markets or indices besides those related to the market for our own stock price; and (ii) none of the settlement provisions preclude the agreements from being indexed to our own stock. ​ Before the issuance of shares of common stock, upon physical or net share settlement of the forward sales agreements, the Company expects that the shares issuable upon settlement of the forward sales agreements will be reflected in its diluted income/(loss) per share calculations using the treasury stock method. Under this method, the number of shares of common stock used in calculating diluted income/(loss) per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward sales agreements over the number of shares of common stock that could be purchased by the Company in the open market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). When the Company physically or net share settles any forward sales agreement, the delivery of shares of common stock would result in an increase in the number of weighted average common shares outstanding and dilution to basic income/(loss) per share. (See Note 8, Income/(Loss) per Share ​ Impact of COVID-19 Pandemic ​ The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemic’s effect on our operational and financial performance will depend on future developments, including the duration and intensity of the pandemic, the timing and effectiveness of COVID-19 vaccines, the duration of government measures to mitigate the pandemic and the success of government rental assistance programs, all of which continue to be uncertain and difficult to predict. ​ Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the Company’s future financial condition, results of operations and cash flows could be material ​ During the three and six months ended June 30, 2021, the Company performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables in light of the COVID-19 pandemic. This analysis included an assessment of collectibility of current and future rents and whether those lease payments were no longer probable of collection. In accordance with the leases guidance, if lease payments are no longer deemed to be probable over the life of the lease contract, we recognize revenue only when cash is received, and all existing contractual operating lease receivables and straight-line lease receivables are reserved. ​ As a result of its analysis, the Company reserved approximately $0.1 million of incremental multifamily tenant lease receivables and approximately $0.7 million of incremental retail tenant lease receivables for its wholly-owned communities and communities held by joint ventures for the three months ended June 30, 2021. In aggregate, the reserve is reflected as a $0.7 million reduction to Rental income and a $0.1 million reduction to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the three months ended June 30, 2021. For the six months ended June 30, 2021, the Company reserved approximately $4.8 million of incremental multifamily tenant lease receivables and approximately $1.5 million of incremental retail tenant lease receivables for its wholly-owned communities and communities held by joint ventures. In aggregate, the reserve is reflected as a $5.8 million reduction to Rental income and a $0.5 million reduction to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the six months ended June 30, 2021. The impact to deferred leasing commissions was not material for the three and six months ended June 30, 2021. ​ The Company did not recognize any other adjustments to the carrying amounts of assets or asset impairment charges due to the COVID-19 pandemic for the six months ended June 30, 2021.

REAL ESTATE OWNED

REAL ESTATE OWNED	6 Months Ended
	Jun. 30, 2021
REAL ESTATE OWNED
REAL ESTATE OWNED	3. REAL ESTATE OWNED Real estate assets owned by the Company consist of income producing operating properties, properties under development, land held for future development, and held for disposition properties. As of June 30, 2021, the Company owned and consolidated 153 communities in 13 states plus the District of Columbia totaling 50,413 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of June 30, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Land ​ $ 2,232,760 ​ $ 2,139,765 Depreciable property — held and used: ​ ​ Land improvements ​ 237,093 ​ 233,823 Building, improvements, and furniture, fixtures and equipment ​ 10,815,176 ​ 10,292,782 Real estate intangible assets ​ ​ 40,570 ​ ​ 40,570 Under development: ​ ​ Land and land improvements ​ 74,399 ​ 73,702 Building, improvements, and furniture, fixtures and equipment ​ 212,526 ​ 174,175 Real estate held for disposition: ​ ​ Land and land improvements ​ — ​ 15,184 Building, improvements, and furniture, fixtures and equipment ​ — ​ 101,471 Real estate owned ​ 13,612,524 ​ 13,071,472 Accumulated depreciation (a) ​ (4,871,506) ​ (4,605,366) Real estate owned, net ​ $ 8,741,018 ​ $ 8,466,106 (a) Accumulated depreciation is inclusive of $7.2 million and $5.8 million of accumulated amortization related to real estate intangible assets as of June 30, 2021 and December 31, 2020, respectively. ​ Acquisitions In January 2021, the Company acquired a 300 apartment home operating community located in Franklin, Massachusetts for approximately $77.4 million. In connection with the acquisition, the Company assumed an above-market mortgage note payable secured by the community with an outstanding balance of approximately $51.8 million. The Company increased its real estate assets owned by approximately $82.0 million, recorded $2.0 million of in-place lease intangibles, and recorded a $6.6 million debt premium in connection with the above-market debt assumed. In April 2021, the Company acquired a 636 apartment home operating community located in Farmers Branch, Texas for approximately $110.2 million. In connection with the acquisition, the Company assumed an above-market mortgage note payable secured by the community with an outstanding balance of approximately $42.0 million. The Company increased its real estate assets owned by approximately $111.5 million, recorded $3.0 million of in-place lease intangibles, and recorded a $4.3 million debt premium in connection with the above-market debt assumed. ​ The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million. The note was secured by a parcel of land and related land improvements located in Alameda, California. In September 2020, the developer defaulted on the loan. As a result of the default, in April 2021, the Company took title to the property pursuant to a deed in lieu of foreclosure. The Company increased its real estate assets owned by approximately $25.0 million, the fair market value of the property on the date of the title transfer, and recorded a $0.1 million gain on extinguishment of the secured note to Interest income and other income/(expense), net on the Consolidated Statements of Operations. Significant Accounting Policies ​ In May 2021, the Company acquired a to-be-developed parcel of land located in Tampa, Florida for approximately $6.6 million. ​ In May 2021, the Company acquired a 945 apartment home operating community located in Frisco, Texas for approximately $166.9 million. In connection with the acquisition, the Company assumed an above-market mortgage note payable secured by the community with an outstanding balance of approximately $89.5 million. The Company increased its real estate assets owned by approximately $169.9 million, recorded $4.1 million of in-place lease intangibles, and recorded a $7.1 million debt premium in connection with the above-market debt assumed. ​ In June 2021, the Company acquired a 468 apartment home operating community located in Germantown, Maryland for approximately $121.9 million. The Company increased its real estate assets owned by approximately $119.3 million and recorded $2.6 million of in-place lease intangibles. ​ In July 2021, the Company acquired a 259 apartment home operating community located in Bellevue, Washington for approximately $170.0 million. The Company previously had a $115.0 million secured note receivable associated with this operating community. In connection with the acquisition of this community, the note and the unpaid accrued interest were paid in full. (See Note 2, Significant Accounting Policies ​ Dispositions ​ In February 2021, the Company sold an operating community located in Anaheim, California with a total of 386 apartment homes for gross proceeds of $156.0 million, resulting in a gain of approximately $50.8 million. ​ In July 2021, the purchaser under a purchase and sale agreement with the Company made its escrow deposit on the pending sale of an operating community located in Anaheim, California. The sale is expected to close in 2021 at a gross sales price of $124.0 million. ​ Other Activity Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation Company ceases capitalization on the related portion of the costs and depreciation commences over the estimated useful life. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Our 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. The net book value of impaired assets is reduced to fair value. Our estimates of fair value represent our best estimate based upon Level 3 inputs such as industry trends and reference to market rates and transactions. The Company did not recognize any impairments in the value of its long-lived assets during the three and six months ended June 30, 2021 and 2020. In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax-deferred Section 1031 exchange. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2021
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES	4. VARIABLE INTEREST ENTITIES The Company has determined that the Operating Partnership and DownREIT Partnership are VIEs as the limited partners lack substantive kick-out rights and substantive participating rights. The Company has concluded that it is the primary beneficiary of, and therefore consolidates, the Operating Partnership and DownREIT Partnership based on its role as the sole general partner of the Operating Partnership and DownREIT Partnership. The Company’s role as community manager and its equity interests give us the power to direct the activities that most significantly impact the economic performance and the obligation to absorb potentially significant losses or the right to receive potentially significant benefits of the Operating Partnership and DownREIT Partnership.

JOINT VENTURES AND PARTNERSHIPS

JOINT VENTURES AND PARTNERSHIPS	6 Months Ended
	Jun. 30, 2021
JOINT VENTURES AND PARTNERSHIPS
JOINT VENTURES AND PARTNERSHIPS	5. JOINT VENTURES AND PARTNERSHIPS UDR has entered into joint ventures and partnerships with unrelated third parties to own, operate, acquire, renovate, develop, redevelop, dispose of, and manage real estate assets that are either consolidated and included in Real estate owned Investment in and advances to unconsolidated joint ventures, net UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are typically limited to our investment and except as noted below, the Company does not guarantee any debt, capital payout or other obligations associated with our joint ventures and partnerships. The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services for the communities held by the 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 June 30, 2021 and December 31, 2020 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ ​ Three Months Ended ​ Six Months Ended ​ Location of June 30, June 30, June 30, December 31, ​ June 30, ​ December 31, ​ June 30, ​ June 30, Joint Ventures Properties 2021 2021 2021 2020 ​ 2021 ​ 2020 ​ 2021 2020 ​ 2021 2020 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 25,095 ​ $ 26,426 ​ 50.0 % ​ 50.0 % ​ $ (839) ​ $ (658) ​ $ (1,314) ​ $ (1,112) UDR/MetLife II Various 7 1,250 ​ 184,568 ​ 151,353 ​ 50.0 % ​ 50.0 % ​ ​ (153) ​ ​ 10 ​ ​ (2,837) ​ ​ (81) Other UDR/MetLife Joint Ventures (a) Various 5 1,437 ​ 74,178 ​ 82,072 ​ 50.6 % ​ 50.6 % ​ ​ (3,367) ​ ​ (2,312) ​ ​ (6,752) ​ ​ (4,124) West Coast Development Joint Ventures (b) ​ Los Angeles, CA ​ — ​ — ​ ​ 311 ​ ​ 30,080 ​ 47.0 % ​ 47.0 % ​ ​ — ​ ​ (56) ​ ​ 2,486 ​ ​ (136) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and real estate technology investments ​ $ 284,152 ​ $ 289,931 ​ ​ ​ ​ $ (4,359) ​ $ (3,016) ​ $ (8,417) ​ $ (5,453) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Three Months Ended ​ Six Months Ended Developer Capital Program ​ ​ Years To ​ UDR June 30, December 31, June 30, ​ June 30, and Real Estate Technology Investments (c) Location Rate Maturity ​ Commitment (d) 2021 2020 2021 2020 2021 2020 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1532 Harrison ​ San Francisco, CA ​ 11.0 % 1.0 ​ $ 24,645 ​ $ 36,040 ​ $ 34,135 ​ ​ 963 ​ ​ 846 ​ $ 1,892 ​ $ 1,682 Junction ​ Santa Monica, CA ​ 12.0 % 1.1 ​ ​ 8,800 ​ ​ 12,413 ​ ​ 11,699 ​ ​ 364 ​ ​ 323 ​ ​ 714 ​ ​ 637 1200 Broadway (e) (f) ​ Nashville, TN ​ 12.25 % 1.2 ​ ​ 55,558 ​ ​ 59,354 ​ ​ 69,330 ​ ​ 1,727 ​ ​ 1,306 ​ ​ 3,099 ​ ​ 2,587 1300 Fairmount (f) ​ Philadelphia, PA ​ 8.5 % 2.1 ​ ​ 51,393 ​ ​ 62,075 ​ ​ 59,544 ​ ​ 1,275 ​ ​ 1,191 ​ ​ 2,531 ​ ​ 2,357 Essex ​ Orlando, FL ​ 12.5 % 2.1 ​ ​ 12,886 ​ ​ 17,085 ​ ​ 16,770 ​ ​ 543 ​ ​ 481 ​ ​ 1,065 ​ ​ 947 Modera Lake Merritt (f) ​ Oakland, CA ​ 9.0 % 2.8 ​ ​ 27,250 ​ ​ 32,334 ​ ​ 30,928 ​ ​ 714 ​ ​ 652 ​ ​ 1,405 ​ ​ 1,226 Thousand Oaks (f) ​ Thousand Oaks, CA ​ 9.0 % 3.6 ​ ​ 20,059 ​ ​ 21,759 ​ ​ 17,919 ​ ​ 481 ​ ​ 153 ​ ​ 918 ​ ​ 177 Vernon Boulevard (f) ​ Queens, NY ​ 13.0 % 4.0 ​ ​ 40,000 ​ ​ 45,169 ​ ​ 42,360 ​ ​ 1,431 ​ ​ — ​ ​ 2,804 ​ ​ — Makers Rise (f) (g) ​ Herndon, VA ​ 9.0 % 4.5 ​ ​ 30,208 ​ ​ 9,176 ​ ​ — ​ ​ 171 ​ ​ — ​ ​ 268 ​ ​ — 121 at Watters (f) (h) ​ Allen, TX ​ 9.0 % 4.7 ​ ​ 19,846 ​ ​ 2,179 ​ ​ — ​ ​ 226 ​ ​ — ​ ​ 229 ​ ​ — Infield Phase I (i) ​ Kissimmee, FL ​ 14.0 % 2.9 ​ ​ 16,044 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 28,696 ​ ​ 20,587 ​ ​ 6,055 ​ ​ 4,696 ​ ​ 8,106 ​ ​ 4,550 RETV II ​ N/A ​ N/A ​ N/A ​ $ 18,000 ​ ​ 3,471 ​ ​ 2,283 ​ ​ 163 ​ ​ — ​ ​ 62 ​ ​ — Total Preferred Equity Investments and Real Estate Technology Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 329,751 ​ ​ 305,555 ​ ​ 14,113 ​ ​ 9,648 ​ ​ 23,093 ​ ​ 14,163 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sold joint ventures and other investments in prior year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ (3) ​ ​ 1,389 ​ ​ (3) ​ ​ 2,678 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Joint Ventures and Developer Capital Program and Real Estate Technology Investments, net (a) ​ ​ ​ ​ $ 613,903 ​ $ 595,486 ​ $ 9,751 $ 8,021 ​ $ 14,673 $ 11,388 (a) As of June 30, 2021 and December 31, 2020, the Company’s negative investment in 13 th and Market Properties LLC of $5.3 million and $4.7 million, respectively, is included in Other UDR/MetLife Joint Ventures in the table above and recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheet. (b) In J anuary 2021, the joint venture sold its remaining community, a 293 home operating community located in Los Angeles, California, for a sales price of approximately $121.0 million. As a result, the Company recorded a gain on the sale of approximately $2.5 million . (c) The Developer Capital Program is the program through which the Company makes investments, including preferred equity investments, mezzanine loans 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 and/or holds fixed price purchase options. (d) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (e) In April 2021, the balance was paid down by $12.5 million and the Company’s preferred return increased to 12.25%. The Company's preferred return will revert to 8.0% in February 2022 if no capital events occur prior to that date. (f) The Company’s preferred equity investment receives a variable percentage of the value created from the project upon a capital or liquidating event. (g) In January 2021, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 356 apartment home community in Herndon, Virginia. The Company’s preferred equity investment of $30.2 million earns a preferred return of 9.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (h) In March 2021, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 469 apartment home community in Allen, Texas. The Company’s preferred equity investment of $19.8 million earns a preferred return of 9.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (i) In May 2021, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 384 apartment home community in Kissimmee, Florida. The Company’s preferred equity investment of $16.0 million earns a preferred return of 14.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. ​ As of June 30, 2021 and December 31, 2020, the Company had deferred fees of $9.1 million and $8.4 million, respectively, which will be recognized through earnings over the weighted average life of the related properties, upon the disposition of the properties to a third party, or upon completion of certain development obligations. The Company recognized management fees of $2.2 million and $1.3 million for the three months ended June 30, 2021 and 2020, respectively, and $3.8 million and $ 2.7 million for the six months ended June 30, 2021 and 2020, respectively, for management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We consider various factors to determine if a decrease in the value of our Investment in and advances to unconsolidated joint ventures, net Combined summary balance sheets relating to the unconsolidated joint ventures’ and partnerships’ (not just our proportionate share) are presented below as of June 30, 2021 and December 31, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 Total real estate, net $ 2,138,303 $ 1,904,805 Real estate assets held for sale ​ — ​ 88,458 Cash and cash equivalents ​ 18,606 ​ 22,278 Other assets ​ ​ 240,953 ​ 150,894 Total assets $ 2,397,862 $ 2,166,435 ​ ​ ​ ​ ​ ​ ​ Third party debt, net ​ $ 1,259,279 ​ $ 1,188,710 Liabilities held for sale ​ — ​ 55,440 Accounts payable and accrued liabilities ​ ​ 38,390 ​ ​ 40,556 Total liabilities ​ 1,297,669 ​ 1,284,706 Total equity $ 1,100,193 $ 881,729 ​ Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three and six months ended June 30, 2021 and 2020 ( dollars in thousands : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Total revenues $ 32,006 $ 37,312 $ 64,143 $ 78,626 Property operating expenses ​ 16,745 ​ 14,468 ​ 33,855 ​ 29,765 Real estate depreciation and amortization ​ 16,144 ​ 16,913 ​ 32,597 ​ 33,156 Gain/(loss) on sale of property ​ ​ — ​ ​ — ​ ​ 34,757 ​ ​ — Operating income/(loss) ​ (883) ​ ​ 5,931 ​ 32,448 ​ ​ 15,705 Interest expense ​ (7,460) ​ (10,149) ​ (19,594) ​ (20,496) Net realized/unrealized gain/(loss) on held investments ​ ​ 38,350 ​ ​ 29,312 ​ ​ 46,838 ​ ​ 29,312 Other income/(loss) ​ ​ (14) ​ ​ 117 ​ ​ (1,671) ​ ​ 109 Net income/(loss) $ 29,993 $ 25,211 $ 58,021 $ 24,630 ​

LEASES

LEASES	6 Months Ended
	Jun. 30, 2021
LEASES
LEASES	6. LEASES Lessee - Ground Leases UDR owns six communities that are subject to ground leases, under which UDR is the lessee, expiring between 2043 and 2103, inclusive of extension options we are reasonably certain will be exercised. All of these leases are classified as operating leases through the lease term expiration based on our election of the practical expedient provided by the leasing standard. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the remaining lease term. We currently do not hold any finance leases. The Company also elected the short-term lease exception provided by the leasing standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. No leases qualified for the short-term lease exception during the three and six months ended June 30, 2021 and 2020. As of June 30, 2021 and December 31, 2020, the Operating lease right-of-use assets Operating lease liabilities Operating lease right-of-use assets Operating lease liabilities As the discount rate implicit in the leases was not readily determinable, we determined the discount rate for these leases utilizing the Company’s incremental borrowing rate at a portfolio level, adjusted for the remaining lease term, and the form of underlying collateral. The weighted average remaining lease term for these leases was 43.6 years and 43.9 years at June 30, 2021 and December 31, 2020, respectively, and the weighted average discount rate was 5.0% at both June 30, 2021 and December 31, 2020. Future minimum lease payments and total operating lease liabilities from our ground leases as of June 30, 2021 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2021 ​ $ 6,221 2022 ​ ​ 12,442 2023 ​ ​ 12,442 2024 ​ ​ 12,442 2025 ​ ​ 12,442 Thereafter ​ ​ 442,778 Total future minimum lease payments (undiscounted) ​ ​ 498,767 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (304,709) Total operating lease liabilities (discounted) ​ $ 194,058 ​ For purposes of recognizing our ground lease contracts, the Company uses the minimum lease payments, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on a change in an index or a rate (i.e., changes in fair market rental rates or changes in the consumer price index) but that does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. If there is a contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, which is resolved such that those payments now meet the definition of lease payments, the Company will remeasure the right-of-use asset and lease liability on the reset date. The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 3,230 ​ $ 3,216 ​ $ 6,460 ​ $ 6,386 Variable lease expense (a) ​ ​ 27 ​ ​ 44 ​ ​ 56 ​ ​ 87 Total operating lease expense (b)(c) ​ $ 3,257 ​ $ 3,260 ​ $ 6,516 ​ $ 6,473 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the six months ended June 30, 2021, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.7 million and $1.5 million, respectively. For the six months ended June 30, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.6 million and $1.5 million, respectively. Due to the net impact of the amortization, the Company recorded $0.1 million and $0.1 million of total operating lease expense during the three months ended June 30, 2021 and 2020, respectively, and $0.2 million and $0.2 million of total operating lease expense during the six months ended June 30, 2021 and 2020, respectively. ​ Lessor - Apartment Home, Retail and Commercial Space Leases ​ UDR’s communities and retail and commercial space are leased to tenants under operating leases. As of June 30, 2021, our apartment home leases generally have initial terms of 12 months or less and represent approximately 98.6% of our total lease revenue. As of June 30, 2021, our retail and commercial space leases generally have initial terms of between 5 and 15 years and represent approximately 1.4% of our total lease revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential increases in rental rates, and our retail and commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and certain other conditions. (See Note 14, Reportable Segments ​ Future minimum lease payments from our retail and commercial leases as of June 30, 2021 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2021 ​ $ 12,256 2022 ​ ​ 24,675 2023 ​ ​ 22,817 2024 ​ ​ 20,469 2025 ​ ​ 17,042 Thereafter ​ ​ 73,038 Total future minimum lease payments (a) ​ $ 170,297 (a) Certain of our leases with retail and commercial tenants provide for the payment by the lessee of additional variable rent based on a percentage of the tenant’s revenue. The amounts shown in the table above do not include these variable percentage rents. The Company recorded variable percentage rents of less than $0.1 million and zero for the three months ended June 30, 2021 and 2020, respectively, and $0.1 million and $0.1 million during the six months ended June 30, 2021 and 2020, respectively.

SECURED AND UNSECURED DEBT, NET

SECURED AND UNSECURED DEBT, NET	6 Months Ended
	Jun. 30, 2021
SECURED AND UNSECURED DEBT, NET
SECURED AND UNSECURED DEBT, NET	7. SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at June 30, 2021 and December 31, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ June 30, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2021 2020 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 1,007,317 ​ $ 824,550 3.42 % 6.9 14 Deferred financing costs and other non-cash adjustments (b) ​ 25,660 ​ 10,665 Total fixed rate secured debt, net ​ 1,032,977 ​ 835,215 3.42 % 6.9 14 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 0.73 % 10.7 1 Deferred financing costs ​ (64) ​ (68) Total variable rate secured debt, net ​ 26,936 ​ 26,932 0.73 % 10.7 1 Total Secured Debt, net ​ 1,059,913 ​ 862,147 3.35 % 7.0 15 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (o) ​ — ​ — — % 1.6 Borrowings outstanding under unsecured commercial paper program due July 2021 (e) (o) ​ ​ 470,000 ​ ​ 190,000 ​ 0.25 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2022 ​ 27,318 ​ 28,024 0.93 % 0.5 Term Loan due September 2023 (d) (o) ​ 35,000 ​ 35,000 1.07 % 2.3 Fixed Rate Debt ​ ​ Term Loan due September 2023 (d) (o) ​ ​ 315,000 ​ 315,000 1.07 % 2.3 ​ ​ 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 3.2 4.00% Medium-Term Notes due October 2025 (net of discounts of $0 and $327, respectively) (g) (o) ​ — ​ 299,673 — % — 2.95% Medium-Term Notes due September 2026 (h) (o) ​ 300,000 ​ 300,000 2.89 % 5.2 3.50% Medium-Term Notes due July 2027 (net of discounts of $423 and $458, respectively) (i) (o) ​ ​ 299,577 ​ ​ 299,542 ​ 4.03 % 6.0 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $776 and $835, respectively) (o) ​ ​ 299,224 ​ ​ 299,165 ​ 3.50 % 6.5 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $4 and $5, respectively) (j) (o) ​ ​ 299,996 ​ ​ 299,995 ​ 4.27 % 7.6 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $11,726 and $12,412, respectively) (k) (o) ​ ​ 611,726 ​ ​ 612,412 ​ 3.32 % 8.5 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $979 and $1,027, respectively) (l) (o) ​ ​ 399,021 ​ ​ 398,973 ​ 3.01 % 10.1 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $391 and $408, respectively) (o) ​ ​ 399,609 ​ ​ 399,592 ​ 2.10 % 11.1 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,411 and $1,471, respectively) (o) ​ ​ 348,589 ​ ​ 348,529 ​ 1.90 % 11.7 ​ ​ 2.10% Medium-Term Notes due June 2033 (net of discounts of $1,190 and $0, respectively) (m) (o) ​ ​ 298,810 ​ ​ — ​ 2.10 % 12.0 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,177 and $1,221, respectively) (n) (o) ​ ​ 298,823 ​ ​ 298,779 ​ 3.13 % 13.3 ​ ​ Other ​ 9 ​ 10 Deferred financing costs ​ (26,152) ​ (25,937) Total Unsecured Debt, net ​ 4,392,194 ​ 4,114,401 2.57 % 7.7 Total Debt, net ​ $ 5,452,107 ​ $ 4,976,548 2.71 % 7.5 ​ For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of June 30, 2021, secured debt encumbered $1.7 billion or 12.6% of UDR’s total real estate owned based upon gross book value ($11.9 billion or 87.4% of UDR’s real estate owned based on gross book value is unencumbered). (a) During the six months ended June 30, 2021, the Company assumed three fixed rate mortgage notes payable with an aggregate outstanding balance of $183.3 million and a fair value of $201.3 million in connection with the acquisition of three operating properties, which carry a weighted average interest rate of 3.93% . Real Estate Owned . ​ The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par value to interest expense over the life of the underlying debt instrument. (b) Interest expense ​ (c) (d) six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of September 30, 2023. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 82.5 basis points and a facility fee of 15 basis points, and the Term Loan has an interest rate equal to LIBOR plus a margin of 90 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 75 to 145 basis points, the facility fee ranges from 10 to 30 basis points, and the margin under the Term Loan ranges from 80 to 165 basis points. In November 2020, the Company entered into three interest rate swaps, which became effective in January 2021, to hedge against interest rate risk on the Term Loan until July 2022. The all-in weighted average interest rate, inclusive of the impact of the interest rate swaps, was 1.07% . ​ The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Credit Agreement also includes customary events of default, in certain cases subject to customary periods to cure. The occurrence of an event of default, following the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the Credit Agreement to be immediately due and payable. The following is a summary of short-term bank borrowings under the Revolving Credit Facility at June 30, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 2020 ​ Total revolving credit facility ​ $ 1,100,000 ​ $ 1,100,000 ​ Borrowings outstanding at end of period (1) ​ — ​ — ​ Weighted average daily borrowings during the period ended ​ — ​ 42,186 ​ Maximum daily borrowings during the period ended ​ — ​ 375,000 ​ Weighted average interest rate during the period ended ​ — % 1.4 % Interest rate at end of the period ​ — % — % (1) Excludes $2.6 million and $2.8 million of letters of credit at June 30, 2021 and December 31, 2020, respectively . (e) In July 2021, the maximum aggregate amount was increased to $700.0 million. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at June 30, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Total unsecured commercial paper program $ 500,000 ​ $ 500,000 ​ Borrowings outstanding at end of period ​ 470,000 ​ 190,000 ​ Weighted average daily borrowings during the period ended ​ 278,177 ​ 227,090 ​ Maximum daily borrowings during the period ended ​ 470,000 ​ 500,000 ​ Weighted average interest rate during the period ended ​ 0.3 % 0.9 % Interest rate at end of the period ​ 0.3 % 0.3 % ​ In July 2021, the entire $470.0 million of outstanding unsecured commercial paper as of June 30, 2021 was repaid at maturity with additional proceeds of unsecured commercial paper with maturity dates in August 2021. (f) The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at June 30, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 27,318 ​ 28,024 ​ Weighted average daily borrowings during the period ended ​ 8,839 ​ 20,132 ​ Maximum daily borrowings during the period ended ​ 39,503 ​ 54,974 ​ Weighted average interest rate during the period ended ​ 0.9 % 1.4 % Interest rate at end of the period ​ 0.9 % 1.0 % ​ (g) (h) (i) (j) (k) The all-in weighted average interest rate, inclusive of the impact of the forward starting swaps and treasury locks, was 3.32% . (l) (m) . (n) . (o) The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to June 30, 2021 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2021 ​ $ 555 ​ $ — ​ $ 555 ​ $ 470,000 (a) $ 470,555 2022 ​ ​ 1,140 ​ ​ — ​ ​ 1,140 ​ ​ 27,318 ​ ​ 28,458 2023 ​ 1,242 ​ — ​ 1,242 ​ 350,000 ​ 351,242 2024 ​ 96,747 ​ — ​ 96,747 ​ 15,644 ​ 112,391 2025 ​ 174,793 ​ — ​ 174,793 ​ — ​ 174,793 2026 ​ 52,744 ​ — ​ 52,744 ​ 300,000 ​ 352,744 2027 ​ 2,860 ​ — ​ 2,860 ​ 300,000 ​ 302,860 2028 ​ 162,310 ​ — ​ 162,310 ​ 300,000 ​ 462,310 2029 ​ 191,986 ​ — ​ 191,986 ​ 300,000 ​ 491,986 2030 ​ 162,010 ​ — ​ 162,010 ​ 600,000 ​ 762,010 Thereafter ​ 160,930 ​ 27,000 ​ 187,930 ​ 1,750,000 ​ 1,937,930 Subtotal ​ 1,007,317 ​ 27,000 ​ 1,034,317 ​ 4,412,962 ​ 5,447,279 Non-cash (b) ​ 25,660 ​ (64) ​ 25,596 ​ (20,768) ​ 4,828 Total ​ $ 1,032,977 ​ $ 26,936 ​ $ 1,059,913 ​ $ 4,392,194 ​ $ 5,452,107 (a) All unsecured debt due in the remainder of 2021 is related to the Company’s commercial paper program. (b) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs . The Company amortized $1.2 million and $1.1 million, respectively, during the three months ended June 30, 2021 and 2020, and $2.4 million and $2.1 million, respectively, during the six months ended June 30, 2021 and 2020, of deferred financing costs into Interest expense. We were in compliance with the covenants of our debt instruments at June 30, 2021.

INCOME_(LOSS) PER SHARE

INCOME/(LOSS) PER SHARE	6 Months Ended
	Jun. 30, 2021
INCOME/(LOSS) PER SHARE
INCOME/(LOSS) PER SHARE	8. INCOME/(LOSS) PER SHARE The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2021 2020 2021 2020 ​ Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 12,535 ​ $ 62,096 ​ $ 15,809 ​ $ 67,636 ​ Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (807) ​ (4,291) ​ (961) ​ (4,604) ​ Net (income)/loss attributable to noncontrolling interests ​ (8) ​ (34) ​ (24) ​ (40) ​ Net income/(loss) attributable to UDR, Inc. ​ 11,720 ​ 57,771 ​ 14,824 ​ 62,992 ​ Distributions to preferred stockholders — Series E (Convertible) ​ (1,057) ​ (1,062) ​ (2,113) ​ (2,128) ​ Income/(loss) attributable to common stockholders - basic and diluted ​ $ 10,663 ​ $ 56,709 ​ $ 12,711 ​ $ 60,864 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 296,842 ​ 294,970 ​ 296,821 ​ 294,850 ​ Non-vested restricted stock awards ​ (253) ​ (260) ​ (257) ​ (266) ​ Denominator for basic income/(loss) per share ​ 296,589 ​ 294,710 ​ 296,564 ​ 294,584 ​ Incremental shares issuable from assumed conversion of unvested LTIP Units and unvested restricted stock ​ 953 ​ 377 ​ 657 ​ 499 ​ Denominator for diluted income/(loss) per share ​ 297,542 ​ 295,087 ​ 297,221 ​ 295,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ ​ ​ Basic ​ $ 0.04 ​ $ 0.19 ​ $ 0.04 ​ $ 0.21 ​ Diluted ​ $ 0.04 ​ $ 0.19 ​ $ 0.04 ​ $ 0.21 ​ ​ Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per common share is computed based upon the weighted average number of common shares outstanding plus the common shares issuable from the assumed conversion of the OP Units and DownREIT Units, convertible preferred stock, stock options, unvested long-term incentive plan units (“LTIP Units”), unvested restricted stock and continuous equity program forward sales agreements. Only those instruments having a dilutive impact on our basic income/(loss) per share are included in diluted income/(loss) per share during the periods. For the three and six months ended June 30, 2021 and 2020, the effect of the conversion of the OP Units, DownREIT Units and the Company’s Series E preferred stock was not dilutive and therefore not included in the above calculation. In July 2017, the Company entered into an ATM sales agreement under which the Company may offer and sell up to 20.0 million shares of its common stock, from time to time, to or through its sales agents and may enter into separate forward sales agreements to or through its forward purchasers. Upon entering into the ATM sales agreement, the Company simultaneously terminated the sales agreement for its prior at-the-market equity offering program, which was entered into in April 2017, which replaced the prior at-the-market equity offering program entered into in April 2012. During the six months ended June 30, 2021, the Company did not sell any shares of common stock through its ATM program, other than the forward sales described below. As of June 30, 2021, we had 9.6 million shares of common stock available for future issuance under the ATM program, including an aggregate of 4.8 million shares subject to the forward sales agreements described below. In connection with any forward sales agreement under the Company’s ATM program, the relevant forward purchasers will borrow from third parties and, through the relevant sales agent, acting in its role as forward seller, sell a number of shares of the Company’s common stock equal to the number of shares underlying the agreement. The Company does not initially receive any proceeds from any sale of borrowed shares by the forward seller. ​ During the three months ended June 30, 2021, the Company entered into forward sales agreements under its ATM program for a total of 2.6 million shares of common stock at a weighted average initial forward price per share of $49.07. As of June 30, 2021, the Company had entered into forward sales agreements under its ATM program for a total of 4.8 million shares of common stock at a weighted average initial forward price per share of $46.61. The actual forward price per share to be received by the Company upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the forward sales agreement. As of June 30, 2021, no shares under the forward sales agreements have been settled. The final dates by which shares sold under the forward sales agreements must be settled range between February 23, 2022 and June 9, 2022. ​ In March 2021, the Company entered into forward sale agreements to sell 7.0 million shares of its common stock at an initial forward price per share of $43.51. The actual forward price per share to be received by the Company upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the forward sales agreement. As of June 30, 2021, no shares under the forward sale agreements have been settled. The final date by which shares sold under the forward sale agreements must be settled is March 29, 2022. ​ In June 2021, the Company entered into forward sale agreements to sell 6.1 million shares of its common stock at an initial forward price per share of $49.22. The actual forward price per share to be received by the Company upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the forward sales agreement. As of June 30, 2021, no shares under the forward sale agreements have been settled. The final date by which shares sold under the forward sale agreements must be settled is June 20, 2022. ​ The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. The Company currently expects to fully physically settle each forward sales agreement with the relevant forward purchaser on one or more dates specified by the Company on or prior to the maturity date of that particular forward sales agreement, in which case the Company expects to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward sales agreement multiplied by the relevant forward sale price. However, subject to certain exceptions, the Company may also elect, in its discretion, to cash settle or net share settle a particular forward sales agreement, in which case the Company may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and the Company may owe cash (in the case of cash settlement) or shares of UDR common stock (in the case of net share settlement) to the relevant forward purchaser. ​ The following table sets forth the additional shares of common stock outstanding, by equity instrument, if converted to common stock for each of the three and six months ended June 30, 2021 and 2020 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ OP/DownREIT Units 22,550 22,386 22,474 22,307 Convertible preferred stock 2,918 2,953 2,918 2,982 Unvested LTIP Units and unvested restricted stock 953 377 657 499 ​

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2021
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	9. NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income attributable to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the following period ( dollars in thousands ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, December 31, 2020 $ 856,294 ​ Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 254,681 ​ Conversion of OP Units/DownREIT Units to Common Stock ​ (5,339) ​ Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 961 ​ Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (16,961) ​ Vesting of Long-Term Incentive Plan Units ​ ​ 14,576 ​ Allocation of other comprehensive income/(loss) ​ 64 ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, June 30, 2021 ​ $ 1,104,276 ​ ​ Noncontrolling Interests Noncontrolling interests represent interests of unrelated partners and unvested LTIP Units in certain consolidated affiliates, and are presented as part of equity on the Consolidated Balance Sheets since these interests are not redeemable. Net (income)/loss attributable to noncontrolling interests The Company grants LTIP Units to certain employees and non-employee directors. The LTIP Units represent an ownership interest in the Operating Partnership and have vesting terms of between one Noncontrolling interests related to long-term incentive plan units represent the unvested LTIP Units of these employees and non-employee directors in the Operating Partnership. The net income/(loss) allocated to the unvested LTIP Units are included in Net (income)/loss attributable to noncontrolling interests

FAIR VALUE OF DERIVATIVES AND F

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2021
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	10. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: ● Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. ● Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of June 30, 2021 and December 31, 2020, are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at June 30, 2021, Using ​ ​ Total ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ June 30, ​ June 30, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2021 (a) ​ 2021 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 139,047 ​ $ 149,055 ​ $ — ​ $ — ​ $ 149,055 Derivatives - Interest rate contracts (c) ​ 9 ​ 9 ​ — ​ 9 ​ — Total assets ​ $ 139,056 ​ $ 149,064 ​ $ — ​ $ 9 ​ $ 149,055 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 113 ​ $ 113 ​ $ — ​ $ 113 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 1,036,548 ​ ​ 1,084,327 ​ ​ — ​ ​ — ​ ​ 1,084,327 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 27,318 ​ ​ 27,318 ​ ​ — ​ ​ — ​ ​ 27,318 Commercial paper program ​ ​ 470,000 ​ ​ 470,000 ​ ​ — ​ ​ — ​ ​ 470,000 Unsecured notes ​ ​ 3,921,028 ​ ​ 4,095,997 ​ ​ — ​ ​ — ​ ​ 4,095,997 Total liabilities ​ $ 5,482,007 ​ $ 5,704,755 ​ $ — ​ $ 113 ​ $ 5,704,642 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 1,104,276 ​ $ 1,104,276 ​ $ — ​ $ 1,104,276 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2020, Using ​ ​ Total ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ Active ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 157,992 ​ $ 170,411 ​ $ — ​ $ — ​ $ 170,411 Derivatives - Interest rate contracts (c) ​ 2 ​ 2 ​ — ​ 2 ​ — Total assets ​ $ 157,994 ​ $ 170,413 ​ $ — ​ $ 2 ​ $ 170,411 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 167 ​ $ 167 ​ $ — ​ $ 167 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 837,473 ​ ​ 854,084 ​ ​ — ​ ​ — ​ ​ 854,084 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 28,024 ​ ​ 28,024 ​ ​ — ​ ​ — ​ ​ 28,024 Commercial paper program ​ ​ 190,000 ​ ​ 190,000 ​ ​ — ​ ​ — ​ ​ 190,000 Unsecured notes ​ ​ 3,922,314 ​ ​ 4,283,045 ​ ​ — ​ ​ — ​ ​ 4,283,045 Total liabilities ​ $ 5,004,978 ​ $ 5,382,320 ​ $ — ​ $ 167 ​ $ 5,382,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 856,294 ​ $ 856,294 ​ $ — ​ $ 856,294 ​ $ — (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 11, Derivatives and Hedging Activity . (d) See Note 7, Secured and Unsecured Debt, Net . (e) See Note 9, Noncontrolling Interests. There were no transfers into or out of any of the levels of the fair value hierarchy during the six months ended June 30, 2021. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate swaps and caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2021 and December 31, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. In conjunction with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership have a redemption feature and are marked to their redemption value. The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership are classified as Level 2. Financial Instruments Not Carried at Fair Value At June 30, 2021 and December 31, 2020, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaids, real estate taxes payable, accrued interest payable, security deposits and prepaid rent, distributions payable and accounts payable approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments, which includes notes receivable and debt instruments, are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITY	6 Months Ended
	Jun. 30, 2021
DERIVATIVES AND HEDGING ACTIVITY
DERIVATIVES AND HEDGING ACTIVITY	11. DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in Accumulated other comprehensive income/(loss), net Amounts reported in Accumulated other comprehensive income/(loss), net Interest expense As of June 30, 2021, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ Number of ​ Product ​ Instruments ​ Notional Interest rate swaps and caps ​ 4 ​ $ 334,880 ​ Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of June 30, 2021, no derivatives not designated as hedges were held by the Company. Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 9 ​ $ 2 ​ $ 113 ​ $ 167 ​ Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ ​ ​ Gain/(Loss) Reclassified ​ Interest expense ​ ​ Unrealized holding gain/(loss) ​ from Accumulated OCI into ​ (Amount Excluded from ​ ​ Recognized in OCI ​ Interest expense ​ Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2021 2020 2021 2020 2021 2020 Three Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (94) ​ $ (294) ​ $ (428) ​ $ (1,292) ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ 34 ​ $ (3,211) ​ $ (873) ​ $ (1,649) ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Total amount of Interest expense ​ $ 35,404 ​ $ 38,597 ​ $ 113,560 ​ $ 77,914 ​ Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement. Tabular Disclosure of Offsetting Derivatives The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of June 30, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Net Amounts of Gross Amounts Not Offset ​ ​ ​ ​ ​ ​ ​ ​ Amounts ​ Assets ​ in the Consolidated ​ ​ ​ ​ ​ Gross ​ Offset in the ​ Presented in the ​ Balance Sheet ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Assets ​ Assets ​ Sheets ​ (a) ​ Instruments Received Net Amount June 30, 2021 ​ $ 9 ​ $ — ​ $ 9 ​ $ — ​ $ — ​ $ 9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ 2 ​ $ — ​ $ 2 ​ $ — ​ $ — ​ $ 2 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Net Amounts of Gross Amounts Not Offset ​ ​ ​ ​ ​ ​ ​ ​ Amounts ​ Liabilities ​ in the Consolidated ​ ​ ​ ​ ​ Gross ​ Offset in the ​ Presented in the ​ Balance Sheet ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount June 30, 2021 ​ $ 113 ​ $ — ​ $ 113 ​ $ — ​ $ — ​ $ 113 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ 167 ​ $ — ​ $ 167 ​ $ — ​ $ — ​ $ 167 (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	6 Months Ended
	Jun. 30, 2021
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION	12. STOCK BASED COMPENSATION The Company recognized stock based compensation expense, inclusive of awards granted to our non-employee directors, net of capitalization, of $6.4 million and $4.0 million during the three months ended June 30, 2021 and 2020, respectively, and $11.3 million and $10.8 million during the six months ended June 30, 2021 and 2020, respectively, which are included in General and Administrative In May 2021, the stockholders of UDR approved the amendment and restatement of the UDR, Inc. 1999 Long-Term Incentive Plan, which, among other things, increased the number of shares reserved for issuance under such plan by 16,000,000 shares, from 19,000,000 shares to 35,000,000 shares.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Company’s real estate commitments at June 30, 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 5 ​ $ 286,925 ​ $ 214,575 Joint ventures: ​ ​ Preferred equity investments 3 ​ ​ 11,355 (b) ​ 55,304 (b) Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I ​ - ​ ​ 28,696 ​ ​ 5,220 ​ RETV II ​ - ​ ​ 3,471 ​ ​ 14,400 ​ Total ​ $ 330,447 ​ $ 289,499 (a) Represents UDR’s investment as of June 30, 2021. (b) Represents UDR’s investment in and remaining commitment for Makers Rise, 121 at Watters and Infield Phase I, which are under development as of June 30, 2021. Purchase Commitments In July 2021, the Company entered into a contract to acquire a 544 apartment home operating community located in Germantown, Maryland, for a purchase price of approximately $124.5 million. The Company made a $5.0 million deposit on the purchase, which is generally non-refundable other than due to a failure of closing conditions pursuant to the terms of the purchase agreement. The acquisition is expected to close in 2021, subject to customary closing conditions. In July 2021, the Company entered into a contract to acquire a 320 apartment home operating community located in King of Prussia, Pennsylvania, for a purchase price of approximately $115.0 million. The Company made a $5.0 million deposit on the purchase, which is generally non-refundable other than due to a failure of closing conditions pursuant to the terms of the purchase agreement. The acquisition is expected to close in 2021, subject to customary closing conditions. Contingencies Litigation and Legal Matters The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flows.

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	6 Months Ended
	Jun. 30, 2021
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	14. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s Chief Operating Decision Maker is comprised of several members of its executive management team 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”). 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. Excluded from NOI is property management expense, which is calculated as 3.0% 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 Chief Operating Decision Maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities Non-Mature Communities/Other ● Same-Store Communities represent those communities acquired, developed, and stabilized prior to April 1, 2020 (for quarter-to-date comparison) and January 1, 2020 (for year-to-date comparison) and held as of June 30, 2021. 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 Non-Mature Community/Other 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 and six months ended June 30, 2021 and 2020. ​ 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 ​ 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 when it satisfies a performance obligation by providing the services specified in a contract to the customer. ​ Joint venture management and other fees ​ The Joint venture management and other fees Joint venture management and other fees ​ The following table details rental income and NOI for UDR’s reportable segments for the three and six months ended June 30, 2021 and 2020, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, (a) ​ June 30, (b) ​ 2021 2020 2021 2020 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 103,059 ​ $ 107,901 ​ $ 201,810 ​ $ 217,747 Mid-Atlantic Region ​ 61,390 ​ 61,232 ​ 121,307 ​ 123,769 Northeast Region ​ 51,864 ​ 53,143 ​ 103,916 ​ 110,639 Southeast Region ​ 37,255 ​ 35,368 ​ 70,142 ​ 67,561 Southwest Region ​ 23,765 ​ 23,379 ​ 46,976 ​ 47,194 Non-Mature Communities/Other ​ 22,477 ​ 16,559 ​ 47,105 ​ 42,293 Total segment and consolidated lease revenue ​ $ 299,810 ​ $ 297,582 ​ $ 591,256 ​ $ 609,203 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 2,653 ​ $ 2,978 ​ $ 5,329 ​ $ 5,879 Mid-Atlantic Region ​ 1,972 ​ 1,540 ​ 3,674 ​ 3,240 Northeast Region ​ 1,048 ​ 1,371 ​ 2,093 ​ 2,434 Southeast Region ​ 1,889 ​ 1,328 ​ 3,292 ​ 2,779 Southwest Region ​ 1,053 ​ 741 ​ 1,930 ​ 1,563 Non-Mature Communities/Other ​ 691 ​ 442 ​ 1,368 ​ 977 Total segment and consolidated other revenue ​ $ 9,306 ​ $ 8,400 ​ $ 17,686 ​ $ 16,872 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 105,712 ​ $ 110,879 ​ $ 207,139 ​ $ 223,626 Mid-Atlantic Region ​ 63,362 ​ 62,772 ​ 124,981 ​ 127,009 Northeast Region ​ 52,912 ​ 54,514 ​ 106,009 ​ 113,073 Southeast Region ​ 39,144 ​ 36,696 ​ 73,434 ​ 70,340 Southwest Region ​ 24,818 ​ 24,120 ​ 48,906 ​ 48,757 Non-Mature Communities/Other ​ 23,168 ​ 17,001 ​ 48,473 ​ 43,270 Total segment and consolidated rental income ​ $ 309,116 ​ $ 305,982 ​ $ 608,942 ​ $ 626,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 77,120 ​ $ 83,112 ​ $ 150,931 ​ $ 168,229 Mid-Atlantic Region ​ 43,733 ​ 43,929 ​ 86,135 ​ 89,245 Northeast Region ​ 34,227 ​ 37,186 ​ 67,570 ​ 77,509 Southeast Region ​ 26,297 ​ 24,265 ​ 49,625 ​ 47,986 Southwest Region ​ 15,312 ​ 14,537 ​ 30,147 ​ 29,915 Non-Mature Communities/Other ​ 11,947 ​ 9,224 ​ 25,286 ​ 24,834 Total segment and consolidated NOI ​ 208,636 ​ 212,253 ​ 409,694 ​ 437,718 Reconciling items: ​ ​ ​ ​ Joint venture management and other fees ​ 2,232 ​ 1,274 ​ 3,847 ​ 2,662 Property management ​ (9,273) ​ (8,797) ​ (18,268) ​ (18,000) Other operating expenses ​ (4,373) ​ (6,100) ​ (8,808) ​ (11,066) Real estate depreciation and amortization ​ (146,169) ​ (155,056) ​ (290,257) ​ (310,532) General and administrative ​ (15,127) ​ (10,971) ​ (27,863) ​ (25,949) Casualty-related (charges)/recoveries, net ​ 2,463 ​ (102) ​ (3,114) ​ (1,353) Other depreciation and amortization ​ (2,602) ​ (2,027) ​ (5,203) ​ (4,052) Gain/(loss) on sale of real estate owned ​ ​ — ​ ​ 61,303 ​ ​ 50,829 ​ ​ 61,303 Income/(loss) from unconsolidated entities ​ 9,751 ​ 8,021 ​ 14,673 ​ 11,388 Interest expense ​ (35,404) ​ (38,597) ​ (113,560) ​ (77,914) Interest income and other income/(expense), net ​ 2,536 ​ 2,421 ​ 4,593 ​ 5,121 Tax (provision)/benefit, net ​ (135) ​ (1,526) ​ (754) ​ (1,690) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (807) ​ (4,291) ​ (961) ​ (4,604) Net (income)/loss attributable to noncontrolling interests ​ (8) ​ (34) ​ (24) ​ (40) Net income/(loss) attributable to UDR, Inc. ​ $ 11,720 ​ $ 57,771 ​ $ 14,824 ​ $ 62,992 (a) Same-Store Community population consisted of 45,974 apartment homes. (b) Same-Store Community population consisted of 45,404 apartment homes. ​ The following table details the assets of UDR’s reportable segments as of June 30, 2021 and December 31, 2020 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 4,334,493 ​ $ 4,316,098 Mid-Atlantic Region ​ 2,710,788 ​ 2,698,049 Northeast Region ​ 2,911,914 ​ 2,900,017 Southeast Region ​ 1,069,988 ​ 1,059,771 Southwest Region ​ 896,420 ​ 897,505 Non-Mature Communities/Other ​ 1,688,921 ​ 1,200,032 Total segment assets ​ 13,612,524 ​ 13,071,472 Accumulated depreciation ​ (4,871,506) ​ (4,605,366) Total segment assets — net book value ​ 8,741,018 ​ 8,466,106 Reconciling items: ​ ​ Cash and cash equivalents ​ 3,370 ​ 1,409 Restricted cash ​ 32,700 ​ 22,762 Notes receivable, net ​ 139,047 ​ 157,992 Investment in and advances to unconsolidated joint ventures, net ​ 619,172 ​ 600,233 Operating lease right-of-use assets ​ ​ 199,206 ​ ​ 200,913 Other assets ​ 184,758 ​ 188,118 Total consolidated assets ​ $ 9,919,271 ​ $ 9,637,533 (a) Same-Store Community population consisted of 45,974 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. Mid-Atlantic Region — Metropolitan D.C., Baltimore and Richmond iii. Northeast Region — Boston, New York and Philadelphia iv. Southeast Region — Tampa, Orlando, Nashville and Other Florida v. Southwest Region — Dallas, Austin and Denver

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
SIGNIFICANT ACCOUNTING POLICIES
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the SEC adopted rules that amended the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. Subsequently, in November 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762, which revised SEC paragraphs of the codification to reflect, as appropriate, the amended disclosure requirements mentioned above. Under the amended rules, parent companies can provide alternative disclosures in lieu of separate audited financial statements of subsidiary issuers and guarantors that meet certain criteria. We evaluated the criteria and determined that we are eligible for the exceptions, which allow us to provide alternative disclosures for the Operating Partnership, which guarantees certain outstanding debt securities issued by the Company. As a result of the amendments, the Operating Partnership, as subsidiary guarantor, is no longer subject to the filing requirements under Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and will no longer file separate periodic and current reports in reliance on Rule 12h-5 under the Exchange Act. The alternative disclosures related to the Operating Partnership are presented in Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations” in this report. ​ I n August 2020, the FASB issued ASU 2020-06, Debt—Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in E ntity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition ​ For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. ​ Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. ​ Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain or loss on consolidation of a property.
Allowance for Credit Losses	Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ​ The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with its other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net ​ The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible.
Notes Receivable	Notes Receivable Notes receivable relate to financing arrangements which are typically secured by real estate, real estate related projects or other assets. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a VIE, and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities. Additionally, we analyze each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The following table summarizes our Notes receivable, net dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ June 30, June 30, December 31, ​ ​ 2021 ​ 2021 ​ 2020 Note due February 2021 (a) ​ N/A ​ $ — ​ $ 4,000 Note due May 2022 (b) ​ 8.00 % ​ — ​ ​ 20,000 Note due May 2022 (c) ​ 14.00 % ​ 2,760 ​ ​ — Note due October 2022 (d) 4.75 % ​ 115,000 ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 21,985 ​ ​ 19,685 Notes Receivable ​ ​ ​ ​ 139,745 ​ ​ 158,685 Allowance for credit losses ​ ​ ​ ​ (698) ​ ​ (693) Total notes receivable, net ​ $ 139,047 ​ $ 157,992 (a) In May 2020, the Company entered into a promissory note with an unaffiliated third party with an aggregate commitment of $4.0 million, in connection with the sale of an operating community. In January 2021, the unaffiliated third party repaid the $4.0 million promissory note. (b) The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million. The note was secured by a parcel of land and related land improvements located in Alameda, California. In September 2020, the developer defaulted on the loan. As a result of the default, in April 2021, the Company took title to the property pursuant to a deed in lieu of foreclosure. As such, t he Company increased its real estate assets owned by approximately $25.0 million, the fair market value of the property on the date of the title transfer, and recorded a $0.1 million gain on extinguishment of the secured note to Interest income and other income/(expense), net on the Consolidated Statements of Operations, which was based on the note’s principal balance and unpaid accrued interest of $4.9 million. (See Note 3, Real Estate Owned for further discussion.) (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $2.8 million, all of which has been funded. The note is secured by a to-be-developed parcel of land in Kissimmee, Florida. Interest payments are due when the loan matures. The note matures in May 2022. (d) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million, all of which has been funded. Interest payments are due when the loan matures. The note is secured by a first priority deed of trust on a 259 apartment home operating community in Bellevue, Washington, which was completed in 2020. When the note was funded, the Company also entered into a purchase option agreement and paid a deposit of $10.0 million, which gave the Company the option to acquire the community at a fixed price of $170.0 million. In August 2020, the Company exercised the purchase option. In July 2021, the Company acquired the operating community. In connection with the acquisition of this community, the note and the unpaid accrued interest were paid in full. (See Note 3, Real Estate Owned (e) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $22.0 million, substantially all of which has been funded, including $2.3 million funded during the six months ended June 30, 2021. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) January 2023. The Company recognized $2.0 million and $2.4 million of interest income from notes receivable described above during the three months ended June 30, 2021 and 2020, respectively, and $4.0 million and $5.0 million of interest income for the notes receivable described above during the six months ended June 30, 2021 and 2020, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three and six months ended June 30, 2021 and 2020, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity,
Income Taxes	Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of June 30, 2021 and December 31, 2020, UDR’s net deferred tax asset/(liability) was ($0.6) million and ($3.2) million, respectively, and are recorded in Accounts payable, accrued expenses and other liabilities GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company invests in assets that qualify for federal investment tax credits (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities UDR had no material unrecognized tax benefit, accrued interest or penalties at June 30, 2021. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2017 through 2019 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net
Forward Sales Agreements	Forward Sales Agreements ​ The Company utilizes forward sales agreements for the future issuance of its common stock. When the Company enters into a forward sales agreement, the contract requires the Company to sell its shares to a counterparty at a predetermined price at a future date. The net sales price and proceeds attained by the Company will be determined on the dates of settlement, with adjustments during the term of the contract for the Company’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. ​ The Company accounts for the shares of common stock reserved for issuance upon settlement as equity in accordance with ASC 815-40, Contracts in Entity's Own Equity ​ The guidance establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to its own stock, first, evaluating the instrument’s contingent exercise provisions and second, evaluating the instrument’s settlement provisions. When entering into forward sales agreements, we determined that (i) none of the agreement’s exercise contingencies are based on observable markets or indices besides those related to the market for our own stock price; and (ii) none of the settlement provisions preclude the agreements from being indexed to our own stock. ​ Before the issuance of shares of common stock, upon physical or net share settlement of the forward sales agreements, the Company expects that the shares issuable upon settlement of the forward sales agreements will be reflected in its diluted income/(loss) per share calculations using the treasury stock method. Under this method, the number of shares of common stock used in calculating diluted income/(loss) per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward sales agreements over the number of shares of common stock that could be purchased by the Company in the open market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). When the Company physically or net share settles any forward sales agreement, the delivery of shares of common stock would result in an increase in the number of weighted average common shares outstanding and dilution to basic income/(loss) per share. (See Note 8, Income/(Loss) per Share
Impact of COVID-19 Pandemic	Impact of COVID-19 Pandemic ​ The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemic’s effect on our operational and financial performance will depend on future developments, including the duration and intensity of the pandemic, the timing and effectiveness of COVID-19 vaccines, the duration of government measures to mitigate the pandemic and the success of government rental assistance programs, all of which continue to be uncertain and difficult to predict. ​ Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the Company’s future financial condition, results of operations and cash flows could be material ​ During the three and six months ended June 30, 2021, the Company performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables in light of the COVID-19 pandemic. This analysis included an assessment of collectibility of current and future rents and whether those lease payments were no longer probable of collection. In accordance with the leases guidance, if lease payments are no longer deemed to be probable over the life of the lease contract, we recognize revenue only when cash is received, and all existing contractual operating lease receivables and straight-line lease receivables are reserved. ​ As a result of its analysis, the Company reserved approximately $0.1 million of incremental multifamily tenant lease receivables and approximately $0.7 million of incremental retail tenant lease receivables for its wholly-owned communities and communities held by joint ventures for the three months ended June 30, 2021. In aggregate, the reserve is reflected as a $0.7 million reduction to Rental income and a $0.1 million reduction to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the three months ended June 30, 2021. For the six months ended June 30, 2021, the Company reserved approximately $4.8 million of incremental multifamily tenant lease receivables and approximately $1.5 million of incremental retail tenant lease receivables for its wholly-owned communities and communities held by joint ventures. In aggregate, the reserve is reflected as a $5.8 million reduction to Rental income and a $0.5 million reduction to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the six months ended June 30, 2021. The impact to deferred leasing commissions was not material for the three and six months ended June 30, 2021. ​ The Company did not recognize any other adjustments to the carrying amounts of assets or asset impairment charges due to the COVID-19 pandemic for the six months ended June 30, 2021.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2021
SIGNIFICANT ACCOUNTING POLICIES
Summary of notes receivable, net	The following table summarizes our Notes receivable, net dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ June 30, June 30, December 31, ​ ​ 2021 ​ 2021 ​ 2020 Note due February 2021 (a) ​ N/A ​ $ — ​ $ 4,000 Note due May 2022 (b) ​ 8.00 % ​ — ​ ​ 20,000 Note due May 2022 (c) ​ 14.00 % ​ 2,760 ​ ​ — Note due October 2022 (d) 4.75 % ​ 115,000 ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 21,985 ​ ​ 19,685 Notes Receivable ​ ​ ​ ​ 139,745 ​ ​ 158,685 Allowance for credit losses ​ ​ ​ ​ (698) ​ ​ (693) Total notes receivable, net ​ $ 139,047 ​ $ 157,992 (a) In May 2020, the Company entered into a promissory note with an unaffiliated third party with an aggregate commitment of $4.0 million, in connection with the sale of an operating community. In January 2021, the unaffiliated third party repaid the $4.0 million promissory note. (b) The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million. The note was secured by a parcel of land and related land improvements located in Alameda, California. In September 2020, the developer defaulted on the loan. As a result of the default, in April 2021, the Company took title to the property pursuant to a deed in lieu of foreclosure. As such, t he Company increased its real estate assets owned by approximately $25.0 million, the fair market value of the property on the date of the title transfer, and recorded a $0.1 million gain on extinguishment of the secured note to Interest income and other income/(expense), net on the Consolidated Statements of Operations, which was based on the note’s principal balance and unpaid accrued interest of $4.9 million. (See Note 3, Real Estate Owned for further discussion.) (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $2.8 million, all of which has been funded. The note is secured by a to-be-developed parcel of land in Kissimmee, Florida. Interest payments are due when the loan matures. The note matures in May 2022. (d) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million, all of which has been funded. Interest payments are due when the loan matures. The note is secured by a first priority deed of trust on a 259 apartment home operating community in Bellevue, Washington, which was completed in 2020. When the note was funded, the Company also entered into a purchase option agreement and paid a deposit of $10.0 million, which gave the Company the option to acquire the community at a fixed price of $170.0 million. In August 2020, the Company exercised the purchase option. In July 2021, the Company acquired the operating community. In connection with the acquisition of this community, the note and the unpaid accrued interest were paid in full. (See Note 3, Real Estate Owned (e) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $22.0 million, substantially all of which has been funded, including $2.3 million funded during the six months ended June 30, 2021. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) January 2023.

REAL ESTATE OWNED (Tables)

REAL ESTATE OWNED (Tables)	6 Months Ended
	Jun. 30, 2021
REAL ESTATE OWNED
Summary of carrying amounts for real estate owned (at cost)	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Land ​ $ 2,232,760 ​ $ 2,139,765 Depreciable property — held and used: ​ ​ Land improvements ​ 237,093 ​ 233,823 Building, improvements, and furniture, fixtures and equipment ​ 10,815,176 ​ 10,292,782 Real estate intangible assets ​ ​ 40,570 ​ ​ 40,570 Under development: ​ ​ Land and land improvements ​ 74,399 ​ 73,702 Building, improvements, and furniture, fixtures and equipment ​ 212,526 ​ 174,175 Real estate held for disposition: ​ ​ Land and land improvements ​ — ​ 15,184 Building, improvements, and furniture, fixtures and equipment ​ — ​ 101,471 Real estate owned ​ 13,612,524 ​ 13,071,472 Accumulated depreciation (a) ​ (4,871,506) ​ (4,605,366) Real estate owned, net ​ $ 8,741,018 ​ $ 8,466,106 (a) Accumulated depreciation is inclusive of $7.2 million and $5.8 million of accumulated amortization related to real estate intangible assets as of June 30, 2021 and December 31, 2020, respectively. ​

JOINT VENTURES AND PARTNERSHI_2

JOINT VENTURES AND PARTNERSHIPS (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ ​ Three Months Ended ​ Six Months Ended ​ Location of June 30, June 30, June 30, December 31, ​ June 30, ​ December 31, ​ June 30, ​ June 30, Joint Ventures Properties 2021 2021 2021 2020 ​ 2021 ​ 2020 ​ 2021 2020 ​ 2021 2020 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 25,095 ​ $ 26,426 ​ 50.0 % ​ 50.0 % ​ $ (839) ​ $ (658) ​ $ (1,314) ​ $ (1,112) UDR/MetLife II Various 7 1,250 ​ 184,568 ​ 151,353 ​ 50.0 % ​ 50.0 % ​ ​ (153) ​ ​ 10 ​ ​ (2,837) ​ ​ (81) Other UDR/MetLife Joint Ventures (a) Various 5 1,437 ​ 74,178 ​ 82,072 ​ 50.6 % ​ 50.6 % ​ ​ (3,367) ​ ​ (2,312) ​ ​ (6,752) ​ ​ (4,124) West Coast Development Joint Ventures (b) ​ Los Angeles, CA ​ — ​ — ​ ​ 311 ​ ​ 30,080 ​ 47.0 % ​ 47.0 % ​ ​ — ​ ​ (56) ​ ​ 2,486 ​ ​ (136) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and real estate technology investments ​ $ 284,152 ​ $ 289,931 ​ ​ ​ ​ $ (4,359) ​ $ (3,016) ​ $ (8,417) ​ $ (5,453) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Three Months Ended ​ Six Months Ended Developer Capital Program ​ ​ Years To ​ UDR June 30, December 31, June 30, ​ June 30, and Real Estate Technology Investments (c) Location Rate Maturity ​ Commitment (d) 2021 2020 2021 2020 2021 2020 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1532 Harrison ​ San Francisco, CA ​ 11.0 % 1.0 ​ $ 24,645 ​ $ 36,040 ​ $ 34,135 ​ ​ 963 ​ ​ 846 ​ $ 1,892 ​ $ 1,682 Junction ​ Santa Monica, CA ​ 12.0 % 1.1 ​ ​ 8,800 ​ ​ 12,413 ​ ​ 11,699 ​ ​ 364 ​ ​ 323 ​ ​ 714 ​ ​ 637 1200 Broadway (e) (f) ​ Nashville, TN ​ 12.25 % 1.2 ​ ​ 55,558 ​ ​ 59,354 ​ ​ 69,330 ​ ​ 1,727 ​ ​ 1,306 ​ ​ 3,099 ​ ​ 2,587 1300 Fairmount (f) ​ Philadelphia, PA ​ 8.5 % 2.1 ​ ​ 51,393 ​ ​ 62,075 ​ ​ 59,544 ​ ​ 1,275 ​ ​ 1,191 ​ ​ 2,531 ​ ​ 2,357 Essex ​ Orlando, FL ​ 12.5 % 2.1 ​ ​ 12,886 ​ ​ 17,085 ​ ​ 16,770 ​ ​ 543 ​ ​ 481 ​ ​ 1,065 ​ ​ 947 Modera Lake Merritt (f) ​ Oakland, CA ​ 9.0 % 2.8 ​ ​ 27,250 ​ ​ 32,334 ​ ​ 30,928 ​ ​ 714 ​ ​ 652 ​ ​ 1,405 ​ ​ 1,226 Thousand Oaks (f) ​ Thousand Oaks, CA ​ 9.0 % 3.6 ​ ​ 20,059 ​ ​ 21,759 ​ ​ 17,919 ​ ​ 481 ​ ​ 153 ​ ​ 918 ​ ​ 177 Vernon Boulevard (f) ​ Queens, NY ​ 13.0 % 4.0 ​ ​ 40,000 ​ ​ 45,169 ​ ​ 42,360 ​ ​ 1,431 ​ ​ — ​ ​ 2,804 ​ ​ — Makers Rise (f) (g) ​ Herndon, VA ​ 9.0 % 4.5 ​ ​ 30,208 ​ ​ 9,176 ​ ​ — ​ ​ 171 ​ ​ — ​ ​ 268 ​ ​ — 121 at Watters (f) (h) ​ Allen, TX ​ 9.0 % 4.7 ​ ​ 19,846 ​ ​ 2,179 ​ ​ — ​ ​ 226 ​ ​ — ​ ​ 229 ​ ​ — Infield Phase I (i) ​ Kissimmee, FL ​ 14.0 % 2.9 ​ ​ 16,044 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 28,696 ​ ​ 20,587 ​ ​ 6,055 ​ ​ 4,696 ​ ​ 8,106 ​ ​ 4,550 RETV II ​ N/A ​ N/A ​ N/A ​ $ 18,000 ​ ​ 3,471 ​ ​ 2,283 ​ ​ 163 ​ ​ — ​ ​ 62 ​ ​ — Total Preferred Equity Investments and Real Estate Technology Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 329,751 ​ ​ 305,555 ​ ​ 14,113 ​ ​ 9,648 ​ ​ 23,093 ​ ​ 14,163 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sold joint ventures and other investments in prior year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ (3) ​ ​ 1,389 ​ ​ (3) ​ ​ 2,678 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Joint Ventures and Developer Capital Program and Real Estate Technology Investments, net (a) ​ ​ ​ ​ $ 613,903 ​ $ 595,486 ​ $ 9,751 $ 8,021 ​ $ 14,673 $ 11,388 (a) As of June 30, 2021 and December 31, 2020, the Company’s negative investment in 13 th and Market Properties LLC of $5.3 million and $4.7 million, respectively, is included in Other UDR/MetLife Joint Ventures in the table above and recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheet. (b) In J anuary 2021, the joint venture sold its remaining community, a 293 home operating community located in Los Angeles, California, for a sales price of approximately $121.0 million. As a result, the Company recorded a gain on the sale of approximately $2.5 million . (c) The Developer Capital Program is the program through which the Company makes investments, including preferred equity investments, mezzanine loans 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 and/or holds fixed price purchase options. (d) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (e) In April 2021, the balance was paid down by $12.5 million and the Company’s preferred return increased to 12.25%. The Company's preferred return will revert to 8.0% in February 2022 if no capital events occur prior to that date. (f) The Company’s preferred equity investment receives a variable percentage of the value created from the project upon a capital or liquidating event. (g) In January 2021, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 356 apartment home community in Herndon, Virginia. The Company’s preferred equity investment of $30.2 million earns a preferred return of 9.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (h) In March 2021, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 469 apartment home community in Allen, Texas. The Company’s preferred equity investment of $19.8 million earns a preferred return of 9.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (i) In May 2021, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 384 apartment home community in Kissimmee, Florida. The Company’s preferred equity investment of $16.0 million earns a preferred return of 14.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting.
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 June 30, 2021 and December 31, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 Total real estate, net $ 2,138,303 $ 1,904,805 Real estate assets held for sale ​ — ​ 88,458 Cash and cash equivalents ​ 18,606 ​ 22,278 Other assets ​ ​ 240,953 ​ 150,894 Total assets $ 2,397,862 $ 2,166,435 ​ ​ ​ ​ ​ ​ ​ Third party debt, net ​ $ 1,259,279 ​ $ 1,188,710 Liabilities held for sale ​ — ​ 55,440 Accounts payable and accrued liabilities ​ ​ 38,390 ​ ​ 40,556 Total liabilities ​ 1,297,669 ​ 1,284,706 Total equity $ 1,100,193 $ 881,729
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 and six months ended June 30, 2021 and 2020 ( dollars in thousands : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Total revenues $ 32,006 $ 37,312 $ 64,143 $ 78,626 Property operating expenses ​ 16,745 ​ 14,468 ​ 33,855 ​ 29,765 Real estate depreciation and amortization ​ 16,144 ​ 16,913 ​ 32,597 ​ 33,156 Gain/(loss) on sale of property ​ ​ — ​ ​ — ​ ​ 34,757 ​ ​ — Operating income/(loss) ​ (883) ​ ​ 5,931 ​ 32,448 ​ ​ 15,705 Interest expense ​ (7,460) ​ (10,149) ​ (19,594) ​ (20,496) Net realized/unrealized gain/(loss) on held investments ​ ​ 38,350 ​ ​ 29,312 ​ ​ 46,838 ​ ​ 29,312 Other income/(loss) ​ ​ (14) ​ ​ 117 ​ ​ (1,671) ​ ​ 109 Net income/(loss) $ 29,993 $ 25,211 $ 58,021 $ 24,630

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2021
LEASES
Lessee - Future minimum lease payments and total operating lease liabilities	Future minimum lease payments and total operating lease liabilities from our ground leases as of June 30, 2021 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2021 ​ $ 6,221 2022 ​ ​ 12,442 2023 ​ ​ 12,442 2024 ​ ​ 12,442 2025 ​ ​ 12,442 Thereafter ​ ​ 442,778 Total future minimum lease payments (undiscounted) ​ ​ 498,767 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (304,709) Total operating lease liabilities (discounted) ​ $ 194,058
Lessee - components of operating lease expenses	The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 3,230 ​ $ 3,216 ​ $ 6,460 ​ $ 6,386 Variable lease expense (a) ​ ​ 27 ​ ​ 44 ​ ​ 56 ​ ​ 87 Total operating lease expense (b)(c) ​ $ 3,257 ​ $ 3,260 ​ $ 6,516 ​ $ 6,473 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the six months ended June 30, 2021, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.7 million and $1.5 million, respectively. For the six months ended June 30, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.6 million and $1.5 million, respectively. Due to the net impact of the amortization, the Company recorded $0.1 million and $0.1 million of total operating lease expense during the three months ended June 30, 2021 and 2020, respectively, and $0.2 million and $0.2 million of total operating lease expense during the six months ended June 30, 2021 and 2020, respectively.
Lessor - Future minimum lease payments	Future minimum lease payments from our retail and commercial leases as of June 30, 2021 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2021 ​ $ 12,256 2022 ​ ​ 24,675 2023 ​ ​ 22,817 2024 ​ ​ 20,469 2025 ​ ​ 17,042 Thereafter ​ ​ 73,038 Total future minimum lease payments (a) ​ $ 170,297 (a)

SECURED AND UNSECURED DEBT, N_2

SECURED AND UNSECURED DEBT, NET (Tables)	6 Months Ended
	Jun. 30, 2021
Unsecured Debt
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at June 30, 2021 and December 31, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ June 30, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2021 2020 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 1,007,317 ​ $ 824,550 3.42 % 6.9 14 Deferred financing costs and other non-cash adjustments (b) ​ 25,660 ​ 10,665 Total fixed rate secured debt, net ​ 1,032,977 ​ 835,215 3.42 % 6.9 14 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 0.73 % 10.7 1 Deferred financing costs ​ (64) ​ (68) Total variable rate secured debt, net ​ 26,936 ​ 26,932 0.73 % 10.7 1 Total Secured Debt, net ​ 1,059,913 ​ 862,147 3.35 % 7.0 15 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (o) ​ — ​ — — % 1.6 Borrowings outstanding under unsecured commercial paper program due July 2021 (e) (o) ​ ​ 470,000 ​ ​ 190,000 ​ 0.25 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2022 ​ 27,318 ​ 28,024 0.93 % 0.5 Term Loan due September 2023 (d) (o) ​ 35,000 ​ 35,000 1.07 % 2.3 Fixed Rate Debt ​ ​ Term Loan due September 2023 (d) (o) ​ ​ 315,000 ​ 315,000 1.07 % 2.3 ​ ​ 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 3.2 4.00% Medium-Term Notes due October 2025 (net of discounts of $0 and $327, respectively) (g) (o) ​ — ​ 299,673 — % — 2.95% Medium-Term Notes due September 2026 (h) (o) ​ 300,000 ​ 300,000 2.89 % 5.2 3.50% Medium-Term Notes due July 2027 (net of discounts of $423 and $458, respectively) (i) (o) ​ ​ 299,577 ​ ​ 299,542 ​ 4.03 % 6.0 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $776 and $835, respectively) (o) ​ ​ 299,224 ​ ​ 299,165 ​ 3.50 % 6.5 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $4 and $5, respectively) (j) (o) ​ ​ 299,996 ​ ​ 299,995 ​ 4.27 % 7.6 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $11,726 and $12,412, respectively) (k) (o) ​ ​ 611,726 ​ ​ 612,412 ​ 3.32 % 8.5 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $979 and $1,027, respectively) (l) (o) ​ ​ 399,021 ​ ​ 398,973 ​ 3.01 % 10.1 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $391 and $408, respectively) (o) ​ ​ 399,609 ​ ​ 399,592 ​ 2.10 % 11.1 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,411 and $1,471, respectively) (o) ​ ​ 348,589 ​ ​ 348,529 ​ 1.90 % 11.7 ​ ​ 2.10% Medium-Term Notes due June 2033 (net of discounts of $1,190 and $0, respectively) (m) (o) ​ ​ 298,810 ​ ​ — ​ 2.10 % 12.0 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,177 and $1,221, respectively) (n) (o) ​ ​ 298,823 ​ ​ 298,779 ​ 3.13 % 13.3 ​ ​ Other ​ 9 ​ 10 Deferred financing costs ​ (26,152) ​ (25,937) Total Unsecured Debt, net ​ 4,392,194 ​ 4,114,401 2.57 % 7.7 Total Debt, net ​ $ 5,452,107 ​ $ 4,976,548 2.71 % 7.5
Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt	The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to June 30, 2021 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2021 ​ $ 555 ​ $ — ​ $ 555 ​ $ 470,000 (a) $ 470,555 2022 ​ ​ 1,140 ​ ​ — ​ ​ 1,140 ​ ​ 27,318 ​ ​ 28,458 2023 ​ 1,242 ​ — ​ 1,242 ​ 350,000 ​ 351,242 2024 ​ 96,747 ​ — ​ 96,747 ​ 15,644 ​ 112,391 2025 ​ 174,793 ​ — ​ 174,793 ​ — ​ 174,793 2026 ​ 52,744 ​ — ​ 52,744 ​ 300,000 ​ 352,744 2027 ​ 2,860 ​ — ​ 2,860 ​ 300,000 ​ 302,860 2028 ​ 162,310 ​ — ​ 162,310 ​ 300,000 ​ 462,310 2029 ​ 191,986 ​ — ​ 191,986 ​ 300,000 ​ 491,986 2030 ​ 162,010 ​ — ​ 162,010 ​ 600,000 ​ 762,010 Thereafter ​ 160,930 ​ 27,000 ​ 187,930 ​ 1,750,000 ​ 1,937,930 Subtotal ​ 1,007,317 ​ 27,000 ​ 1,034,317 ​ 4,412,962 ​ 5,447,279 Non-cash (b) ​ 25,660 ​ (64) ​ 25,596 ​ (20,768) ​ 4,828 Total ​ $ 1,032,977 ​ $ 26,936 ​ $ 1,059,913 ​ $ 4,392,194 ​ $ 5,452,107 (a) All unsecured debt due in the remainder of 2021 is related to the Company’s commercial paper program. (b) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs . The Company amortized $1.2 million and $1.1 million, respectively, during the three months ended June 30, 2021 and 2020, and $2.4 million and $2.1 million, respectively, during the six months ended June 30, 2021 and 2020, of deferred financing costs into Interest expense.
Commercial Paper
Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the unsecured commercial paper program at June 30, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Total unsecured commercial paper program $ 500,000 ​ $ 500,000 ​ Borrowings outstanding at end of period ​ 470,000 ​ 190,000 ​ Weighted average daily borrowings during the period ended ​ 278,177 ​ 227,090 ​ Maximum daily borrowings during the period ended ​ 470,000 ​ 500,000 ​ Weighted average interest rate during the period ended ​ 0.3 % 0.9 % Interest rate at end of the period ​ 0.3 % 0.3 %
Revolving Credit Facility
Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Revolving Credit Facility at June 30, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 2020 ​ Total revolving credit facility ​ $ 1,100,000 ​ $ 1,100,000 ​ Borrowings outstanding at end of period (1) ​ — ​ — ​ Weighted average daily borrowings during the period ended ​ — ​ 42,186 ​ Maximum daily borrowings during the period ended ​ — ​ 375,000 ​ Weighted average interest rate during the period ended ​ — % 1.4 % Interest rate at end of the period ​ — % — % (1) Excludes $2.6 million and $2.8 million of letters of credit at June 30, 2021 and December 31, 2020, respectively .
Working Capital Credit Facility
Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at June 30, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 27,318 ​ 28,024 ​ Weighted average daily borrowings during the period ended ​ 8,839 ​ 20,132 ​ Maximum daily borrowings during the period ended ​ 39,503 ​ 54,974 ​ Weighted average interest rate during the period ended ​ 0.9 % 1.4 % Interest rate at end of the period ​ 0.9 % 1.0 %

INCOME_(LOSS) PER SHARE (Tables

INCOME/(LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
INCOME/(LOSS) PER SHARE
Computation of basic and diluted income/(loss) per share	The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2021 2020 2021 2020 ​ Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 12,535 ​ $ 62,096 ​ $ 15,809 ​ $ 67,636 ​ Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (807) ​ (4,291) ​ (961) ​ (4,604) ​ Net (income)/loss attributable to noncontrolling interests ​ (8) ​ (34) ​ (24) ​ (40) ​ Net income/(loss) attributable to UDR, Inc. ​ 11,720 ​ 57,771 ​ 14,824 ​ 62,992 ​ Distributions to preferred stockholders — Series E (Convertible) ​ (1,057) ​ (1,062) ​ (2,113) ​ (2,128) ​ Income/(loss) attributable to common stockholders - basic and diluted ​ $ 10,663 ​ $ 56,709 ​ $ 12,711 ​ $ 60,864 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 296,842 ​ 294,970 ​ 296,821 ​ 294,850 ​ Non-vested restricted stock awards ​ (253) ​ (260) ​ (257) ​ (266) ​ Denominator for basic income/(loss) per share ​ 296,589 ​ 294,710 ​ 296,564 ​ 294,584 ​ Incremental shares issuable from assumed conversion of unvested LTIP Units and unvested restricted stock ​ 953 ​ 377 ​ 657 ​ 499 ​ Denominator for diluted income/(loss) per share ​ 297,542 ​ 295,087 ​ 297,221 ​ 295,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ ​ ​ Basic ​ $ 0.04 ​ $ 0.19 ​ $ 0.04 ​ $ 0.21 ​ Diluted ​ $ 0.04 ​ $ 0.19 ​ $ 0.04 ​ $ 0.21 ​
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the additional shares of common stock outstanding, by equity instrument, if converted to common stock for each of the three and six months ended June 30, 2021 and 2020 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ OP/DownREIT Units 22,550 22,386 22,474 22,307 Convertible preferred stock 2,918 2,953 2,918 2,982 Unvested LTIP Units and unvested restricted stock 953 377 657 499

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2021
NONCONTROLLING INTERESTS
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the following period ( dollars in thousands ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, December 31, 2020 $ 856,294 ​ Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 254,681 ​ Conversion of OP Units/DownREIT Units to Common Stock ​ (5,339) ​ Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 961 ​ Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (16,961) ​ Vesting of Long-Term Incentive Plan Units ​ ​ 14,576 ​ Allocation of other comprehensive income/(loss) ​ 64 ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, June 30, 2021 ​ $ 1,104,276 ​

FAIR VALUE OF DERIVATIVES AND_2

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
Schedule of estimated fair values	The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of June 30, 2021 and December 31, 2020, are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at June 30, 2021, Using ​ ​ Total ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ June 30, ​ June 30, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2021 (a) ​ 2021 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 139,047 ​ $ 149,055 ​ $ — ​ $ — ​ $ 149,055 Derivatives - Interest rate contracts (c) ​ 9 ​ 9 ​ — ​ 9 ​ — Total assets ​ $ 139,056 ​ $ 149,064 ​ $ — ​ $ 9 ​ $ 149,055 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 113 ​ $ 113 ​ $ — ​ $ 113 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 1,036,548 ​ ​ 1,084,327 ​ ​ — ​ ​ — ​ ​ 1,084,327 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 27,318 ​ ​ 27,318 ​ ​ — ​ ​ — ​ ​ 27,318 Commercial paper program ​ ​ 470,000 ​ ​ 470,000 ​ ​ — ​ ​ — ​ ​ 470,000 Unsecured notes ​ ​ 3,921,028 ​ ​ 4,095,997 ​ ​ — ​ ​ — ​ ​ 4,095,997 Total liabilities ​ $ 5,482,007 ​ $ 5,704,755 ​ $ — ​ $ 113 ​ $ 5,704,642 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 1,104,276 ​ $ 1,104,276 ​ $ — ​ $ 1,104,276 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2020, Using ​ ​ Total ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ Active ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 157,992 ​ $ 170,411 ​ $ — ​ $ — ​ $ 170,411 Derivatives - Interest rate contracts (c) ​ 2 ​ 2 ​ — ​ 2 ​ — Total assets ​ $ 157,994 ​ $ 170,413 ​ $ — ​ $ 2 ​ $ 170,411 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 167 ​ $ 167 ​ $ — ​ $ 167 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 837,473 ​ ​ 854,084 ​ ​ — ​ ​ — ​ ​ 854,084 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 28,024 ​ ​ 28,024 ​ ​ — ​ ​ — ​ ​ 28,024 Commercial paper program ​ ​ 190,000 ​ ​ 190,000 ​ ​ — ​ ​ — ​ ​ 190,000 Unsecured notes ​ ​ 3,922,314 ​ ​ 4,283,045 ​ ​ — ​ ​ — ​ ​ 4,283,045 Total liabilities ​ $ 5,004,978 ​ $ 5,382,320 ​ $ — ​ $ 167 ​ $ 5,382,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 856,294 ​ $ 856,294 ​ $ — ​ $ 856,294 ​ $ — (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 11, Derivatives and Hedging Activity . (d) See Note 7, Secured and Unsecured Debt, Net . (e) See Note 9, Noncontrolling Interests.

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITY (Tables)	6 Months Ended
	Jun. 30, 2021
DERIVATIVES AND HEDGING ACTIVITY
Schedule of outstanding interest rate derivatives	As of June 30, 2021, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ Number of ​ Product ​ Instruments ​ Notional Interest rate swaps and caps ​ 4 ​ $ 334,880
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 9 ​ $ 2 ​ $ 113 ​ $ 167
Effect of Company's derivative financial instruments on Consolidated Statements of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ ​ ​ Gain/(Loss) Reclassified ​ Interest expense ​ ​ Unrealized holding gain/(loss) ​ from Accumulated OCI into ​ (Amount Excluded from ​ ​ Recognized in OCI ​ Interest expense ​ Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2021 2020 2021 2020 2021 2020 Three Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (94) ​ $ (294) ​ $ (428) ​ $ (1,292) ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ 34 ​ $ (3,211) ​ $ (873) ​ $ (1,649) ​ $ — ​ $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Total amount of Interest expense ​ $ 35,404 ​ $ 38,597 ​ $ 113,560 ​ $ 77,914 ​
Offsetting of Derivative Assets	The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of June 30, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Net Amounts of Gross Amounts Not Offset ​ ​ ​ ​ ​ ​ ​ ​ Amounts ​ Assets ​ in the Consolidated ​ ​ ​ ​ ​ Gross ​ Offset in the ​ Presented in the ​ Balance Sheet ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Assets ​ Assets ​ Sheets ​ (a) ​ Instruments Received Net Amount June 30, 2021 ​ $ 9 ​ $ — ​ $ 9 ​ $ — ​ $ — ​ $ 9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ 2 ​ $ — ​ $ 2 ​ $ — ​ $ — ​ $ 2 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.
Offsetting of Derivative Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Net Amounts of Gross Amounts Not Offset ​ ​ ​ ​ ​ ​ ​ ​ Amounts ​ Liabilities ​ in the Consolidated ​ ​ ​ ​ ​ Gross ​ Offset in the ​ Presented in the ​ Balance Sheet ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount June 30, 2021 ​ $ 113 ​ $ — ​ $ 113 ​ $ — ​ $ — ​ $ 113 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ 167 ​ $ — ​ $ 167 ​ $ — ​ $ — ​ $ 167 (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
Summary of real estate commitments	The following summarizes the Company’s real estate commitments at June 30, 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 5 ​ $ 286,925 ​ $ 214,575 Joint ventures: ​ ​ Preferred equity investments 3 ​ ​ 11,355 (b) ​ 55,304 (b) Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I ​ - ​ ​ 28,696 ​ ​ 5,220 ​ RETV II ​ - ​ ​ 3,471 ​ ​ 14,400 ​ Total ​ $ 330,447 ​ $ 289,499 (a) Represents UDR’s investment as of June 30, 2021. (b) Represents UDR’s investment in and remaining commitment for Makers Rise, 121 at Watters and Infield Phase I, which are under development as of June 30, 2021.

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021 and 2020, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, (a) ​ June 30, (b) ​ 2021 2020 2021 2020 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 103,059 ​ $ 107,901 ​ $ 201,810 ​ $ 217,747 Mid-Atlantic Region ​ 61,390 ​ 61,232 ​ 121,307 ​ 123,769 Northeast Region ​ 51,864 ​ 53,143 ​ 103,916 ​ 110,639 Southeast Region ​ 37,255 ​ 35,368 ​ 70,142 ​ 67,561 Southwest Region ​ 23,765 ​ 23,379 ​ 46,976 ​ 47,194 Non-Mature Communities/Other ​ 22,477 ​ 16,559 ​ 47,105 ​ 42,293 Total segment and consolidated lease revenue ​ $ 299,810 ​ $ 297,582 ​ $ 591,256 ​ $ 609,203 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 2,653 ​ $ 2,978 ​ $ 5,329 ​ $ 5,879 Mid-Atlantic Region ​ 1,972 ​ 1,540 ​ 3,674 ​ 3,240 Northeast Region ​ 1,048 ​ 1,371 ​ 2,093 ​ 2,434 Southeast Region ​ 1,889 ​ 1,328 ​ 3,292 ​ 2,779 Southwest Region ​ 1,053 ​ 741 ​ 1,930 ​ 1,563 Non-Mature Communities/Other ​ 691 ​ 442 ​ 1,368 ​ 977 Total segment and consolidated other revenue ​ $ 9,306 ​ $ 8,400 ​ $ 17,686 ​ $ 16,872 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 105,712 ​ $ 110,879 ​ $ 207,139 ​ $ 223,626 Mid-Atlantic Region ​ 63,362 ​ 62,772 ​ 124,981 ​ 127,009 Northeast Region ​ 52,912 ​ 54,514 ​ 106,009 ​ 113,073 Southeast Region ​ 39,144 ​ 36,696 ​ 73,434 ​ 70,340 Southwest Region ​ 24,818 ​ 24,120 ​ 48,906 ​ 48,757 Non-Mature Communities/Other ​ 23,168 ​ 17,001 ​ 48,473 ​ 43,270 Total segment and consolidated rental income ​ $ 309,116 ​ $ 305,982 ​ $ 608,942 ​ $ 626,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 77,120 ​ $ 83,112 ​ $ 150,931 ​ $ 168,229 Mid-Atlantic Region ​ 43,733 ​ 43,929 ​ 86,135 ​ 89,245 Northeast Region ​ 34,227 ​ 37,186 ​ 67,570 ​ 77,509 Southeast Region ​ 26,297 ​ 24,265 ​ 49,625 ​ 47,986 Southwest Region ​ 15,312 ​ 14,537 ​ 30,147 ​ 29,915 Non-Mature Communities/Other ​ 11,947 ​ 9,224 ​ 25,286 ​ 24,834 Total segment and consolidated NOI ​ 208,636 ​ 212,253 ​ 409,694 ​ 437,718 Reconciling items: ​ ​ ​ ​ Joint venture management and other fees ​ 2,232 ​ 1,274 ​ 3,847 ​ 2,662 Property management ​ (9,273) ​ (8,797) ​ (18,268) ​ (18,000) Other operating expenses ​ (4,373) ​ (6,100) ​ (8,808) ​ (11,066) Real estate depreciation and amortization ​ (146,169) ​ (155,056) ​ (290,257) ​ (310,532) General and administrative ​ (15,127) ​ (10,971) ​ (27,863) ​ (25,949) Casualty-related (charges)/recoveries, net ​ 2,463 ​ (102) ​ (3,114) ​ (1,353) Other depreciation and amortization ​ (2,602) ​ (2,027) ​ (5,203) ​ (4,052) Gain/(loss) on sale of real estate owned ​ ​ — ​ ​ 61,303 ​ ​ 50,829 ​ ​ 61,303 Income/(loss) from unconsolidated entities ​ 9,751 ​ 8,021 ​ 14,673 ​ 11,388 Interest expense ​ (35,404) ​ (38,597) ​ (113,560) ​ (77,914) Interest income and other income/(expense), net ​ 2,536 ​ 2,421 ​ 4,593 ​ 5,121 Tax (provision)/benefit, net ​ (135) ​ (1,526) ​ (754) ​ (1,690) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (807) ​ (4,291) ​ (961) ​ (4,604) Net (income)/loss attributable to noncontrolling interests ​ (8) ​ (34) ​ (24) ​ (40) Net income/(loss) attributable to UDR, Inc. ​ $ 11,720 ​ $ 57,771 ​ $ 14,824 ​ $ 62,992 (a) Same-Store Community population consisted of 45,974 apartment homes. (b) Same-Store Community population consisted of 45,404 apartment homes. ​
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of June 30, 2021 and December 31, 2020 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 4,334,493 ​ $ 4,316,098 Mid-Atlantic Region ​ 2,710,788 ​ 2,698,049 Northeast Region ​ 2,911,914 ​ 2,900,017 Southeast Region ​ 1,069,988 ​ 1,059,771 Southwest Region ​ 896,420 ​ 897,505 Non-Mature Communities/Other ​ 1,688,921 ​ 1,200,032 Total segment assets ​ 13,612,524 ​ 13,071,472 Accumulated depreciation ​ (4,871,506) ​ (4,605,366) Total segment assets — net book value ​ 8,741,018 ​ 8,466,106 Reconciling items: ​ ​ Cash and cash equivalents ​ 3,370 ​ 1,409 Restricted cash ​ 32,700 ​ 22,762 Notes receivable, net ​ 139,047 ​ 157,992 Investment in and advances to unconsolidated joint ventures, net ​ 619,172 ​ 600,233 Operating lease right-of-use assets ​ ​ 199,206 ​ ​ 200,913 Other assets ​ 184,758 ​ 188,118 Total consolidated assets ​ $ 9,919,271 ​ $ 9,637,533 (a) Same-Store Community population consisted of 45,974 apartment homes. ​

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) shares in Millions	Jun. 30, 2021homecommunityshares
Consolidation And Basis Of Presentation
Number of Real Estate Properties | community	153
Number Of Apartment Homes Owned And Consolidated By Company | home	50,413
Operating Partnership outstanding units	185.2
United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	176.2
General Partnership units outstanding	0.1
General Partners' ownership (as a percent)	95.10%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	32.4
Non-affiliated Partners
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	9
Percentage of units outstanding in Partnership	4.90%
Non-affiliated Partners | UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	13.6
Percentage of units outstanding in Partnership	42.00%
UDR, Inc.
Consolidation And Basis Of Presentation
General Partners' ownership (as a percent)	58.00%
Operating Partnership outstanding units	18.8

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Jul. 29, 2021USD ($)	Apr. 30, 2021USD ($)	Nov. 30, 2019USD ($)home	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jan. 31, 2021USD ($)	Dec. 31, 2020USD ($)	May 31, 2020USD ($)
Accounting policies
Notes receivable				$ 139,745		$ 139,745			$ 158,685
Allowance for credit losses				(698)		(698)			(693)
Notes receivable, net				139,047		139,047			157,992
Significant Accounting Policies
Total real estate, net				8,741,018		8,741,018			8,466,106
Gain on extinguishment of debt						(41,950)
Unpaid accrued interest				43,536		43,536			44,760
Note receivable interest income				2,000	$ 2,400	4,000	$ 5,000
Interest income, related party				0	0	0	0
Allocation of other comprehensive income/(loss)						64
Current income tax expense (benefit)						0
Net deferred tax assets/(liabilities)				(600)		(600)			(3,200)
Unrecognized tax benefit, accrued interest or penalties due to examination				0		0
Adjustment to rental income				700		5,800
Adjustment to income (loss)				100		500
Noncontrolling Interest
Significant Accounting Policies
Allocation of other comprehensive income/(loss)					100	100	(100)
Maximum
Significant Accounting Policies
Credit losses				100	$ 100	$ 100	$ 100
Maximum | Noncontrolling Interest
Significant Accounting Policies
Allocation of other comprehensive income/(loss)				$ 100
Bellevue, WA 259 Home Community
Significant Accounting Policies
Aggregate commitment on note receivable			$ 115,000
Number of apartment homes | home			259
Payment to acquire real estate	$ 170,000
Note due February 2021
Accounting policies
Notes receivable								$ 4,000	4,000	$ 4,000
Note due May 2022, One
Accounting policies
Note receivable interest rate				8.00%		8.00%
Notes receivable		$ 20,000		$ 20,000		$ 20,000			20,000
Significant Accounting Policies
Total real estate, net		25,000
Gain on extinguishment of debt		100
Unpaid accrued interest		$ 4,900
Note due May 2022, Two
Accounting policies
Note receivable interest rate				14.00%		14.00%
Notes receivable				$ 2,760		$ 2,760
Significant Accounting Policies
Aggregate commitment on note receivable				$ 2,800		$ 2,800
Note due October 2022
Accounting policies
Note receivable interest rate				4.75%		4.75%
Notes receivable				$ 115,000		$ 115,000			115,000
Note due October 2022 | Bellevue, WA 259 Home Community
Significant Accounting Policies
Aggregate commitment on note receivable			$ 115,000
Deposit made under purchase option agreement			10,000
Payment to acquire real estate			$ 170,000
Note due January 2023
Accounting policies
Note receivable interest rate				10.00%		10.00%
Notes receivable				$ 21,985		$ 21,985			$ 19,685
Significant Accounting Policies
Aggregate commitment on note receivable				22,000		22,000
Note maturity public capital threshold						5,000
Additional amount loaned						2,300
Multifamily tenant lease
Significant Accounting Policies
Increase in reserves				100		4,800
Retail tenant lease
Significant Accounting Policies
Increase in reserves				$ 700		$ 1,500

REAL ESTATE OWNED - Summarizes

REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real estate owned
Land	$ 2,232,760	$ 2,139,765
Depreciable property - held and used:
Land improvements	237,093	233,823
Building, improvements, and furniture, fixtures and equipment	10,815,176	10,292,782
Real estate intangible assets	40,570	40,570
Under development:
Real estate under development	286,543	246,867
Real estate owned	13,612,524	13,071,472
Accumulated depreciation	(4,871,506)	(4,605,366)
Total real estate owned, net of accumulated depreciation	8,741,018	8,466,106
Accumulated amortization	7,200	5,800
Land and land improvements
Under development:
Real estate under development	74,399	73,702
Real estate held for disposition		15,184
Building, improvements and furniture, fixtures and equipment
Under development:
Real estate under development	$ 212,526	174,175
Real estate held for disposition		$ 101,471

REAL ESTATE OWNED - Additional

REAL ESTATE OWNED - Additional Information (Details) $ in Thousands	1 Months Ended						3 Months Ended			6 Months Ended
	Jul. 29, 2021USD ($)home	Jun. 30, 2021USD ($)statehomecommunity	May 31, 2021USD ($)home	Apr. 30, 2021USD ($)home	Feb. 28, 2021USD ($)home	Jan. 31, 2021USD ($)home	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)statehomecommunity	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)statehomecommunity	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	May 31, 2020USD ($)	Nov. 30, 2019USD ($)home
Real Estate Owned Disclosure
Number of real estate properties | community		153						153		153
Number of states in which there are owned and consolidated communities | state		13						13		13
Financing Receivable, before Allowance for Credit Loss		$ 139,745						$ 139,745		$ 139,745		$ 158,685
Number of apartment homes owned and consolidated | home		50,413						50,413		50,413
Gain/(loss) on sale of property									$ 61,303	$ 50,829	$ 61,303
Total real estate, net		$ 8,741,018						$ 8,741,018		8,741,018		8,466,106
Debt premium		29,200						29,200		29,200		12,900
Gain on extinguishment of debt										(41,950)
In-place intangibles		40,570						40,570		40,570		40,570
Long-term Debt		$ 5,447,279						5,447,279		5,447,279
Development costs excluding direct costs and capitalized interest								2,200	1,800	6,800	8,700
Interest capitalized during period								$ 2,200	$ 1,700	$ 4,400	$ 3,000
Weighted average interest rate (as a percent)		2.71%						2.71%		2.71%
Note due February 2021
Real Estate Owned Disclosure
Financing Receivable, before Allowance for Credit Loss						$ 4,000						4,000	$ 4,000
Note due May 2022, One
Real Estate Owned Disclosure
Financing Receivable, before Allowance for Credit Loss		$ 20,000		$ 20,000				$ 20,000		$ 20,000		$ 20,000
Total real estate, net				25,000
Gain on extinguishment of debt				$ 100
Bellevue, WA 259 Home Community
Real Estate Owned Disclosure
Number of apartment homes acquired | home	259
Amount of a promissory note														$ 115,000
Number of apartment homes | home														259
Payment to acquire real estate	$ 170,000
386 Home Operating Community In Anaheim
Real Estate Owned Disclosure
Number of apartment homes sold | home					386
Proceeds from sale of real estate					$ 156,000
Gain/(loss) on sale of property					$ 50,800
386 Home Operating Community In Anaheim | Forecast
Real Estate Owned Disclosure
Proceeds from sale of real estate							$ 124,000
300 Home Operating Community in Franklin
Real Estate Owned Disclosure
Number of apartment homes acquired | home						300
Debt premium						$ 6,600
Real estate acquired						82,000
In-place intangibles						2,000
Payment to acquire real estate						77,400
Long-term Debt						$ 51,800
636 Home Operating Community in Farmers Branch, Texas
Real Estate Owned Disclosure
Number of apartment homes acquired | home				636
Debt premium				$ 4,300
Real estate acquired				111,500
In-place intangibles				3,000
Payment to acquire real estate				110,200
Long-term Debt				$ 42,000
945 Home Operating Community in Frisco, Texas
Real Estate Owned Disclosure
Number of apartment homes acquired | home			945
Debt premium			$ 7,100
Real estate acquired			169,900
In-place intangibles			4,100
Payment to acquire real estate			166,900
Long-term Debt			89,500
468 Home Operating Community in Germantown, Maryland
Real Estate Owned Disclosure
Number of apartment homes acquired | home		468
Real estate acquired		$ 119,300						119,300		119,300
In-place intangibles		2,600						$ 2,600		$ 2,600
Payment to acquire real estate		$ 121,900
To Be Developed Parcel Of Land In Tampa, Florida
Real Estate Owned Disclosure
Payment to acquire real estate			$ 6,600

JOINT VENTURES AND PARTNERSHI_3

JOINT VENTURES AND PARTNERSHIPS - Summary (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)propertyhomecommunity	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)propertyhomecommunity	Jun. 30, 2020USD ($)	May 31, 2021USD ($)home	Apr. 28, 2021	Mar. 31, 2021USD ($)home	Jan. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Unconsolidated entities
Number of real estate properties | community	153		153
Investment in unconsolidated entities	$ 613,903		$ 613,903						$ 595,486
Sold joint ventures and other investments in prior year	(3)	$ 1,389	(3)	$ 2,678
Income/(loss) from investments	9,751	8,021	14,673	11,388
Preferred Equity Investment 1200 Broadway Nashville TN
Unconsolidated entities
Rate						12.25%
Preferred Equity Investment Herndon, Virginia
Unconsolidated entities
Investment in unconsolidated entities								$ 30,200
Rate								9.00%
Preferred Equity Investment Allen, Texas
Unconsolidated entities
Number of apartment homes | home							469
Investment in unconsolidated entities							$ 19,800
Rate							9.00%
Preferred Equity Investment Kissimmee, Florida
Unconsolidated entities
Number of apartment homes | home					384
Investment in unconsolidated entities					$ 16,000
Rate					14.00%
Operating Community
Unconsolidated entities
Investment in unconsolidated entities	284,152		284,152						289,931
Income/(loss) from investments	$ (4,359)	(3,016)	$ (8,417)	(5,453)
Operating Community | Unconsolidated Joint Venture UDR Met Life I Partnership
Unconsolidated entities
Number of real estate properties | property	1		1
Number of apartment homes | home	150		150
Investment in unconsolidated entities	$ 25,095		$ 25,095						$ 26,426
UDR's Ownership Interest	50.00%		50.00%						50.00%
Income/(loss) from investments	$ (839)	(658)	$ (1,314)	(1,112)
Operating Community | Unconsolidated Joint Venture UDR MetLife II Partnership
Unconsolidated entities
Number of real estate properties | property	7		7
Number of apartment homes | home	1,250		1,250
Investment in unconsolidated entities	$ 184,568		$ 184,568						$ 151,353
UDR's Ownership Interest	50.00%		50.00%						50.00%
Income/(loss) from investments	$ (153)	10	$ (2,837)	(81)
Operating Community | Unconsolidated Joint Venture Other MetLife
Unconsolidated entities
Number of real estate properties | property	5		5
Number of apartment homes | home	1,437		1,437
Investment in unconsolidated entities	$ 74,178		$ 74,178						$ 82,072
UDR's Ownership Interest	50.60%		50.60%						50.60%
Income/(loss) from investments	$ (3,367)	(2,312)	$ (6,752)	(4,124)
Operating Community | Unconsolidated Joint Venture West Coast Development JV
Unconsolidated entities
Investment in unconsolidated entities	$ 311		$ 311						$ 30,080
UDR's Ownership Interest	47.00%		47.00%						47.00%
Income/(loss) from investments		(56)	$ 2,486	(136)
Development Community | Preferred Equity Investment 1532 Harrison San Francisco, CA
Unconsolidated entities
Investment in unconsolidated entities	$ 36,040		36,040						$ 34,135
UDR Commitment	$ 24,645		$ 24,645
Rate	11.00%		11.00%
Years to Maturity			1 year
Income/(loss) from investments	$ 963	846	$ 1,892	1,682
Development Community | Preferred Equity Investment 1641 Lincoln Santa Monica CA
Unconsolidated entities
Investment in unconsolidated entities	12,413		12,413						11,699
UDR Commitment	$ 8,800		$ 8,800
Rate	12.00%		12.00%
Years to Maturity			1 year 1 month 6 days
Income/(loss) from investments	$ 364	323	$ 714	637
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN
Unconsolidated entities
Investment in unconsolidated entities	59,354		59,354						69,330
UDR Commitment	$ 55,558		$ 55,558
Rate	12.25%		12.25%
Years to Maturity			1 year 2 months 12 days
Income/(loss) from investments	$ 1,727	1,306	$ 3,099	2,587
Development Community | Preferred Equity Investment 1300 Fairmount Philadelphia, PA
Unconsolidated entities
Investment in unconsolidated entities	62,075		62,075						59,544
UDR Commitment	$ 51,393		$ 51,393
Rate	8.50%		8.50%
Years to Maturity			2 years 1 month 6 days
Income/(loss) from investments	$ 1,275	1,191	$ 2,531	2,357
Development Community | Preferred Equity Investment Essex Orlando, FL
Unconsolidated entities
Investment in unconsolidated entities	17,085		17,085						16,770
UDR Commitment	$ 12,886		$ 12,886
Rate	12.50%		12.50%
Years to Maturity			2 years 1 month 6 days
Income/(loss) from investments	$ 543	481	$ 1,065	947
Development Community | Preferred Equity Investment Modera Lake Merritt, Oakland
Unconsolidated entities
Investment in unconsolidated entities	32,334		32,334						30,928
UDR Commitment	$ 27,250		$ 27,250
Rate	9.00%		9.00%
Years to Maturity			2 years 9 months 18 days
Income/(loss) from investments	$ 714	652	$ 1,405	1,226
Development Community | Preferred Equity Investment Thousand Oaks, CA
Unconsolidated entities
Investment in unconsolidated entities	21,759		21,759						17,919
UDR Commitment	$ 20,059		$ 20,059
Rate	9.00%		9.00%
Years to Maturity			3 years 7 months 6 days
Income/(loss) from investments	$ 481	153	$ 918	177
Development Community | Preferred Equity Investment Queens, New York
Unconsolidated entities
Investment in unconsolidated entities	45,169		45,169						42,360
UDR Commitment	$ 40,000		$ 40,000
Rate	13.00%		13.00%
Years to Maturity			4 years
Income/(loss) from investments	$ 1,431		$ 2,804
Development Community | Preferred Equity Investment Herndon, Virginia
Unconsolidated entities
Investment in unconsolidated entities	9,176		9,176
UDR Commitment	$ 30,208		$ 30,208
Rate	9.00%		9.00%
Years to Maturity			4 years 6 months
Income/(loss) from investments	$ 171		$ 268
Development Community | Preferred Equity Investment Allen, Texas
Unconsolidated entities
Investment in unconsolidated entities	2,179		2,179
UDR Commitment	$ 19,846		$ 19,846
Rate	9.00%		9.00%
Years to Maturity			4 years 8 months 12 days
Income/(loss) from investments	$ 226		$ 229
Development Community | Preferred Equity Investment Infield Phase I
Unconsolidated entities
UDR Commitment	$ 16,044		$ 16,044
Rate	14.00%		14.00%
Years to Maturity			2 years 10 months 24 days
Development Community | Real estate technology investments RETV I
Unconsolidated entities
Investment in unconsolidated entities	$ 28,696		$ 28,696						20,587
UDR Commitment	18,000		18,000
Income/(loss) from investments	6,055	4,696	8,106	4,550
Development Community | Real estate technology investments RETV II
Unconsolidated entities
Investment in unconsolidated entities	3,471		3,471						2,283
UDR Commitment	18,000		18,000
Income/(loss) from investments	163		62
Development Community | Preferred Equity Investments and Real Estate Technology Investments
Unconsolidated entities
Investment in unconsolidated entities	329,751		329,751						$ 305,555
Income/(loss) from investments	$ 14,113	$ 9,648	$ 23,093	$ 14,163

JOINT VENTURES AND PARTNERSHI_4

JOINT VENTURES AND PARTNERSHIPS - Commitments (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 28, 2021USD ($)	Jan. 31, 2021USD ($)homecommunity	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Feb. 28, 2022	Mar. 31, 2021USD ($)home	Dec. 31, 2020USD ($)
Joint Ventures
Investment in unconsolidated entities			$ 613,903		$ 613,903				$ 595,486
Balance payments made	$ 12,500
Gain/(loss) on sale of real estate owned				$ 61,303	50,829	$ 61,303
Deferred fees from the sale of properties			9,100		9,100				8,400
Joint venture management and other fees			$ 2,232	$ 1,274	$ 3,847	$ 2,662
Type of revenue			udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Preferred Equity Investment Herndon, Virginia
Joint Ventures
Investment in unconsolidated entities		$ 30,200
Preferred return (as a percent)		9.00%
Joint venture, number of homes in communities | home		356
Preferred Equity Investment Allen, Texas
Joint Ventures
Investment in unconsolidated entities								$ 19,800
Number of apartment homes | home								469
Preferred return (as a percent)								9.00%
Preferred Equity Investment Los Angeles, California
Joint Ventures
Number of apartment homes | community		293
Proceeds from sale of real estate		$ 121,000
Gain/(loss) on sale of real estate owned		$ 2,500
Preferred Equity Investment 1200 Broadway Nashville TN
Joint Ventures
Preferred return (as a percent)	12.25%
Preferred Equity Investment 1200 Broadway Nashville TN | Forecast
Joint Ventures
Preferred return (as a percent)							8.00%
Accounts Payable, Accrued Expenses and Other Liabilities | 13th and Market Properties LLC
Joint Ventures
Investment in unconsolidated entities			$ (5,300)		$ (5,300)				$ (4,700)

JOINT VENTURES AND PARTNERSHI_5

JOINT VENTURES AND PARTNERSHIPS - Unconsolidated joint ventures and partnerships (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	$ 8,741,018		$ 8,741,018			$ 8,466,106
Cash and cash equivalents	3,370	$ 833	3,370	$ 833		1,409		$ 8,106
Other Assets	184,758		184,758			188,118
Total assets	9,919,271		9,919,271			9,637,533
Accounts payable, accrued expenses, and other liabilities	119,405		119,405			110,999
Total liabilities	6,009,822		6,009,822			5,522,648
Total equity	2,805,173	3,414,945	2,805,173	3,414,945	$ 3,016,401	3,258,591	$ 3,478,390	$ 3,389,314
Financial information relating to unconsolidated joint ventures operations
Total revenues	311,348	307,256	612,789	628,737
Property operating expenses	51,335	48,717	102,716	98,200
Real estate depreciation and amortization	146,169	155,056	290,257	310,532
Gain/(loss) on sale of property		61,303	50,829	61,303
Operating income	35,787	91,777	110,857	130,731
Interest expense	(35,404)	(38,597)	(113,560)	(77,914)
Other income/(loss)	2,536	2,421	4,593	5,121
Net income/(loss)	12,535	62,096	15,809	67,636
Unconsolidated Joint Ventures
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	2,138,303		2,138,303			1,904,805
Real Estate Held-for-sale						88,458
Cash and cash equivalents	18,606		18,606			22,278
Other Assets	240,953		240,953			150,894
Total assets	2,397,862		2,397,862			2,166,435
Third party debt, net	1,259,279		1,259,279			1,188,710
Liabilities held for sale						55,440
Accounts payable, accrued expenses, and other liabilities	38,390		38,390			40,556
Total liabilities	1,297,669		1,297,669			1,284,706
Total equity	1,100,193		1,100,193			$ 881,729
Financial information relating to unconsolidated joint ventures operations
Total revenues	32,006	37,312	64,143	78,626
Property operating expenses	16,745	14,468	33,855	29,765
Real estate depreciation and amortization	16,144	16,913	32,597	33,156
Gain/(loss) on sale of property			34,757
Operating income	(883)	5,931	32,448	15,705
Interest expense	(7,460)	(10,149)	(19,594)	(20,496)
Net realized/unrealized gain/(loss) on held investments	38,350	29,312	46,838	29,312
Other income/(loss)	(14)	117	(1,671)	109
Net income/(loss)	$ 29,993	$ 25,211	$ 58,021	$ 24,630

LEASES - Lessee Future Minimum

LEASES - Lessee Future Minimum Payments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)community	Dec. 31, 2020USD ($)
Lease expense:
Number of communities subject to ground leases | community	6
Operating leases existence of option to extend	true
Operating lease right-of-use assets	$ 199,206	$ 200,913
Weighted average remaining lease term	43 years 7 months 6 days	43 years 10 months 24 days
Weighted average discount rate	5.00%	5.00%
Future minimum lease payments
Total operating lease liabilities (discounted)	$ 194,058	$ 195,592
Land
Future minimum lease payments
2021	6,221
2022	12,442
2023	12,442
2024	12,442
2025	12,442
Thereafter	442,778
Total future minimum lease payments (undiscounted)	498,767
Difference between future undiscounted cash flows and discounted cash flows	(304,709)
Total operating lease liabilities (discounted)	$ 194,058

LEASES - Lessee Expenses (Detai

LEASES - Lessee Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease expense:
Contractual lease expense	$ 100	$ 100	$ 200	$ 200
Variable lease expense		0	100	100
Operating lease right-of-use asset amortization			1,700	1,600
Operating lease liabilities amortization			1,500	1,500
Maximum
Lease expense:
Variable lease expense	100
Land
Lease expense:
Contractual lease expense	3,230	3,216	6,460	6,386
Variable lease expense	27	44	56	87
Land | Other operating expense
Lease expense:
Total operating lease expense	$ 3,257	$ 3,260	$ 6,516	$ 6,473

LEASES - Lessor (Details)

LEASES - Lessor (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Future minimum lease payments
Variable lease expense		$ 0	$ 100	$ 100
Maximum
Future minimum lease payments
Variable lease expense	$ 100
Land
Future minimum lease payments
Variable lease expense	$ 27	$ 44	$ 56	$ 87
Apartment Homes
Lessor leases
Percentage of lease revenue			98.60%
Option to extend			true
Apartment Homes | Maximum
Lessor leases
Lease terms	12 months		12 months
Retail and Commercial Spaces
Lessor leases
Percentage of lease revenue			1.40%
Option to extend			true
Future minimum lease payments
2021	$ 12,256		$ 12,256
2022	24,675		24,675
2023	22,817		22,817
2024	20,469		20,469
2025	17,042		17,042
Thereafter	73,038		73,038
Total future minimum payments	$ 170,297		$ 170,297
Retail and Commercial Spaces | Minimum
Lessor leases
Lease terms	5 years		5 years
Retail and Commercial Spaces | Maximum
Lessor leases
Lease terms	15 years		15 years

SECURED AND UNSECURED DEBT, N_3

SECURED AND UNSECURED DEBT, NET - Summary (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)community	Feb. 28, 2021	Dec. 31, 2020USD ($)	Jul. 31, 2020USD ($)
Secured debt instruments
Total Debt, net	$ 5,452,107		$ 4,976,548
Long-term Debt	5,447,279
Unamortized net premium	$ 29,200		12,900
Weighted average interest rate (as a percent)	2.71%
Weighted Average
Secured debt instruments
Years to maturity	7 years 6 months
Secured Debt
Secured debt instruments
Total Debt, net	$ 1,059,913		862,147
Long-term Debt	$ 1,034,317
Weighted average interest rate (as a percent)	3.35%
Number of Communities Encumbered | community	15
Secured Debt | Weighted Average
Secured debt instruments
Years to maturity	7 years
Unsecured Debt
Secured debt instruments
Total Debt, net	$ 4,392,194		4,114,401
Long-term Debt	$ 4,412,962
Weighted average interest rate (as a percent)	2.57%
Deferred finance costs, net	$ (26,152)		(25,937)
Unsecured Debt | Weighted Average
Secured debt instruments
Years to maturity	7 years 8 months 12 days
Fixed Rate Debt
Secured debt instruments
Long-term Debt	$ 183,300
Weighted average interest rate (as a percent)	3.93%
Fixed Rate Debt | Secured Debt
Secured debt instruments
Total Debt, net	$ 1,032,977
Long-term Debt	1,007,317
Fixed Rate Debt | Secured Debt | Mortgages Note Payable
Secured debt instruments
Total Debt, net	1,007,317		824,550
Deferred financing costs and other non-cash adjustments	(25,660)		(10,665)
Long-term Debt	$ 1,032,977		835,215
Weighted average interest rate (as a percent)	3.42%
Number of Communities Encumbered | community	14
Fixed Rate Debt | Secured Debt | Mortgages Note Payable | Weighted Average
Secured debt instruments
Years to maturity	6 years 10 months 24 days
Fixed Rate Debt | Unsecured Debt
Secured debt instruments
Unamortized discount	$ 4		5
Fixed Rate Debt | Unsecured Debt | Term Loan due September 2023
Secured debt instruments
Long-term Debt	$ 315,000		315,000
Weighted average interest rate (as a percent)	1.07%
Fixed Rate Debt | Unsecured Debt | Term Loan due September 2023 | Weighted Average
Secured debt instruments
Years to maturity	2 years 3 months 18 days
Fixed Rate Debt | Unsecured Debt | 8.50% Debentures, Due September 2024
Secured debt instruments
Long-term Debt	$ 15,644		$ 15,644
Stated interest rate	8.50%		8.50%
Weighted average interest rate (as a percent)	8.50%
Fixed Rate Debt | Unsecured Debt | 8.50% Debentures, Due September 2024 | Weighted Average
Secured debt instruments
Years to maturity	3 years 2 months 12 days
Fixed Rate Debt | Unsecured Debt | 4.00% Medium-Term Note due October 2025
Secured debt instruments
Total Debt, net			$ 299,673
Stated interest rate	4.00%	4.00%	4.00%
Unamortized discount	$ 0		$ 327
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026
Secured debt instruments
Long-term Debt	$ 300,000		$ 300,000
Stated interest rate	2.95%		2.95%
Weighted average interest rate (as a percent)	2.89%
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026 | Weighted Average
Secured debt instruments
Years to maturity	5 years 2 months 12 days
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027
Secured debt instruments
Total Debt, net	$ 299,577		$ 299,542
Stated interest rate	3.50%		3.50%
Unamortized discount	$ 423		$ 458
Weighted average interest rate (as a percent)	4.03%
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027 | Weighted Average
Secured debt instruments
Years to maturity	6 years
Fixed Rate Debt | Unsecured Debt | 3.50% Medium-Term Notes Due January 2028
Secured debt instruments
Total Debt, net	$ 299,224		$ 299,165
Stated interest rate	3.50%		3.50%
Unamortized discount	$ 776		$ 835
Weighted average interest rate (as a percent)	3.50%
Fixed Rate Debt | Unsecured Debt | 3.50% Medium-Term Notes Due January 2028 | Weighted Average
Secured debt instruments
Years to maturity	6 years 6 months
Fixed Rate Debt | Unsecured Debt | 4.40% Medium-Term Notes due January 2029
Secured debt instruments
Total Debt, net	$ 299,996		$ 299,995
Principal outstanding				$ 300,000
Stated interest rate	4.40%		4.40%
Weighted average interest rate (as a percent)	4.27%
Fixed Rate Debt | Unsecured Debt | 4.40% Medium-Term Notes due January 2029 | Weighted Average
Secured debt instruments
Years to maturity	7 years 7 months 6 days
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030
Secured debt instruments
Total Debt, net	$ 611,726		$ 612,412
Stated interest rate	3.20%		3.20%
Unamortized discount	$ 11,726		$ 12,412
Weighted average interest rate (as a percent)	3.32%
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030 | Weighted Average
Secured debt instruments
Years to maturity	8 years 6 months
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031
Secured debt instruments
Total Debt, net	$ 399,021		$ 398,973
Stated interest rate	3.00%		3.00%
Unamortized discount	$ 979		$ 1,027
Weighted average interest rate (as a percent)	3.01%
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031 | Weighted Average
Secured debt instruments
Years to maturity	10 years 1 month 6 days
Fixed Rate Debt | Unsecured Debt | 2.10% Medium Term Note Due August 2032
Secured debt instruments
Total Debt, net	$ 399,609		399,592
Stated interest rate	2.10%
Unamortized discount	$ 391		408
Weighted average interest rate (as a percent)	2.10%
Fixed Rate Debt | Unsecured Debt | 2.10% Medium Term Note Due August 2032 | Weighted Average
Secured debt instruments
Years to maturity	11 years 1 month 6 days
Fixed Rate Debt | Unsecured Debt | 1.90% Medium-Term Notes due March 2033
Secured debt instruments
Total Debt, net	$ 348,589		$ 348,529
Stated interest rate	1.90%		1.90%
Unamortized discount	$ 1,411		$ 1,471
Weighted average interest rate (as a percent)	1.90%
Fixed Rate Debt | Unsecured Debt | 1.90% Medium-Term Notes due March 2033 | Weighted Average
Secured debt instruments
Years to maturity	11 years 8 months 12 days
Fixed Rate Debt | Unsecured Debt | 2.10% Medium-Term Note due June 2033
Secured debt instruments
Total Debt, net	$ 298,810
Stated interest rate	2.10%	2.10%	2.10%
Unamortized discount	$ 1,190		$ 0
Weighted average interest rate (as a percent)	2.10%
Fixed Rate Debt | Unsecured Debt | 2.10% Medium-Term Note due June 2033 | Weighted Average
Secured debt instruments
Years to maturity	12 years
Fixed Rate Debt | Unsecured Debt | 3.10% Medium-Term Notes due November 2034
Secured debt instruments
Total Debt, net	$ 298,823		$ 298,779
Stated interest rate	3.10%		3.10%
Unamortized discount	$ 1,177		$ 1,221
Weighted average interest rate (as a percent)	3.13%
Fixed Rate Debt | Unsecured Debt | 3.10% Medium-Term Notes due November 2034 | Weighted Average
Secured debt instruments
Years to maturity	13 years 3 months 18 days
Fixed Rate Debt | Unsecured Debt | Other [Member]
Secured debt instruments
Total Debt, net	$ 9		10
Variable Rate Debt | Secured Debt
Secured debt instruments
Total Debt, net	26,936
Long-term Debt	27,000
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable
Secured debt instruments
Total Debt, net	26,936		26,932
Long-term Debt	$ 27,000		27,000
Weighted average interest rate (as a percent)	0.73%
Number of Communities Encumbered | community	1
Deferred finance costs, net	$ (64)		(68)
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable | Weighted Average
Secured debt instruments
Years to maturity	10 years 8 months 12 days
Variable Rate Debt | Unsecured Debt | Commercial Paper
Secured debt instruments
Borrowings outstanding	$ 470,000		190,000
Weighted average interest rate (as a percent)	0.25%
Borrowings outstanding at end of period	$ 470,000		190,000
Variable Rate Debt | Unsecured Debt | Commercial Paper | Weighted Average
Secured debt instruments
Years to maturity	1 month 6 days
Variable Rate Debt | Unsecured Debt | Revolving credit facility due 2023 | Weighted Average
Secured debt instruments
Years to maturity	1 year 7 months 6 days
Variable Rate Debt | Unsecured Debt | Working Capital Credit Facility
Secured debt instruments
Borrowings outstanding	$ 27,318		28,024
Weighted average interest rate (as a percent)	0.93%
Variable Rate Debt | Unsecured Debt | Working Capital Credit Facility | Weighted Average
Secured debt instruments
Years to maturity	6 months
Variable Rate Debt | Unsecured Debt | Term Loan due September 2023
Secured debt instruments
Long-term Debt	$ 35,000		$ 35,000
Weighted average interest rate (as a percent)	1.07%
Variable Rate Debt | Unsecured Debt | Term Loan due September 2023 | Weighted Average
Secured debt instruments
Years to maturity	2 years 3 months 18 days

SECURED AND UNSECURED DEBT, N_4

SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)	Nov. 30, 2020instrument
Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	90.00%
Revolving Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 1,100,000
Potential maximum available	$ 2,000,000
Number of Extensions of loan | loan	2
Extension period of option on loan	6 months
Revolving credit facility due 2023 | Letter of Credit
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding at end of year	$ 2,600	$ 2,800
Revolving credit facility due 2023 | Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Commitment fee	0.15%
Basis points added to to variable rate	0.825%
Revolving credit facility due 2023 | Unsecured Debt | Minimum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Commitment fee	0.10%
Basis points added to to variable rate	0.75%
Revolving credit facility due 2023 | Unsecured Debt | Maximum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Commitment fee	0.30%
Basis points added to to variable rate	1.45%
Revolving credit facility due 2023 | Revolving Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 1,100,000	1,100,000
Weighted average daily borrowings during the year ended		42,186
Maximum daily borrowings during the year ended		$ 375,000
Weighted average interest rate during the year ended		1.40%
Term Loan due September 2023
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 350,000
Term Loan due September 2023 | Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Number of interest rate swaps | instrument			3
All-in weighted average interest rate			1.07%
Term Loan due September 2023 | Unsecured Debt | Minimum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	0.80%
Term Loan due September 2023 | Unsecured Debt | Maximum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	1.65%
Working Capital Credit Facility | Variable Rate Debt | Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 75,000	$ 75,000
Borrowings outstanding at end of year	27,318	28,024
Weighted average daily borrowings during the year ended	8,839	20,132
Maximum daily borrowings during the year ended	$ 39,503	$ 54,974
Weighted average interest rate during the year ended	0.90%	1.40%
Interest rate at end of the period	0.90%	1.00%
Basis points added to to variable rate	0.825%
Working Capital Credit Facility | Variable Rate Debt | Unsecured Debt | Minimum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	0.75%
Working Capital Credit Facility | Variable Rate Debt | Unsecured Debt | Maximum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	1.45%

SECURED AND UNSECURED DEBT, N_5

SECURED AND UNSECURED DEBT, NET - Short Term Debt (Details) - Variable Rate Debt - Unsecured Debt - Commercial Paper - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jul. 29, 2021
Unsecured Debt
Total unsecured commercial paper program	$ 500,000	$ 500,000	$ 700,000
Borrowings outstanding at end of period	470,000	190,000
Weighted average daily borrowings during the period ended	278,177	227,090
Maximum daily borrowings during the period ended	$ 470,000	$ 500,000
Weighted average interest rate during the period ended	0.30%	0.90%
Interest rate at end of the period	0.30%	0.30%

SECURED AND UNSECURED DEBT, N_6

SECURED AND UNSECURED DEBT, NET - Unsecured Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Aggregate maturities of unsecured debt
2021	$ 470,555		$ 470,555
2022	28,458		28,458
2023	351,242		351,242
2024	112,391		112,391
2025	174,793		174,793
2026	352,744		352,744
2027	302,860		302,860
2028	462,310		462,310
2029	491,986		491,986
2030	762,010		762,010
Thereafter	1,937,930		1,937,930
Subtotal	5,447,279		5,447,279
Non-cash	4,828		4,828
Total	5,452,107		5,452,107		$ 4,976,548
Interest expense
Aggregate maturities of unsecured debt
Amortization of financing costs	1,200	$ 1,100	2,400	$ 2,100
Fixed Rate Debt
Aggregate maturities of unsecured debt
Subtotal	183,300		183,300
Secured Debt
Aggregate maturities of unsecured debt
2021	555		555
2022	1,140		1,140
2023	1,242		1,242
2024	96,747		96,747
2025	174,793		174,793
2026	52,744		52,744
2027	2,860		2,860
2028	162,310		162,310
2029	191,986		191,986
2030	162,010		162,010
Thereafter	187,930		187,930
Subtotal	1,034,317		1,034,317
Non-cash	25,596		25,596
Total	1,059,913		1,059,913		862,147
Secured Debt | Fixed Rate Debt
Aggregate maturities of unsecured debt
2021	555		555
2022	1,140		1,140
2023	1,242		1,242
2024	96,747		96,747
2025	174,793		174,793
2026	52,744		52,744
2027	2,860		2,860
2028	162,310		162,310
2029	191,986		191,986
2030	162,010		162,010
Thereafter	160,930		160,930
Subtotal	1,007,317		1,007,317
Non-cash	25,660		25,660
Total	1,032,977		1,032,977
Secured Debt | Variable Rate Debt
Aggregate maturities of unsecured debt
Thereafter	27,000		27,000
Subtotal	27,000		27,000
Non-cash	(64)		(64)
Total	26,936		26,936
Unsecured Debt
Aggregate maturities of unsecured debt
2021	470,000		470,000
2022	27,318		27,318
2023	350,000		350,000
2024	15,644		15,644
2025	0		0
2026	300,000		300,000
2027	300,000		300,000
2028	300,000		300,000
2029	300,000		300,000
2030	600,000		600,000
Thereafter	1,750,000		1,750,000
Subtotal	4,412,962		4,412,962
Non-cash	(20,768)		(20,768)
Total	$ 4,392,194		$ 4,392,194		$ 4,114,401

SECURED AND UNSECURED DEBT, N_7

SECURED AND UNSECURED DEBT, NET - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)propertyloan	Jun. 30, 2020USD ($)	Jan. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Jul. 31, 2020USD ($)	Feb. 29, 2020
Secured Debt
Secured debt amount which encumbers real estate owned based upon book value		$ 1,700,000		$ 1,700,000
Percentage of secured debt which encumbers real estate owned based upon book value		12.60%		12.60%
Secured debt amount of real estate owned which is unencumbered		$ 11,900,000		$ 11,900,000
Percentage of secured debt of real estate owned which is unencumbered		87.40%		87.40%
Long-term Debt		$ 5,447,279		$ 5,447,279
Extinguishment of debt costs				40,769
Unamortized net premium		29,200		29,200			$ 12,900
300 Home Operating Community in Franklin
Secured Debt
Long-term Debt						$ 51,800
Unamortized net premium						$ 6,600
Unsecured Debt
Secured Debt
Long-term Debt		4,412,962		$ 4,412,962
Basis points added to to variable rate				90.00%
Secured Debt
Secured Debt
Long-term Debt		1,034,317		$ 1,034,317
Fixed Rate Debt
Secured Debt
Number of mortgage loans payable assumed | loan				3
Long-term Debt		183,300		$ 183,300
Long term debt fair value		$ 201,300		$ 201,300
Number of operating properties acquired | property				3
Fixed Rate Debt | Mortgages Note Payable | Minimum
Secured Debt
Notes payable maximum interest rates range		2.62%		2.62%
Fixed Rate Debt | Mortgages Note Payable | Maximum
Secured Debt
Notes payable maximum interest rates range		4.39%		4.39%
Fixed Rate Debt | Unsecured Debt | 4.00% Medium-Term Note due October 2025
Secured Debt
Repayments of outstanding borrowing	$ 300,000
Stated interest rate	4.00%	4.00%		4.00%			4.00%
Fixed Rate Debt | Unsecured Debt | 4.00% Medium-Term Note due October 2025 | Interest expense
Secured Debt
Extinguishment of debt costs	$ 42,000
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026
Secured Debt
Long-term Debt		$ 300,000		$ 300,000			$ 300,000
Stated interest rate		2.95%		2.95%			2.95%
Portion of medium term note subject to interest rate swaps		$ 100,000		$ 100,000
All-in weighted average interest rate		2.89%		2.89%
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027
Secured Debt
Stated interest rate		3.50%		3.50%			3.50%
Portion of medium term note subject to interest rate swaps		$ 200,000		$ 200,000
All-in weighted average interest rate		4.03%		4.03%
Fixed Rate Debt | Unsecured Debt | 4.40% Medium-Term Notes due January 2029
Secured Debt
Principal outstanding								$ 300,000
Stated interest rate		4.40%		4.40%			4.40%
Portion of medium term note subject to interest rate swaps		$ 150,000		$ 150,000
All-in weighted average interest rate		4.27%		4.27%
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030
Secured Debt
Stated interest rate		3.20%		3.20%			3.20%
All-in weighted average interest rate									3.32%
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031
Secured Debt
Stated interest rate		3.00%		3.00%			3.00%
All-in weighted average interest rate		3.01%		3.01%
Debt		$ 150,000		$ 150,000
Fixed Rate Debt | Unsecured Debt | 2.10% Medium Term Note Due August 2032
Secured Debt
Stated interest rate		2.10%		2.10%
Fixed Rate Debt | Unsecured Debt | 2.10% Medium-Term Note due June 2033
Secured Debt
Stated interest rate	2.10%	2.10%		2.10%			2.10%
Medium-term notes	$ 300,000
Percentage of principal amount at issuance	99.592
Fixed Rate Debt | Unsecured Debt | 3.10% senior unsecured notes due 2034
Secured Debt
All-in weighted average interest rate		3.13%		3.13%
Fixed Rate Debt | Unsecured Debt | 1.90% Medium-Term Notes due March 2033
Secured Debt
Stated interest rate		1.90%		1.90%			1.90%
Fixed Rate Debt | Secured Debt
Secured Debt
Long-term Debt		$ 1,007,317		$ 1,007,317
Fixed Rate Debt | Secured Debt | Mortgages Note Payable
Secured Debt
Long-term Debt		1,032,977		1,032,977			$ 835,215
Fixed Rate Debt | Debt Assumed As Part of Acquisition | Mortgages Note Payable
Secured Debt
Amortization of debt discount (Premium)		1,000	$ 2,500	1,700	$ 5,100
Variable Rate Debt | Secured Debt
Secured Debt
Long-term Debt		27,000		27,000
Variable Rate Debt | Tax-exempt secured notes payable | Mortgages Note Payable
Secured Debt
Principal outstanding		$ 27,000		$ 27,000
Variable Rate Debt | Tax-exempt secured notes payable | Mortgages Note Payable
Secured Debt
Notes payable maximum interest rates range		0.73%		0.73%

INCOME_(LOSS) PER SHARE (Detail

INCOME/(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jul. 31, 2017
Antidilutive securities
Net income/(loss)			$ 12,535	$ 62,096	$ 15,809	$ 67,636
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership			(807)	(4,291)	(961)	(4,604)
Net (income)/loss attributable to noncontrolling interests			(8)	(34)	(24)	(40)
Net income/(loss) attributable to UDR, Inc.			11,720	57,771	14,824	62,992
Distributions to preferred stockholders - Series E (Convertible)			(1,057)	(1,062)	(2,113)	(2,128)
Net income/(loss) attributable to common stockholders			$ 10,663	$ 56,709	$ 12,711	$ 60,864
Denominator for income/(loss) per share:
Weighted average common shares outstanding			296,842,000	294,970,000	296,821,000	294,850,000
Non-vested restricted stock awards			(253,000)	(260,000)	(257,000)	(266,000)
Denominator for basic income/(loss) per share			296,589,000	294,710,000	296,564,000	294,584,000
Incremental shares issuable from assumed conversion of unvested LTIP Units and unvested restricted stock			953,000	377,000	657,000	499,000
Denominator for diluted income/(loss) per share			297,542,000	295,087,000	297,221,000	295,083,000
Income/(loss) per weighted average common share - basic			$ 0.04	$ 0.19	$ 0.04	$ 0.21
Income/(loss) per weighted average common share - diluted			$ 0.04	$ 0.19	$ 0.04	$ 0.21
Number of shares authorized	350,000,000		350,000,000		350,000,000		350,000,000
Aggregate net proceeds from sales, after deducting related costs			$ (393)		$ (393)
OP/DownREIT Units
Antidilutive securities
Antidilutive securities			22,550,000	22,386,000	22,474,000	22,307,000
Convertible preferred stock
Antidilutive securities
Antidilutive securities			2,918,000	2,953,000	2,918,000	2,982,000
Unvested LTIP Units and unvested restricted stock
Antidilutive securities
Antidilutive securities			953,000	377,000	657,000	499,000
ATM
Denominator for income/(loss) per share:
Number of shares authorized								20,000,000
Aggregate number of shares			2,600,000		4,800,000
Weighted average price per share			$ 49.07		$ 46.61
Shares of common stock available for future issuance	9,600,000		9,600,000		9,600,000
Shares settled					0
Forward Sales Agreement
Denominator for income/(loss) per share:
Forward price	$ 49.22	$ 43.51
Shares of common stock available for future issuance	6,100,000	7,000,000	6,100,000		6,100,000
Shares settled					0

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Redeemable noncontrolling interests in the Operating Partnership
Minimum holding period prior to redemption (in years)			1 year
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year			$ 856,294
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	$ 122,981	$ 22,723	254,681	$ (182,990)
Conversion of OP Units/DownREIT Units to Common Stock			(5,339)
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	807	4,291	961	4,604
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership			(16,961)
Vesting of Long-Term Incentive Plan Units			14,576
Allocation of other comprehensive income/(loss)			64
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year	1,104,276		1,104,276
Net income/(loss) attributable to noncontrolling interests	8	19	16	9
Maximum
Redeemable noncontrolling interests in the Operating Partnership
Net income/(loss) attributable to noncontrolling interests	$ (100)	$ (100)	$ (100)	$ (100)
LTIP Units | Minimum
Redeemable noncontrolling interests in the Operating Partnership
Vesting period			1 year
LTIP Units | Maximum
Redeemable noncontrolling interests in the Operating Partnership
Vesting period			3 years

FAIR VALUE OF DERIVATIVES AND_3

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value
Notes receivable, net	$ 139,047	$ 157,992
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,104,276	856,294
Transfers between levels of fair value hierarchy	0
Carrying Amount | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net	139,047	157,992
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	139,056	157,994
Debt instruments - fair value
Total liabilities	5,482,007	5,004,978
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,104,276	856,294
Carrying Amount | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivatives - Interest rate contracts	113	167
Carrying Amount | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset Designated as Hedging Instrument, Fair Value	9	2
Fair Value | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net	149,055	170,411
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	149,064	170,413
Debt instruments - fair value
Total liabilities	5,704,755	5,382,320
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,104,276	856,294
Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivatives - Interest rate contracts	113	167
Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset Designated as Hedging Instrument, Fair Value	9	2
Fair Value | Level 2 | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	9	2
Debt instruments - fair value
Total liabilities	113	167
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,104,276	856,294
Fair Value | Level 2 | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivatives - Interest rate contracts	113	167
Fair Value | Level 2 | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset Designated as Hedging Instrument, Fair Value	9	2
Fair Value | Level 3 | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net	149,055	170,411
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	149,055	170,411
Debt instruments - fair value
Total liabilities	5,704,642	5,382,153
Unsecured Debt | Carrying Amount | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	3,921,028	3,922,314
Unsecured Debt | Fair Value | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,095,997	4,283,045
Unsecured Debt | Fair Value | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,095,997	4,283,045
Unsecured Debt | Working Capital Credit Facility | Carrying Amount | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,318	28,024
Unsecured Debt | Working Capital Credit Facility | Fair Value | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,318	28,024
Unsecured Debt | Working Capital Credit Facility | Fair Value | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,318	28,024
Unsecured Debt | Commercial Paper | Carrying Amount | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	470,000	190,000
Unsecured Debt | Commercial Paper | Fair Value | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	470,000	190,000
Unsecured Debt | Commercial Paper | Fair Value | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	470,000	190,000
Fixed Rate Debt | Secured Debt | Mortgages Note Payable | Carrying Amount | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	1,036,548	837,473
Fixed Rate Debt | Secured Debt | Mortgages Note Payable | Fair Value | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	1,084,327	854,084
Fixed Rate Debt | Secured Debt | Mortgages Note Payable | Fair Value | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	1,084,327	854,084
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable | Carrying Amount | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,000	27,000
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable | Fair Value | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,000	27,000
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable | Fair Value | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	$ 27,000	$ 27,000

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITY - Interest Rate Derivatives (Details) $ in Thousands	Jun. 30, 2021USD ($)instrument
Derivatives
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 1,600
Designated as Hedging Instrument | Interest rate swap and caps
Derivatives
Number of Interest Rate Derivatives Held | instrument	4
Notional	$ 334,880
Not Designated as Hedging Instrument
Derivatives
Notional	$ 0

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITY - Undesignated Interest Rate Derivatives (Details) - Interest rate contracts - Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other assets
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet
Derivative Asset Designated as Hedging Instrument, Fair Value	$ 9	$ 2
Other liabilities
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet
Gross Amounts of Recognized Liabilities	$ 113	$ 167

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	$ (94)	$ (294)	$ 34	$ (3,211)
Interest rate contracts | Interest expense | Cash Flow Hedging
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	(94)	(294)	34	(3,211)
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense	$ (428)	$ (1,292)	$ (873)	$ (1,649)

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITY - Effectiveness (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivatives and hedging activity
Total amount of Interest expense presented on the Consolidated Statements of Operations	$ 35,404	$ 38,597	$ 113,560	$ 77,914

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Offsetting derivative assets
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	$ 9	$ 2
Net Amount	9	2
Offsetting derivative liabilities
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (a)	113	167
Net Amount	$ 113	$ 167

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Long Term Incentive Plan
Stock based compensation
Shares reserved for issuance under plan		35,000,000		35,000,000		19,000,000
Increase in shares reserved for issuance	16,000,000
General and administrative expense
Stock based compensation
Stock based compensation expense		$ 6.4	$ 4	$ 11.3	$ 10.8

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Jul. 29, 2021USD ($)home	Jun. 30, 2021USD ($)community
Real estate properties
Number of communities owned (in communities) | community		153
Costs Incurred to Date		$ 330,447
UDR's Remaining Commitment		289,499
Real estate technology investments RETV I
Real estate properties
Costs Incurred to Date		28,696
UDR's Remaining Commitment		5,220
Real estate technology investments RETV II
Real estate properties
Costs Incurred to Date		3,471
UDR's Remaining Commitment		$ 14,400
Wholly owned - under development
Real estate properties
Number of communities owned (in communities) | community		5
Costs Incurred to Date		$ 286,925
UDR's Remaining Commitment		$ 214,575
Preferred Equity Investments
Real estate properties
Number of communities owned (in communities) | community		3
Costs Incurred to Date		$ 11,355
UDR's Remaining Commitment		$ 55,304
544 apartment home operating community, Maryland
Real estate properties
Number of apartment homes | home	544
Contractual purchase price commitment	$ 124,500
Deposit on purchase	$ 5,000
320 apartment home operating community, Pennsylvania
Real estate properties
Number of apartment homes | home	320
Contractual purchase price commitment	$ 115,000
Deposit on purchase	$ 5,000

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)home	Jun. 30, 2020USD ($)home	Jun. 30, 2021USD ($)segmenthome	Jun. 30, 2020USD ($)home	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Segments
Same store communities | home	45,974	45,974	45,404	45,404
Reportable Segments
Number of reportable segments | segment			2
Condition for Community considered to have stabilized occupancy			90%
Time to maintain percent occupancy to be considered a community			3 months
Practical expedient, single lease component			true
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	$ 309,116	$ 305,982	$ 608,942	$ 626,075
Reconciling items:
Joint venture management and other fees	$ 2,232	$ 1,274	$ 3,847	$ 2,662
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Property management	$ (9,273)	$ (8,797)	$ (18,268)	$ (18,000)
Other operating expenses	(4,373)	(6,100)	(8,808)	(11,066)
Real estate depreciation and amortization	(146,169)	(155,056)	(290,257)	(310,532)
General and administrative	(15,127)	(10,971)	(27,863)	(25,949)
Casualty-related (charges)/recoveries, net	2,463	(102)	(3,114)	(1,353)
Other depreciation and amortization	(2,602)	(2,027)	(5,203)	(4,052)
Gain/(loss) on sale of real estate owned		61,303	50,829	61,303
Income/(loss) from unconsolidated entities	9,751	8,021	14,673	11,388
Interest expense	(35,404)	(38,597)	(113,560)	(77,914)
Interest income and other income/(expense), net	2,536	2,421	4,593	5,121
Tax (provision)/benefit, net	(135)	(1,526)	(754)	(1,690)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(807)	(4,291)	(961)	(4,604)
Net (income)/loss attributable to noncontrolling interests	(8)	(34)	(24)	(40)
Net income/(loss) attributable to UDR, Inc.	11,720	57,771	14,824	62,992
Reportable apartment home segment assets:
Total segment assets	13,612,524		13,612,524		$ 13,071,472
Accumulated depreciation	(4,871,506)		(4,871,506)		(4,605,366)
Total real estate owned, net of accumulated depreciation	8,741,018		8,741,018		8,466,106
Reconciling items:
Cash and cash equivalents	3,370	833	3,370	833	1,409	$ 8,106
Restricted cash	32,700	22,043	32,700	22,043	22,762	$ 25,185
Notes receivable, net	139,047		139,047		157,992
Investment in and advances to unconsolidated joint ventures, net	619,172		619,172		600,233
Operating lease right-of-use assets	199,206		199,206		200,913
Other assets	184,758		184,758		188,118
Total consolidated assets	9,919,271		9,919,271		9,637,533
Same Store Communities West Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	103,059	107,901	201,810	217,747
Other revenue	2,653	2,978	5,329	5,879
Rental income	105,712	110,879	207,139	223,626
Reportable apartment home segment NOI	77,120	83,112	150,931	168,229
Reportable apartment home segment assets:
Total segment assets	4,334,493		4,334,493		4,316,098
Same Store Communities Mid-Atlantic Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	61,390	61,232	121,307	123,769
Other revenue	1,972	1,540	3,674	3,240
Rental income	63,362	62,772	124,981	127,009
Reportable apartment home segment NOI	43,733	43,929	86,135	89,245
Reportable apartment home segment assets:
Total segment assets	2,710,788		2,710,788		2,698,049
Same Store Communities Northeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	51,864	53,143	103,916	110,639
Other revenue	1,048	1,371	2,093	2,434
Rental income	52,912	54,514	106,009	113,073
Reportable apartment home segment NOI	34,227	37,186	67,570	77,509
Reportable apartment home segment assets:
Total segment assets	2,911,914		2,911,914		2,900,017
Same Store Communities Southeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	37,255	35,368	70,142	67,561
Other revenue	1,889	1,328	3,292	2,779
Rental income	39,144	36,696	73,434	70,340
Reportable apartment home segment NOI	26,297	24,265	49,625	47,986
Reportable apartment home segment assets:
Total segment assets	1,069,988		1,069,988		1,059,771
Same Store Communities Southwest Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	23,765	23,379	46,976	47,194
Other revenue	1,053	741	1,930	1,563
Rental income	24,818	24,120	48,906	48,757
Reportable apartment home segment NOI	15,312	14,537	30,147	29,915
Reportable apartment home segment assets:
Total segment assets	896,420		896,420		897,505
Non-Mature communities/Other
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	22,477	16,559	47,105	42,293
Other revenue	691	442	1,368	977
Rental income	23,168	17,001	48,473	43,270
Reportable apartment home segment NOI	11,947	9,224	25,286	24,834
Reportable apartment home segment assets:
Total segment assets	1,688,921		1,688,921		$ 1,200,032
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	299,810	297,582	591,256	609,203
Other revenue	9,306	8,400	17,686	16,872
Rental income	309,116	305,982	608,942	626,075
Reportable apartment home segment NOI	$ 208,636	$ 212,253	$ 409,694	$ 437,718
Taxable REIT Subsidiaries
Reportable Segments
Management fee (as a percent)			3.00%