UDR (UDR) 10-K 15 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 11, 2022	Jun. 30, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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, $0.01 par value
Trading Symbol	UDR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 9.5
Entity Common Stock, Shares Outstanding		318,264,646
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Denver Colorado
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0000074208
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate owned:
Real estate held for investment	$ 14,352,234	$ 12,706,940
Less: accumulated depreciation	(5,136,589)	(4,590,577)
Real estate held for investment, net	9,215,645	8,116,363
Real estate under development (net of accumulated depreciation of $507 and $1,010, respectively)	388,062	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	9,603,707	8,466,106
Cash and cash equivalents	967	1,409
Restricted cash	27,451	22,762
Notes receivable, net	26,860	157,992
Investment in and advances to unconsolidated joint ventures, net	702,461	600,233
Operating lease right-of-use assets	197,463	200,913
Other assets	216,311	188,118
Total assets	10,775,220	9,637,533
Liabilities:
Secured debt, net	1,057,380	862,147
Unsecured debt, net	4,355,407	4,114,401
Operating lease liabilities	192,488	195,592
Real estate taxes payable	33,095	29,946
Accrued interest payable	45,980	44,760
Security deposits and prepaid rent	55,441	49,008
Distributions payable	124,729	115,795
Accounts payable, accrued expenses, and other liabilities	136,954	110,999
Total liabilities	6,001,474	5,522,648
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,299,442	856,294
Equity:
Common stock, $0.01 par value; 450,000,000 and 350,000,000 shares authorized at December 31, 2021 and December 31, 2020, respectively: 318,149,635 and 296,611,579 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	3,181	2,966
Additional paid-in capital	6,884,269	5,881,383
Distributions in excess of net income	(3,485,080)	(2,685,770)
Accumulated other comprehensive income/(loss), net	(4,261)	(9,144)
Total stockholders' equity	3,442,874	3,234,200
Noncontrolling interests	31,430	24,391
Total equity	3,474,304	3,258,591
Total liabilities and equity	10,775,220	9,637,533
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2021 and December 31, 2020:	44,764	44,764
Series F
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2021 and December 31, 2020:	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Real estate owned:
Real estate under development accumulated depreciation	$ 507	$ 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	450,000,000	350,000,000
Common stock, shares issued	318,149,635	296,611,579
Common stock, shares outstanding	318,149,635	296,611,579
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value	$ 0
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 authorized	20,000,000
Preferred stock, shares issued	12,582,575	14,440,519
Preferred stock, shares outstanding	12,582,575	14,440,519

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES:
Rental income	$ 1,284,665	$ 1,236,096	$ 1,138,138
Joint venture management and other fees	$ 6,102	$ 5,069	$ 14,055
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total revenues	$ 1,290,767	$ 1,241,165	$ 1,152,193
OPERATING EXPENSES:
Property operating and maintenance	218,094	201,944	178,947
Real estate taxes and insurance	199,446	180,450	150,888
Property management	38,540	35,538	32,721
Other operating expenses	21,649	22,762	13,932
Real estate depreciation and amortization	606,648	608,616	501,257
General and administrative	57,541	49,885	51,533
Casualty-related charges/(recoveries), net	3,748	2,131	474
Other depreciation and amortization	13,185	10,013	6,666
Total operating expenses	1,158,851	1,111,339	936,418
Gain/(loss) on sale of real estate owned	136,052	119,277	5,282
Operating income	267,968	249,103	221,057
Income/(loss) from unconsolidated entities	65,646	18,844	137,873
Interest expense	(186,267)	(202,706)	(170,917)
Interest income and other income/(expense), net	15,085	6,274	15,404
Income/(loss) before income taxes	162,432	71,515	203,417
Tax (provision)/benefit, net	(1,439)	(2,545)	(3,838)
Net income/(loss)	160,993	68,970	199,579
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(10,873)	(4,543)	(14,426)
Net (income)/loss attributable to noncontrolling interests	(104)	(161)	(188)
Net income/(loss) attributable to UDR, Inc.	150,016	64,266	184,965
Distributions to preferred stockholders - Series E (Convertible)	(4,229)	(4,230)	(4,104)
Net income/(loss) attributable to common stockholders	$ 145,787	$ 60,036	$ 180,861
Income/(loss) per weighted average common share - basic	$ 0.49	$ 0.20	$ 0.63
Income/(loss) per weighted average common share - diluted	$ 0.48	$ 0.20	$ 0.63
Weighted average number of common shares outstanding - basic	300,326	294,545	285,247
Weighted average number of common shares outstanding - diluted	301,703	294,927	286,015

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net income/(loss)	$ 160,993	$ 68,970	$ 199,579
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	3,502	(3,382)	(8,437)
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	1,755	4,827	(2,770)
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	5,257	1,445	(11,207)
Comprehensive income/(loss)	166,250	70,415	188,372
Comprehensive (income)/loss attributable to noncontrolling interests	(11,351)	(4,845)	(13,788)
Comprehensive income/(loss) attributable to UDR, Inc.	$ 154,899	$ 65,570	$ 174,584

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 Income [Member]Adjustment	Distributions in Excess of Net Income [Member]	Accumulated Other Comprehensive Income/(Loss) [Member]	Noncontrolling Interest	Adjustment	Total
Consolidated Statements of Changes in Equity
Cumulative effect upon adoption of ASC 326	$ 46,201	$ 2,755	$ 4,920,732		$ (2,063,996)	$ (67)	$ 17,152		$ 2,922,777
Beginning Balance at Dec. 31, 2018	46,201	2,755	4,920,732		(2,063,996)	(67)	17,152		2,922,777
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.					184,965				184,965
Net income/(loss) attributable to noncontrolling interests							125		125
Contribution of noncontrolling interests in consolidated real estate							125		125
Long Term Incentive Plan Unit grants/(vestings), net							13,370		13,370
Other comprehensive income/(loss)						(10,381)			(10,381)
Issuance/(forfeiture) of common and restricted shares, net			2,088						2,088
Issuance of common shares through public offering, net		158	725,157						725,315
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		33	133,998						134,031
Common stock distributions declared					(395,113)				(395,113)
Preferred stock distributions declared-Series E					(4,104)				(4,104)
Adjustment to reflect redemption value of redeemable noncontrolling interests					(183,884)				(183,884)
Ending 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
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
Net income/(loss) attributable to UDR, Inc.					64,266				64,266
Net income/(loss) attributable to noncontrolling interests							99		99
Redemption of noncontrolling interests in consolidated real estate							(125)		(125)
Long Term Incentive Plan Unit grants/(vestings), net							(6,355)		(6,355)
Other comprehensive income/(loss)						1,304			1,304
Issuance/(forfeiture) of common and restricted shares, net		1	2,886						2,887
Issuance of common shares through public offering, net		21	102,213						102,234
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	12,663						12,666
Common stock distributions declared					(425,233)				(425,233)
Repurchase of common shares		(6)	(19,789)						(19,795)
Preferred stock distributions declared-Series E					(4,230)				(4,230)
Adjustment to reflect redemption value of redeemable noncontrolling interests					143,741				143,741
Ending 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
Cumulative effect upon adoption of ASC 326	44,765	2,966	5,881,383		(2,685,770)	(9,144)	24,391		3,258,591
Net income/(loss) attributable to UDR, Inc.					150,016				150,016
Net income/(loss) attributable to noncontrolling interests							80		80
Redemption of noncontrolling interests in consolidated real estate							(125)		(125)
Long Term Incentive Plan Unit grants/(vestings), net							7,084		7,084
Other comprehensive income/(loss)						4,883			4,883
Issuance/(forfeiture) of common and restricted shares, net		1	4,115						4,116
Issuance of common shares through public offering, net		195	898,858						899,053
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		19	99,913						99,932
Common stock distributions declared					(442,329)				(442,329)
Preferred stock distributions declared-Series E					(4,229)				(4,229)
Adjustment to reflect redemption value of redeemable noncontrolling interests					(502,768)				(502,768)
Ending Balance at Dec. 31, 2021	44,765	3,181	6,884,269		(3,485,080)	(4,261)	31,430		3,474,304
Consolidated Statements of Changes in Equity
Cumulative effect upon adoption of ASC 326	$ 44,765	$ 3,181	$ 6,884,269		$ (3,485,080)	$ (4,261)	$ 31,430		$ 3,474,304

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Common stock distributions declared per share	$ 1.45	$ 1.44	$ 1.37
Preferred stock distributions declared	$ 1.570	$ 1.5592	$ 1.4832

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Net income/(loss)	$ 160,993	$ 68,970	$ 199,579
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	619,833	618,629	507,923
(Gain)/loss on sale of real estate owned	(136,052)	(119,277)	(5,282)
(Income)/loss from unconsolidated entities	(65,646)	(18,844)	(137,873)
Return on investment in unconsolidated joint ventures	23,269	20,664	5,179
Amortization of share-based compensation	22,052	19,616	24,330
Loss on extinguishment of debt, net	42,336	49,190	29,594
Other	19,182	12,193	10,364
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(33,454)	(44,670)	(10,956)
Increase/(decrease) in operating liabilities	11,447	(2,155)	7,846
Net cash provided by/(used in) operating activities	663,960	604,316	630,704
Investing Activities
Acquisition of real estate assets	(1,244,508)	(407,829)	(1,370,770)
Proceeds from sales of real estate investments, net	280,077	277,886	38,000
Development of real estate assets	(178,029)	(121,240)	(25,401)
Capital expenditures and other major improvements - real estate assets	(156,384)	(163,105)	(167,188)
Capital expenditures - non-real estate assets	(10,140)	(11,008)	(17,159)
Investment in unconsolidated joint ventures	(112,321)	(76,073)	(93,059)
Distributions received from unconsolidated joint ventures	37,362	49,342	72,441
Purchase deposits on pending acquisitions		(1,530)	(12,160)
Repayment/(issuance) of notes receivable, net	111,690	(7,285)	(111,391)
Net cash provided by/(used in) investing activities	(1,272,253)	(460,842)	(1,686,687)
Financing Activities
Payments on secured debt	(1,096)	(425,839)	(162,253)
Proceeds from the issuance of secured debt		160,930	162,500
Payments on unsecured debt	(300,000)	(300,000)	(700,000)
Net proceeds from the issuance of unsecured debt	511,552	959,419	1,099,816
Net proceeds/(repayment) of commercial paper	30,000	(110,000)	198,885
Net proceeds/(repayment) of revolving bank debt	1,522	11,441	16,567
Proceeds from the issuance of common shares through public offering, net	899,053	102,234	725,315
Repurchase of common shares		(19,795)
Distributions paid to redeemable noncontrolling interests	(33,663)	(32,038)	(31,580)
Distributions paid to preferred stockholders	(4,225)	(4,217)	(4,063)
Distributions paid to common stockholders	(433,780)	(419,350)	(383,079)
Payment of prepayment and extinguishment costs	(40,769)	(62,645)	(27,782)
Other	(16,054)	(12,734)	(13,943)
Net cash provided by/(used in) financing activities	612,540	(152,594)	880,383
Net increase/(decrease) in cash, cash equivalents, and restricted cash	4,247	(9,120)	(175,600)
Cash, cash equivalents, and restricted cash, beginning of year	24,171	33,291	208,891
Cash, cash equivalents, and restricted cash, end of period	28,418	24,171	33,291
Supplemental Information:
Interest paid during the period, net of amounts capitalized	136,978	159,386	160,622
Operating cash flows from operating leases	12,502	12,502	7,874
Cash paid/(refunds received) for income taxes	4,778	1,029	1,519
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	16,425	14,700	288,108
Transfer of investment in and advances to unconsolidated joint ventures to joint venture member			60,625
Secured debt assumed in the consolidation of unconsolidated joint ventures			551,800
OP Units issued for real estate, net	48,533
Acquisition of intellectual property in exchange for cancellation of secured note receivable		2,250
Recognition of allowance for credit losses		2,182
Recognition of operating lease right-of-use assets			94,349
Recognition of operating lease liabilities			88,336
Right-of-use assets obtained in exchange for new operating lease liabilities remeasurements			111,055
Vesting of LTIP Units	14,578	23,501	14,742
Development costs and capital expenditures incurred, but not yet paid	39,856	31,387	16,635
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (1,916,613 shares in 2021; 303,146 shares in 2020; and 3,165,780 shares in 2019)	99,932	12,666	134,031
Dividends declared, but not yet paid	$ 124,729	$ 115,795	$ 109,382

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above:
Cash and cash equivalents	$ 967	$ 1,409	$ 8,106	$ 185,216
Restricted cash	27,451	22,762	25,185	23,675
Total cash, cash equivalents, and restricted cash as shown above	$ 28,418	$ 24,171	$ 33,291	$ 208,891

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-cash transactions:
Conversion of OP Units into common shares	1,916,613	303,146	3,165,780

CONSOLIDATION AND BASIS OF PRES

CONSOLIDATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2021
CONSOLIDATION AND BASIS OF PRESENTATION
CONSOLIDATION AND BASIS OF PRESENTATION	1. CONSOLIDATION AND BASIS OF PRESENTATION Organization and Formation UDR, Inc. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities in targeted markets located in the United States. At December 31, 2021, our consolidated apartment portfolio consisted of 160 consolidated communities located in 21 markets consisting of 53,229 apartment homes. In addition, the Company has an ownership interest in 6,570 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 3,733 apartment homes owned by entities in which we hold preferred equity investments. Basis of Presentation The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see Note 4, Variable Interest Entities 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 December 31, 2021 and 2020, there were 186.1 million and 184.8 million units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 176.2 million, or 94.7% and 176.2 million, or 95.3%, respectively, were owned by UDR and 9.9 million, or 5.3% and 8.6 million, or 4.7%, respectively, were owned by outside limited partners. As of December 31, 2021 and 2020, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 20.6 million, or 63.6% and 18.7 million, or 57.8%, respectively, were owned by UDR and its subsidiaries and 11.8 million, or 36.4% and 13.7 million, or 42.2%, respectively, 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 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 in Note 5, Joint Ventures and Partnerships

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
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 7 "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 own equity. The updated standard will be effective on January 1, 2022; however, early adoption of the ASU is permitted on January 1, 2021. The Company early adopted the guidance on January 1, 2021; however, the updated standard did not have a material impact on the consolidated financial statements and related disclosures. ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ​ Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are capitalized as incurred if the acquisition does not meet the definition of a business. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ​ If a real estate property has indicators of impairment, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. For the years ended December 31, 2021, 2020 and 2019, we did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. 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 Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. 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 variable interest entity (“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 as of December 31, 2021 and 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2021 ​ 2021 ​ 2020 Note due February 2021 (a) ​ N/A ​ $ — ​ $ 4,000 Note due May 2022 (b) ​ N/A % ​ — ​ ​ 20,000 Note due May 2022 (c) ​ 14.00 % ​ 2,760 ​ ​ — Note due October 2022 (d) N/A % ​ — ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 24,235 ​ ​ 19,685 Notes Receivable ​ ​ ​ ​ 26,995 ​ ​ 158,685 Allowance for credit losses ​ ​ ​ ​ (135) ​ ​ (693) Total notes receivable, net ​ $ 26,860 ​ $ 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 in full. (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 in May 2022. (d) The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million. Interest payments were due when the loan matured. The note was secured by a first priority deed of trust on a 259 apartment home operating community in Bellevue, Washington, which was completed in 2020 . 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 $25.4 million, of which $24.2 million has been funded, including $4.6 million funded during the year ended December 31, 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. In August 2021, the terms of this secured note were amended to increase the aggregate commitment from $22.0 million to $25.4 million. The Company recognized $5.3 million, $9.1 million, and $5.5 million of interest income and zero, zero, and $8.5 million of promoted interest from notes receivable during the years ended December 31, 2021, 2020, and 2019, respectively, none of which was related party interest. Interest income and promoted interest are included in Interest income and other income/(expense), net Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as VIEs where we are not the primary beneficiary and other entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a VIE, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2021 and 2020, the Company did not have investments in any joint ventures or partnerships that qualify as VIEs where we were determined to be the primary beneficiary We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. 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 available 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. 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 December 31, 2021 and 2020, UDR’s net deferred tax asset/(liability) was ($0.8) 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 and evaluates its tax positions 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 on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 2018 through 2020 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 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 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. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost as stock-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. For performance based awards, the Company remeasures the fair value based on the estimated achievement of the performance criteria each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. Stock-based compensation expense is only recognized for performance based awards that we expect to vest, which we estimate based upon an assessment of the probability that the performance criteria will be achieved. Stock-based compensation expense associated with awards is updated for actual forfeitures. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation and the fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For further discussion, see Note 10, Employee Benefit Plans. Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. 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 years ended December 31, 2021, 2020, and 2019, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) 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, 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 the entity’s 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 th

REAL ESTATE OWNED

REAL ESTATE OWNED	12 Months Ended
	Dec. 31, 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 December 31, 2021, the Company owned and consolidated 160 communities in 13 states plus the District of Columbia totaling 53,229 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2021 and 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Land ​ $ 2,342,385 ​ $ 2,139,765 Depreciable property — held and used: ​ ​ Land improvements ​ 241,905 ​ 233,823 Building, improvements, and furniture, fixtures and equipment ​ 11,717,931 ​ 10,292,782 Real estate intangible assets ​ ​ 50,013 ​ ​ 40,570 Under development: ​ ​ Land and land improvements ​ 74,399 ​ 73,702 Building, improvements, and furniture, fixtures and equipment ​ 314,170 ​ 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 ​ 14,740,803 ​ 13,071,472 Accumulated depreciation (a) ​ (5,137,096) ​ (4,605,366) Real estate owned, net ​ $ 9,603,707 ​ $ 8,466,106 (a) Accumulated depreciation is inclusive of $8.8 million and $5.8 million of accumulated amortization related to real estate intangible assets as of December 31, 2021 and 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 $171.9 million. The Company previously had a $115.0 million secured note receivable associated with this operating community. The Company increased its real estate assets owned by approximately $169.1 million and recorded $2.8 million of in-place lease intangibles. 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 ​ In August 2021, the Company acquired a 544 apartment home operating community located in Germantown, Maryland, for approximately $127.2 million. The Company increased its real estate assets owned by approximately $124.4 million and recorded $2.8 million of in-place lease intangibles. ​ In September 2021, the Company acquired a 320 apartment home operating community located in King of Prussia, Pennsylvania, for approximately $116.2 million. The Company increased its real estate assets owned by approximately $113.8 million and recorded $2.4 million of in-place lease intangibles. ​ In September 2021, the Company acquired a 192 apartment home operating community located in Towson, Maryland, for approximately $57.6 million. The Company increased its real estate assets owned by approximately $54.0 million and recorded $2.4 million of real estate tax intangibles and $1.2 million of in-place lease intangibles. ​ In September 2021, the Company acquired a 339 apartment home operating community located in Philadelphia, Pennsylvania, for approximately $147.0 million. The Company increased its real estate assets owned by approximately $136.7 million and recorded $7.1 million of real estate tax intangibles and $3.2 million of in-place lease intangibles. ​ In October 2021, the Company acquired its joint venture partner’s common equity interest in a 330 apartment home operating community located in Orlando, Florida, for a total purchase price of approximately $106.0 million. The Company paid for the community by issuing approximately 0.9 million OP Units (valued at $53.00 per unit per the agreement) to the seller, which equaled $47.9 million. Joint Ventures and Partnerships As a result, in October 2021, the Company increased its ownership interest to 100% and consolidated the operating community ​ In October 2021, the Company acquired a 663 apartment home operating community located in Orlando, Florida, for approximately $177.8 million. The Company increased its real estate assets owned by approximately $174.1 million and recorded and $3.7 million of in-place lease intangibles. ​ In November 2021, the Company acquired a 430 apartment home operating community located in Towson, Maryland, for approximately $125.3 million. The Company increased its real estate assets owned by approximately $122.6 million and recorded and $2.7 million of in-place lease intangibles. ​ In January 2020, the Company acquired a 294 apartment home operating community located in Tampa, Florida, for approximately $85.2 million. The Company increased its real estate assets owned by approximately $83.1 million and recorded approximately $2.1 million of in-place lease intangibles. In January 2020, the Company increased its ownership interest from 49% to 100% in a 276 apartment home operating community located in Hillsboro, Oregon, for a cash purchase price of approximately $21.6 million. In connection with the acquisition, the Company repaid approximately $35.6 million of joint venture construction financing. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as a preferred equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships ​ In August 2020, the Company acquired a to-be-developed parcel of land located in King of Prussia, Pennsylvania, for approximately $16.2 million. ​ In November 2020, the Company acquired a 672 apartment home operating community located in Tampa, Florida, for approximately $122.5 million. The Company increased its real estate assets owned by approximately $119.4 million and recorded approximately $3.1 million of in-place lease intangibles. ​ In December 2020, the Company acquired a 400 apartment home operating community located in Herndon, Virginia, for approximately $128.6 million. The Company increased its real estate assets owned by approximately $125.9 million and recorded approximately $2.7 million of in-place lease intangibles. ​ 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 October 2021, the Company sold an operating community located in Anaheim, California, with a total of 265 apartment homes for a sales price of $126.0 million, resulting in a gain of approximately $85.2 million. ​ In May 2020, the Company sold an operating community located in Bellevue, Washington, with a total of 71 apartment homes for gross proceeds of $49.7 million, resulting in a gain of approximately $29.6 million. The sale was partially financed by the Company through the issuance of a promissory note totaling $4.0 million which was repaid in January 2021. (See Note 2, Significant Accounting Policies for further discussion.) In May 2020, the Company sold an operating community located in Kirkland, Washington, with a total of 196 apartment homes for gross proceeds of $92.9 million, resulting in a gain of approximately $31.7 million. ​ In October 2020, the Company sold an operating community located in Alexandria, Virginia, with a total of 332 apartment homes for gross proceeds of $145.0 million, resulting in a gain of approximately $58.0 million. The proceeds were designated for a tax-deferred Section 1031 exchange and were used to pay a portion of the purchase price for acquisitions in November and December 2020. ​ In June 2019, the Company sold a parcel of land located in Los Angeles, California, for $38.0 million, resulting in a gain of approximately $5.3 million. Prior to the sale, the parcel of land was subject to a ground lease, under which UDR was the lessor, scheduled to expire in 2065. The ground lease included a purchase option for the lessee to acquire the land during specific periods of the ground lease term. During the second quarter of 2019, the lessee exercised the purchase option resulting in this sale by the Company and the ground lease being terminated. Prior to the sale, the purchase option was not deemed to be a bargain purchase option. This ground lease existed as of the adoption of the new lease accounting guidance on January 1, 2019 and we did not reassess lease classification per the practical expedient provided by the standard. As a result, this ground lease continued to be classified as an operating lease and the land parcel subject to the ground lease continued to be recognized in Real estate held for investment ​ Developments At December 31, 2021, the Company was developing five wholly-owned communities totaling 1,417 homes, none of which have been completed, in which we have an investment of $388.6 million. The communities are estimated to be completed between the second quarter of 2022 and the second quarter of 2023. Other Activity 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. Amortization of Intangible Assets The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Balance as of December 31, 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ Thereafter Real estate intangible assets, net (a) ​ $ 41,243 ​ $ 4,311 ​ $ 4,162 ​ $ 3,995 ​ $ 3,858 ​ $ 3,723 ​ $ 21,194 In-place lease intangible assets, net (b) ​ ​ 21,413 ​ ​ 18,812 ​ ​ 571 ​ ​ 533 ​ ​ 489 ​ ​ 382 ​ ​ 626 Total ​ $ 62,656 ​ $ 23,123 ​ $ 4,733 ​ $ 4,528 ​ $ 4,347 ​ $ 4,105 ​ $ 21,820 ​ ​ ​ (a) Real estate intangible assets, net is recorded net of accumulated amortization of $8.8 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the years ended December 31, 2021 and 2020, $3.0 million and $3.1 million, respectively, of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations. ​ (b) In-place lease intangible assets, net is recorded net of accumulated amortization of $20.3 million in Other assets on the Consolidated Balance Sheets. For the years ended December 31, 2021 and 2020, $20.3 million and $46.1 million, respectively, was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 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 included in 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 to 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 December 31, 2021 and 2020 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ ​ Income/(loss) from investments ​ Location of December 31, December 31, December 31, December 31, ​ December 31, ​ December 31, ​ Year Ended December 31, Joint Ventures Properties 2021 2021 2021 2020 ​ 2021 ​ 2020 ​ 2021 2020 2019 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 23,880 ​ $ 26,426 ​ 50.0 % ​ 50.0 % ​ $ (2,544) ​ $ (2,639) ​ $ (2,108) UDR/MetLife II Various 7 1,250 ​ 181,023 ​ 151,353 ​ 50.0 % ​ 50.0 % ​ ​ (3,303) ​ ​ (1,044) ​ ​ 117,574 Other UDR/MetLife Joint Ventures (a) Various 5 1,437 ​ 66,012 ​ 82,072 ​ 50.6 % ​ 50.6 % ​ ​ (11,938) ​ ​ (10,444) ​ ​ (6,349) West Coast Development Joint Ventures (b) ​ Los Angeles, CA ​ — ​ — ​ ​ — ​ ​ 30,080 ​ 47.0 % ​ 47.0 % ​ ​ 2,358 ​ ​ (371) ​ ​ (1,440) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and real estate technology investments ​ $ 270,915 ​ $ 289,931 ​ ​ ​ ​ $ (15,427) ​ $ (14,498) ​ $ 107,677 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Income/(loss) from investments Developer Capital Program ​ ​ Years To ​ UDR December 31, December 31, Year Ended December 31, and Real Estate Technology Investments (c) Location Rate Maturity ​ Commitment (d) 2021 2020 2021 2020 2019 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1532 Harrison ​ San Francisco, CA ​ 11.0 % 0.5 ​ $ 24,645 ​ $ 35,248 ​ $ 34,135 ​ $ 2,354 ​ $ 3,519 ​ $ 3,147 Junction ​ Santa Monica, CA ​ 12.0 % 0.6 ​ ​ 8,800 ​ ​ 13,183 ​ ​ 11,699 ​ ​ 1,484 ​ ​ 1,321 ​ ​ 1,169 1200 Broadway (e) (f) ​ Nashville, TN ​ 12.25 % 0.7 ​ ​ 55,558 ​ ​ 61,326 ​ ​ 69,330 ​ ​ 6,043 ​ ​ 5,309 ​ ​ 4,888 1300 Fairmount (f) ​ Philadelphia, PA ​ 8.5 % 1.6 ​ ​ 51,393 ​ ​ 64,780 ​ ​ 59,544 ​ ​ 5,237 ​ ​ 4,843 ​ ​ 3,098 Essex (g) ​ Orlando, FL ​ — % — ​ ​ — ​ ​ — ​ ​ 16,770 ​ ​ 1,627 ​ ​ 1,965 ​ ​ 1,639 Modera Lake Merritt (f) ​ Oakland, CA ​ 9.0 % 2.3 ​ ​ 27,250 ​ ​ 33,828 ​ ​ 30,928 ​ ​ 2,899 ​ ​ 2,592 ​ ​ 1,067 Thousand Oaks (f) ​ Thousand Oaks, CA ​ 9.0 % 3.1 ​ ​ 20,059 ​ ​ 22,764 ​ ​ 17,919 ​ ​ 1,924 ​ ​ 763 ​ ​ — Vernon Boulevard (f) ​ Queens, NY ​ 13.0 % 3.5 ​ ​ 40,000 ​ ​ 48,210 ​ ​ 42,360 ​ ​ 5,845 ​ ​ 2,348 ​ ​ — Makers Rise (f) (h) ​ Herndon, VA ​ 9.0 % 4.0 ​ ​ 30,208 ​ ​ 22,828 ​ ​ — ​ ​ 926 ​ ​ — ​ ​ — 121 at Watters (f) (i) ​ Allen, TX ​ 9.0 % 4.2 ​ ​ 19,846 ​ ​ 14,134 ​ ​ — ​ ​ 749 ​ ​ — ​ ​ — Infield Phase I (j) ​ Kissimmee, FL ​ 14.0 % 2.4 ​ ​ 16,044 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Upton Place (k) ​ Washington, D.C. ​ 9.7 % 5.9 ​ ​ 52,163 ​ ​ 29,566 ​ ​ — ​ ​ 92 ​ ​ — ​ ​ — Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I (l) ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 71,464 ​ ​ 20,587 ​ ​ 50,795 ​ ​ 5,143 ​ ​ 4,053 RETV II ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 8,130 ​ ​ 2,283 ​ ​ 1,101 ​ ​ (206) ​ ​ — Total Preferred Equity Investments and Real Estate Technology Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 425,461 ​ ​ 305,555 ​ ​ 81,076 ​ ​ 27,597 ​ ​ 19,061 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sold joint ventures and other investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ (3) ​ ​ 5,745 ​ ​ 11,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Joint Ventures and Developer Capital Program and Real Estate Technology Investments, net (a) ​ ​ ​ ​ $ 696,376 ​ $ 595,486 ​ $ 65,646 ​ $ 18,844 ​ $ 137,873 (a) As of December 31, 2021 and 2020, the Company’s negative investment in 13 th and Market Properties LLC of $6.1 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, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statement of Operations. (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 investment balance was paid down by $12.5 million and the Company’s preferred return increased to 12.25%. In J anuary 2022, the joint venture sold its community, a 313 home operating community located in Nashville, Tennessee, for a sales price of approximately $294.0 million. The Company received cash of $74.1 million, consisting of its investment and contractually accrued preferred return of $62.4 million and $11.7 million of variable participation on the sale of the community. (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 October 2021, the Company acquired its joint venture partner’s common equity interest in a 330 apartment home operating community located in Orlando, Florida, for a purchase price of approximately $47.9 million. As a result, in October 2021, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Estate Owned ) . (h) 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 . (i) 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 . (j) 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 . (k) In December 2021, the Company entered into a joint venture agreement with an unaffiliated joint venture partner. The purpose of the joint venture is to make a preferred equity investment in a project to develop and operate a 689 apartment home community in Washington D.C. The Company’s share of the preferred equity investment of $52.2 million earns a preferred return of 9.7% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (l) The Company recognized approximately $50.8 million of investment income from RETV I for the year ended December 31, 2021, which primarily related to unrealized gains from one portfolio investment held by RETV I, SmartRent, Inc. (“SmartRent”). In 2021, SmartRent, a provider of smart home automation solutions, went public through a merger with a publicly traded special purpose acquisition company (“SPAC”). As a result, SmartRent began trading on the New York Stock Exchange under the ticker symbol “SMRT.” Due to the merger, all shares of SmartRent that RETV I held were converted to publicly traded SmartRent shares based on a pre-determined conversion factor. Following the merger and stock conversion, RETV I began recording its investment in SmartRent based on the share price at the end of the reporting period less an illiquidity discount based upon a lock-up restriction on selling or transferring the investment for a period of time . ​ In January 2022, the Company entered into a real estate technology investment as a limited partner, for a total commitment of $25.0 million. The Company funded $7.5 million to the limited partnership at closing. The Company has concluded that it does not control the limited partnership and accounts for it under the equity method of accounting. As of December 31, 2021 and 2020, the Company had deferred fees of $8.7 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 $6.1 million, $5.1 million, and $14.0 million during the years ended December 31, 2021, 2020, and 2019, 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 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 Condensed summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the years ended December 31, 2021, 2020, and 2019 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ ​ ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ ​ ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2021 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ RETV I ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,186 ​ $ 52,324 ​ $ 52,614 ​ $ 184 ​ $ 6 ​ $ 114,314 ​ $ 18,509 ​ $ 132,823 Property operating expenses ​ 4,506 ​ 24,165 ​ 23,090 ​ 333 ​ 1,445 ​ 53,539 ​ 15,626 ​ 69,165 Real estate depreciation and amortization ​ 5,948 ​ 19,006 ​ 33,532 ​ — ​ — ​ 58,486 ​ 8,429 ​ 66,915 Gain/(loss) on sale of real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ 34,757 ​ ​ — ​ ​ 34,757 ​ ​ — ​ ​ 34,757 Operating income/(loss) ​ (1,268) ​ 9,153 ​ (4,008) ​ 34,608 ​ (1,439) ​ 37,046 ​ (5,546) ​ 31,500 Interest expense ​ (3,068) ​ (11,873) ​ (17,366) ​ (41) ​ (17) ​ (32,365) ​ (11,161) ​ (43,526) Other income/(loss) ​ — ​ — ​ — ​ (1,238) ​ — ​ (1,238) ​ (623) ​ (1,861) Net realized gain/(loss) on held investments ​ ​ — ​ — ​ — ​ — ​ 12,341 ​ 12,341 ​ — ​ 12,341 Net unrealized gain/(loss) on held investments (a) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 285,155 ​ ​ 285,155 ​ ​ 16,276 ​ ​ 301,431 Net income/(loss) ​ $ (4,336) ​ $ (2,720) ​ $ (21,374) ​ $ 33,329 ​ $ 296,040 ​ $ 300,939 ​ $ (1,054) ​ $ 299,885 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 108,340 ​ $ 636,674 ​ $ 558,680 ​ $ — ​ $ — ​ $ 1,303,694 ​ $ 739,464 ​ $ 2,043,158 Investments, at fair value ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 405,675 ​ ​ 405,675 ​ ​ 54,566 ​ ​ 460,241 Real estate assets held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 168,668 ​ ​ 168,668 Cash and cash equivalents ​ 1,378 ​ 5,864 ​ 5,668 ​ — ​ 3,681 ​ 16,591 ​ 6,300 ​ 22,891 Other assets ​ 1,804 ​ 10,483 ​ 5,419 ​ — ​ 14 ​ 17,720 ​ 11,228 ​ 28,948 Total assets ​ 111,522 ​ 653,021 ​ 569,767 ​ — ​ 409,370 ​ 1,743,680 ​ 980,226 ​ 2,723,906 Third party debt, net ​ 71,003 ​ 336,533 ​ 453,182 ​ — ​ — ​ 860,718 ​ 355,200 ​ 1,215,918 Liabilities held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 106,990 ​ ​ 106,990 Accounts payable and accrued liabilities ​ 1,059 ​ 7,360 ​ 5,866 ​ — ​ 90 ​ 14,375 ​ 37,314 ​ 51,689 Total liabilities ​ 72,062 ​ 343,893 ​ 459,048 ​ — ​ 90 ​ 875,093 ​ 499,504 ​ 1,374,597 Total equity ​ $ 39,460 ​ $ 309,128 ​ $ 110,719 ​ $ — ​ $ 409,280 ​ $ 868,587 ​ $ 480,722 ​ $ 1,349,309 (a) Net unrealized gain/(loss) on held investments primarily related to unrealized gains from SmartRent, which became a public company in 2021. For the year ended December 31, 2021, the Company recorded its share of the net unrealized gain/(loss) on held investments of $49.9 million, of which $48.9 million related to SmartRent, in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations (see footnote “l” from above). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ ​ ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ ​ ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2020 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ RETV I ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,480 ​ $ 56,274 ​ $ 57,781 ​ $ 8,668 ​ $ 19 ​ $ 132,222 ​ $ 16,170 ​ $ 148,392 Property operating expenses ​ 4,978 ​ 21,951 ​ 22,870 ​ 4,477 ​ 2,382 ​ 56,658 ​ 5,850 ​ 62,508 Real estate depreciation and amortization ​ 5,980 ​ 18,912 ​ 35,454 ​ 3,338 ​ — ​ 63,684 ​ 3,495 ​ 67,179 Operating income/(loss) ​ (1,478) ​ 15,411 ​ (543) ​ 853 ​ (2,363) ​ 11,880 ​ 6,825 ​ 18,705 Interest expense ​ (3,075) ​ (15,386) ​ (17,457) ​ (1,344) ​ — ​ (37,262) ​ (3,121) ​ (40,383) Other income/(loss) ​ — ​ 204 ​ — ​ 63 ​ — ​ 267 ​ 35 ​ 302 Net unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,151 ​ ​ 36,151 ​ ​ (10) ​ ​ 36,141 Net income/(loss) ​ $ (4,553) ​ $ 229 ​ $ (18,000) ​ $ (428) ​ $ 33,788 ​ $ 11,036 ​ $ 3,729 ​ $ 14,765 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 114,192 ​ $ 650,593 ​ $ 589,822 ​ $ — ​ $ — ​ $ 1,354,607 ​ $ 550,198 ​ $ 1,904,805 Investments, at fair value ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 114,026 ​ ​ 114,026 ​ ​ 5,490 ​ ​ 119,516 Real estate assets held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ 88,458 ​ ​ — ​ ​ 88,458 ​ ​ — ​ ​ 88,458 Cash and cash equivalents ​ 2,585 ​ 4,369 ​ 7,049 ​ — ​ 1,364 ​ ​ 15,367 ​ ​ 6,911 ​ 22,278 Other assets ​ 1,622 ​ 14,133 ​ 6,214 ​ — ​ 9 ​ ​ 21,978 ​ ​ 9,400 ​ 31,378 Total assets ​ 118,399 ​ 669,095 ​ 603,085 ​ 88,458 ​ 115,399 ​ 1,594,436 ​ 571,999 ​ 2,166,435 Third party debt, net ​ 70,946 ​ 416,364 ​ 454,153 ​ — ​ — ​ ​ 941,463 ​ ​ 247,247 ​ 1,188,710 Liabilities held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ 55,440 ​ ​ — ​ ​ 55,440 ​ ​ — ​ ​ 55,440 Accounts payable and accrued liabilities ​ 3,507 ​ 6,764 ​ 8,593 ​ — ​ 2,397 ​ ​ 21,261 ​ ​ 19,295 ​ 40,556 Total liabilities ​ 74,453 ​ 423,128 ​ 462,746 ​ 55,440 ​ 2,397 ​ 1,018,164 ​ 266,542 ​ 1,284,706 Total equity ​ $ 43,946 ​ $ 245,967 ​ $ 140,339 ​ $ 33,018 ​ $ 113,002 ​ $ 576,272 ​ $ 305,457 ​ $ 881,729 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ ​ ​ Total ​ Capital Program ​ ​ ​ For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ ​ ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2019 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ RETV I ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,834 ​ $ 151,226 ​ $ 102,888 ​ $ 14,058 ​ $ 96 ​ $ 278,102 ​ $ 11,146 ​ $ 289,248 Property operating expenses ​ 4,533 ​ 54,445 ​ 39,542 ​ 6,829 ​ 2,909 ​ ​ 108,258 ​ ​ 523 ​ 108,781 Real estate depreciation and amortization ​ 5,787 ​ 44,077 ​ 50,579 ​ 5,440 ​ — ​ ​ 105,883 ​ ​ — ​ 105,883 Gain/(loss) on sale of real estate (a) ​ — ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 Operating income/(loss) ​ (486) ​ 52,704 ​ 128,283 ​ 1,789 ​ (2,813) ​ 179,477 ​ 10,623 ​ 190,100 Interest expense ​ (3,070) ​ (44,825) ​ (27,647) ​ (4,656) ​ — ​ ​ (80,198) ​ ​ — ​ (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ​ ​ — ​ ​ 458,195 ​ ​ 25,711 ​ ​ — ​ ​ — ​ ​ 483,906 ​ ​ — ​ ​ 483,906 Other income/(loss) ​ ​ — ​ — ​ — ​ 159 ​ — ​ ​ 159 ​ ​ (68) ​ 91 Net unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 26,417 ​ ​ 26,417 ​ ​ — ​ ​ 26,417 Net income/(loss) ​ $ (3,556) ​ $ 466,074 ​ $ 126,347 ​ $ (2,708) ​ $ 23,604 ​ $ 609,761 ​ $ 10,555 ​ $ 620,316 ​ (a) Represent the gains on the sale of three operating communities at the UDR/KFH joint venture level. (b) Represent the net gains on the revaluation of the assets and liabilities to fair value of 15 operating communities at the UDR/MetLife II joint venture level and one development community and four land parcels at the UDR/MetLife Vitruvian Park® joint venture level prior to their distribution to the Company or MetLife in November 2019. The net gain on revaluation of assets and liabilities to fair value was recognized at the joint venture level as the respective joint ventures distributed their equity interests in the real estate to the Company or MetLife at fair value. For the approximately 50% ownership interest acquired in the 10 operating communities, one development community and four land parcels described above, the Company deferred its share of the net gain on revaluation of approximately $131.5 million and recorded it as a reduction of the carrying amount of real estate owned. (see Note 3, Real Estate Owned

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
LEASES
LEASES	6. LEASES Lessee - Ground and Office 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 years ended December 31, 2021 and 2020. As of December 31, 2021 and 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 43.2 years and 43.9 years at December 31, 2021 and 2020, respectively, and the weighted average discount rate was 5.0% at both December 31, 2021 and 2020. Future minimum lease payments and total operating lease liabilities from our ground leases as of December 31, 2021 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2022 ​ $ 12,442 2023 ​ ​ 12,442 2024 ​ ​ 12,442 2025 ​ ​ 12,442 2026 ​ ​ 12,442 Thereafter ​ ​ 430,337 Total future minimum lease payments (undiscounted) ​ ​ 492,547 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (300,059) Total operating lease liabilities (discounted) ​ $ 192,488 ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 12,924 ​ $ 12,821 ​ $ 8,272 Variable lease expense (a) ​ ​ 78 ​ ​ 119 ​ ​ 664 Total operating lease expense (b)(c) ​ $ 13,002 ​ $ 12,940 ​ $ 8,936 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of a community’s income. (b) Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the year ended December 31, 2021, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.5 million and $3.1 million, respectively, for the year ended December 31, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.3 million and $3.0 million, respectively, and for the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.2 million and $0.8 million, respectively. Due to the net impact of the amortization, the Company recorded $0.3 million, $0.3 million and $0.4 million of total operating lease expense during the years ended December 31, 2021, 2020 and 2019, 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 December 31, 2021, our apartment home leases generally have initial terms of 12 months or less and represent approximately 99.1% of our total lease revenue. As of December 31, 2021, our retail and commercial space leases generally have initial terms of between 5 and 15 years and represent approximately 0.9% 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 16, Reportable Segments ​ Future minimum lease payments from our retail and commercial leases as of December 31, 2021 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2022 ​ $ 25,208 2023 ​ ​ 23,746 2024 ​ ​ 21,649 2025 ​ ​ 18,541 2026 ​ ​ 15,734 Thereafter ​ ​ 67,713 Total future minimum lease payments (a) ​ $ 172,591 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less. 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 $0.4 million, $0.2 million and $0.4 million during the years ended December 31, 2021, 2020 and 2019, respectively.

SECURED AND UNSECURED DEBT, NET

SECURED AND UNSECURED DEBT, NET	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2021 2020 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 1,006,762 ​ $ 824,550 3.42 % 6.4 14 Deferred financing costs and other non-cash adjustments (b) ​ 23,678 ​ 10,665 Total fixed rate secured debt, net ​ 1,030,440 ​ 835,215 3.42 % 6.4 14 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 0.71 % 10.2 1 Deferred financing costs ​ (60) ​ (68) Total variable rate secured debt, net ​ 26,940 ​ 26,932 0.71 % 10.2 1 Total Secured Debt, net ​ 1,057,380 ​ 862,147 3.35 % 6.5 15 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2026 (d) (o) ​ — ​ — — % 4.1 Borrowings outstanding under unsecured commercial paper program due January 2022 (e) (o) ​ ​ 220,000 ​ ​ 190,000 ​ 0.34 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2024 ​ 29,546 ​ 28,024 0.88 % 2.0 Term Loan due January 2027 (d) (o) ​ 35,000 ​ 35,000 0.95 % 5.1 Fixed Rate Debt ​ ​ Term Loan due January 2027 (d) (o) ​ ​ 315,000 ​ 315,000 1.02 % 5.1 ​ ​ 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 2.7 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 % 4.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $388 and $458, respectively) (i) (o) ​ ​ 299,612 ​ ​ 299,542 ​ 4.03 % 5.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $717 and $835, respectively) (o) ​ ​ 299,283 ​ ​ 299,165 ​ 3.50 % 6.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $4 and $5, respectively) (j) (o) ​ ​ 299,996 ​ ​ 299,995 ​ 4.27 % 7.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $11,040 and $12,412, respectively) (k) (o) ​ ​ 611,040 ​ ​ 612,412 ​ 3.32 % 8.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of premiums/discounts of $11,498 and $1,027, respectively) (l) (o) ​ ​ 611,498 ​ ​ 398,973 ​ 3.01 % 9.6 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $373 and $408, respectively) (o) ​ ​ 399,627 ​ ​ 399,592 ​ 2.10 % 10.6 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,351 and $1,471, respectively) (o) ​ ​ 348,649 ​ ​ 348,529 ​ 1.90 % 11.2 ​ ​ 2.10% Medium-Term Notes due June 2033 (net of discounts of $1,140 and $0, respectively) (m) (o) ​ ​ 298,860 ​ ​ — ​ 2.10 % 11.5 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,133 and $1,221, respectively) (n) (o) ​ ​ 298,867 ​ ​ 298,779 ​ 3.13 % 12.8 ​ ​ Other ​ 7 ​ 10 Deferred financing costs ​ (27,222) ​ (25,937) Total Unsecured Debt, net ​ 4,355,407 ​ 4,114,401 2.72 % 8.0 Total Debt, net ​ $ 5,412,787 ​ $ 4,976,548 2.80 % 7.7 ​ 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 December 31, 2021, secured debt encumbered approximately 12% of UDR’s total real estate owned based upon gross book value (approximately 88% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2021, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from July 2024 through February 2031 and carry interest rates ranging from 2.62% to 4.39%. During the year ended December 31, 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 . ​ During the years ended December 31, 2021 and 2020, the Company prepaid zero and $111.1 million, respectively, of its fixed rate mortgage notes payable with proceeds from the issuance of senior unsecured medium-term notes. The Company incurred net extinguishment costs of zero, $8.5 million and zero during years ended December 31, 2021, 2020, and 2019, respectively, which was included in Interest expense on the Consolidated Statements of Operations. ​ 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) During the years ended December 31, 2021, 2020, and 2019, the Company had $3.9 million, $22.4 million, and $3.0 million, respectively, of amortization of the fair market adjustment of debt assumed in the acquisition of properties inclusive of its fixed rate mortgage notes payable and credit facilities, which was included in Interest expense ​ (c) The variable rate mortgage note payable secures a tax-exempt housing bond issue that matures in March 2032. Interest on this note is payable in monthly installments. As of December 31, 2021, the variable interest rate on the mortgage note was 0.71%. (d) In September 2021, the Company entered into an amended and restated credit agreement (the “Credit Agreement”) that provides for a $1.3 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan (the “Term Loan”). The Credit Agreement allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan to be increased to an aggregate maximum amount of up to $2.5 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2026, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of January 31, 2027. The Credit Agreement amended and restated the Company’s prior credit agreement, which provided for: (i) a $1.1 billion revolving credit facility scheduled to mature in January 2023 and (ii) a $350.0 million term loan scheduled to mature in September 2023. The prior credit agreement allowed the total commitments under the revolving credit facility and total borrowings under the term loan to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions. ​ Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 77.5 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 85 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 70 to 140 basis points, the facility fee ranges from 10 to 30 basis points, and the margin under the Term Loan ranges from 75 to 160 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 1.02% . . 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 December 31, 2021 and 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 2020 ​ Total revolving credit facility ​ $ 1,300,000 ​ $ 1,100,000 ​ Borrowings outstanding at end of period (1) ​ — ​ — ​ Weighted average daily borrowings during the period ended ​ 13,068 ​ 42,186 ​ Maximum daily borrowings during the period ended ​ 305,000 ​ 375,000 ​ Weighted average interest rate during the period ended ​ 0.9 % 1.4 % Interest rate at end of the period ​ — % — % (1) Excludes $2.6 million and $2.8 million of letters of credit at December 31, 2021 and 2020, respectively. (e) The Company has an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $700.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. In July 2021, the maximum aggregate amount was increased from $500.0 million to $700.0 million. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2021 and 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Total unsecured commercial paper program $ 700,000 ​ $ 500,000 ​ Borrowings outstanding at end of period ​ 220,000 ​ 190,000 ​ Weighted average daily borrowings during the period ended ​ 419,563 ​ 227,090 ​ Maximum daily borrowings during the period ended ​ 700,000 ​ 500,000 ​ Weighted average interest rate during the period ended ​ 0.2 % 0.9 % Interest rate at end of the period ​ 0.3 % 0.3 % ​ In January 2022, the entire $220.0 million of outstanding unsecured commercial paper as of December 31, 2021 was repaid at maturity with additional proceeds of unsecured commercial paper with maturity dates in January 2022 and February 2022 and proceeds under the Working Capital Credit Facility. (f) The Company has a working capital credit facility, which provides for a $75.0 million unsecured revolving credit facility (the “Working Capital Credit Facility”) with a scheduled maturity date of January 12, 2024. In September 2021, the Company amended the Working Capital Credit Facility to extend the maturity date from January 14, 2022 to January 12, 2024 and lower the margin range for the interest rate. Based on the Company’s current credit rating, the Working Capital Credit Facility now has an interest rate equal to LIBOR plus a margin of 77.5 basis points. Depending on the Company’s credit rating, the margin ranges from 70 to 140 basis points. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2021 and 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 29,546 ​ 28,024 ​ Weighted average daily borrowings during the period ended ​ 10,473 ​ 20,132 ​ Maximum daily borrowings during the period ended ​ 46,038 ​ 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) In . (h) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $100.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 2.89%. (i) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.03%. (j) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $150.0 million of the initial $300.0 million issued. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.27%. (k) The Company previously entered into forward starting interest rate swaps and treasury lock to hedge against the interest rate risk of this debt. The all-in weighted average interest rate, inclusive of the impact of the forward starting swaps and treasury locks, was 3.32% . (l) The Company entered into treasury lock agreements to hedge against interest rate risk on $250.0 million of the $600.0 million aggregate principal amount. The all-in weighted average interest rate, inclusive of the impact of the treasury locks, was 3.01%. ​ (m) . (n) . (o) The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2021 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2022 ​ $ 1,140 ​ $ — ​ $ 1,140 ​ $ 220,000 (a) $ 221,140 2023 ​ ​ 1,242 ​ ​ — ​ ​ 1,242 ​ ​ — ​ ​ 1,242 2024 ​ 96,747 ​ — ​ 96,747 ​ 45,190 ​ 141,937 2025 ​ 174,793 ​ — ​ 174,793 ​ — ​ 174,793 2026 ​ 52,744 ​ — ​ 52,744 ​ 300,000 ​ 352,744 2027 ​ 2,860 ​ — ​ 2,860 ​ 650,000 ​ 652,860 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 2031 ​ 160,930 ​ — ​ 160,930 ​ 600,000 ​ 760,930 Thereafter ​ — ​ 27,000 ​ 27,000 ​ 1,350,000 ​ 1,377,000 Subtotal ​ 1,006,762 ​ 27,000 ​ 1,033,762 ​ 4,365,190 ​ 5,398,952 Non-cash (b) ​ 23,678 ​ (60) ​ 23,618 ​ (9,783) ​ 13,835 Total ​ $ 1,030,440 ​ $ 26,940 ​ $ 1,057,380 ​ $ 4,355,407 ​ $ 5,412,787 (a) All unsecured debt due in the remainder of 2022 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. For the years ended December 31, 2021 and 2020, the Company amortized $4.7 million and $4.4 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2021.

INCOME (LOSS) PER SHARE

INCOME (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 160,993 ​ $ 68,970 ​ $ 199,579 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (10,873) ​ (4,543) ​ (14,426) Net (income)/loss attributable to noncontrolling interests ​ (104) ​ (161) ​ (188) Net income/(loss) attributable to UDR, Inc. ​ 150,016 ​ 64,266 ​ 184,965 Distributions to preferred stockholders — Series E (Convertible) ​ (4,229) ​ (4,230) ​ (4,104) Income/(loss) attributable to common stockholders - basic and diluted ​ $ 145,787 ​ $ 60,036 ​ $ 180,861 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ Weighted average common shares outstanding ​ 300,579 ​ 294,808 ​ 285,509 Non-vested restricted stock awards ​ (253) ​ (263) ​ (262) Denominator for basic income/(loss) per share ​ 300,326 ​ 294,545 ​ 285,247 Incremental shares issuable from assumed conversion of unvested LTIP Units, unvested restricted stock and shares issuable upon settlement of forward sales agreements ​ 1,377 ​ 382 ​ 768 Denominator for diluted income/(loss) per share ​ 301,703 ​ 294,927 ​ 286,015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ Basic ​ $ 0.49 ​ $ 0.20 ​ $ 0.63 Diluted ​ $ 0.48 ​ $ 0.20 ​ $ 0.63 ​ 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 years ended December 31, 2021, 2020, and 2019, 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 2021, 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 July 2017. During the year ended December 31, 2021, the Company sold 1.6 million shares of common stock through its ATM program pursuant to the Company’s forward sales agreement described below. As of December 31, 2021, we had 18.4 million shares of common stock available for future issuance under the ATM program, including an aggregate of 4.4 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 year ended December 31, 2021, the Company had entered into forward sales agreements under its current or prior ATM programs for a total of 10.8 million shares of common stock at a weighted average initial forward price per share of $50.59, of which 4.4 million shares had not been settled. 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 December 31, 2021, 6.4 million shares under the forward sales agreements under the ATM programs had been settled at a weighted average forward price per share of $47.79, which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of UDR common stock and commissions paid to sales agents of approximately $2.6 million, for net proceeds of $306.6 million. The final dates by which the remaining shares sold under the forward sales agreements under the ATM programs must be settled range between August 1, 2022 and September 14, 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 was 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. In September 2021, the Company settled all 7.0 million shares at a forward price per share of $42.65, which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of UDR common stock and commissions paid to sales agents of approximately $6.0 million, for net proceeds of $298.5 million. ​ 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. In December 2021, the Company settled all 6.1 million shares at a forward price per share of $48.33, which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of UDR common stock and commissions paid to sales agents of approximately $5.4 million, for net proceeds of $294.8 million. ​ As described above, during the year ended December 31, 2021, the Company settled 19.5 million shares in aggregate under forward sales agreements under the ATM programs and previously announced forward sales agreements for net proceeds of $900.0 million. Aggregate net proceeds from such forward sales, after deducting related expenses, were $899.1 million. ​ As of February 11, 2022, we had 18.4 million shares of common stock available for future issuance under the ATM program, including an aggregate of 4.4 million shares subject to the forward sales agreements. 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 years ended December 31, 2021, 2020, and 2019 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 OP/DownREIT Units 22,418 22,310 22,773 Convertible preferred stock 2,918 2,950 3,011 Unvested LTIP Units and unvested restricted stock 1,377 382 768 ​

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	9. STOCKHOLDERS’ EQUITY UDR has an effective registration statement that allows the Company to sell an undetermined number of debt and equity securities as defined in the prospectus. The Company had the ability to issue 450.0 million shares of common stock and 50.0 million shares of preferred shares as of December 31, 2021. The following table presents the changes in the Company’s issued and outstanding shares of common and preferred stock for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ Preferred Stock ​ ​ Stock ​ Series E ​ Series F Balance at December 31, 2018 275,546 2,781 15,802 Issuance/(forfeiture) of common and restricted shares, net 50 — — Issuance of common shares through public offering 7,500 ​ — ​ — Issuance of common shares though ATM program ​ 6,988 ​ — ​ — Issuance of common shares through forward sales agreement ​ 1,339 ​ — ​ — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 1,969 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership ​ 1,196 — — Forfeiture of Series F shares ​ — — (1,111) Balance at December 31, 2019 294,588 2,781 14,691 Issuance/(forfeiture) of common and restricted shares, net 104 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) ​ 2,121 — — Repurchase of common shares ​ (597) ​ — ​ — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 3 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 300 — — Conversion of Series E Cumulative Convertible shares ​ 93 ​ (86) ​ — Forfeiture of Series F shares — — (250) Balance at December 31, 2020 296,612 2,695 14,441 Issuance/(forfeiture) of common and restricted shares, net 97 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) ​ 19,517 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 44 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,880 — — Forfeiture of Series F shares — — (1,858) Balance at December 31, 2021 318,150 2,695 12,583 ​ Common Stock In July 2021, 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 July 2017. During the year ended December 31, 2021, the Company entered into the following equity transactions for our common stock: ● Settled 19.5 million shares in aggregate under forward sales agreements under the ATM programs and previously announced forward sales agreements at a weighted average forward price per share of $46.11, for net proceeds of approximately $900.0 million. Aggregate net proceeds from such forward sales, after deducting related expenses, were $899.1 million; ● Issued 0.1 million shares, net of forfeitures, of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”); and ● Issued 1.9 million shares of common stock upon redemption of DownREIT Units, resulting in the forfeiture of 1.9 million Series F Preferred shares. Distributions are subject to the approval of the Board of Directors and are dependent upon our strategy, financial condition and operating results. UDR’s common distributions for the years ended December 31, 2021, 2020, and 2019 totaled $1.45, $1.44, and $1.37 per share, respectively. Preferred Stock The Series E Cumulative Convertible Preferred Stock (“Series E”) has no stated par value and a liquidation preference of $16.61 per share. Subject to certain adjustments and conditions, each share of the Series E is convertible at any time at the holder’s option into one share of our common stock prior to a “Special Dividend” declared in 2008 (1.083 shares after the Special Dividend). The holders of the Series E are entitled to vote on an as-converted basis as a single class in combination with the holders of common stock at any meeting of our stockholders for the election of directors or for any other purpose on which the holders of common stock are entitled to vote. The Series E has no stated maturity and is not subject to any sinking fund or any mandatory redemption. Distributions declared on the Series E for the years ended December 31, 2021, 2020, and 2019 were $1.57, $1.56, and $1.48 per share, respectively. The Series E is not listed on any exchange. At December 31, 2021 and 2020, a total of 2.7 million and 2.7 million, respectively, shares of the Series E were outstanding. UDR is authorized to issue up to 20.0 million shares of the Series F Preferred Stock (“Series F”). The Series F may be purchased by holders of OP Units and DownREIT Units, at a purchase price of $0.0001 per share. OP/DownREIT Unitholders are entitled to subscribe for and purchase one share of UDR’s Series F for each OP/DownREIT Unit held. During the years ended December 31, 2021 and 2020, 1.9 million and 0.3 million of the Series F shares were forfeited upon the conversion of OP Units and DownREIT Units into Company common stock, respectively. At December 31, 2021 and 2020, a total of 12.6 million and 14.4 million shares, respectively, of the Series F were outstanding with an aggregate purchase value of $1,258 and $1,444, respectively. Holders of the Series F are entitled to one vote for each share of the Series F they hold, voting together with the holders of our common stock, on each matter submitted to a vote of security holders at a meeting of our stockholders. The Series F does not entitle its holders to dividends or any other rights, privileges or preferences. Distribution Reinvestment and Stock Purchase Plan UDR’s Distribution Reinvestment and Stock Purchase Plan (the “Stock Purchase Plan”) allows common and preferred stockholders the opportunity to purchase, through the reinvestment of cash dividends and by making additional cash payments, additional shares of UDR’s common stock. From inception through December 31, 2008, shareholders have elected to utilize the Stock Purchase Plan to reinvest their distribution for the equivalent of 10.0 million shares of Company common stock. Shares in the amount of 11.0 million were reserved for issuance under the Stock Purchase Plan as of December 31, 2021. During the year ended December 31, 2021, UDR acquired all shares issued through the open market.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS.
EMPLOYEE BENEFIT PLANS	In May 2021, the stockholders of UDR approved an amendment and restatement to the LTIP. The LTIP authorizes the granting of awards which may take the form of options to purchase shares of common stock, stock appreciation rights, restricted stock, dividend equivalents, partnership interests in the Operating Partnership designated as LTIP Units, performance partnership interests in the Operating Partnership designated as Performance Units, other stock-based awards, and any other right or interest relating to common stock or cash incentive awards to Company directors, employees and outside trustees to promote the success of the Company by linking individual’s compensation via grants of share based payment. LTIP Units and Performance Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes, meaning that initially they are not economically equivalent in value to a share of our common stock, but over time can increase in value to one-for-one parity with common stock by operation of special tax rules applicable to profits interests. Until and unless such parity is reached, the value that an executive will realize for a given number of vested LTIP Units or Performance Units is less than the value of an equal number of shares of our common stock. As of December 31, 2021, 35.0 million shares were reserved on an unadjusted basis for issuance upon the grant or exercise of awards under the LTIP. As of December 31, 2021, there were 16.7 million common shares available for issuance under the LTIP. The LTIP contains double trigger change of control provisions allowing for the vesting of an award when certain conditions are met upon qualifying events such as a merger where UDR is not the surviving entity. Upon the death or disability of an award recipient, all outstanding instruments will vest and all restrictions will lapse. The LTIP specifies that in the event of a capital transaction, which includes but is not limited to stock dividends, stock splits, extraordinary cash dividends and spin-offs, the number of shares available for grant in totality or to a single individual is to be adjusted proportionately. The LTIP specifies that when a capital transaction occurs that would dilute the holder of the stock award, prior grants are to be adjusted such that the recipient is no worse as a result of the capital transaction. A summary of UDR’s Performance Units, LTIP Units, and restricted stock activities during the year ended December 31, 2021 is as follows ( shares in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested Performance Units Outstanding ​ Performance Units Exercisable ​ LTIP Units ​ Restricted Stock ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Average Fair ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average Fair ​ ​ ​ Value Per ​ Number of ​ Exercise ​ Number of ​ Exercise ​ Number of ​ Value Per ​ Number ​ Restricted ​ Units ​ Price ​ Units ​ Price ​ LTIP Units ​ LTIP Unit ​ of shares ​ Stock Balance, December 31, 2020 — ​ $ — — ​ $ — 727 ​ $ 41.58 237 ​ $ 42.31 Granted 2,962 ​ 42.30 — ​ — 103 ​ 37.52 161 ​ 39.09 Exercised — ​ — — ​ — — ​ — — ​ — Vested — ​ — — ​ — (400) ​ 40.05 (125) ​ 39.91 Forfeited — ​ — — ​ — (10) ​ 46.12 (25) ​ 38.79 Balance, December 31, 2021 2,962 ​ $ 42.30 — ​ $ - 420 ​ $ 41.94 248 ​ $ 40.30 ​ As of December 31, 2021, the Company had granted 6.6 million shares of restricted stock, 2.4 million LTIP Units, and 3.0 million Performance Units under the LTIP. Stock Option Plan The Company has no unexercised stock options outstanding and no remaining compensation expense related to unvested stock options as of December 31, 2021. During the years ended December 31, 2021, 2020, and 2019, respectively, we did not recognize any net compensation expense related to outstanding stock options. Restricted Stock Awards Restricted stock awards are granted to Company employees, officers, and directors. The restricted stock awards are valued based upon the closing sales price of UDR common stock on the date of grant. Compensation expense is recorded under the straight-line method over the vesting period, which is generally three Performance Unit Awards UDR has granted Performance Units to our employees and Company directors, subject to certain conditions. Each Performance Unit is exercisable into one Operating Partnership common unit. The total remaining compensation cost on unvested Performance Units was $12.4 million as of December 31, 2021. During the year ended December 31, 2021, no Performance Units were exercised. The weighted average remaining contractual life on all Performance Units outstanding as of December 31, 2021 is 3.4 years and have a weighted average exercise price of $42.30. During the year ended December 31, 2021, we recognized $11.7 million of net compensation expense related to outstanding Performance Units. No compensation expense was recognized during the years ended December 31, 2020, and 2019, respectively. Short-Term Incentive Compensation Compensation - Stock Compensation . In January 2020, certain officers of the Company were awarded STI Unit grants under the 2020 Long-Term Incentive Program (“2020 LTI”). The STI Unit awards represent short-term incentive compensation for the officers and were valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant in accordance with ASC 718, Compensation - Stock Compensation . In January 2019, certain officers of the Company were awarded STI Unit grants under the 2019 Long-Term Incentive Program (“2019 LTI”). The STI Unit awards represent short-term incentive compensation for the officers and were valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant in accordance with ASC 718, Compensation - Stock Compensation Long-Term Incentive Compensation In January 2021, certain officers of the Company were awarded either a restricted stock grant, an LTIP Unit grant, or an LTIP Performance Unit grant, or a combination of all three, under the 2021 LTI. For all three restricted stock grants, LTIP Unit grants and Performance Unit grants, thirty percent of the 2021 LTI award is based upon FFO as Adjusted over a one-year period and will vest fifty percent on the one-year anniversary and fifty percent on the two-year anniversary. Fifteen percent of the 2021 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2021 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby all three will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $36.85 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $16.69 per unit on the grant date, inclusive of a 9.4% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $17.71 per unit on the grant date, inclusive of a 3.9% discount. Because LTIP Performance Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Performance Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Performance Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $2.67 per unit on the grant date, inclusive of a 9.4% discount, a volatility factor of 27.0%, an expected life of 5.5 years, an annualized risk-free rate of 0.49%, and an annual dividend yield of 3.4%, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $2.85 per unit on the grant date, inclusive of a 3.9% discount, a volatility factor of 26.0%, an expected life of 6.5 years, an annualized risk-free rate of 0.57%, and an annual dividend yield of 3.4%. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $40.09 per share for the comparable apartment REITs component and $39.95 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 33.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $19.43 per unit, inclusive of a 3.9% discount, for the comparable apartment REITs component and $19.37 per unit, inclusive of a 3.9% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 33.0%. The portion of the LTIP Performance Unit grant based upon relative TSR was valued for compensation expense purposes at $3.59 per unit, inclusive of a 3.9% discount, for the comparable apartment REITs component and $3.70 per unit, inclusive of a 3.9% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 33.0%, an expected life of 6.5 years, an annualized risk-free rate of 0.16%, and an annual dividend yield of 3.5%. In January 2020, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2020 LTI. For both restricted stock grants and LTIP Unit grants, thirty percent of the 2020 LTI award is based upon FFO as Adjusted over a two-year period and will vest fifty percent on the two-year anniversary and fifty percent on the three-year anniversary. Fifteen percent of the 2020 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2020 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby both will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $46.12 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the two-year FFO as Adjusted was valued for compensation expense purposes at $21.24 per unit on the grant date, inclusive of a 7.9% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $22.23 per unit on the grant date, inclusive of a 3.6% discount. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $53.94 per share for the comparable apartment REITs component and $49.35 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 16.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $26.18 per unit, inclusive of a 3.6% discount, for the comparable apartment REITs component and $23.98 per unit, inclusive of a 3.6% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 16.0%. In January 2019, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2019 LTI. For both restricted stock grants and LTIP Unit grants, thirty percent of the 2019 LTI award is based upon FFO as Adjusted over a one-year period and will vest fifty percent on the one-year anniversary and fifty percent on the two-year anniversary. Fifteen percent of the 2019 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2019 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby both will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $38.39 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $17.47 per unit on the grant date, inclusive of a 9% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $18.24 per unit on the grant date, inclusive of a 5% discount. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $43.63 per share for the comparable apartment REITs component and $43.42 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 21.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $20.89 per unit, inclusive of a 5% discount, for the comparable apartment REITs component and $20.79 per unit, inclusive of a 5% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 21.0%. For the years ended December 31, 2021, 2020, and 2019, we recognized $5.9 million, $10.2 million and $12.4 million, respectively, of compensation expense, net of capitalization, related to the amortization of the awards. The total remaining compensation cost on unvested LTI awards was $3.8 million and had a weighted average remaining contractual life of 1.2 years as of December 31, 2021. Profit Sharing Plan Our profit sharing plan (the “Plan”) is a defined contribution plan covering all eligible full-time employees. Under the Plan, UDR makes discretionary profit sharing and matching contributions to the Plan as determined by the Compensation Committee of the Board of Directors. Aggregate provisions for contributions, both matching and discretionary, which are included in General and administrative

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	11. INCOME TAXES For 2021, 2020, and 2019, UDR believes that we have complied with the REIT requirements specified in the Code. As such, the REIT would generally not be subject to federal income taxes. For income tax purposes, distributions paid to common stockholders may consist of ordinary income, qualified dividends, capital gains, unrecaptured section 1250 gains, return of capital, or a combination thereof. Distributions that exceed our current and accumulated earnings and profits constitute a return of capital rather than taxable income and reduce the stockholder’s basis in their common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholder’s basis in the common shares, it generally will be treated as a gain from the sale or exchange of that stockholder’s common shares. Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2021, 2020 and 2019 ( unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Ordinary income $ 0.9798 $ 1.0320 $ 0.9810 Qualified ordinary income ​ 0.0405 ​ 0.0039 ​ 0.0040 Long-term capital gain ​ 0.3577 ​ 0.2974 ​ 0.0210 Unrecaptured section 1250 gain ​ 0.0695 ​ 0.0892 ​ 0.0630 Nondividend distributions ​ ​ — ​ ​ — ​ ​ 0.2810 Total ​ $ 1.4475 ​ $ 1.4225 ​ $ 1.3500 ​ We have a TRS that is subject to federal and state income taxes. A TRS is a C-corporation which has not elected REIT status and as such is subject to United States federal and state income tax. The components of the provision for income taxes are as follows for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Income tax (benefit)/provision ​ ​ ​ Current ​ ​ ​ Federal ​ $ 2,693 ​ $ (148) ​ $ 1,466 State ​ 1,236 ​ 1,374 ​ 735 Total current ​ 3,929 ​ 1,226 ​ 2,201 Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (1,770) ​ 894 ​ 1,266 State ​ (672) ​ 451 ​ 371 Investment tax credit ​ ​ (48) ​ ​ (26) ​ ​ — Total deferred ​ (2,490) ​ 1,319 ​ 1,637 Total income tax (benefit)/provision ​ $ 1,439 ​ $ 2,545 ​ $ 3,838 ​ Deferred income taxes are provided for the change in temporary differences between the basis of certain assets and liabilities for financial reporting purposes and income tax reporting purposes. The expected future tax rates are based upon enacted tax laws. The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Deferred tax assets: ​ ​ ​ Federal and state tax attributes ​ $ 60 ​ $ 6 ​ $ 22 Other ​ 102 ​ 147 ​ 87 Total deferred tax assets ​ 162 ​ 153 ​ 109 Valuation allowance ​ (32) ​ (23) ​ (19) Net deferred tax assets ​ 130 ​ 130 ​ 90 Deferred tax liabilities: ​ ​ ​ Book/tax depreciation and basis ​ ​ (860) ​ ​ (638) ​ ​ (367) Other investment ventures ​ ​ — ​ ​ (2,665) ​ ​ (1,291) Other ​ (68) ​ (67) ​ (67) Total deferred tax liabilities ​ (928) ​ (3,370) ​ (1,725) Net deferred tax assets/(liabilities) ​ $ (798) ​ $ (3,240) ​ $ (1,635) ​ Income tax provision/(benefit), net from our TRS differed from the amounts computed by applying the U.S. statutory rate of 21% to pretax income/(loss) for the years ended December 31, 2021, 2020, and 2019 as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Income tax provision/(benefit) ​ ​ ​ U.S. federal income tax provision/(benefit) ​ $ 1,058 ​ $ 1,240 ​ $ 2,905 State income tax provision ​ 664 ​ 1,434 ​ 1,013 Other items ​ (246) ​ (165) ​ (139) Solar credit amortization ​ ​ (48) ​ ​ (26) ​ ​ — ITC basis adjustment ​ 2 ​ 58 ​ 56 Valuation allowance ​ 9 ​ 4 ​ 3 Total income tax provision/(benefit) ​ $ 1,439 ​ $ 2,545 ​ $ 3,838 ​ As of December 31, 2021, the Company had federal net operating loss carryovers (“NOL”) of $24.0 million expiring in 2032 through 2035 and state NOLs of $64.8 million expiring in 2021 through 2032. A portion of these attributes are still available to the subsidiary REITs, but are carried at a zero effective tax rate. The Company’s Tax benefit/(provision), net The Company evaluates our tax position using a two-step process. First, we determine 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. The Company will then determine the amount of benefit to recognize and record the amount of the benefit that is more likely than not to be realized upon ultimate settlement. As of December 31, 2021 and 2020, UDR has no material unrecognized income tax benefits/(provisions), net. The Company files income tax returns in federal and various state and local jurisdictions. The tax years 2018 through 2020 remain open to examination by the major taxing jurisdictions to which the Company is subject .

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2021
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	12. 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 years ended December 31, 2021 and 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at beginning of year $ 856,294 $ 1,018,665 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 502,768 ​ (143,741) OP Units issued for real estate, net ​ 48,533 ​ — Conversion of OP Units/DownREIT Units to Common Stock ​ (99,932) ​ (12,666) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 10,873 ​ 4,543 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (34,044) ​ (34,149) Vesting of Long-Term Incentive Plan Units ​ ​ 14,576 ​ ​ 23,501 Allocation of other comprehensive income/(loss) ​ 374 ​ 141 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year ​ $ 1,299,442 ​ $ 856,294 ​ 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	12 Months Ended
	Dec. 31, 2021
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	13. 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 December 31, 2021 and 2020 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 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 ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2021 (a) ​ 2021 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 26,860 ​ $ 27,372 ​ $ — ​ $ — ​ $ 27,372 Equity securities (c) ​ ​ 3,230 ​ ​ 3,230 ​ ​ — ​ ​ — ​ ​ 3,230 Derivatives - Interest rate contracts (d) ​ 3,279 ​ 3,279 ​ — ​ 3,279 ​ — Total assets ​ $ 33,369 ​ $ 33,881 ​ $ — ​ $ 3,279 ​ $ 30,602 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured debt instruments - fixed rate: (e) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 1,033,764 ​ $ 1,032,582 ​ $ — ​ $ — ​ $ 1,032,582 Secured debt instruments - variable rate: (e) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (e) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 29,546 ​ ​ 29,546 ​ ​ — ​ ​ — ​ ​ 29,546 Commercial paper program ​ ​ 220,000 ​ ​ 220,000 ​ ​ — ​ ​ — ​ ​ 220,000 Unsecured notes ​ ​ 4,133,083 ​ ​ 4,199,363 ​ ​ — ​ ​ — ​ ​ 4,199,363 Total liabilities ​ $ 5,443,393 ​ $ 5,508,491 ​ $ — ​ $ — ​ $ 5,508,491 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) ​ $ 1,299,442 ​ $ 1,299,442 ​ $ — ​ $ 1,299,442 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Equity securities (c) ​ ​ 500 ​ ​ 500 ​ ​ — ​ ​ — ​ ​ 500 Derivatives - Interest rate contracts (d) ​ 2 ​ 2 ​ — ​ 2 ​ — Total assets ​ $ 158,494 ​ $ 170,913 ​ $ — ​ $ 2 ​ $ 170,911 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (d) ​ $ 167 ​ $ 167 ​ $ — ​ $ 167 ​ $ — Secured debt instruments - fixed rate: (e) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 837,473 ​ ​ 854,084 ​ ​ — ​ ​ — ​ ​ 854,084 Secured debt instruments - variable rate: (e) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (e) ​ ​ ​ ​ ​ ​ ​ 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 (f) ​ $ 856,294 ​ $ 856,294 ​ $ — ​ $ 856,294 ​ $ — (a) Certain balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) The Company holds an investment in a publicly traded real estate technology company, SmartRent, that is subject to a lock-up restriction on selling or transferring the investment for a period of time. The investment is valued at the market price at the end of the period less an illiquidity discount of 15.0% as of December 31, 2021. The Company classifies the investment as Level 3 in the fair value hierarchy based upon the lock-up restriction. Prior to SmartRent becoming a public company in 2021, the securities did not have a readily determinable fair value and were valued under the measurement alternative. (d) See Note 14, Derivatives and Hedging Activity . (e) See Note 7, Secured and Unsecured Debt, Net . (f) See Note 12, Noncontrolling Interests . There were no transfers into or out of any of the levels of the fair value hierarchy during the year ended December 31, 2021 and 2020. 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 December 31, 2021 and 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 December 31, 2021, 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	12 Months Ended
	Dec. 31, 2021
DERIVATIVES AND HEDGING ACTIVITY
DERIVATIVES AND HEDGING ACTIVITY	14. 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 December 31, 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 (a) ​ 4 ​ $ 334,880 (a) In addition to the interest rate swaps summarized above, the Company entered into two additional interest rate swaps with a total notional value of $175.0 million that will become effective in July 2022 upon maturity of the $315.0 million notional value interest rate swaps included above. 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 December 31, 2021, no derivatives not designated as hedges were held by the Company. Tabular Disclosure of Fair Values of Derivative Instruments on the 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 December 31, 2021 and 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 3,279 ​ $ 2 ​ $ — ​ $ 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 years ended December 31, 2021, 2020, and 2019 ( 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 2019 2021 2020 2019 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ 3,502 ​ $ (3,382) ​ $ (8,437) ​ $ (1,755) ​ $ (4,827) ​ $ 2,770 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Total amount of Interest expense ​ $ 186,267 ​ $ 202,706 ​ $ 170,917 ​ 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 December 31, 2021 and 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 Sheets ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Assets ​ Assets ​ Sheets ​ (a) ​ Instruments Received Net Amount December 31, 2021 ​ $ 3,279 ​ $ — ​ $ 3,279 ​ $ — ​ $ — ​ $ 3,279 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Sheets ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2021 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	​ 15. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Company’s real estate commitments at December 31, 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 5 ​ $ 388,569 ​ $ 112,931 Joint ventures: ​ ​ Preferred equity investments 4 ​ ​ 66,528 (b) ​ 53,652 (b) Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I (c) ​ - ​ ​ 71,464 ​ ​ 5,220 ​ RETV II ​ - ​ ​ 8,130 ​ ​ 10,800 ​ Total ​ $ 534,691 ​ $ 182,603 (a) Represents UDR’s investment as of December 31, 2021. (b) Represents UDR’s investment in and remaining commitment for Makers Rise, 121 at Watters, Infield Phase I and Upton Place, which are under development as of December 31, 2021. (c) Includes the impact of unrealized gains which primarily relate to SmartRent becoming a public company. (See Note 5, Joint Ventures and Partnerships) . 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	12 Months Ended
	Dec. 31, 2021
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	16. 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 January 1, 2020 and held as of December 31, 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 year, 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 years ended December 31, 2021, 2020, and 2019. ​ 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 ​ Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. ​ 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 years ended December 31, 2021, 2020, and 2019, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 414,063 ​ $ 411,988 ​ $ 422,564 Mid-Atlantic Region ​ 246,176 ​ 245,460 ​ 221,509 Northeast Region ​ ​ 211,368 ​ ​ 209,222 ​ ​ 172,658 Southeast Region ​ 144,328 ​ 136,342 ​ 129,354 Southwest Region ​ 97,213 ​ 93,557 ​ 67,804 Non-Mature Communities/Other ​ 132,738 ​ 101,720 ​ 88,350 Total segment and consolidated lease revenue ​ $ 1,245,886 ​ $ 1,198,289 ​ $ 1,102,239 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 10,620 ​ $ 12,357 ​ $ 12,924 Mid-Atlantic Region ​ 8,194 ​ 7,155 ​ 7,429 Northeast Region ​ 4,867 ​ 5,315 ​ 4,003 Southeast Region ​ 6,498 ​ 5,765 ​ 6,752 Southwest Region ​ 3,932 ​ 3,599 ​ 2,897 Non-Mature Communities/Other ​ 4,668 ​ 3,616 ​ 1,894 Total segment and consolidated other revenue ​ $ 38,779 ​ $ 37,807 ​ $ 35,899 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 424,683 ​ $ 424,345 ​ $ 435,488 Mid-Atlantic Region ​ 254,370 ​ 252,615 ​ 228,938 Northeast Region ​ 216,235 ​ 214,537 ​ 176,661 Southeast Region ​ 150,826 ​ 142,107 ​ 136,106 Southwest Region ​ 101,145 ​ 97,156 ​ 70,701 Non-Mature Communities/Other ​ 137,406 ​ 105,336 ​ 90,244 Total segment and consolidated rental income ​ $ 1,284,665 ​ $ 1,236,096 ​ $ 1,138,138 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 312,341 ​ $ 314,381 ​ $ 330,586 Mid-Atlantic Region ​ 175,445 ​ 176,741 ​ 161,325 Northeast Region ​ 137,331 ​ 140,090 ​ 121,800 Southeast Region ​ 102,061 ​ 96,118 ​ 94,420 Southwest Region ​ 63,320 ​ 59,281 ​ 44,018 Non-Mature Communities/Other ​ 76,627 ​ 67,091 ​ 56,154 Total segment and consolidated NOI ​ 867,125 ​ 853,702 ​ 808,303 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 6,102 ​ 5,069 ​ 14,055 Property management ​ (38,540) ​ (35,538) ​ (32,721) Other operating expenses ​ (21,649) ​ (22,762) ​ (13,932) Real estate depreciation and amortization ​ (606,648) ​ (608,616) ​ (501,257) General and administrative ​ (57,541) ​ (49,885) ​ (51,533) Casualty-related (charges)/recoveries, net ​ (3,748) ​ (2,131) ​ (474) Other depreciation and amortization ​ (13,185) ​ (10,013) ​ (6,666) Gain/(loss) on sale of real estate owned ​ ​ 136,052 ​ ​ 119,277 ​ ​ 5,282 Income/(loss) from unconsolidated entities ​ 65,646 ​ 18,844 ​ 137,873 Interest expense ​ (186,267) ​ (202,706) ​ (170,917) Interest income and other income/(expense), net ​ 15,085 ​ 6,274 ​ 15,404 Tax (provision)/benefit, net ​ (1,439) ​ (2,545) ​ (3,838) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (10,873) ​ (4,543) ​ (14,426) Net (income)/loss attributable to noncontrolling interests ​ (104) ​ (161) ​ (188) Net income/(loss) attributable to UDR, Inc. ​ $ 150,016 ​ $ 64,266 ​ $ 184,965 (a) Same-Store Community population consisted of 45,143 apartment homes. ​ The following table details the assets of UDR’s reportable segments as of December 31, 2021 and 2020 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 4,219,858 ​ $ 4,174,776 Mid-Atlantic Region ​ 2,729,221 ​ 2,698,049 Northeast Region ​ 2,921,469 ​ 2,900,017 Southeast Region ​ 995,597 ​ 974,754 Southwest Region ​ 903,789 ​ 869,228 Non-Mature Communities/Other ​ 2,970,869 ​ 1,454,648 Total segment assets ​ 14,740,803 ​ 13,071,472 Accumulated depreciation ​ (5,137,096) ​ (4,605,366) Total segment assets — net book value ​ 9,603,707 ​ 8,466,106 Reconciling items: ​ ​ Cash and cash equivalents ​ 967 ​ 1,409 Restricted cash ​ 27,451 ​ 22,762 Notes receivable, net ​ 26,860 ​ 157,992 Investment in and advances to unconsolidated joint ventures, net ​ 702,461 ​ 600,233 Operating lease right-of-use assets ​ ​ 197,463 ​ ​ 200,913 Other assets ​ 216,311 ​ 188,118 Total consolidated assets ​ $ 10,775,220 ​ $ 9,637,533 (a) Same-Store Community population consisted of 45,143 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

SCHEDULE III - REAL ESTATE OWNE

SCHEDULE III - REAL ESTATE OWNED	12 Months Ended
	Dec. 31, 2021
Schedule III - Real Estate Owned
Schedule III - Real Estate Owned	UDR, INC. SCHEDULE III — REAL ESTATE OWNED DECEMBER 31, 2021 (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired WEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Harbor at Mesa Verde ​ $ — ​ $ 20,476 ​ $ 28,538 ​ $ 49,014 ​ $ 24,270 ​ $ 22,485 ​ $ 50,799 ​ $ 73,284 ​ $ 39,973 ​ 1965/2003 ​ Jun-03 27 Seventy Five Mesa Verde ​ ​ — ​ ​ 99,329 ​ ​ 110,644 ​ ​ 209,973 ​ ​ 108,534 ​ ​ 116,594 ​ ​ 201,913 ​ ​ 318,507 ​ ​ 157,467 ​ 1979/2013 ​ Oct-04 Huntington Vista ​ ​ — ​ ​ 8,055 ​ ​ 22,486 ​ ​ 30,541 ​ ​ 15,025 ​ ​ 9,420 ​ ​ 36,146 ​ ​ 45,566 ​ ​ 28,499 ​ 1970 ​ Jun-03 Missions at Back Bay ​ ​ — ​ ​ 229 ​ ​ 14,129 ​ ​ 14,358 ​ ​ 4,520 ​ ​ 11,141 ​ ​ 7,737 ​ ​ 18,878 ​ ​ 6,184 ​ 1969 ​ Dec-03 Eight 80 Newport Beach - North ​ ​ — ​ ​ 62,516 ​ ​ 46,082 ​ ​ 108,598 ​ ​ 48,686 ​ ​ 69,362 ​ ​ 87,922 ​ ​ 157,284 ​ ​ 68,825 ​ 1968/2000/2016 ​ Oct-04 Eight 80 Newport Beach - South ​ ​ — ​ ​ 58,785 ​ ​ 50,067 ​ ​ 108,852 ​ ​ 41,597 ​ ​ 60,996 ​ ​ 89,453 ​ ​ 150,449 ​ ​ 63,553 ​ 1968/2000/2016 ​ Mar-05 Foxborough ​ ​ — ​ ​ 12,071 ​ ​ 6,187 ​ ​ 18,258 ​ ​ 5,477 ​ ​ 12,750 ​ ​ 10,985 ​ ​ 23,735 ​ ​ 8,652 ​ 1969 ​ Sep-04 Beach & Ocean ​ ​ — ​ ​ 12,878 ​ ​ — ​ ​ 12,878 ​ ​ 40,134 ​ ​ 13,139 ​ ​ 39,873 ​ ​ 53,012 ​ ​ 17,318 ​ 2014 ​ Aug-11 The Residences at Bella Terra ​ ​ — ​ ​ 25,000 ​ ​ — ​ ​ 25,000 ​ ​ 130,685 ​ ​ 25,847 ​ ​ 129,838 ​ ​ 155,685 ​ ​ 65,446 ​ 2013 ​ Oct-11 Los Alisos at Mission Viejo ​ ​ — ​ ​ 17,298 ​ ​ — ​ ​ 17,298 ​ ​ 71,722 ​ ​ 16,737 ​ ​ 72,283 ​ ​ 89,020 ​ ​ 34,993 ​ 2014 ​ Jun-04 The Residences at Pacific City ​ ​ — ​ ​ 78,085 ​ ​ — ​ ​ 78,085 ​ ​ 278,092 ​ ​ 78,330 ​ ​ 277,847 ​ ​ 356,177 ​ ​ 73,323 ​ 2018 ​ Jan-14 ORANGE COUNTY, CA ​ — ​ 394,722 ​ 278,133 ​ 672,855 ​ 768,742 ​ 436,801 ​ 1,004,796 ​ 1,441,597 ​ 564,233 ​ ​ ​ ​ 2000 Post Street ​ ​ — ​ ​ 9,861 ​ ​ 44,578 ​ ​ 54,439 ​ ​ 38,606 ​ ​ 14,472 ​ ​ 78,573 ​ ​ 93,045 ​ ​ 49,699 ​ 1987/2016 ​ Dec-98 Birch Creek ​ ​ — ​ ​ 4,365 ​ ​ 16,696 ​ ​ 21,061 ​ ​ 11,024 ​ ​ 1,419 ​ ​ 30,666 ​ ​ 32,085 ​ ​ 19,849 ​ 1968 ​ Dec-98 Highlands Of Marin ​ ​ — ​ ​ 5,996 ​ ​ 24,868 ​ ​ 30,864 ​ ​ 29,356 ​ ​ 8,190 ​ ​ 52,030 ​ ​ 60,220 ​ ​ 40,691 ​ 1991/2010 ​ Dec-98 Marina Playa ​ ​ — ​ ​ 6,224 ​ ​ 23,916 ​ ​ 30,140 ​ ​ 14,927 ​ ​ 1,444 ​ ​ 43,623 ​ ​ 45,067 ​ ​ 27,615 ​ 1971 ​ Dec-98 River Terrace ​ ​ — ​ ​ 22,161 ​ ​ 40,137 ​ ​ 62,298 ​ ​ 9,533 ​ ​ 23,010 ​ ​ 48,821 ​ ​ 71,831 ​ ​ 35,776 ​ 2005 ​ Aug-05 CitySouth ​ ​ — ​ ​ 14,031 ​ ​ 30,537 ​ ​ 44,568 ​ ​ 40,431 ​ ​ 16,703 ​ ​ 68,296 ​ ​ 84,999 ​ ​ 54,340 ​ 1972/2012 ​ Nov-05 Bay Terrace ​ ​ — ​ ​ 8,545 ​ ​ 14,458 ​ ​ 23,003 ​ ​ 7,966 ​ ​ 11,679 ​ ​ 19,290 ​ ​ 30,969 ​ ​ 13,679 ​ 1962 ​ Oct-05 Highlands of Marin Phase II ​ ​ — ​ ​ 5,353 ​ ​ 18,559 ​ ​ 23,912 ​ ​ 11,422 ​ ​ 5,782 ​ ​ 29,552 ​ ​ 35,334 ​ ​ 21,746 ​ 1968/2010 ​ Oct-07 Edgewater ​ ​ — ​ ​ 30,657 ​ ​ 83,872 ​ ​ 114,529 ​ ​ 13,468 ​ ​ 30,832 ​ ​ 97,165 ​ ​ 127,997 ​ ​ 64,604 ​ 2007 ​ Mar-08 Almaden Lake Village ​ ​ 27,000 ​ ​ 594 ​ ​ 42,515 ​ ​ 43,109 ​ ​ 10,542 ​ ​ 1,001 ​ ​ 52,650 ​ ​ 53,651 ​ ​ 35,563 ​ 1999 ​ Jul-08 388 Beale ​ ​ — ​ ​ 14,253 ​ ​ 74,104 ​ ​ 88,357 ​ ​ 19,341 ​ ​ 14,689 ​ ​ 93,009 ​ ​ 107,698 ​ ​ 51,983 ​ 1999 ​ Apr-11 Channel Mission Bay ​ ​ — ​ ​ 23,625 ​ ​ — ​ ​ 23,625 ​ ​ 132,104 ​ ​ 24,104 ​ ​ 131,625 ​ ​ 155,729 ​ ​ 63,693 ​ 2014 ​ Sep-10 SAN FRANCISCO, CA ​ 27,000 ​ 145,665 ​ 414,240 ​ 559,905 ​ 338,720 ​ 153,325 ​ 745,300 ​ 898,625 ​ 479,238 ​ ​ ​ ​ Crowne Pointe ​ ​ — ​ ​ 2,486 ​ ​ 6,437 ​ ​ 8,923 ​ ​ 10,290 ​ ​ 3,237 ​ ​ 15,976 ​ ​ 19,213 ​ ​ 12,553 ​ 1987 ​ Dec-98 Hilltop ​ ​ — ​ ​ 2,174 ​ ​ 7,408 ​ ​ 9,582 ​ ​ 7,246 ​ ​ 3,061 ​ ​ 13,767 ​ ​ 16,828 ​ ​ 10,492 ​ 1985 ​ Dec-98 The Hawthorne ​ ​ — ​ ​ 6,474 ​ ​ 30,226 ​ ​ 36,700 ​ ​ 9,998 ​ ​ 7,219 ​ ​ 39,479 ​ ​ 46,698 ​ ​ 29,493 ​ 2003 ​ Jul-05 The Kennedy ​ ​ — ​ ​ 6,179 ​ ​ 22,307 ​ ​ 28,486 ​ ​ 5,064 ​ ​ 6,360 ​ ​ 27,190 ​ ​ 33,550 ​ ​ 18,897 ​ 2005 ​ Nov-05 Hearthstone at Merrill Creek ​ ​ — ​ ​ 6,848 ​ ​ 30,922 ​ ​ 37,770 ​ ​ 9,784 ​ ​ 7,312 ​ ​ 40,242 ​ ​ 47,554 ​ ​ 26,254 ​ 2000 ​ May-08 Island Square ​ ​ — ​ ​ 21,284 ​ ​ 89,389 ​ ​ 110,673 ​ ​ 8,380 ​ ​ 21,703 ​ ​ 97,350 ​ ​ 119,053 ​ ​ 64,066 ​ 2007 ​ Jul-08 elements too ​ ​ — ​ ​ 27,468 ​ ​ 72,036 ​ ​ 99,504 ​ ​ 21,737 ​ ​ 30,360 ​ ​ 90,881 ​ ​ 121,241 ​ ​ 71,208 ​ 2010 ​ Feb-10 989elements ​ ​ — ​ ​ 8,541 ​ ​ 45,990 ​ ​ 54,531 ​ ​ 6,434 ​ ​ 8,685 ​ ​ 52,280 ​ ​ 60,965 ​ ​ 31,876 ​ 2006 ​ Dec-09 Lightbox ​ ​ — ​ ​ 6,449 ​ ​ 38,884 ​ ​ 45,333 ​ ​ 1,400 ​ ​ 6,487 ​ ​ 40,246 ​ ​ 46,733 ​ ​ 18,248 ​ 2014 ​ Aug-14 Ashton Bellevue ​ ​ — ​ ​ 8,287 ​ ​ 124,939 ​ ​ 133,226 ​ ​ 3,712 ​ ​ 8,370 ​ ​ 128,568 ​ ​ 136,938 ​ ​ 37,540 ​ 2009 ​ Oct-16 TEN20 ​ ​ — ​ ​ 5,247 ​ ​ 76,587 ​ ​ 81,834 ​ ​ 4,478 ​ ​ 5,308 ​ ​ 81,004 ​ ​ 86,312 ​ ​ 23,884 ​ 2009 ​ Oct-16 Milehouse ​ ​ — ​ ​ 5,976 ​ ​ 63,041 ​ ​ 69,017 ​ ​ 1,275 ​ ​ 6,043 ​ ​ 64,249 ​ ​ 70,292 ​ ​ 21,113 ​ 2016 ​ Nov-16 CityLine ​ ​ — ​ ​ 11,220 ​ ​ 85,787 ​ ​ 97,007 ​ ​ 550 ​ ​ 11,228 ​ ​ 86,329 ​ ​ 97,557 ​ ​ 27,388 ​ 2016 ​ Jan-17 CityLine II ​ ​ — ​ ​ 3,723 ​ ​ 56,843 ​ ​ 60,566 ​ ​ 514 ​ ​ 3,723 ​ ​ 57,357 ​ ​ 61,080 ​ ​ 12,210 ​ 2018 ​ Jan-19 Brio ​ ​ — ​ ​ 21,780 ​ ​ 147,188 ​ ​ 168,968 ​ ​ 497 ​ ​ 21,785 ​ ​ 147,680 ​ ​ 169,465 ​ ​ 4,359 ​ 2020 ​ Jul-21 SEATTLE, WA ​ — ​ 144,136 ​ 897,984 ​ 1,042,120 ​ 91,359 ​ 150,881 ​ 982,598 ​ 1,133,479 ​ 409,581 ​ ​ ​ ​ Boronda Manor ​ ​ — ​ ​ 1,946 ​ ​ 8,982 ​ ​ 10,928 ​ ​ 12,233 ​ ​ 3,455 ​ ​ 19,706 ​ ​ 23,161 ​ ​ 13,210 ​ 1979 ​ Dec-98 Garden Court ​ ​ — ​ ​ 888 ​ ​ 4,188 ​ ​ 5,076 ​ ​ 7,057 ​ ​ 1,621 ​ ​ 10,512 ​ ​ 12,133 ​ ​ 7,149 ​ 1973 ​ Dec-98 Cambridge Court ​ ​ — ​ ​ 3,039 ​ ​ 12,883 ​ ​ 15,922 ​ ​ 19,372 ​ ​ 5,806 ​ ​ 29,488 ​ ​ 35,294 ​ ​ 20,688 ​ 1974 ​ Dec-98 Laurel Tree ​ ​ — ​ ​ 1,304 ​ ​ 5,115 ​ ​ 6,419 ​ ​ 8,217 ​ ​ 2,473 ​ ​ 12,163 ​ ​ 14,636 ​ ​ 8,431 ​ 1977 ​ Dec-98 The Pointe At Harden Ranch ​ ​ — ​ ​ 6,388 ​ ​ 23,854 ​ ​ 30,242 ​ ​ 34,935 ​ ​ 10,417 ​ ​ 54,760 ​ ​ 65,177 ​ ​ 37,182 ​ 1986 ​ Dec-98 The Pointe At Northridge ​ ​ — ​ ​ 2,044 ​ ​ 8,028 ​ ​ 10,072 ​ ​ 13,115 ​ ​ 3,695 ​ ​ 19,492 ​ ​ 23,187 ​ ​ 13,340 ​ 1979 ​ Dec-98 The Pointe At Westlake ​ ​ — ​ ​ 1,329 ​ ​ 5,334 ​ ​ 6,663 ​ ​ 8,662 ​ ​ 2,397 ​ ​ 12,928 ​ ​ 15,325 ​ ​ 8,590 ​ 1975 ​ Dec-98 MONTEREY PENINSULA, CA ​ — ​ 16,938 ​ 68,384 ​ 85,322 ​ 103,591 ​ 29,864 ​ 159,049 ​ 188,913 ​ 108,590 ​ ​ ​ ​ Rosebeach ​ ​ — ​ ​ 8,414 ​ ​ 17,449 ​ ​ 25,863 ​ ​ 7,386 ​ ​ 9,011 ​ ​ 24,238 ​ ​ 33,249 ​ ​ 18,613 ​ 1970 ​ Sep-04 Tierra Del Rey ​ ​ — ​ ​ 39,586 ​ ​ 36,679 ​ ​ 76,265 ​ ​ 10,021 ​ ​ 40,065 ​ ​ 46,221 ​ ​ 86,286 ​ ​ 30,889 ​ 1998 ​ Dec-07 The Westerly ​ ​ — ​ ​ 48,182 ​ ​ 102,364 ​ ​ 150,546 ​ ​ 46,082 ​ ​ 51,107 ​ ​ 145,521 ​ ​ 196,628 ​ ​ 96,215 ​ 1993/2013 ​ Sep-10 Jefferson at Marina del Rey ​ ​ — ​ ​ 55,651 ​ ​ — ​ ​ 55,651 ​ ​ 96,001 ​ ​ 61,713 ​ ​ 89,939 ​ ​ 151,652 ​ ​ 62,688 ​ 2008 ​ Sep-07 LOS ANGELES, CA ​ — ​ 151,833 ​ 156,492 ​ 308,325 ​ 159,490 ​ 161,896 ​ 305,919 ​ 467,815 ​ 208,405 ​ ​ ​ ​ Verano at Rancho Cucamonga Town Square ​ ​ — ​ ​ 13,557 ​ ​ 3,645 ​ ​ 17,202 ​ ​ 61,883 ​ ​ 24,479 ​ ​ 54,606 ​ ​ 79,085 ​ ​ 46,565 ​ 2006 ​ Oct-02 Windemere at Sycamore Highland ​ ​ — ​ ​ 5,810 ​ ​ 23,450 ​ ​ 29,260 ​ ​ 8,183 ​ ​ 6,373 ​ ​ 31,070 ​ ​ 37,443 ​ ​ 23,279 ​ 2001 ​ Nov-02 Strata ​ ​ — ​ ​ 14,278 ​ ​ 84,242 ​ ​ 98,520 ​ ​ 1,514 ​ ​ 14,278 ​ ​ 85,756 ​ ​ 100,034 ​ ​ 10,198 ​ 2010 ​ Nov-19 OTHER SOUTHERN CA ​ — ​ 33,645 ​ 111,337 ​ 144,982 ​ 71,580 ​ 45,130 ​ 171,432 ​ 216,562 ​ 80,042 ​ ​ ​ ​ Tualatin Heights ​ ​ — ​ ​ 3,273 ​ ​ 9,134 ​ ​ 12,407 ​ ​ 10,697 ​ ​ 4,419 ​ ​ 18,685 ​ ​ 23,104 ​ ​ 14,229 ​ 1989 ​ Dec-98 Hunt Club ​ ​ — ​ ​ 6,014 ​ ​ 14,870 ​ ​ 20,884 ​ ​ 9,319 ​ ​ 6,613 ​ ​ 23,590 ​ ​ 30,203 ​ ​ 18,978 ​ 1985 ​ Sep-04 The Arbory ​ ​ — ​ ​ 4,366 ​ ​ 63,457 ​ ​ 67,823 ​ ​ 435 ​ ​ 4,366 ​ ​ 63,892 ​ ​ 68,258 ​ ​ 8,364 ​ 2018 ​ Jan-20 PORTLAND, OR ​ — ​ 13,653 ​ 87,461 ​ 101,114 ​ 20,451 ​ 15,398 ​ 106,167 ​ 121,565 ​ 41,571 ​ ​ ​ ​ TOTAL WEST REGION ​ 27,000 ​ 900,592 ​ 2,014,031 ​ 2,914,623 ​ 1,553,933 ​ 993,295 ​ 3,475,261 ​ 4,468,556 ​ 1,891,660 ​ ​ ​ ​ MID-ATLANTIC REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dominion Middle Ridge ​ ​ — ​ ​ 3,311 ​ ​ 13,283 ​ ​ 16,594 ​ ​ 17,095 ​ ​ 4,625 ​ ​ 29,064 ​ ​ 33,689 ​ ​ 19,162 ​ 1990 ​ Jun-96 Dominion Lake Ridge ​ ​ — ​ ​ 2,366 ​ ​ 8,387 ​ ​ 10,753 ​ ​ 10,830 ​ ​ 3,238 ​ ​ 18,345 ​ ​ 21,583 ​ ​ 14,265 ​ 1987 ​ Feb-96 Presidential Greens ​ ​ — ​ ​ 11,238 ​ ​ 18,790 ​ ​ 30,028 ​ ​ 14,541 ​ ​ 11,882 ​ ​ 32,687 ​ ​ 44,569 ​ ​ 26,954 ​ 1938 ​ May-02 The Whitmore ​ ​ — ​ ​ 6,418 ​ ​ 13,411 ​ ​ 19,829 ​ ​ 25,755 ​ ​ 7,713 ​ ​ 37,871 ​ ​ 45,584 ​ ​ 31,506 ​ 1962/2008 ​ Apr-02 Ridgewood -apts side ​ ​ — ​ ​ 5,612 ​ ​ 20,086 ​ ​ 25,698 ​ ​ 14,476 ​ ​ 6,583 ​ ​ 33,591 ​ ​ 40,174 ​ ​ 26,787 ​ 1988 ​ Aug-02 Waterside Towers ​ ​ — ​ ​ 13,001 ​ ​ 49,657 ​ ​ 62,658 ​ ​ 35,826 ​ ​ 50,882 ​ ​ 47,602 ​ ​ 98,484 ​ ​ 34,309 ​ 1971 ​ Dec-03 Wellington Place at Olde Town ​ ​ — ​ ​ 13,753 ​ ​ 36,059 ​ ​ 49,812 ​ ​ 22,312 ​ ​ 14,980 ​ ​ 57,144 ​ ​ 72,124 ​ ​ 45,287 ​ 1987/2008 ​ Sep-05 Andover House ​ ​ — ​ ​ 183 ​ ​ 59,948 ​ ​ 60,131 ​ ​ 7,355 ​ ​ 347 ​ ​ 67,139 ​ ​ 67,486 ​ ​ 43,926 ​ 2004 ​ Mar-07 Sullivan Place ​ ​ — ​ ​ 1,137 ​ ​ 103,676 ​ ​ 104,813 ​ ​ 16,803 ​ ​ 1,973 ​ ​ 119,643 ​ ​ 121,616 ​ ​ 80,751 ​ 2007 ​ Dec-07 Delancey at Shirlington ​ ​ — ​ ​ 21,606 ​ ​ 66,765 ​ ​ 88,371 ​ ​ 9,360 ​ ​ 21,713 ​ ​ 76,018 ​ ​ 97,731 ​ ​ 48,968 ​ 2006/2007 ​ Mar-08 View 14 ​ ​ — ​ ​ 5,710 ​ ​ 97,941 ​ ​ 103,651 ​ ​ 6,603 ​ ​ 5,787 ​ ​ 104,467 ​ ​ 110,254 ​ ​ 60,808 ​ 2009 ​ Jun-11 Signal Hill Apartments ​ ​ — ​ ​ 13,290 ​ ​ — ​ ​ 13,290 ​ ​ 73,633 ​ ​ 25,670 ​ ​ 61,253 ​ ​ 86,923 ​ ​ 46,898 ​ 2010 ​ Mar-07 Capitol View on 14th ​ ​ — ​ ​ 31,393 ​ ​ — ​ ​ 31,393 ​ ​ 97,990 ​ ​ 31,490 ​ ​ 97,893 ​ ​ 129,383 ​ ​ 52,070 ​ 2013 ​ Sep-07 Domain College Park ​ ​ — ​ ​ 7,300 ​ ​ — ​ ​ 7,300 ​ ​ 61,688 ​ ​ 7,541 ​ ​ 61,447 ​ ​ 68,988 ​ ​ 30,028 ​ 2014 ​ Jun-11 1200 East West ​ ​ — ​ ​ 9,748 ​ ​ 68,022 ​ ​ 77,770 ​ ​ 4,395 ​ ​ 9,922 ​ ​ 72,243 ​ ​ 82,165 ​ ​ 24,625 ​ 2010 ​ Oct-15 Courts at Huntington Station ​ ​ — ​ ​ 27,749 ​ ​ 111,878 ​ ​ 139,627 ​ ​ 6,112 ​ ​ 28,178 ​ ​ 117,561 ​ ​ 145,739 ​ ​ 46,174 ​ 2011 ​ Oct-15 Eleven55 Ripley ​ ​ — ​ ​ 15,566 ​ ​ 107,539 ​ ​ 123,105 ​ ​ 6,641 ​ ​ 15,921 ​ ​ 113,825 ​ ​ 129,746 ​ ​ 38,091 ​ 2014 ​ Oct-15 Arbor Park of Alexandria ​ ​ 160,930 ​ ​ 50,881 ​ ​ 159,728 ​ ​ 210,609 ​ ​ 7,976 ​ ​ 51,652 ​ ​ 166,933 ​ ​ 218,585 ​ ​ 65,098 ​ 1969/2015 ​ Oct-15 Courts at Dulles ​ ​ — ​ ​ 14,697 ​ ​ 83,834 ​ ​ 98,531 ​ ​ 11,467 ​ ​ 14,871 ​ ​ 95,127 ​ ​ 109,998 ​ ​ 39,860 ​ 2000 ​ Oct-15 Newport Village ​ ​ 127,600 ​ ​ 55,283 ​ ​ 177,454 ​ ​ 232,737 ​ ​ 27,768 ​ ​ 55,877 ​ ​ 204,628 ​ ​ 260,505 ​ ​ 81,151 ​ 1968 ​ Oct-15 1301 Thomas Circle ​ ​ — ​ ​ 27,836 ​ ​ 128,191 ​ ​ 156,027 ​ ​ 2,526 ​ ​ 27,847 ​ ​ 130,706 ​ ​ 158,553 ​ ​ 20,419 ​ 2006 ​ Aug-19 Crescent Falls Church ​ ​ — ​ ​ 13,687 ​ ​ 88,692 ​ ​ 102,379 ​ ​ 1,795 ​ ​ 13,700 ​ ​ 90,474 ​ ​ 104,174 ​ ​ 12,556 ​ 2010 ​ Nov-19 Station on Silver ​ ​ — ​ ​ 16,661 ​ ​ 109,198 ​ ​ 125,859 ​ ​ 1,063 ​ ​ 16,677 ​ ​ 110,245 ​ ​ 126,922 ​ ​ 8,213 ​ 2018 ​ Dec-20 Seneca Place ​ ​ — ​ ​ 21,184 ​ ​ 98,173 ​ ​ 119,357 ​ ​ 2,559 ​ ​ 21,188 ​ ​ 100,728 ​ ​ 121,916 ​ ​ 6,384 ​ 1985 ​ Jun-21 Canterbury Apartments ​ ​ — ​ ​ 24,456 ​ ​ 100,011 ​ ​ 124,467 ​ ​ 1,998 ​ ​ 24,458 ​ ​ 102,007 ​ ​ 126,465 ​ ​ 2,948 ​ 1986 ​ Aug-21 METROPOLITAN, D.C. ​ 288,530 ​ 414,066 ​ 1,720,723 ​ 2,134,789 ​ 488,567 ​ 474,715 ​ 2,148,641 ​ 2,623,356 ​ 907,238 ​ ​ ​ ​ Calvert's Walk ​ ​ — ​ ​ 4,408 ​ ​ 24,692 ​ ​ 29,100 ​ ​ 10,725 ​ ​ 5,240 ​ ​ 34,585 ​ ​ 39,825 ​ ​ 27,320 ​ 1988 ​ Mar-04 20 Lambourne ​ ​ — ​ ​ 11,750 ​ ​ 45,590 ​ ​ 57,340 ​ ​ 13,082 ​ ​ 12,486 ​ ​ 57,936 ​ ​ 70,422 ​ ​ 38,943 ​ 2003 ​ Mar-08 Domain Brewers Hill ​ ​ — ​ ​ 4,669 ​ ​ 40,630 ​ ​ 45,299 ​ ​ 3,014 ​ ​ 4,917 ​ ​ 43,396 ​ ​ 48,313 ​ ​ 26,081 ​ 2009 ​ Aug-10 Rodgers Forge ​ ​ — ​ ​ 15,392 ​ ​ 67,958 ​ ​ 83,350 ​ ​ 6,583 ​ ​ 15,607 ​ ​ 74,326 ​ ​ 89,933 ​ ​ 14,164 ​ 1945 ​ Apr-19 Towson Promenade ​ ​ 58,600 ​ ​ 12,599 ​ ​ 78,847 ​ ​ 91,446 ​ ​ 2,787 ​ ​ 12,635 ​ ​ 81,598 ​ ​ 94,233 ​ ​ 11,352 ​ 2009 ​ Nov-19 1274 at Towson ​ ​ — ​ ​ 7,807 ​ ​ 46,238 ​ ​ 54,045 ​ ​ 2,676 ​ ​ 7,807 ​ ​ 48,914 ​ ​ 56,721 ​ ​ 1,112 ​ 2020 ​ Sep-21 Quarters at Towson Town Center ​ ​ — ​ ​ 16,111 ​ ​ 106,453 ​ ​ 122,564 ​ ​ 481 ​ ​ 16,111 ​ ​ 106,934 ​ ​ 123,045 ​ ​ 1,728 ​ 2008 ​ Nov-21 BALTIMORE, MD ​ 58,600 ​ 72,736 ​ 410,408 ​ 483,144 ​ 39,348 ​ 74,803 ​ 447,689 ​ 522,492 ​ 120,700 ​ ​ ​ ​ Gayton Pointe Townhomes ​ ​ — ​ ​ 826 ​ ​ 5,148 ​ ​ 5,974 ​ ​ 32,000 ​ ​ 3,696 ​ ​ 34,278 ​ ​ 37,974 ​ ​ 32,446 ​ 1973/2007 ​ Sep-95 Waterside At Ironbridge ​ ​ — ​ ​ 1,844 ​ ​ 13,239 ​ ​ 15,083 ​ ​ 10,879 ​ ​ 2,768 ​ ​ 23,194 ​ ​ 25,962 ​ ​ 18,370 ​ 1987 ​ Sep-97 Carriage Homes at Wyndham ​ ​ — ​ ​ 474 ​ ​ 30,997 ​ ​ 31,471 ​ ​ 11,426 ​ ​ 4,228 ​ ​ 38,669 ​ ​ 42,897 ​ ​ 31,122 ​ 1998 ​ Nov-03 Legacy at Mayland ​ ​ — ​ ​ 1,979 ​ ​ 11,524 ​ ​ 13,503 ​ ​ 36,568 ​ ​ 5,873 ​ ​ 44,198 ​ ​ 50,071 ​ ​ 40,415 ​ 1973/2007 ​ Dec-91 RICHMOND, VA ​ — ​ 5,123 ​ 60,908 ​ 66,031 ​ 90,873 ​ 16,565 ​ 140,339 ​ 156,904 ​ 122,353 ​ ​ ​ ​ TOTAL MID-ATLANTIC REGION ​ 347,130 ​ 491,925 ​ 2,192,039 ​ 2,683,964 ​ 618,788 ​ 566,083 ​ 2,736,669 ​ 3,302,752 ​ 1,150,291 ​ ​ ​ ​ NORTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ Garrison Square ​ ​ — ​ ​ 6,475 ​ ​ 91,027 ​ ​ 97,502 ​ ​ 28,004 ​ ​ 6,648 ​ ​ 118,858 ​ ​ 125,506 ​ ​ 65,391 ​ 1887/1990 ​ Sep-10 Ridge at Blue Hills ​ ​ 25,000 ​ ​ 6,039 ​ ​ 34,869 ​ ​ 40,908 ​ ​ 6,744 ​ ​ 6,472 ​ ​ 41,180 ​ ​ 47,652 ​ ​ 24,834 ​ 2007 ​ Sep-10 Inwood West ​ ​ 80,000 ​ ​ 20,778 ​ ​ 88,096 ​ ​ 108,874 ​ ​ 16,204 ​ ​ 19,866 ​ ​ 105,212 ​ ​ 125,078 ​ ​ 63,670 ​ 2006 ​ Apr-11 14 North ​ ​ 72,500 ​ ​ 10,961 ​ ​ 51,175 ​ ​ 62,136 ​ ​ 16,369 ​ ​ 11,552 ​ ​ 66,953 ​ ​ 78,505 ​ ​ 41,519 ​ 2005 ​ Apr-11 100 Pier 4 ​ ​ — ​ ​ 24,584 ​ ​ — ​ ​ 24,584 ​ ​ 203,853 ​ ​ 24,834 ​ ​ 203,603 ​ ​ 228,437 ​ ​ 71,542 ​ 2015 ​ Dec-15 345 Harrison ​ ​ — ​ ​ 32,938 ​ ​ — ​ ​ 32,938 ​ ​ 330,425 ​ ​ 44,910 ​ ​ 318,453 ​ ​ 363,363 ​ ​ 62,358 ​ 2018 ​ Nov-11 Currents on the Charles ​ ​ — ​ ​ 12,580 ​ ​ 70,149 ​ ​ 82,729 ​ ​ 1,866 ​ ​ 12,702 ​ ​ 71,893 ​ ​ 84,595 ​ ​ 12,379 ​ 2015 ​ Jun-19 The Commons at Windsor Gardens ​ ​ — ​ ​ 34,609 ​ ​ 225,515 ​ ​ 260,124 ​ ​ 20,533 ​ ​ 34,683 ​ ​ 245,974 ​ ​ 280,657 ​ ​ 47,677 ​ 1969 ​ Aug-19 Charles River Landing ​ ​ — ​ ​ 17,068 ​ ​ 112,777 ​ ​ 129,845 ​ ​ 1,938 ​ ​ 17,091 ​ ​ 114,692 ​ ​ 131,783 ​ ​ 15,859 ​ 2010 ​ Nov-19 Lenox Farms ​ ​ 94,050 ​ ​ 17,692 ​ ​ 115,899 ​ ​ 133,591 ​ ​ 4,705 ​ ​ 17,699 ​ ​ 120,597 ​ ​ 138,296 ​ ​ 16,896 ​ 2009 ​ Nov-19 Lodge at Ames Pond ​ ​ — ​ ​ 12,645 ​ ​ 70,653 ​ ​ 83,298 ​ ​ 3,561 ​ ​ 12,649 ​ ​ 74,210 ​ ​ 86,859 ​ ​ 10,566 ​ 2010 ​ Nov-19 Union Place ​ ​ 51,800 ​ ​ 9,902 ​ ​ 72,242 ​ ​ 82,144 ​ ​ 2,205 ​ ​ 9,943 ​ ​ 74,406 ​ ​ 84,349 ​ ​ 4,638 ​ 2005 ​ Jan-21 BOSTON, MA ​ 323,350 ​ 206,271 ​ 932,402 ​ 1,138,673 ​ 636,407 ​ 219,049 ​ 1,556,031 ​ 1,775,080 ​ 437,329 ​ ​ ​ ​ 10 Hanover Square ​ ​ — ​ ​ 41,432 ​ ​ 218,983 ​ ​ 260,415 ​ ​ 31,466 ​ ​ 41,830 ​ ​ 250,051 ​ ​ 291,881 ​ ​ 125,878 ​ 2005 ​ Apr-11 21 Chelsea ​ ​ — ​ ​ 36,399 ​ ​ 107,154 ​ ​ 143,553 ​ ​ 16,166 ​ ​ 36,530 ​ ​ 123,189 ​ ​ 159,719 ​ ​ 67,436 ​ 2001 ​ Aug-11 View 34 ​ ​ — ​ ​ 114,410 ​ ​ 324,920 ​ ​ 439,330 ​ ​ 116,670 ​ ​ 116,094 ​ ​ 439,906 ​ ​ 556,000 ​ ​ 246,965 ​ 1985/2013 ​ Jul-11 95 Wall Street ​ ​ — ​ ​ 57,637 ​ ​ 266,255 ​ ​ 323,892 ​ ​ 11,397 ​ ​ 58,114 ​ ​ 277,175 ​ ​ 335,289 ​ ​ 169,531 ​ 2008 ​ Aug-11 Leonard Pointe ​ ​ — ​ ​ 38,010 ​ ​ 93,204 ​ ​ 131,214 ​ ​ 1,483 ​ ​ 38,071 ​ ​ 94,626 ​ ​ 132,697 ​ ​ 18,542 ​ 2015 ​ Feb-19 One William ​ ​ — ​ ​ 6,422 ​ ​ 75,527 ​ ​ 81,949 ​ ​ (92) ​ ​ 6,467 ​ ​ 75,390 ​ ​ 81,857 ​ ​ 12,677 ​ 2018 ​ Aug-19 NEW YORK, NY ​ — ​ 294,310 ​ 1,086,043 ​ 1,380,353 ​ 177,090 ​ 297,106 ​ 1,260,337 ​ 1,557,443 ​ 641,029 ​ ​ ​ ​ Park Square ​ ​ — ​ ​ 10,365 ​ ​ 96,050 ​ ​ 106,415 ​ ​ 1,626 ​ ​ 10,485 ​ ​ 97,556 ​ ​ 108,041 ​ ​ 18,182 ​ 2018 ​ May-19 The Smith Valley Forge ​ ​ — ​ ​ 17,853 ​ ​ 95,973 ​ ​ 113,826 ​ ​ 123 ​ ​ 17,853 ​ ​ 96,096 ​ ​ 113,949 ​ ​ 2,175 ​ 2019 ​ Sep-21 322 on North Broad ​ ​ — ​ ​ 12,240 ​ ​ 124,524 ​ ​ 136,764 ​ ​ 7,597 ​ ​ 12,240 ​ ​ 132,121 ​ ​ 144,361 ​ ​ 2,358 ​ 2018 ​ Sep-21 PHILADELPHIA, PA ​ ​ — ​ ​ 40,458 ​ ​ 316,547 ​ ​ 357,005 ​ ​ 9,346 ​ ​ 40,578 ​ ​ 325,773 ​ ​ 366,351 ​ ​ 22,715 ​ ​ ​ ​ TOTAL NORTHEAST REGION ​ 323,350 ​ 541,039 ​ 2,334,992 ​ 2,876,031 ​ 822,843 ​ 556,733 ​ 3,142,141 ​ 3,698,874 ​ 1,101,073 ​ ​ ​ ​ SOUTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Summit West ​ ​ — ​ ​ 2,176 ​ ​ 4,710 ​ ​ 6,886 ​ ​ 13,799 ​ ​ 4,029 ​ ​ 16,656 ​ ​ 20,685 ​ ​ 15,027 ​ 1972 ​ Dec-92 The Breyley ​ ​ — ​ ​ 1,780 ​ ​ 2,458 ​ ​ 4,238 ​ ​ 20,497 ​ ​ 4,244 ​ ​ 20,491 ​ ​ 24,735 ​ ​ 20,113 ​ 1977/2007 ​ Sep-93 Lakewood Place ​ ​ — ​ ​ 1,395 ​ ​ 10,647 ​ ​ 12,042 ​ ​ 14,595 ​ ​ 3,261 ​ ​ 23,376 ​ ​ 26,637 ​ ​ 19,941 ​ 1986 ​ Mar-94 Cambridge Woods ​ ​ — ​ ​ 1,791 ​ ​ 7,166 ​ ​ 8,957 ​ ​ 13,663 ​ ​ 3,613 ​ ​ 19,007 ​ ​ 22,620 ​ ​ 15,912 ​ 1985 ​ Jun-97 Inlet Bay ​ ​ — ​ ​ 7,702 ​ ​ 23,150 ​ ​ 30,852 ​ ​ 22,725 ​ ​ 10,821 ​ ​ 42,756 ​ ​ 53,577 ​ ​ 36,272 ​ 1988/1989 ​ Jun-03 MacAlpine Place ​ ​ — ​ ​ 10,869 ​ ​ 36,858 ​ ​ 47,727 ​ ​ 15,855 ​ ​ 12,782 ​ ​ 50,800 ​ ​ 63,582 ​ ​ 39,112 ​ 2001 ​ Dec-04 The Vintage Lofts at West End ​ ​ — ​ ​ 6,611 ​ ​ 37,663 ​ ​ 44,274 ​ ​ 24,069 ​ ​ 15,884 ​ ​ 52,459 ​ ​ 68,343 ​ ​ 38,409 ​ 2009 ​ Jul-09 Peridot Palms ​ ​ — ​ ​ 6,293 ​ ​ 89,752 ​ ​ 96,045 ​ ​ 1,788 ​ ​ 6,316 ​ ​ 91,517 ​ ​ 97,833 ​ ​ 18,435 ​ 2017 ​ Feb-19 The Preserve at Gateway ​ ​ — ​ ​ 4,467 ​ ​ 43,723 ​ ​ 48,190 ​ ​ 1,760 ​ ​ 4,519 ​ ​ 45,431 ​ ​ 49,950 ​ ​ 8,337 ​ 2013 ​ May-19 The Slade at Channelside ​ ​ — ​ ​ 10,216 ​ ​ 72,786 ​ ​ 83,002 ​ ​ 4,095 ​ ​ 10,278 ​ ​ 76,819 ​ ​ 87,097 ​ ​ 10,071 ​ 2009 ​ Jan-20 Andover Place at Cross Creek ​ ​ — ​ ​ 11,702 ​ ​ 107,761 ​ ​ 119,463 ​ ​ 6,028 ​ ​ 11,708 ​ ​ 113,783 ​ ​ 125,491 ​ ​ 13,315 ​ 1997/1999 ​ Nov-20 TAMPA, FL ​ — ​ 65,002 ​ 436,674 ​ 501,676 ​ 138,874 ​ 87,455 ​ 553,095 ​ 640,550 ​ 234,944 ​ ​ ​ ​ Seabrook ​ ​ — ​ ​ 1,846 ​ ​ 4,155 ​ ​ 6,001 ​ ​ 11,099 ​ ​ 3,239 ​ ​ 13,861 ​ ​ 17,100 ​ ​ 12,465 ​ 1984/2004 ​ Feb-96 Altamira Place ​ ​ — ​ ​ 1,533 ​ ​ 11,076 ​ ​ 12,609 ​ ​ 24,241 ​ ​ 4,049 ​ ​ 32,801 ​ ​ 36,850 ​ ​ 30,870 ​ 1984/2007 ​ Apr-94 Regatta Shore ​ ​ — ​ ​ 757 ​ ​ 6,608 ​ ​ 7,365 ​ ​ 19,954 ​ ​ 2,490 ​ ​ 24,829 ​ ​ 27,319 ​ ​ 21,992 ​ 1988/2007 ​ Jun-94 Alafaya Woods ​ ​ — ​ ​ 1,653 ​ ​ 9,042 ​ ​ 10,695 ​ ​ 13,955 ​ ​ 2,934 ​ ​ 21,716 ​ ​ 24,650 ​ ​ 18,196 ​ 1989/2006 ​ Oct-94 Los Altos ​ ​ — ​ ​ 2,804 ​ ​ 12,349 ​ ​ 15,153 ​ ​ 15,271 ​ ​ 4,640 ​ ​ 25,784 ​ ​ 30,424 ​ ​ 21,383 ​ 1990/2004 ​ Oct-96 Lotus Landing ​ ​ — ​ ​ 2,185 ​ ​ 8,639 ​ ​ 10,824 ​ ​ 14,169 ​ ​ 3,399 ​ ​ 21,594 ​ ​ 24,993 ​ ​ 16,834 ​ 1985/2006 ​ Jul-97 Seville On The Green ​ ​ — ​ ​ 1,282 ​ ​ 6,498 ​ ​ 7,780 ​ ​ 9,226 ​ ​ 1,920 ​ ​ 15,086 ​ ​ 17,006 ​ ​ 12,230 ​ 1986/2004 ​ Oct-97 Ashton Waterford ​ ​ — ​ ​ 3,872 ​ ​ 17,538 ​ ​ 21,410 ​ ​ 8,059 ​ ​ 4,611 ​ ​ 24,858 ​ ​ 29,469 ​ ​ 18,838 ​ 2000 ​ May-98 Arbors at Lee Vista ​ ​ — ​ ​ 6,692 ​ ​ 12,860 ​ ​ 19,552 ​ ​ 18,628 ​ ​ 7,925 ​ ​ 30,255 ​ ​ 38,180 ​ ​ 22,812 ​ 1992/2007 ​ Aug-06 Arbors at Maitland Summit ​ ​ — ​ ​ 15,929 ​ ​ 158,079 ​ ​ 174,008 ​ ​ 815 ​ ​ 15,933 ​ ​ 158,890 ​ ​ 174,823 ​ ​ 4,240 ​ 1998 ​ Oct-21 Essex Luxe ​ ​ — ​ ​ 9,068 ​ ​ 94,487 ​ ​ 103,555 ​ ​ 370 ​ ​ 9,069 ​ ​ 94,856 ​ ​ 103,925 ​ ​ 1,576 ​ 2020 ​ Oct-21 ORLANDO, FL ​ — ​ 47,621 ​ 341,331 ​ 388,952 ​ 135,787 ​ 60,209 ​ 464,530 ​ 524,739 ​ 181,436 ​ ​ ​ ​ Legacy Hill ​ ​ — ​ ​ 1,148 ​ ​ 5,867 ​ ​ 7,015 ​ ​ 11,848 ​ ​ 2,113 ​ ​ 16,750 ​ ​ 18,863 ​ ​ 14,461 ​ 1977 ​ Nov-95 Hickory Run ​ ​ — ​ ​ 1,469 ​ ​ 11,584 ​ ​ 13,053 ​ ​ 16,264 ​ ​ 2,834 ​ ​ 26,483 ​ ​ 29,317 ​ ​ 19,412 ​ 1989 ​ Dec-95 Carrington Hills ​ ​ — ​ ​ 2,117 ​ ​ — ​ ​ 2,117 ​ ​ 40,308 ​ ​ 5,031 ​ ​ 37,394 ​ ​ 42,425 ​ ​ 29,897 ​ 1999 ​ Dec-95 Brookridge ​ ​ — ​ ​ 708 ​ ​ 5,461 ​ ​ 6,169 ​ ​ 8,055 ​ ​ 1,527 ​ ​ 12,697 ​ ​ 14,224 ​ ​ 10,542 ​ 1986 ​ Mar-96 Breckenridge ​ ​ — ​ ​ 766 ​ ​ 7,714 ​ ​ 8,480 ​ ​ 7,964 ​ ​ 1,814 ​ ​ 14,630 ​ ​ 16,444 ​ ​ 11,522 ​ 1986 ​ Mar-97 Colonnade ​ ​ — ​ ​ 1,460 ​ ​ 16,015 ​ ​ 17,475 ​ ​ 10,238 ​ ​ 2,578 ​ ​ 25,135 ​ ​ 27,713 ​ ​ 18,640 ​ 1998 ​ Jan-99 The Preserve at Brentwood ​ ​ — ​ ​ 3,182 ​ ​ 24,674 ​ ​ 27,856 ​ ​ 12,506 ​ ​ 4,307 ​ ​ 36,055 ​ ​ 40,362 ​ ​ 29,168 ​ 1998 ​ Jun-04 Polo Park ​ ​ — ​ ​ 4,583 ​ ​ 16,293 ​ ​ 20,876 ​ ​ 19,409 ​ ​ 6,355 ​ ​ 33,930 ​ ​ 40,285 ​ ​ 28,428 ​ 1987/2008 ​ May-06 NASHVILLE, TN ​ — ​ 15,433 ​ 87,608 ​ 103,041 ​ 126,592 ​ 26,559 ​ 203,074 ​ 229,633 ​ 162,070 ​ ​ ​ ​ The Reserve and Park at Riverbridge ​ ​ — ​ ​ 15,968 ​ ​ 56,401 ​ ​ 72,369 ​ ​ 19,638 ​ ​ 16,962 ​ ​ 75,045 ​ ​ 92,007 ​ ​ 55,305 ​ 1999/2001 ​ Dec-04 OTHER FLORIDA ​ — ​ 15,968 ​ 56,401 ​ 72,369 ​ 19,638 ​ 16,962 ​ 75,045 ​ 92,007 ​ 55,305 ​ ​ ​ ​ TOTAL SOUTHEAST REGION ​ — ​ 144,024 ​ 922,014 ​ 1,066,038 ​ 420,891 ​ 191,185 ​ 1,295,744 ​ 1,486,929 ​ 633,755 ​ ​ ​ ​ SOUTHWEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty377 ​ ​ 25,000 ​ ​ 24,036 ​ ​ 32,951 ​ ​ 56,987 ​ ​ 21,746 ​ ​ 26,365 ​ ​ 52,368 ​ ​ 78,733 ​ ​ 38,717 ​ 1999/2007 ​ Aug-06 Legacy Village ​ ​ 90,000 ​ ​ 16,882 ​ ​ 100,102 ​ ​ 116,984 ​ ​ 24,295 ​ ​ 21,493 ​ ​ 119,786 ​ ​ 141,279 ​ ​ 81,246 ​ 2005/06/07 ​ Mar-08 Addison Apts at The Park ​ ​ — ​ ​ 22,041 ​ ​ 11,228 ​ ​ 33,269 ​ ​ 14,859 ​ ​ 31,319 ​ ​ 16,809 ​ ​ 48,128 ​ ​ 12,155 ​ 1977/78/79 ​ May-07 Addison Apts at The Park I ​ ​ — ​ ​ 7,903 ​ ​ 554 ​ ​ 8,457 ​ ​ 7,926 ​ ​ 11,057 ​ ​ 5,326 ​ ​ 16,383 ​ ​ 4,115 ​ 1970 ​ May-07 Addison Apts at The Park II ​ ​ — ​ ​ 10,440 ​ ​ 634 ​ ​ 11,074 ​ ​ 2,075 ​ ​ 8,458 ​ ​ 4,691 ​ ​ 13,149 ​ ​ 3,379 ​ 1975 ​ May-07 Savoye ​ ​ — ​ ​ 8,432 ​ ​ 50,483 ​ ​ 58,915 ​ ​ 2,300 ​ ​ 8,518 ​ ​ 52,697 ​ ​ 61,215 ​ ​ 7,422 ​ 2009 ​ Nov-19 Savoye 2 ​ ​ — ​ ​ 6,451 ​ ​ 56,615 ​ ​ 63,066 ​ ​ 1,689 ​ ​ 6,467 ​ ​ 58,288 ​ ​ 64,755 ​ ​ 8,064 ​ 2011 ​ Nov-19 Fiori on Vitruvian Park ​ ​ 48,456 ​ ​ 7,934 ​ ​ 78,575 ​ ​ 86,509 ​ ​ 2,155 ​ ​ 7,945 ​ ​ 80,719 ​ ​ 88,664 ​ ​ 11,390 ​ 2013 ​ Nov-19 Vitruvian West Phase I ​ ​ 41,317 ​ ​ 6,273 ​ ​ 61,418 ​ ​ 67,691 ​ ​ 1,460 ​ ​ 6,283 ​ ​ 62,868 ​ ​ 69,151 ​ ​ 9,051 ​ 2018 ​ Nov-19 Vitruvian West Phase II ​ ​ — ​ ​ 6,451 ​ ​ 15,798 ​ ​ 22,249 ​ ​ 38,361 ​ ​ 6,454 ​ ​ 54,156 ​ ​ 60,610 ​ ​ 4,424 ​ 2021 ​ Nov-19 The Canal ​ ​ 42,000 ​ ​ 12,671 ​ ​ 98,813 ​ ​ 111,484 ​ ​ 1,483 ​ ​ 12,714 ​ ​ 100,253 ​ ​ 112,967 ​ ​ 5,123 ​ 2017 ​ Apr-21 Cool Springs at Frisco Bridges ​ ​ 89,510 ​ ​ 18,325 ​ ​ 151,982 ​ ​ 170,307 ​ ​ 2,619 ​ ​ 18,335 ​ ​ 154,591 ​ ​ 172,926 ​ ​ 9,395 ​ 2012 ​ May-21 DALLAS, TX ​ 336,283 ​ 147,839 ​ 659,153 ​ 806,992 ​ 120,968 ​ 165,408 ​ 762,552 ​ 927,960 ​ 194,481 ​ ​ ​ ​ Barton Creek Landing ​ ​ — ​ ​ 3,151 ​ ​ 14,269 ​ ​ 17,420 ​ ​ 25,417 ​ ​ 5,506 ​ ​ 37,331 ​ ​ 42,837 ​ ​ 32,431 ​ 1986/2012 ​ Mar-02 Residences at the Domain ​ ​ — ​ ​ 4,034 ​ ​ 55,256 ​ ​ 59,290 ​ ​ 16,075 ​ ​ 4,646 ​ ​ 70,719 ​ ​ 75,365 ​ ​ 47,394 ​ 2007 ​ Aug-08 Red Stone Ranch ​ ​ — ​ ​ 5,084 ​ ​ 17,646 ​ ​ 22,730 ​ ​ 7,298 ​ ​ 5,740 ​ ​ 24,288 ​ ​ 30,028 ​ ​ 15,344 ​ 2000 ​ Apr-12 Lakeline Villas ​ ​ — ​ ​ 4,148 ​ ​ 16,869 ​ ​ 21,017 ​ ​ 4,837 ​ ​ 4,691 ​ ​ 21,163 ​ ​ 25,854 ​ ​ 13,627 ​ 2002 ​ Apr-12 AUSTIN, TX ​ — ​ 16,417 ​ 104,040 ​ 120,457 ​ 53,627 ​ 20,583 ​ 153,501 ​ 174,084 ​ 108,796 ​ ​ ​ ​ Steele Creek ​ ​ — ​ ​ 8,586 ​ ​ 130,400 ​ ​ 138,986 ​ ​ 6,509 ​ ​ 8,706 ​ ​ 136,789 ​ ​ 145,495 ​ ​ 33,231 ​ 2015 ​ Oct-17 DENVER, CO ​ ​ — ​ 8,586 ​ 130,400 ​ 138,986 ​ 6,509 ​ 8,706 ​ 136,789 ​ 145,495 ​ 33,231 ​ ​ ​ ​ TOTAL SOUTHWEST REGION ​ 336,283 ​ 172,842 ​ 893,593 ​ 1,066,435 ​ 181,104 ​ 194,697 ​ 1,052,842 ​ 1,247,539 ​ 336,508 ​ ​ ​ ​ TOTAL OPERATING COMMUNITIES ​ 1,033,763 ​ 2,250,422 ​ 8,356,669 ​ 10,607,091 ​ 3,597,559 ​ 2,501,993 ​ 11,702,657 ​ 14,204,650 ​ 5,113,287 ​ ​ ​ ​ REAL ESTATE UNDER DEVELOPMENT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cirrus ​ ​ — ​ ​ 13,853 ​ ​ — ​ ​ 13,853 ​ ​ 74,466 ​ ​ 13,853 ​ ​ 74,466 ​ ​ 88,319 ​ ​ — ​ ​ ​ ​ 5421 at Dublin Station ​ ​ — ​ ​ 8,922 ​ ​ — ​ ​ 8,922 ​ ​ 93,675 ​ ​ 8,922 ​ ​ 93,675 ​ ​ 102,597 ​ ​ — ​ ​ ​ ​ The George Apartments ​ ​ — ​ ​ 17,341 ​ ​ — ​ ​ 17,341 ​ ​ 35,037 ​ ​ 17,348 ​ ​ 35,030 ​ ​ 52,378 ​ ​ — ​ ​ ​ ​ Vitruvian West Phase III ​ ​ — ​ ​ 7,141 ​ ​ 2,754 ​ ​ 9,895 ​ ​ 40,629 ​ ​ 7,141 ​ ​ 43,383 ​ ​ 50,524 ​ ​ 507 ​ ​ ​ ​ The MO ​ ​ — ​ ​ 27,135 ​ ​ — ​ ​ 27,135 ​ ​ 67,616 ​ ​ 27,135 ​ ​ 67,616 ​ ​ 94,751 ​ ​ — ​ ​ ​ ​ TOTAL REAL ESTATE UNDER DEVELOPMENT ​ — ​ 74,392 ​ 2,754 ​ 77,146 ​ 311,423 ​ 74,399 ​ 314,170 ​ 388,569 ​ 507 ​ ​ ​ ​ LAND ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vitruvian Park® ​ ​ — ​ ​ 32,468 ​ ​ 2,243 ​ ​ 34,711 ​ ​ 11,160 ​ ​ 39,806 ​ ​ 6,065 ​ ​ 45,871 ​ ​ 2,649 ​ ​ ​ ​ Alameda Point Block 11 ​ ​ — ​ ​ 25,006 ​ ​ — ​ ​ 25,006 ​ ​ 2,957 ​ ​ 25,006 ​ ​ 2,957 ​ ​ 27,963 ​ ​ — ​ ​ ​ ​ Meridian ​ ​ — ​ ​ 6,611 ​ ​ — ​ ​ 6,611 ​ ​ 1,772 ​ ​ 6,611 ​ ​ 1,772 ​ ​ 8,383 ​ ​ — ​ ​ ​ ​ TOTAL LAND ​ — ​ 64,085 ​ 2,243 ​ 66,328 ​ 15,889 ​ 71,423 ​ 10,794 ​ 82,217 ​ 2,649 ​ ​ ​ ​ COMMERCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brookhaven Shopping Center ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 29,937 ​ ​ 7,793 ​ ​ 22,144 ​ ​ 29,937 ​ ​ 14,995 ​ ​ ​ ​ TOTAL COMMERCIAL ​ — ​ — ​ — ​ — ​ 29,937 ​ 7,793 ​ 22,144 ​ 29,937 ​ 14,995 ​ ​ ​ ​ Other (b) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,359 ​ ​ — ​ ​ 9,359 ​ ​ 9,359 ​ ​ 241 ​ ​ ​ ​ 1745 Shea Center I ​ ​ — ​ ​ 3,034 ​ ​ 20,534 ​ ​ 23,568 ​ ​ 2,503 ​ ​ 3,081 ​ ​ 22,990 ​ ​ 26,071 ​ ​ 5,417 ​ ​ ​ ​ TOTAL CORPORATE ​ — ​ 3,034 ​ 20,534 ​ 23,568 ​ 11,862 ​ 3,081 ​ 32,349 ​ 35,430 ​ 5,658 ​ ​ ​ ​ TOTAL COMMERCIAL & CORPORATE ​ — ​ 3,034 ​ 20,534 ​ 23,568 ​ 41,799 ​ 10,874 ​ 54,493 ​ 65,367 ​ 20,653 ​ ​ ​ ​ Deferred Financing Costs and Other Non-Cash Adjustments ​ ​ 23,617 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL REAL ESTATE OWNED ​ $ 1,057,380 ​ $ 2,391,933 ​ $ 8,382,200 ​ $ 10,774,133 ​ $ 3,966,670 ​ $ 2,658,689 ​ $ 12,082,114 ​ $ 14,740,803 ​ $ 5,137,096 ​ ​ ​ ​ (a) Date of original construction/date of last major renovation, if applicable. (b) Includes unallocated accruals and capital expenditures. The aggregate cost for federal income tax purposes was approximately $14.0 billion at December 31, 2021 ( unaudited The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 30 to 55 years. ​ 3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION The following is a reconciliation of the carrying amount of total real estate owned at December 31, ( in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Balance at beginning of the year ​ $ 13,071,472 ​ $ 12,602,101 ​ $ 10,196,159 Real estate acquired ​ 1,513,106 ​ 413,488 ​ 2,241,163 Capital expenditures and development ​ 346,365 ​ 299,986 ​ 195,981 Real estate sold ​ (190,140) ​ (244,103) ​ (31,202) Balance at end of the year ​ $ 14,740,803 ​ $ 13,071,472 ​ $ 12,602,101 ​ The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Balance at beginning of the year ​ $ 4,605,366 ​ $ 4,131,353 ​ $ 3,654,160 Depreciation expense for the year ​ 584,228 ​ 560,876 ​ 477,193 Accumulated depreciation on sales ​ (52,498) ​ (86,863) ​ — Balance at end of year ​ $ 5,137,096 ​ $ 4,605,366 ​ $ 4,131,353 ​

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 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 7 "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 own equity. The updated standard will be effective on January 1, 2022; however, early adoption of the ASU is permitted on January 1, 2021. The Company early adopted the guidance on January 1, 2021; however, the updated standard did not have a material impact on the consolidated financial statements and related disclosures. ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ​
Real Estate	Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are capitalized as incurred if the acquisition does not meet the definition of a business. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ​ If a real estate property has indicators of impairment, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. For the years ended December 31, 2021, 2020 and 2019, we did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. 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
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks.
Restricted Cash	Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits.
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 variable interest entity (“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 as of December 31, 2021 and 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2021 ​ 2021 ​ 2020 Note due February 2021 (a) ​ N/A ​ $ — ​ $ 4,000 Note due May 2022 (b) ​ N/A % ​ — ​ ​ 20,000 Note due May 2022 (c) ​ 14.00 % ​ 2,760 ​ ​ — Note due October 2022 (d) N/A % ​ — ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 24,235 ​ ​ 19,685 Notes Receivable ​ ​ ​ ​ 26,995 ​ ​ 158,685 Allowance for credit losses ​ ​ ​ ​ (135) ​ ​ (693) Total notes receivable, net ​ $ 26,860 ​ $ 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 in full. (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 in May 2022. (d) The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million. Interest payments were due when the loan matured. The note was secured by a first priority deed of trust on a 259 apartment home operating community in Bellevue, Washington, which was completed in 2020 . 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 $25.4 million, of which $24.2 million has been funded, including $4.6 million funded during the year ended December 31, 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. In August 2021, the terms of this secured note were amended to increase the aggregate commitment from $22.0 million to $25.4 million. The Company recognized $5.3 million, $9.1 million, and $5.5 million of interest income and zero, zero, and $8.5 million of promoted interest from notes receivable during the years ended December 31, 2021, 2020, and 2019, respectively, none of which was related party interest. Interest income and promoted interest are included in Interest income and other income/(expense), net
Investment in Joint Ventures and Partnerships	Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as VIEs where we are not the primary beneficiary and other entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a VIE, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2021 and 2020, the Company did not have investments in any joint ventures or partnerships that qualify as VIEs where we were determined to be the primary beneficiary We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements.
Derivative Financial Instruments	Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings.
Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership	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 available 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.
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 December 31, 2021 and 2020, UDR’s net deferred tax asset/(liability) was ($0.8) 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 and evaluates its tax positions 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 on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 2018 through 2020 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
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 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.
Discontinued Operations	Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned
Stock-Based Employee Compensation Plans	Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost as stock-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. For performance based awards, the Company remeasures the fair value based on the estimated achievement of the performance criteria each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. Stock-based compensation expense is only recognized for performance based awards that we expect to vest, which we estimate based upon an assessment of the probability that the performance criteria will be achieved. Stock-based compensation expense associated with awards is updated for actual forfeitures. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation and the fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For further discussion, see Note 10, Employee Benefit Plans.
Advertising Costs	Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance
Cost of Raising Capital	Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt.
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 years ended December 31, 2021, 2020, and 2019, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) 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,
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 the entity’s 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 years ended December 31, 2021 and 2020, 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 reduced its reserve to approximately $13.2 million for multifamily tenant lease receivables and increased its reserve to approximately $6.1 million for retail tenant lease receivables (inclusive of $4.0 million of reserves on straight-line lease receivables) for its wholly-owned communities and communities held by joint ventures. In aggregate, the reduction in reserve is reflected as a $0.1 million increase to Rental income and a $0.1 million increase to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the year ended December 31, 2021. During the year ended December 31, 2020, the Company reserved approximately $13.5 million of multifamily tenant lease receivables and approximately $6.0 million of retail tenant lease receivables (inclusive of $3.3 million of reserves on straight-line lease receivables) for its wholly-owned communities and communities held by joint ventures. In aggregate, the reserve is reflected as a $18.4 million reduction to Rental income and a $1.1 million reduction to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the year ended December 31, 2020. The impact to deferred leasing commissions was not material for the years ended December 31, 2021 and 2020. ​ During the year ended December 31, 2020, the Company recorded an impairment charge of $3.1 million on its investment in equity securities of a non-core investment. 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 years ended December 31, 2021 and 2020.
Use of Estimates	Use of Estimates The preparation of these financial statements in accordance with 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 financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates.
Market Concentration Risk	Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2021, the Company held greater than 10% of the carrying value of its real estate portfolio in each of the Metropolitan D.C., Boston, Massachusetts and New York, New York markets.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Summary of notes receivable, net	The following table summarizes our Notes receivable, net as of December 31, 2021 and 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2021 ​ 2021 ​ 2020 Note due February 2021 (a) ​ N/A ​ $ — ​ $ 4,000 Note due May 2022 (b) ​ N/A % ​ — ​ ​ 20,000 Note due May 2022 (c) ​ 14.00 % ​ 2,760 ​ ​ — Note due October 2022 (d) N/A % ​ — ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 24,235 ​ ​ 19,685 Notes Receivable ​ ​ ​ ​ 26,995 ​ ​ 158,685 Allowance for credit losses ​ ​ ​ ​ (135) ​ ​ (693) Total notes receivable, net ​ $ 26,860 ​ $ 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 in full. (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 in May 2022. (d) The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million. Interest payments were due when the loan matured. The note was secured by a first priority deed of trust on a 259 apartment home operating community in Bellevue, Washington, which was completed in 2020 . 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 $25.4 million, of which $24.2 million has been funded, including $4.6 million funded during the year ended December 31, 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. In August 2021, the terms of this secured note were amended to increase the aggregate commitment from $22.0 million to $25.4 million.

REAL ESTATE OWNED (Tables)

REAL ESTATE OWNED (Tables)	12 Months Ended
	Dec. 31, 2021
REAL ESTATE OWNED
Summary of carrying amounts for real estate owned (at cost)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Land ​ $ 2,342,385 ​ $ 2,139,765 Depreciable property — held and used: ​ ​ Land improvements ​ 241,905 ​ 233,823 Building, improvements, and furniture, fixtures and equipment ​ 11,717,931 ​ 10,292,782 Real estate intangible assets ​ ​ 50,013 ​ ​ 40,570 Under development: ​ ​ Land and land improvements ​ 74,399 ​ 73,702 Building, improvements, and furniture, fixtures and equipment ​ 314,170 ​ 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 ​ 14,740,803 ​ 13,071,472 Accumulated depreciation (a) ​ (5,137,096) ​ (4,605,366) Real estate owned, net ​ $ 9,603,707 ​ $ 8,466,106 (a) Accumulated depreciation is inclusive of $8.8 million and $5.8 million of accumulated amortization related to real estate intangible assets as of December 31, 2021 and 2020, respectively.
Schedule of future amortization	The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Balance as of December 31, 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ Thereafter Real estate intangible assets, net (a) ​ $ 41,243 ​ $ 4,311 ​ $ 4,162 ​ $ 3,995 ​ $ 3,858 ​ $ 3,723 ​ $ 21,194 In-place lease intangible assets, net (b) ​ ​ 21,413 ​ ​ 18,812 ​ ​ 571 ​ ​ 533 ​ ​ 489 ​ ​ 382 ​ ​ 626 Total ​ $ 62,656 ​ $ 23,123 ​ $ 4,733 ​ $ 4,528 ​ $ 4,347 ​ $ 4,105 ​ $ 21,820 ​ ​ ​ (a) Real estate intangible assets, net is recorded net of accumulated amortization of $8.8 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the years ended December 31, 2021 and 2020, $3.0 million and $3.1 million, respectively, of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations. ​ (b) In-place lease intangible assets, net is recorded net of accumulated amortization of $20.3 million in Other assets on the Consolidated Balance Sheets. For the years ended December 31, 2021 and 2020, $20.3 million and $46.1 million, respectively, was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations.

JOINT VENTURES AND PARTNERSHI_2

JOINT VENTURES AND PARTNERSHIPS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ ​ Income/(loss) from investments ​ Location of December 31, December 31, December 31, December 31, ​ December 31, ​ December 31, ​ Year Ended December 31, Joint Ventures Properties 2021 2021 2021 2020 ​ 2021 ​ 2020 ​ 2021 2020 2019 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 23,880 ​ $ 26,426 ​ 50.0 % ​ 50.0 % ​ $ (2,544) ​ $ (2,639) ​ $ (2,108) UDR/MetLife II Various 7 1,250 ​ 181,023 ​ 151,353 ​ 50.0 % ​ 50.0 % ​ ​ (3,303) ​ ​ (1,044) ​ ​ 117,574 Other UDR/MetLife Joint Ventures (a) Various 5 1,437 ​ 66,012 ​ 82,072 ​ 50.6 % ​ 50.6 % ​ ​ (11,938) ​ ​ (10,444) ​ ​ (6,349) West Coast Development Joint Ventures (b) ​ Los Angeles, CA ​ — ​ — ​ ​ — ​ ​ 30,080 ​ 47.0 % ​ 47.0 % ​ ​ 2,358 ​ ​ (371) ​ ​ (1,440) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and real estate technology investments ​ $ 270,915 ​ $ 289,931 ​ ​ ​ ​ $ (15,427) ​ $ (14,498) ​ $ 107,677 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Income/(loss) from investments Developer Capital Program ​ ​ Years To ​ UDR December 31, December 31, Year Ended December 31, and Real Estate Technology Investments (c) Location Rate Maturity ​ Commitment (d) 2021 2020 2021 2020 2019 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1532 Harrison ​ San Francisco, CA ​ 11.0 % 0.5 ​ $ 24,645 ​ $ 35,248 ​ $ 34,135 ​ $ 2,354 ​ $ 3,519 ​ $ 3,147 Junction ​ Santa Monica, CA ​ 12.0 % 0.6 ​ ​ 8,800 ​ ​ 13,183 ​ ​ 11,699 ​ ​ 1,484 ​ ​ 1,321 ​ ​ 1,169 1200 Broadway (e) (f) ​ Nashville, TN ​ 12.25 % 0.7 ​ ​ 55,558 ​ ​ 61,326 ​ ​ 69,330 ​ ​ 6,043 ​ ​ 5,309 ​ ​ 4,888 1300 Fairmount (f) ​ Philadelphia, PA ​ 8.5 % 1.6 ​ ​ 51,393 ​ ​ 64,780 ​ ​ 59,544 ​ ​ 5,237 ​ ​ 4,843 ​ ​ 3,098 Essex (g) ​ Orlando, FL ​ — % — ​ ​ — ​ ​ — ​ ​ 16,770 ​ ​ 1,627 ​ ​ 1,965 ​ ​ 1,639 Modera Lake Merritt (f) ​ Oakland, CA ​ 9.0 % 2.3 ​ ​ 27,250 ​ ​ 33,828 ​ ​ 30,928 ​ ​ 2,899 ​ ​ 2,592 ​ ​ 1,067 Thousand Oaks (f) ​ Thousand Oaks, CA ​ 9.0 % 3.1 ​ ​ 20,059 ​ ​ 22,764 ​ ​ 17,919 ​ ​ 1,924 ​ ​ 763 ​ ​ — Vernon Boulevard (f) ​ Queens, NY ​ 13.0 % 3.5 ​ ​ 40,000 ​ ​ 48,210 ​ ​ 42,360 ​ ​ 5,845 ​ ​ 2,348 ​ ​ — Makers Rise (f) (h) ​ Herndon, VA ​ 9.0 % 4.0 ​ ​ 30,208 ​ ​ 22,828 ​ ​ — ​ ​ 926 ​ ​ — ​ ​ — 121 at Watters (f) (i) ​ Allen, TX ​ 9.0 % 4.2 ​ ​ 19,846 ​ ​ 14,134 ​ ​ — ​ ​ 749 ​ ​ — ​ ​ — Infield Phase I (j) ​ Kissimmee, FL ​ 14.0 % 2.4 ​ ​ 16,044 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Upton Place (k) ​ Washington, D.C. ​ 9.7 % 5.9 ​ ​ 52,163 ​ ​ 29,566 ​ ​ — ​ ​ 92 ​ ​ — ​ ​ — Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I (l) ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 71,464 ​ ​ 20,587 ​ ​ 50,795 ​ ​ 5,143 ​ ​ 4,053 RETV II ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 8,130 ​ ​ 2,283 ​ ​ 1,101 ​ ​ (206) ​ ​ — Total Preferred Equity Investments and Real Estate Technology Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 425,461 ​ ​ 305,555 ​ ​ 81,076 ​ ​ 27,597 ​ ​ 19,061 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sold joint ventures and other investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ (3) ​ ​ 5,745 ​ ​ 11,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Joint Ventures and Developer Capital Program and Real Estate Technology Investments, net (a) ​ ​ ​ ​ $ 696,376 ​ $ 595,486 ​ $ 65,646 ​ $ 18,844 ​ $ 137,873 (a) As of December 31, 2021 and 2020, the Company’s negative investment in 13 th and Market Properties LLC of $6.1 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, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statement of Operations. (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 investment balance was paid down by $12.5 million and the Company’s preferred return increased to 12.25%. In J anuary 2022, the joint venture sold its community, a 313 home operating community located in Nashville, Tennessee, for a sales price of approximately $294.0 million. The Company received cash of $74.1 million, consisting of its investment and contractually accrued preferred return of $62.4 million and $11.7 million of variable participation on the sale of the community. (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 October 2021, the Company acquired its joint venture partner’s common equity interest in a 330 apartment home operating community located in Orlando, Florida, for a purchase price of approximately $47.9 million. As a result, in October 2021, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Estate Owned ) . (h) 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 . (i) 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 . (j) 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 . (k) In December 2021, the Company entered into a joint venture agreement with an unaffiliated joint venture partner. The purpose of the joint venture is to make a preferred equity investment in a project to develop and operate a 689 apartment home community in Washington D.C. The Company’s share of the preferred equity investment of $52.2 million earns a preferred return of 9.7% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (l) The Company recognized approximately $50.8 million of investment income from RETV I for the year ended December 31, 2021, which primarily related to unrealized gains from one portfolio investment held by RETV I, SmartRent, Inc. (“SmartRent”). In 2021, SmartRent, a provider of smart home automation solutions, went public through a merger with a publicly traded special purpose acquisition company (“SPAC”). As a result, SmartRent began trading on the New York Stock Exchange under the ticker symbol “SMRT.” Due to the merger, all shares of SmartRent that RETV I held were converted to publicly traded SmartRent shares based on a pre-determined conversion factor. Following the merger and stock conversion, RETV I began recording its investment in SmartRent based on the share price at the end of the reporting period less an illiquidity discount based upon a lock-up restriction on selling or transferring the investment for a period of time .
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	Condensed summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the years ended December 31, 2021, 2020, and 2019 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ ​ ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ ​ ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2021 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ RETV I ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,186 ​ $ 52,324 ​ $ 52,614 ​ $ 184 ​ $ 6 ​ $ 114,314 ​ $ 18,509 ​ $ 132,823 Property operating expenses ​ 4,506 ​ 24,165 ​ 23,090 ​ 333 ​ 1,445 ​ 53,539 ​ 15,626 ​ 69,165 Real estate depreciation and amortization ​ 5,948 ​ 19,006 ​ 33,532 ​ — ​ — ​ 58,486 ​ 8,429 ​ 66,915 Gain/(loss) on sale of real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ 34,757 ​ ​ — ​ ​ 34,757 ​ ​ — ​ ​ 34,757 Operating income/(loss) ​ (1,268) ​ 9,153 ​ (4,008) ​ 34,608 ​ (1,439) ​ 37,046 ​ (5,546) ​ 31,500 Interest expense ​ (3,068) ​ (11,873) ​ (17,366) ​ (41) ​ (17) ​ (32,365) ​ (11,161) ​ (43,526) Other income/(loss) ​ — ​ — ​ — ​ (1,238) ​ — ​ (1,238) ​ (623) ​ (1,861) Net realized gain/(loss) on held investments ​ ​ — ​ — ​ — ​ — ​ 12,341 ​ 12,341 ​ — ​ 12,341 Net unrealized gain/(loss) on held investments (a) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 285,155 ​ ​ 285,155 ​ ​ 16,276 ​ ​ 301,431 Net income/(loss) ​ $ (4,336) ​ $ (2,720) ​ $ (21,374) ​ $ 33,329 ​ $ 296,040 ​ $ 300,939 ​ $ (1,054) ​ $ 299,885 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 108,340 ​ $ 636,674 ​ $ 558,680 ​ $ — ​ $ — ​ $ 1,303,694 ​ $ 739,464 ​ $ 2,043,158 Investments, at fair value ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 405,675 ​ ​ 405,675 ​ ​ 54,566 ​ ​ 460,241 Real estate assets held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 168,668 ​ ​ 168,668 Cash and cash equivalents ​ 1,378 ​ 5,864 ​ 5,668 ​ — ​ 3,681 ​ 16,591 ​ 6,300 ​ 22,891 Other assets ​ 1,804 ​ 10,483 ​ 5,419 ​ — ​ 14 ​ 17,720 ​ 11,228 ​ 28,948 Total assets ​ 111,522 ​ 653,021 ​ 569,767 ​ — ​ 409,370 ​ 1,743,680 ​ 980,226 ​ 2,723,906 Third party debt, net ​ 71,003 ​ 336,533 ​ 453,182 ​ — ​ — ​ 860,718 ​ 355,200 ​ 1,215,918 Liabilities held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 106,990 ​ ​ 106,990 Accounts payable and accrued liabilities ​ 1,059 ​ 7,360 ​ 5,866 ​ — ​ 90 ​ 14,375 ​ 37,314 ​ 51,689 Total liabilities ​ 72,062 ​ 343,893 ​ 459,048 ​ — ​ 90 ​ 875,093 ​ 499,504 ​ 1,374,597 Total equity ​ $ 39,460 ​ $ 309,128 ​ $ 110,719 ​ $ — ​ $ 409,280 ​ $ 868,587 ​ $ 480,722 ​ $ 1,349,309 (a) Net unrealized gain/(loss) on held investments primarily related to unrealized gains from SmartRent, which became a public company in 2021. For the year ended December 31, 2021, the Company recorded its share of the net unrealized gain/(loss) on held investments of $49.9 million, of which $48.9 million related to SmartRent, in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations (see footnote “l” from above). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ ​ ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ ​ ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2020 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ RETV I ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,480 ​ $ 56,274 ​ $ 57,781 ​ $ 8,668 ​ $ 19 ​ $ 132,222 ​ $ 16,170 ​ $ 148,392 Property operating expenses ​ 4,978 ​ 21,951 ​ 22,870 ​ 4,477 ​ 2,382 ​ 56,658 ​ 5,850 ​ 62,508 Real estate depreciation and amortization ​ 5,980 ​ 18,912 ​ 35,454 ​ 3,338 ​ — ​ 63,684 ​ 3,495 ​ 67,179 Operating income/(loss) ​ (1,478) ​ 15,411 ​ (543) ​ 853 ​ (2,363) ​ 11,880 ​ 6,825 ​ 18,705 Interest expense ​ (3,075) ​ (15,386) ​ (17,457) ​ (1,344) ​ — ​ (37,262) ​ (3,121) ​ (40,383) Other income/(loss) ​ — ​ 204 ​ — ​ 63 ​ — ​ 267 ​ 35 ​ 302 Net unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,151 ​ ​ 36,151 ​ ​ (10) ​ ​ 36,141 Net income/(loss) ​ $ (4,553) ​ $ 229 ​ $ (18,000) ​ $ (428) ​ $ 33,788 ​ $ 11,036 ​ $ 3,729 ​ $ 14,765 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 114,192 ​ $ 650,593 ​ $ 589,822 ​ $ — ​ $ — ​ $ 1,354,607 ​ $ 550,198 ​ $ 1,904,805 Investments, at fair value ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 114,026 ​ ​ 114,026 ​ ​ 5,490 ​ ​ 119,516 Real estate assets held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ 88,458 ​ ​ — ​ ​ 88,458 ​ ​ — ​ ​ 88,458 Cash and cash equivalents ​ 2,585 ​ 4,369 ​ 7,049 ​ — ​ 1,364 ​ ​ 15,367 ​ ​ 6,911 ​ 22,278 Other assets ​ 1,622 ​ 14,133 ​ 6,214 ​ — ​ 9 ​ ​ 21,978 ​ ​ 9,400 ​ 31,378 Total assets ​ 118,399 ​ 669,095 ​ 603,085 ​ 88,458 ​ 115,399 ​ 1,594,436 ​ 571,999 ​ 2,166,435 Third party debt, net ​ 70,946 ​ 416,364 ​ 454,153 ​ — ​ — ​ ​ 941,463 ​ ​ 247,247 ​ 1,188,710 Liabilities held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ 55,440 ​ ​ — ​ ​ 55,440 ​ ​ — ​ ​ 55,440 Accounts payable and accrued liabilities ​ 3,507 ​ 6,764 ​ 8,593 ​ — ​ 2,397 ​ ​ 21,261 ​ ​ 19,295 ​ 40,556 Total liabilities ​ 74,453 ​ 423,128 ​ 462,746 ​ 55,440 ​ 2,397 ​ 1,018,164 ​ 266,542 ​ 1,284,706 Total equity ​ $ 43,946 ​ $ 245,967 ​ $ 140,339 ​ $ 33,018 ​ $ 113,002 ​ $ 576,272 ​ $ 305,457 ​ $ 881,729 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ ​ ​ Total ​ Capital Program ​ ​ ​ For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ ​ ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2019 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ RETV I ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,834 ​ $ 151,226 ​ $ 102,888 ​ $ 14,058 ​ $ 96 ​ $ 278,102 ​ $ 11,146 ​ $ 289,248 Property operating expenses ​ 4,533 ​ 54,445 ​ 39,542 ​ 6,829 ​ 2,909 ​ ​ 108,258 ​ ​ 523 ​ 108,781 Real estate depreciation and amortization ​ 5,787 ​ 44,077 ​ 50,579 ​ 5,440 ​ — ​ ​ 105,883 ​ ​ — ​ 105,883 Gain/(loss) on sale of real estate (a) ​ — ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 Operating income/(loss) ​ (486) ​ 52,704 ​ 128,283 ​ 1,789 ​ (2,813) ​ 179,477 ​ 10,623 ​ 190,100 Interest expense ​ (3,070) ​ (44,825) ​ (27,647) ​ (4,656) ​ — ​ ​ (80,198) ​ ​ — ​ (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ​ ​ — ​ ​ 458,195 ​ ​ 25,711 ​ ​ — ​ ​ — ​ ​ 483,906 ​ ​ — ​ ​ 483,906 Other income/(loss) ​ ​ — ​ — ​ — ​ 159 ​ — ​ ​ 159 ​ ​ (68) ​ 91 Net unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 26,417 ​ ​ 26,417 ​ ​ — ​ ​ 26,417 Net income/(loss) ​ $ (3,556) ​ $ 466,074 ​ $ 126,347 ​ $ (2,708) ​ $ 23,604 ​ $ 609,761 ​ $ 10,555 ​ $ 620,316 ​ (a) Represent the gains on the sale of three operating communities at the UDR/KFH joint venture level. (b) Represent the net gains on the revaluation of the assets and liabilities to fair value of 15 operating communities at the UDR/MetLife II joint venture level and one development community and four land parcels at the UDR/MetLife Vitruvian Park® joint venture level prior to their distribution to the Company or MetLife in November 2019. The net gain on revaluation of assets and liabilities to fair value was recognized at the joint venture level as the respective joint ventures distributed their equity interests in the real estate to the Company or MetLife at fair value.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2022 ​ $ 12,442 2023 ​ ​ 12,442 2024 ​ ​ 12,442 2025 ​ ​ 12,442 2026 ​ ​ 12,442 Thereafter ​ ​ 430,337 Total future minimum lease payments (undiscounted) ​ ​ 492,547 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (300,059) Total operating lease liabilities (discounted) ​ $ 192,488
Lessee - components of operating lease expenses	The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 12,924 ​ $ 12,821 ​ $ 8,272 Variable lease expense (a) ​ ​ 78 ​ ​ 119 ​ ​ 664 Total operating lease expense (b)(c) ​ $ 13,002 ​ $ 12,940 ​ $ 8,936 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of a community’s income. (b) Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the year ended December 31, 2021, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.5 million and $3.1 million, respectively, for the year ended December 31, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.3 million and $3.0 million, respectively, and for the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.2 million and $0.8 million, respectively. Due to the net impact of the amortization, the Company recorded $0.3 million, $0.3 million and $0.4 million of total operating lease expense during the years ended December 31, 2021, 2020 and 2019, respectively.
Lessor - Future minimum lease payments	Future minimum lease payments from our retail and commercial leases as of December 31, 2021 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2022 ​ $ 25,208 2023 ​ ​ 23,746 2024 ​ ​ 21,649 2025 ​ ​ 18,541 2026 ​ ​ 15,734 Thereafter ​ ​ 67,713 Total future minimum lease payments (a) ​ $ 172,591 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less.

SECURED AND UNSECURED DEBT, N_2

SECURED AND UNSECURED DEBT, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Unsecured Debt
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at December 31, 2021 and 2020 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2021 2020 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 1,006,762 ​ $ 824,550 3.42 % 6.4 14 Deferred financing costs and other non-cash adjustments (b) ​ 23,678 ​ 10,665 Total fixed rate secured debt, net ​ 1,030,440 ​ 835,215 3.42 % 6.4 14 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 0.71 % 10.2 1 Deferred financing costs ​ (60) ​ (68) Total variable rate secured debt, net ​ 26,940 ​ 26,932 0.71 % 10.2 1 Total Secured Debt, net ​ 1,057,380 ​ 862,147 3.35 % 6.5 15 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2026 (d) (o) ​ — ​ — — % 4.1 Borrowings outstanding under unsecured commercial paper program due January 2022 (e) (o) ​ ​ 220,000 ​ ​ 190,000 ​ 0.34 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2024 ​ 29,546 ​ 28,024 0.88 % 2.0 Term Loan due January 2027 (d) (o) ​ 35,000 ​ 35,000 0.95 % 5.1 Fixed Rate Debt ​ ​ Term Loan due January 2027 (d) (o) ​ ​ 315,000 ​ 315,000 1.02 % 5.1 ​ ​ 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 2.7 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 % 4.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $388 and $458, respectively) (i) (o) ​ ​ 299,612 ​ ​ 299,542 ​ 4.03 % 5.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $717 and $835, respectively) (o) ​ ​ 299,283 ​ ​ 299,165 ​ 3.50 % 6.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $4 and $5, respectively) (j) (o) ​ ​ 299,996 ​ ​ 299,995 ​ 4.27 % 7.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $11,040 and $12,412, respectively) (k) (o) ​ ​ 611,040 ​ ​ 612,412 ​ 3.32 % 8.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of premiums/discounts of $11,498 and $1,027, respectively) (l) (o) ​ ​ 611,498 ​ ​ 398,973 ​ 3.01 % 9.6 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $373 and $408, respectively) (o) ​ ​ 399,627 ​ ​ 399,592 ​ 2.10 % 10.6 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,351 and $1,471, respectively) (o) ​ ​ 348,649 ​ ​ 348,529 ​ 1.90 % 11.2 ​ ​ 2.10% Medium-Term Notes due June 2033 (net of discounts of $1,140 and $0, respectively) (m) (o) ​ ​ 298,860 ​ ​ — ​ 2.10 % 11.5 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,133 and $1,221, respectively) (n) (o) ​ ​ 298,867 ​ ​ 298,779 ​ 3.13 % 12.8 ​ ​ Other ​ 7 ​ 10 Deferred financing costs ​ (27,222) ​ (25,937) Total Unsecured Debt, net ​ 4,355,407 ​ 4,114,401 2.72 % 8.0 Total Debt, net ​ $ 5,412,787 ​ $ 4,976,548 2.80 % 7.7
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 years subsequent to December 31, 2021 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2022 ​ $ 1,140 ​ $ — ​ $ 1,140 ​ $ 220,000 (a) $ 221,140 2023 ​ ​ 1,242 ​ ​ — ​ ​ 1,242 ​ ​ — ​ ​ 1,242 2024 ​ 96,747 ​ — ​ 96,747 ​ 45,190 ​ 141,937 2025 ​ 174,793 ​ — ​ 174,793 ​ — ​ 174,793 2026 ​ 52,744 ​ — ​ 52,744 ​ 300,000 ​ 352,744 2027 ​ 2,860 ​ — ​ 2,860 ​ 650,000 ​ 652,860 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 2031 ​ 160,930 ​ — ​ 160,930 ​ 600,000 ​ 760,930 Thereafter ​ — ​ 27,000 ​ 27,000 ​ 1,350,000 ​ 1,377,000 Subtotal ​ 1,006,762 ​ 27,000 ​ 1,033,762 ​ 4,365,190 ​ 5,398,952 Non-cash (b) ​ 23,678 ​ (60) ​ 23,618 ​ (9,783) ​ 13,835 Total ​ $ 1,030,440 ​ $ 26,940 ​ $ 1,057,380 ​ $ 4,355,407 ​ $ 5,412,787 (a) All unsecured debt due in the remainder of 2022 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. For the years ended December 31, 2021 and 2020, the Company amortized $4.7 million and $4.4 million, respectively, 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 December 31, 2021 and 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Total unsecured commercial paper program $ 700,000 ​ $ 500,000 ​ Borrowings outstanding at end of period ​ 220,000 ​ 190,000 ​ Weighted average daily borrowings during the period ended ​ 419,563 ​ 227,090 ​ Maximum daily borrowings during the period ended ​ 700,000 ​ 500,000 ​ Weighted average interest rate during the period ended ​ 0.2 % 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 December 31, 2021 and 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 2020 ​ Total revolving credit facility ​ $ 1,300,000 ​ $ 1,100,000 ​ Borrowings outstanding at end of period (1) ​ — ​ — ​ Weighted average daily borrowings during the period ended ​ 13,068 ​ 42,186 ​ Maximum daily borrowings during the period ended ​ 305,000 ​ 375,000 ​ Weighted average interest rate during the period ended ​ 0.9 % 1.4 % Interest rate at end of the period ​ — % — % (1) Excludes $2.6 million and $2.8 million of letters of credit at December 31, 2021 and 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 December 31, 2021 and 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 29,546 ​ 28,024 ​ Weighted average daily borrowings during the period ended ​ 10,473 ​ 20,132 ​ Maximum daily borrowings during the period ended ​ 46,038 ​ 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)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 160,993 ​ $ 68,970 ​ $ 199,579 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (10,873) ​ (4,543) ​ (14,426) Net (income)/loss attributable to noncontrolling interests ​ (104) ​ (161) ​ (188) Net income/(loss) attributable to UDR, Inc. ​ 150,016 ​ 64,266 ​ 184,965 Distributions to preferred stockholders — Series E (Convertible) ​ (4,229) ​ (4,230) ​ (4,104) Income/(loss) attributable to common stockholders - basic and diluted ​ $ 145,787 ​ $ 60,036 ​ $ 180,861 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ Weighted average common shares outstanding ​ 300,579 ​ 294,808 ​ 285,509 Non-vested restricted stock awards ​ (253) ​ (263) ​ (262) Denominator for basic income/(loss) per share ​ 300,326 ​ 294,545 ​ 285,247 Incremental shares issuable from assumed conversion of unvested LTIP Units, unvested restricted stock and shares issuable upon settlement of forward sales agreements ​ 1,377 ​ 382 ​ 768 Denominator for diluted income/(loss) per share ​ 301,703 ​ 294,927 ​ 286,015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ Basic ​ $ 0.49 ​ $ 0.20 ​ $ 0.63 Diluted ​ $ 0.48 ​ $ 0.20 ​ $ 0.63
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 years ended December 31, 2021, 2020, and 2019 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 OP/DownREIT Units 22,418 22,310 22,773 Convertible preferred stock 2,918 2,950 3,011 Unvested LTIP Units and unvested restricted stock 1,377 382 768

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
STOCKHOLDERS' EQUITY
Schedule of changes in issued and outstanding common and preferred stock	The following table presents the changes in the Company’s issued and outstanding shares of common and preferred stock for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ Preferred Stock ​ ​ Stock ​ Series E ​ Series F Balance at December 31, 2018 275,546 2,781 15,802 Issuance/(forfeiture) of common and restricted shares, net 50 — — Issuance of common shares through public offering 7,500 ​ — ​ — Issuance of common shares though ATM program ​ 6,988 ​ — ​ — Issuance of common shares through forward sales agreement ​ 1,339 ​ — ​ — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 1,969 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership ​ 1,196 — — Forfeiture of Series F shares ​ — — (1,111) Balance at December 31, 2019 294,588 2,781 14,691 Issuance/(forfeiture) of common and restricted shares, net 104 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) ​ 2,121 — — Repurchase of common shares ​ (597) ​ — ​ — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 3 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 300 — — Conversion of Series E Cumulative Convertible shares ​ 93 ​ (86) ​ — Forfeiture of Series F shares — — (250) Balance at December 31, 2020 296,612 2,695 14,441 Issuance/(forfeiture) of common and restricted shares, net 97 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) ​ 19,517 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 44 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,880 — — Forfeiture of Series F shares — — (1,858) Balance at December 31, 2021 318,150 2,695 12,583

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS.
Summary of LTIP Units and restricted stock activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested Performance Units Outstanding ​ Performance Units Exercisable ​ LTIP Units ​ Restricted Stock ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Average Fair ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average Fair ​ ​ ​ Value Per ​ Number of ​ Exercise ​ Number of ​ Exercise ​ Number of ​ Value Per ​ Number ​ Restricted ​ Units ​ Price ​ Units ​ Price ​ LTIP Units ​ LTIP Unit ​ of shares ​ Stock Balance, December 31, 2020 — ​ $ — — ​ $ — 727 ​ $ 41.58 237 ​ $ 42.31 Granted 2,962 ​ 42.30 — ​ — 103 ​ 37.52 161 ​ 39.09 Exercised — ​ — — ​ — — ​ — — ​ — Vested — ​ — — ​ — (400) ​ 40.05 (125) ​ 39.91 Forfeited — ​ — — ​ — (10) ​ 46.12 (25) ​ 38.79 Balance, December 31, 2021 2,962 ​ $ 42.30 — ​ $ - 420 ​ $ 41.94 248 ​ $ 40.30

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of taxable distributions paid per common share	Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2021, 2020 and 2019 ( unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Ordinary income $ 0.9798 $ 1.0320 $ 0.9810 Qualified ordinary income ​ 0.0405 ​ 0.0039 ​ 0.0040 Long-term capital gain ​ 0.3577 ​ 0.2974 ​ 0.0210 Unrecaptured section 1250 gain ​ 0.0695 ​ 0.0892 ​ 0.0630 Nondividend distributions ​ ​ — ​ ​ — ​ ​ 0.2810 Total ​ $ 1.4475 ​ $ 1.4225 ​ $ 1.3500
Schedule of components of the provision for income taxes	The components of the provision for income taxes are as follows for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Income tax (benefit)/provision ​ ​ ​ Current ​ ​ ​ Federal ​ $ 2,693 ​ $ (148) ​ $ 1,466 State ​ 1,236 ​ 1,374 ​ 735 Total current ​ 3,929 ​ 1,226 ​ 2,201 Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (1,770) ​ 894 ​ 1,266 State ​ (672) ​ 451 ​ 371 Investment tax credit ​ ​ (48) ​ ​ (26) ​ ​ — Total deferred ​ (2,490) ​ 1,319 ​ 1,637 Total income tax (benefit)/provision ​ $ 1,439 ​ $ 2,545 ​ $ 3,838
Schedule of components of TRS deferred tax assets and liabilities	The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Deferred tax assets: ​ ​ ​ Federal and state tax attributes ​ $ 60 ​ $ 6 ​ $ 22 Other ​ 102 ​ 147 ​ 87 Total deferred tax assets ​ 162 ​ 153 ​ 109 Valuation allowance ​ (32) ​ (23) ​ (19) Net deferred tax assets ​ 130 ​ 130 ​ 90 Deferred tax liabilities: ​ ​ ​ Book/tax depreciation and basis ​ ​ (860) ​ ​ (638) ​ ​ (367) Other investment ventures ​ ​ — ​ ​ (2,665) ​ ​ (1,291) Other ​ (68) ​ (67) ​ (67) Total deferred tax liabilities ​ (928) ​ (3,370) ​ (1,725) Net deferred tax assets/(liabilities) ​ $ (798) ​ $ (3,240) ​ $ (1,635)
Schedule of effective income tax rate reconciliation	Income tax provision/(benefit), net from our TRS differed from the amounts computed by applying the U.S. statutory rate of 21% to pretax income/(loss) for the years ended December 31, 2021, 2020, and 2019 as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Income tax provision/(benefit) ​ ​ ​ U.S. federal income tax provision/(benefit) ​ $ 1,058 ​ $ 1,240 ​ $ 2,905 State income tax provision ​ 664 ​ 1,434 ​ 1,013 Other items ​ (246) ​ (165) ​ (139) Solar credit amortization ​ ​ (48) ​ ​ (26) ​ ​ — ITC basis adjustment ​ 2 ​ 58 ​ 56 Valuation allowance ​ 9 ​ 4 ​ 3 Total income tax provision/(benefit) ​ $ 1,439 ​ $ 2,545 ​ $ 3,838 ​

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2021 and 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at beginning of year $ 856,294 $ 1,018,665 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 502,768 ​ (143,741) OP Units issued for real estate, net ​ 48,533 ​ — Conversion of OP Units/DownREIT Units to Common Stock ​ (99,932) ​ (12,666) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 10,873 ​ 4,543 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (34,044) ​ (34,149) Vesting of Long-Term Incentive Plan Units ​ ​ 14,576 ​ ​ 23,501 Allocation of other comprehensive income/(loss) ​ 374 ​ 141 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year ​ $ 1,299,442 ​ $ 856,294 ​

FAIR VALUE OF DERIVATIVES AND_2

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 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 ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2021 (a) ​ 2021 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 26,860 ​ $ 27,372 ​ $ — ​ $ — ​ $ 27,372 Equity securities (c) ​ ​ 3,230 ​ ​ 3,230 ​ ​ — ​ ​ — ​ ​ 3,230 Derivatives - Interest rate contracts (d) ​ 3,279 ​ 3,279 ​ — ​ 3,279 ​ — Total assets ​ $ 33,369 ​ $ 33,881 ​ $ — ​ $ 3,279 ​ $ 30,602 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured debt instruments - fixed rate: (e) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 1,033,764 ​ $ 1,032,582 ​ $ — ​ $ — ​ $ 1,032,582 Secured debt instruments - variable rate: (e) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (e) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 29,546 ​ ​ 29,546 ​ ​ — ​ ​ — ​ ​ 29,546 Commercial paper program ​ ​ 220,000 ​ ​ 220,000 ​ ​ — ​ ​ — ​ ​ 220,000 Unsecured notes ​ ​ 4,133,083 ​ ​ 4,199,363 ​ ​ — ​ ​ — ​ ​ 4,199,363 Total liabilities ​ $ 5,443,393 ​ $ 5,508,491 ​ $ — ​ $ — ​ $ 5,508,491 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) ​ $ 1,299,442 ​ $ 1,299,442 ​ $ — ​ $ 1,299,442 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Equity securities (c) ​ ​ 500 ​ ​ 500 ​ ​ — ​ ​ — ​ ​ 500 Derivatives - Interest rate contracts (d) ​ 2 ​ 2 ​ — ​ 2 ​ — Total assets ​ $ 158,494 ​ $ 170,913 ​ $ — ​ $ 2 ​ $ 170,911 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (d) ​ $ 167 ​ $ 167 ​ $ — ​ $ 167 ​ $ — Secured debt instruments - fixed rate: (e) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 837,473 ​ ​ 854,084 ​ ​ — ​ ​ — ​ ​ 854,084 Secured debt instruments - variable rate: (e) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (e) ​ ​ ​ ​ ​ ​ ​ 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 (f) ​ $ 856,294 ​ $ 856,294 ​ $ — ​ $ 856,294 ​ $ — (a) Certain balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) The Company holds an investment in a publicly traded real estate technology company, SmartRent, that is subject to a lock-up restriction on selling or transferring the investment for a period of time. The investment is valued at the market price at the end of the period less an illiquidity discount of 15.0% as of December 31, 2021. The Company classifies the investment as Level 3 in the fair value hierarchy based upon the lock-up restriction. Prior to SmartRent becoming a public company in 2021, the securities did not have a readily determinable fair value and were valued under the measurement alternative. (d) See Note 14, Derivatives and Hedging Activity . (e) See Note 7, Secured and Unsecured Debt, Net . (f) See Note 12, Noncontrolling Interests .

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITY (Tables)	12 Months Ended
	Dec. 31, 2021
DERIVATIVES AND HEDGING ACTIVITY
Schedule of outstanding interest rate derivatives	As of December 31, 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 (a) ​ 4 ​ $ 334,880 (a) In addition to the interest rate swaps summarized above, the Company entered into two additional interest rate swaps with a total notional value of $175.0 million that will become effective in July 2022 upon maturity of the $315.0 million notional value interest rate swaps included above.
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 December 31, 2021 and 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 3,279 ​ $ 2 ​ $ — ​ $ 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 years ended December 31, 2021, 2020, and 2019 ( 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 2019 2021 2020 2019 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ 3,502 ​ $ (3,382) ​ $ (8,437) ​ $ (1,755) ​ $ (4,827) ​ $ 2,770 ​ $ — ​ $ — ​ $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Total amount of Interest expense ​ $ 186,267 ​ $ 202,706 ​ $ 170,917 ​
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 December 31, 2021 and 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 Sheets ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Assets ​ Assets ​ Sheets ​ (a) ​ Instruments Received Net Amount December 31, 2021 ​ $ 3,279 ​ $ — ​ $ 3,279 ​ $ — ​ $ — ​ $ 3,279 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Sheets ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2021 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
Summary of real estate commitments	The following summarizes the Company’s real estate commitments at December 31, 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 5 ​ $ 388,569 ​ $ 112,931 Joint ventures: ​ ​ Preferred equity investments 4 ​ ​ 66,528 (b) ​ 53,652 (b) Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I (c) ​ - ​ ​ 71,464 ​ ​ 5,220 ​ RETV II ​ - ​ ​ 8,130 ​ ​ 10,800 ​ Total ​ $ 534,691 ​ $ 182,603 (a) Represents UDR’s investment as of December 31, 2021. (b) Represents UDR’s investment in and remaining commitment for Makers Rise, 121 at Watters, Infield Phase I and Upton Place, which are under development as of December 31, 2021. (c) Includes the impact of unrealized gains which primarily relate to SmartRent becoming a public company. (See Note 5, Joint Ventures and Partnerships) .

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2021, 2020, and 2019, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 414,063 ​ $ 411,988 ​ $ 422,564 Mid-Atlantic Region ​ 246,176 ​ 245,460 ​ 221,509 Northeast Region ​ ​ 211,368 ​ ​ 209,222 ​ ​ 172,658 Southeast Region ​ 144,328 ​ 136,342 ​ 129,354 Southwest Region ​ 97,213 ​ 93,557 ​ 67,804 Non-Mature Communities/Other ​ 132,738 ​ 101,720 ​ 88,350 Total segment and consolidated lease revenue ​ $ 1,245,886 ​ $ 1,198,289 ​ $ 1,102,239 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 10,620 ​ $ 12,357 ​ $ 12,924 Mid-Atlantic Region ​ 8,194 ​ 7,155 ​ 7,429 Northeast Region ​ 4,867 ​ 5,315 ​ 4,003 Southeast Region ​ 6,498 ​ 5,765 ​ 6,752 Southwest Region ​ 3,932 ​ 3,599 ​ 2,897 Non-Mature Communities/Other ​ 4,668 ​ 3,616 ​ 1,894 Total segment and consolidated other revenue ​ $ 38,779 ​ $ 37,807 ​ $ 35,899 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 424,683 ​ $ 424,345 ​ $ 435,488 Mid-Atlantic Region ​ 254,370 ​ 252,615 ​ 228,938 Northeast Region ​ 216,235 ​ 214,537 ​ 176,661 Southeast Region ​ 150,826 ​ 142,107 ​ 136,106 Southwest Region ​ 101,145 ​ 97,156 ​ 70,701 Non-Mature Communities/Other ​ 137,406 ​ 105,336 ​ 90,244 Total segment and consolidated rental income ​ $ 1,284,665 ​ $ 1,236,096 ​ $ 1,138,138 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 312,341 ​ $ 314,381 ​ $ 330,586 Mid-Atlantic Region ​ 175,445 ​ 176,741 ​ 161,325 Northeast Region ​ 137,331 ​ 140,090 ​ 121,800 Southeast Region ​ 102,061 ​ 96,118 ​ 94,420 Southwest Region ​ 63,320 ​ 59,281 ​ 44,018 Non-Mature Communities/Other ​ 76,627 ​ 67,091 ​ 56,154 Total segment and consolidated NOI ​ 867,125 ​ 853,702 ​ 808,303 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 6,102 ​ 5,069 ​ 14,055 Property management ​ (38,540) ​ (35,538) ​ (32,721) Other operating expenses ​ (21,649) ​ (22,762) ​ (13,932) Real estate depreciation and amortization ​ (606,648) ​ (608,616) ​ (501,257) General and administrative ​ (57,541) ​ (49,885) ​ (51,533) Casualty-related (charges)/recoveries, net ​ (3,748) ​ (2,131) ​ (474) Other depreciation and amortization ​ (13,185) ​ (10,013) ​ (6,666) Gain/(loss) on sale of real estate owned ​ ​ 136,052 ​ ​ 119,277 ​ ​ 5,282 Income/(loss) from unconsolidated entities ​ 65,646 ​ 18,844 ​ 137,873 Interest expense ​ (186,267) ​ (202,706) ​ (170,917) Interest income and other income/(expense), net ​ 15,085 ​ 6,274 ​ 15,404 Tax (provision)/benefit, net ​ (1,439) ​ (2,545) ​ (3,838) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (10,873) ​ (4,543) ​ (14,426) Net (income)/loss attributable to noncontrolling interests ​ (104) ​ (161) ​ (188) Net income/(loss) attributable to UDR, Inc. ​ $ 150,016 ​ $ 64,266 ​ $ 184,965 (a) Same-Store Community population consisted of 45,143 apartment homes.
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of December 31, 2021 and 2020 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 4,219,858 ​ $ 4,174,776 Mid-Atlantic Region ​ 2,729,221 ​ 2,698,049 Northeast Region ​ 2,921,469 ​ 2,900,017 Southeast Region ​ 995,597 ​ 974,754 Southwest Region ​ 903,789 ​ 869,228 Non-Mature Communities/Other ​ 2,970,869 ​ 1,454,648 Total segment assets ​ 14,740,803 ​ 13,071,472 Accumulated depreciation ​ (5,137,096) ​ (4,605,366) Total segment assets — net book value ​ 9,603,707 ​ 8,466,106 Reconciling items: ​ ​ Cash and cash equivalents ​ 967 ​ 1,409 Restricted cash ​ 27,451 ​ 22,762 Notes receivable, net ​ 26,860 ​ 157,992 Investment in and advances to unconsolidated joint ventures, net ​ 702,461 ​ 600,233 Operating lease right-of-use assets ​ ​ 197,463 ​ ​ 200,913 Other assets ​ 216,311 ​ 188,118 Total consolidated assets ​ $ 10,775,220 ​ $ 9,637,533 (a) Same-Store Community population consisted of 45,143 apartment homes.

CONSOLIDATION AND BASIS OF PR_2

CONSOLIDATION AND BASIS OF PRESENTATION (Details)	12 Months Ended
	Dec. 31, 2021homecommunityUSD ($)shares	Dec. 31, 2020shares
Consolidation And Basis Of Presentation
Number of Real Estate Properties | community	160
Number of Markets Operating Within | $	21
Number Of Apartment Homes Owned And Consolidated By Company | home	53,229
Joint venture, number of completed or to be completed homes in communities | home	6,570
Preferred equity investment,, number of apartment homes | home	3,733
Operating Partnership outstanding units	186,100,000	184,800,000
United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	176,200,000	176,200,000
Percentage of units outstanding in Partnership	94.70%	95.30%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
General Partners' ownership (as a percent)		57.80%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	32,400,000
Non-affiliated Partners
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	9,900,000
Operating Partnership outstanding units	11,800,000	8,600,000
Percentage of units outstanding in Partnership	5.30%	4.70%
Non-affiliated Partners | UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units		13,700,000
Percentage of units outstanding in Partnership	36.40%	42.20%
UDR, Inc.
Consolidation And Basis Of Presentation
General Partners' ownership (as a percent)	63.60%
Operating Partnership outstanding units	20,600,000	18,700,000

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Apr. 30, 2021	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 31, 2021	Jul. 31, 2021	Nov. 30, 2019
Significant Accounting Policies
Total real estate, net			$ 9,603,707	$ 8,466,106
Gain on extinguishment of debt			(42,336)	(49,190)	$ (29,594)
Unpaid accrued interest			45,980	44,760
Note receivable interest income			5,300	9,100	5,500
Promoted interest received			0	0	8,500
Interest income, related party			0	0	0
Allocation of other comprehensive income/(loss)			374	141
Current income tax expense (benefit)			0
Development Costs Excluding Direct Costs and Capitalized Interest			11,300	12,000	8,400
Capitalized interest during period			9,700	7,000	5,100
Net deferred tax assets/(liabilities)			$ (800)	(3,200)
Minimum Period of Time Units Have Been Outstanding Prior to Redemption			1 year
Unrecognized tax benefit, accrued interest or penalties due to examination			$ 0
Advertising expense			8,300	7,900	6,500
Credit losses			600	700
Adjustment to rental income			(100)	(18,400)
Adjustment to income (loss)			$ (100)	(1,100)
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company			10.00%
Impairment charge on investment				3,100
Buildings | Minimum
Significant Accounting Policies
Property, Plant and Equipment, Useful Life			30 years
Buildings | Maximum
Significant Accounting Policies
Property, Plant and Equipment, Useful Life			55 years
Building improvements | Minimum
Significant Accounting Policies
Property, Plant and Equipment, Useful Life			10 years
Building improvements | Maximum
Significant Accounting Policies
Property, Plant and Equipment, Useful Life			35 years
Furniture, fixtures, equipment, and other assets | Minimum
Significant Accounting Policies
Property, Plant and Equipment, Useful Life			3 years
Furniture, fixtures, equipment, and other assets | Maximum
Significant Accounting Policies
Property, Plant and Equipment, Useful Life			10 years
Note due February 2021
Significant Accounting Policies
Proceeds from secured notes receivable		$ 4,000
Note due October 2022
Significant Accounting Policies
Aggregate commitment on note receivable								$ 115,000
Note due January 2023
Significant Accounting Policies
Aggregate commitment on note receivable			$ 25,400			$ 25,400	$ 22,000
Note maturity public capital threshold			5,000
Additional amount loaned			4,600
Multifamily tenant lease
Significant Accounting Policies
Allowance for doubtful accounts			13,200	13,500
Note due May 2022, One
Significant Accounting Policies
Total real estate, net	$ 25,000
Gain on extinguishment of debt	100
Unpaid accrued interest	$ 4,900
Retail tenant lease
Significant Accounting Policies
Allowance for doubtful accounts			6,100	6,000
Straight-line lease
Significant Accounting Policies
Allowance for doubtful accounts			4,000	3,300
Noncontrollings Interest
Significant Accounting Policies
Allocation of other comprehensive income/(loss)			$ 400	$ 100	$ (800)

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Notes Receivables (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 31, 2021USD ($)	Apr. 30, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Aug. 31, 2021USD ($)	Jan. 31, 2021USD ($)	May 31, 2020USD ($)	Nov. 30, 2019USD ($)home
Accounting Policies [Line Items]
Notes receivable			$ 26,995	$ 158,685
Allowance for credit losses			(135)	(693)
Notes receivable, net			26,860	157,992
Total real estate, net			9,603,707	8,466,106
Gain on extinguishment of debt			(42,336)	(49,190)	$ (29,594)
Unpaid accrued interest			45,980	44,760
Bellevue, WA 259 Home Community
Accounting Policies [Line Items]
Number of apartment homes | home									259
Aggregate Commitment on Note Receivable	$ 115,000
Payment to acquire real estate	171,900
Note due February 2021
Accounting Policies [Line Items]
Notes receivable				4,000			$ 4,000	$ 4,000
Note due May 2022, One
Accounting Policies [Line Items]
Notes receivable		$ 20,000	20,000	20,000
Total real estate, net		25,000
Gain on extinguishment of debt		100
Unpaid accrued interest		$ 4,900
Note due May 2022, Two
Accounting Policies [Line Items]
Notes receivable			$ 2,760
Note Receivable Interest Rate			14.00%
Aggregate Commitment on Note Receivable			$ 2,800
Note due October 2022
Accounting Policies [Line Items]
Notes receivable				115,000
Aggregate Commitment on Note Receivable									$ 115,000
Note due January 2023
Accounting Policies [Line Items]
Notes receivable			$ 24,235	$ 19,685
Note Receivable Interest Rate			10.00%
Aggregate Commitment on Note Receivable	$ 22,000		$ 25,400			$ 25,400
Note maturity public capital threshold			5,000
Additional amount loaned			$ 4,600

REAL ESTATE OWNED - Summarizes

REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate owned
Land	$ 2,342,385	$ 2,139,765
Depreciable property - held and used:
Land improvements	241,905	233,823
Building, improvements, and furniture, fixtures and equipment	11,717,931	10,292,782
Real estate intangible assets	50,013	40,570
Under development:
Real estate under development	388,062	246,867
Real estate owned	14,740,803	13,071,472
Accumulated depreciation	(5,137,096)	(4,605,366)
Total real estate owned, net of accumulated depreciation	9,603,707	8,466,106
Accumulated amortization	8,800	5,800
LAND
Under development:
Real estate under development	74,399	73,702
Construction in progress
Under development:
Real estate under development	$ 314,170	174,175
Land and land improvements
Under development:
Real estate held for disposition		15,184
Building, improvements and furniture, fixtures and equipment
Under development:
Real estate held for disposition		$ 101,471

REAL ESTATE OWNED - Additional

REAL ESTATE OWNED - Additional Information (Details) $ / shares in Units, $ in Thousands	Nov. 30, 2020USD ($)home	Nov. 30, 2021USD ($)home	Oct. 31, 2021USD ($)home$ / sharesshares	Sep. 30, 2021USD ($)home	Aug. 31, 2021USD ($)home	Jul. 31, 2021USD ($)home	Jun. 30, 2021USD ($)home	May 31, 2021USD ($)home	Apr. 30, 2021USD ($)home	Feb. 28, 2021USD ($)home	Jan. 31, 2021USD ($)home	Dec. 31, 2020USD ($)home	Oct. 31, 2020USD ($)home	Aug. 31, 2020USD ($)	May 31, 2020USD ($)home	Jan. 31, 2020USD ($)home	Jun. 30, 2019USD ($)	Dec. 31, 2021USD ($)communityhomestate	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Nov. 30, 2019home
Real Estate Owned Disclosure
Number of real estate properties | community																		160
Number of states in which there are owned and consolidated communities | state																		13
Financing Receivable, before Allowance for Credit Loss												$ 158,685						$ 26,995	$ 158,685
Number of apartment homes owned and consolidated | home																		53,229
Investment in unconsolidated entities												595,486						$ 696,376	595,486
Gain/(loss) on sale of real estate																		136,052	119,277	$ 5,282
Total real estate, net												8,466,106						9,603,707	8,466,106
Debt premium												12,900						27,000	12,900
Gain on extinguishment of debt																		(42,336)	(49,190)	$ (29,594)
In-place intangibles												40,570						50,013	40,570
Long-term Debt																		$ 5,398,952
Number of communities under development | community																		5
Number of homes under development | home																		1,417
Number of Homes Completed | home																		0
Investment																		$ 388,600
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 real estate										$ 50,800
Operating Community 265 Homes in Anaheim [Member]
Real Estate Owned Disclosure
Number of apartment homes sold | home			265
Proceeds from sale of real estate			$ 126,000
Gain/(loss) on sale of real estate			$ 85,200
Note due February 2021
Real Estate Owned Disclosure
Financing Receivable, before Allowance for Credit Loss											$ 4,000	4,000			$ 4,000				4,000
Proceeds from secured notes receivable											$ 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
Total real estate, net									25,000
Gain on extinguishment of debt									$ 100
Preferred Equity Investment Hillsboro Oregon
Real Estate Owned Disclosure
Ownership (as a percent)																100.00%				49.00%
Number of apartment homes | home																276
Payment to acquire real estate																$ 21,600
LAND
Real Estate Owned Disclosure
Proceeds from sale of real estate																	$ 38,000
Gain/(loss) on sale of real estate																	$ 5,300
294 Home Operating Community in Tampa
Real Estate Owned Disclosure
Number of apartment homes acquired | home																294
Real estate acquired																$ 85,200
Real estate acquired																83,100
In-place intangibles																2,100
672 Home Operating Community in Tampa
Real Estate Owned Disclosure
Number of apartment homes acquired | home	672
Real estate acquired	$ 122,500
Real estate acquired	119,400
In-place intangibles	$ 3,100
400 Home Operating Community in Herndon
Real Estate Owned Disclosure
Number of apartment homes acquired | home												400
Real estate acquired												$ 128,600
Real estate acquired												$ 125,900							$ 125,900
In-place intangibles																		$ 2,700
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
Bellevue, WA 259 Home Community
Real Estate Owned Disclosure
Number of apartment homes acquired | home						259
Number of apartment homes | home																					259
Real estate acquired						$ 169,100
In-place intangibles						2,800
Amount of a promissory note						115,000
Payment to acquire real estate						$ 171,900
468 Home Operating Community in Germantown, Maryland
Real Estate Owned Disclosure
Number of apartment homes acquired | home							468
Real estate acquired							$ 119,300
In-place intangibles							2,600
Payment to acquire real estate							$ 121,900
Operating Community 544 Apartment Home Germantown Maryland [Member]
Real Estate Owned Disclosure
Number of apartment homes acquired | home					544
Real estate acquired					$ 124,400
In-place intangibles					2,800
Payment to acquire real estate					$ 127,200
Operating Community 330 Apartment Home Orlando Florida [Member]
Real Estate Owned Disclosure
Number of apartment homes acquired | home			330
Investment in unconsolidated entities				$ 16,400
Ownership (as a percent)			100.00%
Gain or loss on consolidation			$ 0
Real estate acquired			103,600
In-place intangibles			2,400
Payment to acquire real estate			$ 106,000
Number of community issued (in shares) | shares			0.9
Number of valued (per unit) | $ / shares			$ 53
Number of valued			$ 47,900
Repayment of construction loan			$ 39,600
Operating Community 663 Apartment Home Orlando Florida
Real Estate Owned Disclosure
Number of apartment homes acquired | home			663
Real estate acquired			$ 174,100
In-place intangibles			3,700
Payment to acquire real estate			$ 177,800
430 Home Operating Community in Towson, Maryland
Real Estate Owned Disclosure
Number of apartment homes acquired | home		430
Real estate acquired		$ 122,600
In-place intangibles		2,700
Payment to acquire real estate		$ 125,300
Operating community in Philadelphia, PA
Real Estate Owned Disclosure
Number of apartment homes acquired | home				339
Real estate acquired				$ 136,700
In-place intangibles				3,200
Payment to acquire real estate				147,000
Real estate intangibles				$ 7,100
332 Home Operating Community in Alexandria, Virginia
Real Estate Owned Disclosure
Number of apartment homes sold | home													332
Proceeds from sale of real estate													$ 145,000
Gain/(loss) on sale of real estate													$ 58,000
71 Home Operating Community in Bellevue
Real Estate Owned Disclosure
Number of apartment homes sold | home															71
Proceeds from sale of real estate															$ 49,700
Gain/(loss) on sale of real estate															$ 29,600
196 Home Operating Community in Seattle
Real Estate Owned Disclosure
Number of apartment homes sold | home															196
Proceeds from sale of real estate															$ 92,900
Gain/(loss) on sale of real estate															$ 31,700
King of Prussia
Real Estate Owned Disclosure
Real estate acquired														$ 16,200
To Be Developed Parcel Of Land In Tampa, Florida
Real Estate Owned Disclosure
Payment to acquire real estate								$ 6,600
Operating Community In Towson Maryland
Real Estate Owned Disclosure
Number of apartment homes acquired | home				192
Real estate acquired				$ 54,000
In-place intangibles				1,200
Payment to acquire real estate				57,600
Real estate intangibles				$ 2,400
Operating Community In King Of Prussia Pennsylvania
Real Estate Owned Disclosure
Number of apartment homes acquired | home				320
Real estate acquired				$ 113,800
In-place intangibles				2,400
Payment to acquire real estate				$ 116,200
Preferred Equity Investment Hillsboro Oregon
Real Estate Owned Disclosure
Real estate acquired																67,800
In-place intangibles																1,700
Repayments of joint venture construction financing																35,600
Gain on consolidation																$ 0

REAL ESTATE OWNED - Amortizatio

REAL ESTATE OWNED - Amortization of intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible assets, net
Balance as of December 31, 2021	$ 62,656
2021	23,123
2022	4,733
2023	4,528
2024	4,347
2025	4,105
Thereafter	21,820
Accumulated depreciation	5,136,589	$ 4,590,577
Real estate
Intangible assets, net
Balance as of December 31, 2021	41,243
2021	4,311
2022	4,162
2023	3,995
2024	3,858
2025	3,723
Thereafter	21,194
Accumulated depreciation	8,800
Amortization expense	3,000	3,100
In-place lease
Intangible assets, net
Balance as of December 31, 2021	21,413
2021	18,812
2022	571
2023	533
2024	489
2025	382
Thereafter	626
Accumulated depreciation	20,300
Amortization expense	$ 20,300	$ 46,100

JOINT VENTURES AND PARTNERSHI_3

JOINT VENTURES AND PARTNERSHIPS - Summary (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2021USD ($)item	Jan. 31, 2020USD ($)home	Dec. 31, 2021USD ($)homecommunityproperty	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Apr. 30, 2021	Jan. 31, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | community			160
Investment in unconsolidated entities			$ 696,376	$ 595,486
Income/(loss) from investments			65,646	18,844	$ 137,873
Sold joint ventures and other investments			(3)	5,745	$ 11,135
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			$ 270,915	289,931
Preferred Equity Investment 1200 Broadway Nashville TN
Schedule of Equity Method Investments [Line Items]
Rate						12.25%
Preferred Equity Investment Essex Orlando, FL
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | item	330
Payment to acquire real estate	$ 47,900
Preferred Equity Investment Hillsboro Oregon
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | home		276
Payment to acquire real estate		$ 21,600
UDR's Ownership Interest		100.00%			49.00%
Preferred Equity Investment Herndon, Virginia
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities							$ 30,200
Rate							9.00%
Preferred Equity Investment Upton Place, Washington, D C [Member]
Schedule of Equity Method Investments [Line Items]
Rate			9.70%
Development Community | Preferred Equity Investment 1532 Harrison San Francisco, CA
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			$ 35,248	34,135
Rate			11.00%
Years to Maturity			6 months
UDR Commitment			$ 24,645
Income/(loss) from investments			2,354	3,519	$ 3,147
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			$ 61,326	69,330
Rate			12.25%
Years to Maturity			8 months 12 days
UDR Commitment			$ 55,558
Income/(loss) from investments			6,043	5,309	4,888
Development Community | Preferred Equity Investment 1641 Lincoln Santa Monica CA
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			$ 13,183	11,699
Rate			12.00%
Years to Maturity			7 months 6 days
UDR Commitment			$ 8,800
Income/(loss) from investments			1,484	1,321	1,169
Development Community | Preferred Equity Investment 1300 Fairmount Philadelphia, PA
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			$ 64,780	59,544
Rate			8.50%
Years to Maturity			1 year 7 months 6 days
UDR Commitment			$ 51,393
Income/(loss) from investments			5,237	4,843	3,098
Development Community | Preferred Equity Investment Essex Orlando, FL
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities				16,770
Income/(loss) from investments			1,627	1,965	1,639
Development Community | Preferred Equity Investment Modera Lake Merritt, Oakland
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			$ 33,828	30,928
Rate			9.00%
Years to Maturity			2 years 3 months 18 days
UDR Commitment			$ 27,250
Income/(loss) from investments			2,899	2,592	1,067
Development Community | Preferred Equity Investment Thousand Oaks, CA
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			$ 22,764	17,919
Rate			9.00%
Years to Maturity			3 years 1 month 6 days
UDR Commitment			$ 20,059
Income/(loss) from investments			1,924	763
Development Community | Preferred Equity Investment Queens, NY
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			$ 48,210	42,360
Rate			13.00%
Years to Maturity			3 years 6 months
UDR Commitment			$ 40,000
Income/(loss) from investments			5,845	2,348
Development Community | Preferred Equity Investment Makers Rise, Herndon, VA
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			$ 22,828
Rate			9.00%
Years to Maturity			4 years
UDR Commitment			$ 30,208
Income/(loss) from investments			926
Development Community | Preferred Equity Investment 121 at Watters, Allen, TX
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			$ 14,134
Rate			9.00%
Years to Maturity			4 years 2 months 12 days
UDR Commitment			$ 19,846
Income/(loss) from investments			$ 749
Development Community | Preferred Equity Investment Infield Phase I, Kissimmee, FL
Schedule of Equity Method Investments [Line Items]
Rate			14.00%
Years to Maturity			2 years 4 months 24 days
UDR Commitment			$ 16,044
Development Community | Real estate technology investments RETV I
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			71,464	20,587
UDR Commitment			18,000
Income/(loss) from investments			50,795	5,143	4,053
Development Community | Real estate technology investments RETV II
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			8,130	2,283
UDR Commitment			18,000
Income/(loss) from investments			1,101	(206)
Development Community | Preferred Equity Investments and Other Investments
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			425,461	305,555
Income/(loss) from investments			81,076	27,597	$ 19,061
Development Community | Preferred Equity Investment Upton Place, Washington, D C [Member]
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities			$ 29,566
Rate			9.70%
Years to Maturity			5 years 10 months 24 days
UDR Commitment			$ 52,163
Income/(loss) from investments			$ 92
Operating Community | Unconsolidated Joint Venture UDR Met Life I Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property			1
Number of apartment homes | home			150
Investment in unconsolidated entities			$ 23,880	$ 26,426
UDR's Ownership Interest			50.00%	50.00%
Operating Community | Unconsolidated Joint Venture UDR MetLife II Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property			7
Number of apartment homes | home			1,250
Investment in unconsolidated entities			$ 181,023	$ 151,353
UDR's Ownership Interest			50.00%	50.00%
Operating Community | Unconsolidated Joint Venture Other MetLife
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property			5
Number of apartment homes | home			1,437
Investment in unconsolidated entities			$ 66,012	$ 82,072
UDR's Ownership Interest			50.60%	50.60%
Operating Community | Unconsolidated Joint Venture West Coast Development JV
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities				$ 30,080
UDR's Ownership Interest			47.00%	47.00%

JOINT VENTURES AND PARTNERSHI_4

JOINT VENTURES AND PARTNERSHIPS - Commitments (Details) $ in Thousands	1 Months Ended							12 Months Ended
	Jan. 31, 2022USD ($)community	Dec. 31, 2021USD ($)homeitem	Oct. 31, 2021USD ($)item	Apr. 30, 2021USD ($)	Jan. 31, 2021USD ($)itemhome	Jan. 31, 2020USD ($)home	Nov. 30, 2019community	Dec. 31, 2021USD ($)homeitem	Dec. 31, 2020USD ($)community	Dec. 31, 2019USD ($)community	May 31, 2021USD ($)item	Mar. 31, 2021USD ($)community
Joint Ventures
Investment in unconsolidated entities		$ 696,376						$ 696,376	$ 595,486
Gain/(loss) on sale of real estate owned								136,052	119,277	$ 5,282
Deferred fees from the sale of properties		8,700						8,700	8,400
Joint venture management and other fees								$ 6,102	$ 5,069	$ 14,055
Type of revenue								udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Subsequent Event | Limited Partner
Joint Ventures
Investment in unconsolidated entities	$ 7,500
Commitment	$ 25,000
Management Service
Joint Ventures
Joint venture management and other fees								$ 6,100	$ 5,100	$ 14,000
Unconsolidated Joint Ventures and Partnerships
Joint Ventures
Gain/(loss) on sale of real estate owned								34,757		$ 115,516
UDR/MetLife operating communities
Joint Ventures
UDR's Ownership Interest									50.00%
Number of communities acquired | community									10
Number of communities under development purchased | community							1			1
Number of land parcels | community							4			4
Gain on consolidation										$ 131,500
UDR/MetLife II operating communities
Joint Ventures
UDR's Ownership Interest										50.00%
Number of communities acquired | community							15			5
Gain on consolidation										$ 114,900
Unconsolidated Joint Venture UDR Met Life I Partnership [Member] | Operating Community
Joint Ventures
Investment in unconsolidated entities		$ 23,880						$ 23,880	$ 26,426
UDR's Ownership Interest		50.00%						50.00%	50.00%
Number of apartment homes | home		150						150
Unconsolidated Joint Venture UDR MetLife II Partnership [Member] | Operating Community
Joint Ventures
Investment in unconsolidated entities		$ 181,023						$ 181,023	$ 151,353
UDR's Ownership Interest		50.00%						50.00%	50.00%
Number of apartment homes | home		1,250						1,250
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 | item					356
Preferred Equity Investment Allen, Texas
Joint Ventures
Investment in unconsolidated entities												$ 19,800
Number of apartment homes | community												469
Preferred return (as a percent)												9.00%
Preferred Equity Investment Los Angeles, California
Joint Ventures
Number of apartment homes | home					293
Proceeds from sale of real estate					$ 121,000
Gain/(loss) on sale of real estate owned					$ 2,500
Unconsolidated Joint Venture Other MetLife
Joint Ventures
Gain/(loss) on sale of real estate owned										$ 115,516
Unconsolidated Joint Venture Other MetLife | Operating Community
Joint Ventures
Investment in unconsolidated entities		$ 66,012						$ 66,012	$ 82,072
UDR's Ownership Interest		50.60%						50.60%	50.60%
Number of apartment homes | home		1,437						1,437
Unconsolidated Joint Venture West Coast Development JV | Operating Community
Joint Ventures
Investment in unconsolidated entities									$ 30,080
UDR's Ownership Interest		47.00%						47.00%	47.00%
Preferred Equity Investment West Coast Development JV
Joint Ventures
Gain/(loss) on sale of real estate owned								$ 34,757
Preferred Equity Investment Hillsboro Oregon
Joint Ventures
UDR's Ownership Interest						100.00%				49.00%
Number of apartment homes | home						276
Payment to acquire real estate						$ 21,600
Preferred Equity Investment 1200 Broadway Nashville TN
Joint Ventures
Balance payments made				$ 12,500
Preferred return (as a percent)				12.25%
Preferred Equity Investment Essex Orlando, FL
Joint Ventures
Number of apartment homes | item			330
Payment to acquire real estate			$ 47,900
Real estate technology investments RETV I
Joint Ventures
Equity method investment amount sold								$ 50,800
UDR/KFH joint venture
Joint Ventures
Number of communities sold | community										3
Preferred Equity Investment Kissimmee, Florida
Joint Ventures
Investment in unconsolidated entities											$ 16,000
Number of apartment homes | item											384
Preferred return (as a percent)											14.00%
Preferred Equity Investment Upton Place, Washington, D C [Member]
Joint Ventures
Preferred return (as a percent)		9.70%						9.70%
Joint venture, number of homes in communities | item		689						689
Equity method investment amount sold		$ 52,200
Minimum
Joint Ventures
UDR's Ownership Interest		100.00%						100.00%
Accounts Payable, Accrued Expenses and Other Liabilities | 13th and Market Properties LLC
Joint Ventures
Investment in unconsolidated entities		$ (6,100)						$ (6,100)	$ (4,700)
Preferred Equity Investment Home Operating Community, Nashville Tennessee [Member] | Operating Community
Joint Ventures
Number of communities sold | community	313
Equity method investment amount sold	$ 294,000
Cash received	74,100
Contractually accrued preferred return	62,400
Variable participation on the sale of community	$ 11,700

JOINT VENTURES AND PARTNERSHI_5

JOINT VENTURES AND PARTNERSHIPS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial information relating to unconsolidated joint ventures operations
Total revenues	$ 1,290,767	$ 1,241,165	$ 1,152,193
Property operating expenses	218,094	201,944	178,947
Real estate depreciation and amortization	606,648	608,616	501,257
Gain/(loss) on sale of real estate owned	136,052	119,277	5,282
Operating income/(loss)	65,646	18,844	137,873
Interest expense	(186,267)	(202,706)	(170,917)
Other income/(loss)	15,085	6,274	15,404
Net unrealized gain/(loss) on held investments	49,900
Net income/(loss)	160,993	68,970	199,579
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	9,603,707	8,466,106
Investments, at fair value	702,461	600,233
Cash and cash equivalents	967	1,409	8,106	$ 185,216
Other assets	216,311	188,118
Total assets	10,775,220	9,637,533
Accounts payable and accrued liabilities	136,954	110,999
Total liabilities	6,001,474	5,522,648
Total equity	3,474,304	3,258,591	3,389,314	$ 2,922,777
Unconsolidated Joint Venture UDR Met Life I Partnership [Member]
Financial information relating to unconsolidated joint ventures operations
Total revenues	9,186	9,480	9,834
Property operating expenses	4,506	4,978	4,533
Real estate depreciation and amortization	5,948	5,980	5,787
Operating income/(loss)	(1,268)	(1,478)	(486)
Interest expense	(3,068)	(3,075)	(3,070)
Net income/(loss)	(4,336)	(4,553)	(3,556)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	108,340	114,192
Cash and cash equivalents	1,378	2,585
Other assets	1,804	1,622
Total assets	111,522	118,399
Third party debt, net	71,003	70,946
Accounts payable and accrued liabilities	1,059	3,507
Total liabilities	72,062	74,453
Total equity	39,460	43,946
Unconsolidated Joint Venture UDR MetLife II Partnership [Member]
Financial information relating to unconsolidated joint ventures operations
Total revenues	52,324	56,274	151,226
Property operating expenses	24,165	21,951	54,445
Real estate depreciation and amortization	19,006	18,912	44,077
Operating income/(loss)	9,153	15,411	52,704
Interest expense	(11,873)	(15,386)	(44,825)
Net gain/(loss) on revaluation of assets and liabilities			458,195
Other income/(loss)		204
Net income/(loss)	(2,720)	229	466,074
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	636,674	650,593
Cash and cash equivalents	5,864	4,369
Other assets	10,483	14,133
Total assets	653,021	669,095
Third party debt, net	336,533	416,364
Accounts payable and accrued liabilities	7,360	6,764
Total liabilities	343,893	423,128
Total equity	309,128	245,967
Unconsolidated Joint Venture Other MetLife
Financial information relating to unconsolidated joint ventures operations
Total revenues	52,614	57,781	102,888
Property operating expenses	23,090	22,870	39,542
Real estate depreciation and amortization	33,532	35,454	50,579
Gain/(loss) on sale of real estate owned			115,516
Operating income/(loss)	(4,008)	(543)	128,283
Interest expense	(17,366)	(17,457)	(27,647)
Net gain/(loss) on revaluation of assets and liabilities			25,711
Net income/(loss)	(21,374)	(18,000)	126,347
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	558,680	589,822
Cash and cash equivalents	5,668	7,049
Other assets	5,419	6,214
Total assets	569,767	603,085
Third party debt, net	453,182	454,153
Accounts payable and accrued liabilities	5,866	8,593
Total liabilities	459,048	462,746
Total equity	110,719	140,339
Preferred Equity Investment West Coast Development JV
Financial information relating to unconsolidated joint ventures operations
Total revenues	184	8,668	14,058
Property operating expenses	333	4,477	6,829
Real estate depreciation and amortization		3,338	5,440
Gain/(loss) on sale of real estate owned	34,757
Operating income/(loss)	34,608	853	1,789
Interest expense	(41)	(1,344)	(4,656)
Other income/(loss)	(1,238)	63	159
Net income/(loss)	33,329	(428)	(2,708)
Combined summary of balance sheets relating to unconsolidated joint ventures
Real estate assets held for sale		88,458
Total assets		88,458
Liabilities held for sale		55,440
Total liabilities		55,440
Total equity		33,018
Total Excluding DCP
Financial information relating to unconsolidated joint ventures operations
Total revenues	114,314	132,222	278,102
Property operating expenses	53,539	56,658	108,258
Real estate depreciation and amortization	58,486	63,684	105,883
Gain/(loss) on sale of real estate owned	34,757		115,516
Operating income/(loss)	37,046	11,880	179,477
Interest expense	(32,365)	(37,262)	(80,198)
Net gain/(loss) on revaluation of assets and liabilities			483,906
Other income/(loss)	(1,238)	267	159
Net realized gain/(loss) on held investments	12,341
Net unrealized gain/(loss) on held investments	285,155	36,151	26,417
Net income/(loss)	300,939	11,036	609,761
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	1,303,694	1,354,607
Investments, at fair value	405,675	114,026
Real estate assets held for sale		88,458
Cash and cash equivalents	16,591	15,367
Other assets	17,720	21,978
Total assets	1,743,680	1,594,436
Third party debt, net	860,718	941,463
Liabilities held for sale		55,440
Accounts payable and accrued liabilities	14,375	21,261
Total liabilities	875,093	1,018,164
Total equity	868,587	576,272
Developer Capital Program and Other Investments
Financial information relating to unconsolidated joint ventures operations
Total revenues	18,509	16,170	11,146
Property operating expenses	15,626	5,850	523
Real estate depreciation and amortization	8,429	3,495
Operating income/(loss)	(5,546)	6,825	10,623
Interest expense	(11,161)	(3,121)
Other income/(loss)	(623)	35	(68)
Net unrealized gain/(loss) on held investments	16,276	(10)
Net income/(loss)	(1,054)	3,729	10,555
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	739,464	550,198
Investments, at fair value	54,566	5,490
Real estate assets held for sale	168,668
Cash and cash equivalents	6,300	6,911
Other assets	11,228	9,400
Total assets	980,226	571,999
Third party debt, net	355,200	247,247
Liabilities held for sale	106,990
Accounts payable and accrued liabilities	37,314	19,295
Total liabilities	499,504	266,542
Total equity	480,722	305,457
Unconsolidated Joint Ventures and Partnerships
Financial information relating to unconsolidated joint ventures operations
Total revenues	132,823	148,392	289,248
Property operating expenses	69,165	62,508	108,781
Real estate depreciation and amortization	66,915	67,179	105,883
Gain/(loss) on sale of real estate owned	34,757		115,516
Operating income/(loss)	31,500	18,705	190,100
Interest expense	(43,526)	(40,383)	(80,198)
Net gain/(loss) on revaluation of assets and liabilities			483,906
Other income/(loss)	(1,861)	302	91
Net realized gain/(loss) on held investments	12,341
Net unrealized gain/(loss) on held investments	301,431	36,141	26,417
Net income/(loss)	299,885	14,765	620,316
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	2,043,158	1,904,805
Investments, at fair value	460,241	119,516
Real estate assets held for sale	168,668	88,458
Cash and cash equivalents	22,891	22,278
Other assets	28,948	31,378
Total assets	2,723,906	2,166,435
Third party debt, net	1,215,918	1,188,710
Liabilities held for sale	106,990	55,440
Accounts payable and accrued liabilities	51,689	40,556
Total liabilities	1,374,597	1,284,706
Total equity	1,349,309	881,729
Real estate technology investments RETV I
Financial information relating to unconsolidated joint ventures operations
Total revenues	6	19	96
Property operating expenses	1,445	2,382	2,909
Operating income/(loss)	(1,439)	(2,363)	(2,813)
Interest expense	(17)
Net realized gain/(loss) on held investments	12,341
Net unrealized gain/(loss) on held investments	285,155	36,151	26,417
Net income/(loss)	296,040	33,788	$ 23,604
Combined summary of balance sheets relating to unconsolidated joint ventures
Investments, at fair value	405,675	114,026
Cash and cash equivalents	3,681	1,364
Other assets	14	9
Total assets	409,370	115,399
Accounts payable and accrued liabilities	90	2,397
Total liabilities	90	2,397
Total equity	409,280	$ 113,002
SmartRent, Inc.
Financial information relating to unconsolidated joint ventures operations
Net unrealized gain/(loss) on held investments	$ 48,900

LEASES - Lessee Future Minimum

LEASES - Lessee Future Minimum Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 197,463	$ 200,913
Weighted average remaining lease term	43 years 2 months 12 days	43 years 10 months 24 days
Weighted average discount rate	5.00%	5.00%
Future minimum lease payments
Total operating lease liabilities (discounted)	$ 192,488	$ 195,592
Ground Leases
Future minimum lease payments
2022	12,442
2023	12,442
2024	12,442
2025	12,442
2026	12,442
Thereafter	430,337
Total future minimum lease payments (undiscounted)	492,547
Difference between future undiscounted cash flows and discounted cash flows	(300,059)
Total operating lease liabilities (discounted)	$ 192,488

LEASES - Lessee Expenses (Detai

LEASES - Lessee Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease expense:
Contractual lease expense	$ 300	$ 300	$ 400
Variable lease expense	400	200	400
Operating lease right-of-use asset amortization	3,500	3,300	1,200
Operating lease liabilities amortization	3,100	3,000	800
Ground Leases
Lease expense:
Contractual lease expense	12,924	12,821	8,272
Variable lease expense	78	119	664
Ground Leases | Other operating expense
Lease expense:
Total operating lease expense	$ 13,002	$ 12,940	$ 8,936

LEASES - Lessor (Details)

LEASES - Lessor (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Future minimum lease payments
2022	$ 25,208
2023	23,746
2024	21,649
2025	18,541
2026	15,734
Thereafter	67,713
Total future minimum payments	172,591
Variable lease expense	$ 400	$ 200	$ 400
Apartment Homes
Lessor leases
Percentage of lease revenue	99.10%
Option to extend	true
Apartment Homes | Maximum
Lessor leases
Lease terms		12 months
Retail and Commercial Spaces
Lessor leases
Percentage of lease revenue	0.90%
Option to extend	true
Retail and Commercial Spaces | Minimum
Lessor leases
Lease terms	5 years
Retail and Commercial Spaces | Maximum
Lessor leases
Lease terms	15 years

SECURED AND UNSECURED DEBT, N_3

SECURED AND UNSECURED DEBT, NET - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)community	Sep. 30, 2021USD ($)	Aug. 31, 2021USD ($)	Feb. 28, 2021	Dec. 31, 2020USD ($)
Secured debt instruments
Total Debt, net	$ 5,412,787				$ 4,976,548
Long-term Debt	5,398,952
Unamortized net premium	$ 27,000				12,900
Weighted average interest rate (as a percent)	2.80%
Weighted Average
Secured debt instruments
Years to maturity	7 years 8 months 12 days
3.00% Medium-Term Notes due August 2031
Secured debt instruments
Long-term Debt		$ 600,000	$ 400,000
Stated interest rate		3.00%
Secured Debt
Secured debt instruments
Total Debt, net	$ 1,057,380				862,147
Long-term Debt	$ 1,033,762
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	6 years 6 months
Unsecured Debt
Secured debt instruments
Total Debt, net	$ 4,355,407				4,114,401
Long-term Debt	$ 4,365,190
Weighted average interest rate (as a percent)	2.72%
Deferred finance costs, net	$ (27,222)				(25,937)
Unsecured Debt | Weighted Average
Secured debt instruments
Years to maturity	8 years
Fixed Rate Debt
Secured debt instruments
Long-term Debt	$ 183,300
Fixed Rate Debt | Secured Debt
Secured debt instruments
Total Debt, net	1,030,440
Long-term Debt	1,006,762
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable
Secured debt instruments
Total Debt, net	1,006,762				824,550
Deferred financing costs and other non-cash adjustments	(23,678)				(10,665)
Long-term Debt	$ 1,030,440				835,215
Weighted average interest rate (as a percent)	3.42%
Number of Communities Encumbered | community	14
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable | Weighted Average
Secured debt instruments
Years to maturity	6 years 4 months 24 days
Fixed Rate Debt | Unsecured Debt | Term Loan due January 2027
Secured debt instruments
Total Debt, net	$ 315,000				315,000
Weighted average interest rate (as a percent)	1.02%
Fixed Rate Debt | Unsecured Debt | Term Loan due January 2027 | Weighted Average
Secured debt instruments
Years to maturity	5 years 1 month 6 days
Fixed Rate Debt | Unsecured Debt | 8.50% Debentures, Due September 2024
Secured debt instruments
Total Debt, net	$ 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	2 years 8 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
Total Debt, net	$ 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	4 years 8 months 12 days
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027
Secured debt instruments
Total Debt, net	$ 299,612				$ 299,542
Stated interest rate	3.50%				3.50%
Unamortized discount	$ 388				$ 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	5 years 6 months
Fixed Rate Debt | Unsecured Debt | 3.50% Medium-Term Notes Due January 2028
Secured debt instruments
Total Debt, net	$ 299,283				$ 299,165
Stated interest rate	3.50%				3.50%
Unamortized discount	$ 717				$ 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
Fixed Rate Debt | Unsecured Debt | 4.40% Medium-Term Notes due January 2029
Secured debt instruments
Total Debt, net	$ 299,996				$ 299,995
Stated interest rate	4.40%				4.40%
Unamortized discount	$ 4				$ 5
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 1 month 6 days
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030
Secured debt instruments
Total Debt, net	$ 611,040				$ 612,412
Stated interest rate	3.20%				3.20%
Unamortized net premium	$ 11,040				$ 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
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031
Secured debt instruments
Total Debt, net	$ 611,498				$ 398,973
Stated interest rate	3.00%				3.00%
Unamortized discount	$ 11,498				$ 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	9 years 7 months 6 days
Fixed Rate Debt | Unsecured Debt | 2.10% Medium Term Note Due August 2032
Secured debt instruments
Total Debt, net	$ 399,627				$ 399,592
Stated interest rate	2.10%				2.10%
Unamortized discount	$ 373				$ 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	10 years 7 months 6 days
Fixed Rate Debt | Unsecured Debt | 1.90% Medium-Term Notes due March 2033
Secured debt instruments
Total Debt, net	$ 348,649				$ 348,529
Stated interest rate	1.90%				1.90%
Unamortized discount	$ 1,351				$ 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 2 months 12 days
Fixed Rate Debt | Unsecured Debt | 2.10% Medium-Term Note due June 2033
Secured debt instruments
Total Debt, net	$ 298,860
Stated interest rate	2.10%			2.10%	2.10%
Unamortized discount	$ 1,140				$ 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	11 years 6 months
Fixed Rate Debt | Unsecured Debt | 3.10% Medium-Term Notes due November 2034
Secured debt instruments
Total Debt, net	$ 298,867				$ 298,779
Stated interest rate	3.10%				3.10%
Unamortized discount	$ 1,133				$ 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	12 years 9 months 18 days
Fixed Rate Debt | Unsecured Debt | Other [Member]
Secured debt instruments
Total Debt, net	$ 7				10
Variable Rate Debt | Secured Debt
Secured debt instruments
Total Debt, net	26,940				26,932
Long-term Debt	$ 27,000
Weighted average interest rate (as a percent)	0.71%
Number of Communities Encumbered | community	1
Deferred finance costs, net	$ (60)				(68)
Variable Rate Debt | Secured Debt | Weighted Average
Secured debt instruments
Years to maturity	10 years 2 months 12 days
Variable Rate Debt | Secured Debt | Tax-exempt notes payable
Secured debt instruments
Long-term Debt	$ 27,000				27,000
Weighted average interest rate (as a percent)	0.71%
Number of Communities Encumbered | community	1
Variable Rate Debt | Secured Debt | Tax-exempt notes payable | Weighted Average
Secured debt instruments
Years to maturity	10 years 2 months 12 days
Variable Rate Debt | Unsecured Debt | Commercial Paper
Secured debt instruments
Borrowings outstanding	$ 220,000				190,000
Weighted average interest rate (as a percent)	0.34%
Variable Rate Debt | Unsecured Debt | Commercial Paper | Weighted Average
Secured debt instruments
Years to maturity	1 month 6 days
Variable Rate Debt | Unsecured Debt | Unsecured Revolving Credit Facility Due January 2026 | Weighted Average
Secured debt instruments
Years to maturity	4 years 1 month 6 days
Variable Rate Debt | Unsecured Debt | Working Capital Credit Facility
Secured debt instruments
Borrowings outstanding	$ 29,546				28,024
Weighted average interest rate (as a percent)	0.88%
Variable Rate Debt | Unsecured Debt | Working Capital Credit Facility | Weighted Average
Secured debt instruments
Years to maturity	2 years
Variable Rate Debt | Unsecured Debt | Term Loan due January 2027
Secured debt instruments
Total Debt, net	$ 35,000				$ 35,000
Weighted average interest rate (as a percent)	0.95%
Variable Rate Debt | Unsecured Debt | Term Loan due January 2027 | Weighted Average
Secured debt instruments
Years to maturity	5 years 1 month 6 days

SECURED AND UNSECURED DEBT, N_4

SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)loan	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Aug. 31, 2021USD ($)instrument	Jun. 30, 2021USD ($)	Nov. 30, 2020instrument
Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate		85.00%
Revolving Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 1,300,000
Potential maximum available	$ 2,500,000				$ 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 period		$ 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		15.00%
Basis points added to to variable rate		77.50%
Revolving credit facility due 2023 | Unsecured Debt | Minimum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Commitment fee		10.00%
Basis points added to to variable rate		70.00%
Revolving credit facility due 2023 | Unsecured Debt | Maximum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Commitment fee		30.00%
Basis points added to to variable rate		140.00%
Revolving credit facility due 2023 | Revolving Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility		$ 1,300,000	1,100,000		1,100,000
Weighted average daily borrowings during the period ended		13,068	42,186
Maximum daily borrowings during the period ended		$ 305,000	$ 375,000
Weighted average interest rate during the period ended		0.90%	1.40%
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						1.02%
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		75.00%
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		160.00%
Term Loan due September 2023 | Revolving Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility					$ 350,000
Working capital credit facility | Variable Rate Debt | Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate		77.50%
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		70.00%
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		140.00%
Term Loan Facility Due January 2027
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 350,000
Term Loan Facility Due July 2025 | Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Notional				$ 175,000
Number of interest rate swaps | instrument				2
All-in weighted average interest rate				1.48%
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 period		29,546	28,024
Weighted average daily borrowings during the period ended		10,473	20,132
Maximum daily borrowings during the period ended		$ 46,038	$ 54,974
Weighted average interest rate during the period ended		0.90%	1.40%
Interest rate at end of the period		0.90%	1.00%

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2021	Jun. 30, 2021
Unsecured Debt
Total unsecured commercial paper program	$ 700,000	$ 500,000	$ 700,000	$ 500,000
Borrowings outstanding at end of period	220,000	190,000
Weighted average daily borrowings during the period ended	419,563	227,090
Maximum daily borrowings during the period ended	$ 700,000	$ 500,000
Weighted average interest rate during the period ended	0.20%	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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Aggregate maturities of unsecured debt
2022	$ 221,140
2023	1,242
2024	141,937
2025	174,793
2026	352,744
2027	652,860
2028	462,310
2029	491,986
2030	762,010
2031	760,930
Thereafter	1,377,000
Subtotal	5,398,952
Non-cash	13,835
Total	5,412,787	$ 4,976,548
Interest expense
Aggregate maturities of unsecured debt
Amortization of financing costs	4,700	4,400
Fixed Rate Debt
Aggregate maturities of unsecured debt
Subtotal	183,300
Secured Debt
Aggregate maturities of unsecured debt
2022	1,140
2023	1,242
2024	96,747
2025	174,793
2026	52,744
2027	2,860
2028	162,310
2029	191,986
2030	162,010
2031	160,930
Thereafter	27,000
Subtotal	1,033,762
Non-cash	23,618
Total	1,057,380	862,147
Secured Debt | Fixed Rate Debt
Aggregate maturities of unsecured debt
2022	1,140
2023	1,242
2024	96,747
2025	174,793
2026	52,744
2027	2,860
2028	162,310
2029	191,986
2030	162,010
2031	160,930
Subtotal	1,006,762
Non-cash	23,678
Total	1,030,440
Secured Debt | Variable Rate Debt
Aggregate maturities of unsecured debt
Thereafter	27,000
Subtotal	27,000
Non-cash	(60)
Total	26,940	26,932
Unsecured Debt
Aggregate maturities of unsecured debt
2022	220,000
2024	45,190
2026	300,000
2027	650,000
2028	300,000
2029	300,000
2030	600,000
2031	600,000
Thereafter	1,350,000
Subtotal	4,365,190
Non-cash	(9,783)
Total	$ 4,355,407	$ 4,114,401

SECURED AND UNSECURED DEBT, N_7

SECURED AND UNSECURED DEBT, NET - Narrative (Details)	1 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)	Feb. 28, 2021USD ($)	Dec. 31, 2021USD ($)propertyloan	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Aug. 31, 2021USD ($)	Feb. 29, 2020
Secured Debt
Percentage of secured debt which encumbers real estate owned based upon book value			12.00%
Percentage of secured debt of real estate owned which is unencumbered			88.00%
Long-term Debt			$ 5,398,952,000
Extinguishment of debt costs			40,769,000	$ 62,645,000	$ 27,782,000
Unamortized net premium			27,000,000	12,900,000
Mortgages Notes Payable
Secured Debt
Repayment of debt			0	111,100,000
Mortgages Notes Payable | Interest expense
Secured Debt
Extinguishment of debt costs				8,500,000	0
4.40% Medium-Term Notes due January 2029
Secured Debt
Principal outstanding			$ 300
All-in weighted average interest rate			4.27%
Portion of medium term note subject to interest rate swaps			$ 150,000,000
3.00% Medium-Term Notes due August 2031
Secured Debt
Long-term Debt	$ 600,000,000					$ 400,000,000
Stated interest rate	3.00%
Long-term Debt, Weighted Average Interest Rate	2.259%
Percentage of principal amount at issuance	106.388
Interest rate risk	$ 250,000,000
All-in weighted average interest rate	3.01%
Debt	$ 200,000,000
3.10% senior unsecured notes due 2034
Secured Debt
All-in weighted average interest rate			0.0313%
Unsecured Debt
Secured Debt
Long-term Debt			$ 4,365,190,000
Basis points added to to variable rate			85.00%
Secured Debt
Secured Debt
Long-term Debt			$ 1,033,762,000
Debt Assumed As Part of Acquisition | Interest expense
Secured Debt
Amortization of debt discount (Premium)			$ 3,900,000	$ 22,400,000	$ 3,000,000
Fixed Rate Debt
Secured Debt
Number of mortgage loans payable assumed | loan			3
Long-term Debt			$ 183,300,000
Long term debt fair value			$ 201,300,000
Number of operating properties acquired | property			3
Long-term Debt, Weighted Average Interest Rate			3.93%
Fixed Rate Debt | Mortgages Notes Payable | Minimum
Secured Debt
Notes payable maximum interest rates range			2.62%
Fixed Rate Debt | Mortgages Notes Payable | Maximum
Secured Debt
Notes payable maximum interest rates range			4.39%
Fixed Rate Debt | Unsecured Debt | 4.00% Medium-Term Note due October 2025
Secured Debt
Repayments of outstanding borrowing		$ 300,000,000
Stated interest rate		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		$ 42,000,000
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026
Secured Debt
Stated interest rate			2.95%	2.95%
Portion of medium term note subject to interest rate swaps			$ 100,000,000
All-in weighted average interest rate			2.89%
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027
Secured Debt
Stated interest rate			3.50%	3.50%
Portion of medium term note subject to interest rate swaps			$ 200,000,000
All-in weighted average interest rate			4.03%
Fixed Rate Debt | Unsecured Debt | 4.40% Medium-Term Notes due January 2029
Secured Debt
Stated interest rate			4.40%	4.40%
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030
Secured Debt
Stated interest rate			3.20%	3.20%
All-in weighted average interest rate							3.32%
Unamortized net premium			$ 11,040,000	$ 12,412,000
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031
Secured Debt
Stated interest rate			3.00%	3.00%
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%
Medium-term notes		$ 300,000,000
Percentage of principal amount at issuance		99.592
Fixed Rate Debt | Unsecured Debt | 1.90% Medium-Term Notes due March 2033
Secured Debt
Stated interest rate			1.90%	1.90%
Fixed Rate Debt | Secured Debt
Secured Debt
Long-term Debt			$ 1,006,762,000
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable
Secured Debt
Long-term Debt			$ 1,030,440,000	$ 835,215,000
Variable Rate Debt | Tax-exempt secured notes payable
Secured Debt
Notes payable maximum interest rates range			0.71%
Variable Rate Debt | Secured Debt
Secured Debt
Long-term Debt			$ 27,000,000

INCOME (LOSS) PER SHARE (Detail

INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 11, 2022	Jul. 31, 2021
Antidilutive securities
Net income/(loss)					$ 160,993	$ 68,970	$ 199,579
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership					(10,873)	(4,543)	(14,426)
Net (income)/loss attributable to noncontrolling interests					(104)	(161)	(188)
Net income/(loss) attributable to UDR, Inc.					150,016	64,266	184,965
Distributions to preferred stockholders - Series E (Convertible)					(4,229)	(4,230)	(4,104)
Net income/(loss) attributable to common stockholders					145,787	60,036	180,861
Income/(loss) attributable to common stockholders - diluted					$ 145,787	$ 60,036	$ 180,861
Denominator for income/(loss) per share:
Weighted average common shares outstanding					300,579,000	294,808,000	285,509,000
Non-vested restricted stock awards					(253,000)	(263,000)	(262,000)
Denominator for basic income/(loss) per share					300,326,000	294,545,000	285,247,000
Incremental shares issuable from assumed conversion of unvested LTIP Units, unvested restricted stock and shares issuable upon settlement of forward sales agreements					1,377,000	382,000	768,000
Denominator for diluted income/(loss) per share					301,703,000	294,927,000	286,015,000
Income/(loss) per weighted average common share - basic					$ 0.49	$ 0.20	$ 0.63
Income/(loss) per weighted average common share - diluted					$ 0.48	$ 0.20	$ 0.63
Number of shares authorized	450,000,000				450,000,000	350,000,000
Aggregate net proceeds					$ 899,053	$ 102,234	$ 725,315
Aggregate net proceeds from sales, after deducting related costs					$ 899,053	$ 102,234	$ 725,315
OP/DownREIT Units
Antidilutive securities
Antidilutive securities					22,418,000	22,310,000	22,773,000
Convertible Preferred Stock
Antidilutive securities
Antidilutive securities					2,918,000	2,950,000	3,011,000
Unvested LTIP Units and unvested restricted stock
Antidilutive securities
Antidilutive securities					1,377,000	382,000	768,000
ATM
Denominator for income/(loss) per share:
Number of shares authorized									20,000,000
Aggregate number of shares					10,800,000
Number of shares sold					1,600,000
Net proceeds					$ 900,000
Aggregate net proceeds					$ 899,100
Weighted average price per share					$ 50.59
Forward price					$ 46.11
Shares of common stock available for future issuance	18,400,000				18,400,000
Shares non-settled					4,400,000
Shares settled					19,500,000
ATM | Subsequent Event
Denominator for income/(loss) per share:
Shares of common stock available for future issuance								18,400,000
Forward Sales Agreement
Denominator for income/(loss) per share:
Aggregate number of shares		7,000,000			4,400,000
Number of shares sold					6,400,000
Commissions paid to sales agents		$ 6,000			$ 2,600
Net proceeds		$ 298,500			$ 306,600
Weighted average price per share					$ 47.79
Forward price	$ 48.33	$ 42.65	$ 49.22	$ 43.51
Commissions paid to sales agents	$ 5,400
Aggregate net proceeds from sales, after deducting related costs	$ 294,800
Shares of common stock available for future issuance	4,400,000		6,100,000	7,000,000	4,400,000
Shares settled	6,100,000
Forward Sales Agreement | Subsequent Event
Denominator for income/(loss) per share:
Shares of common stock available for future issuance								4,400,000

STOCKHOLDERS' EQUITY - Shares R

STOCKHOLDERS' EQUITY - Shares Rollforward (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock
Shares issued, beginning of period	296,612	294,588	275,546
Issuance/(forfeiture) of common and restricted shares, net	97	104	50
Issuance of common shares through public offering			7,500
Issuance of common shares though ATM program			6,988
Issuance of common shares through forward sales public offering, net (forward sales agreement)	19,517	2,121	1,339
Repurchase of common shares		(597)
Conversion of Series E Cumulative Convertible shares		93
Shares issued, end of period	318,150	296,612	294,588
8.00% Series E Cumulative Convertible Preferred Stock
Shares issued, beginning of period	2,695	2,781	2,781
Conversion of Series E Cumulative Convertible shares		(86)
Shares issued, end of period	2,695	2,695	2,781
Series F
Shares issued, beginning of period	14,441	14,691	15,802
Forfeiture of Series F shares	(1,858)	(250)	(1,111)
Shares issued, end of period	12,583	14,441	14,691
Series F | Maximum
Forfeiture of Series F shares		(300)
United Dominion Reality L.P. | Common Stock
Adjustment for conversion of non-controlling interest of unitholders	44	3	1,969
UDR Lighthouse DownREIT L.P. | Common Stock
Adjustment for conversion of non-controlling interest of unitholders	1,880	300	1,196
UDR Lighthouse DownREIT L.P. | Series F
Forfeiture of Series F shares	(1,900)

STOCKHOLDERS' EQUITY - Other in

STOCKHOLDERS' EQUITY - Other information (Details) - USD ($)	1 Months Ended				12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2008	Jul. 31, 2021	Dec. 31, 2007
Stockholders' equity
Preferred stock, no par value	$ 0				$ 0	$ 0
Common stock, shares authorized	450,000,000				450,000,000	350,000,000
Proceeds from the issuance of common shares through public offering, net					$ 899,053,000	$ 102,234,000	$ 725,315,000
Preferred stock, shares authorized	50,000,000				50,000,000	50,000,000
Common distributions declared per share					$ 1.45	$ 1.44	$ 1.37
Stock issued during period, shares, Distribution Reinvestment and Stock Purchase Plan								10,000,000
Shares reserved for issuance under the Stock Purchase Plan					11,000,000
8.00% Series E Cumulative Convertible Preferred Stock
Stockholders' equity
Preferred stock, no par value	$ 0				$ 0
Preferred stock, liquidation preference per share	$ 16.61				$ 16.61
Number of common stock shares each preferred shares can be converted to										1
Number of common stock shares to which each preferred share is convertible after special dividend					1.083
Declared preferred stock dividend					$ 1.57	$ 1.56	$ 1.48
Preferred Stock, Shares Issued	2,695,363				2,695,363	2,695,363
Series F
Stockholders' equity
Preferred stock, shares authorized	20,000,000				20,000,000
Share Price	$ 0.0001				$ 0.0001
Preferred stock, value, issued	$ 1,258				$ 1,258	$ 1,444
Preferred Stock, Shares Issued	12,582,575				12,582,575	14,440,519
Restricted Stock
Stockholders' equity
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period Net of Forfeitures					100,000
ATM
Stockholders' equity
Common stock, shares authorized									20,000,000
Shares settled					19,500,000
Forward price					$ 46.11
Net proceeds					$ 900,000,000
Proceeds from the issuance of common shares through public offering, net					$ 899,100,000
Shares of common stock available for future issuance	18,400,000				18,400,000
Forward Sales Agreement
Stockholders' equity
Shares settled	6,100,000
Forward price	$ 48.33	$ 42.65	$ 49.22	$ 43.51
Net proceeds		$ 298,500,000			$ 306,600,000
Shares of common stock available for future issuance	4,400,000		6,100,000	7,000,000	4,400,000

EMPLOYEE BENEFIT PLANS - Rollfo

EMPLOYEE BENEFIT PLANS - Rollforward (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Stock Options
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $	$ 0
Long Term Incentive Plan
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $	$ 3.8
Options Exercisable, Number of Options
Balance, December 31, 2020 | shares	727,000
Granted | shares	103,000
Vested | shares	(400,000)
Forfeited | shares	(10,000)
Balance, December 31, 2021 | shares	420,000
Options Exercisable, Weighted Average Exercise Price
Balance, December 31, 2020 ( in dollars per share) | $ / shares	$ 41.58
Granted (in dollars per share) | $ / shares	37.52
Vested (in dollars per share) | $ / shares	40.05
Forfeited (in dollars per share) | $ / shares	46.12
Balance, December 31, 2021 (in dollars per share) | $ / shares	$ 41.94
Restricted Stock
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $	$ 4.2
LTIP Units and Restricted Stock, Number Of shares
Balance, December 31, 2020 | shares	237,000
Granted | shares	161,000
Vested | shares	(125,000)
Forfeited | shares	(25,000)
Balance, December 31, 2021 | shares	248,000
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2020 (in dollars per share) | $ / shares	$ 42.31
Granted (in dollars per share) | $ / shares	39.09
Vested (in dollars per share) | $ / shares	39.91
Forfeited (in dollars per share) | $ / shares	38.79
Balance, December 31, 2021 (in dollars per share) | $ / shares	$ 40.30
Performance Units
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $	$ 12.4
LTIP Units and Restricted Stock, Number Of shares
Exercised | shares	0
Unvested Performance Units Outstanding
LTIP Units and Restricted Stock, Number Of shares
Granted | shares	2,962,000
Balance, December 31, 2021 | shares	2,962,000
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Granted (in dollars per share) | $ / shares	$ 42.30
Balance, December 31, 2021 (in dollars per share) | $ / shares	42.30
Performance Units Outstanding
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2021 (in dollars per share) | $ / shares	$ 42.30

EMPLOYEE BENEFIT PLANS - Other

EMPLOYEE BENEFIT PLANS - Other information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee benefits
Unexercised stock options outstanding				0
Stock Options
Employee benefits
Total remaining compensation cost related to unvested share options				$ 0
Restricted Stock
Employee benefits
Share-based compensation arrangement by share-based payment award, options, issued				6,600,000
Total remaining compensation cost related to unvested share options				$ 4.2
Weighted average remaining contractual life				2 years 6 months
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value				$ 39.09
Stock based compensation expense				$ 4.1	$ 5.3	$ 4.8
Initial performance period to make adjustments				1 year
Restricted Stock | Minimum
Employee benefits
Vesting period				3 years
Restricted Stock | Maximum
Employee benefits
Vesting period				4 years
Long Term Incentive Plan
Employee benefits
Share-based compensation arrangement by share-based payment award, options, issued				2,400,000
Total remaining compensation cost related to unvested share options				$ 3.8
Shares available for issuance under plan				16,700,000
Weighted average remaining contractual life				1 year 2 months 12 days
Number of share options exercisable				420,000	727,000
Stock based compensation expense				$ 5.9	$ 10.2	12.4
Performance Units
Employee benefits
Share-based compensation arrangement by share-based payment award, options, issued				3,000,000
Number of operating partnership common unit exercisable from each performance unit				1
Total remaining compensation cost related to unvested share options				$ 12.4
Exercised				0
Performance Units Outstanding
Employee benefits
Weighted average remaining contractual life				3 years 4 months 24 days
Stock based compensation expense				$ 11.7	0	$ 0
2021 LTIP | Restricted Stock | Relative component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value	$ 40.09
2021 LTIP | Restricted Stock | Absolute component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value	$ 39.95
Volatility factor	33.00%
2021 LTIP | Long Term Incentive Plan
Employee benefits
Vesting percentage	100.00%
FFO as Adjusted Per Share, Value	$ 17.71
Share Price	$ 36.85
Volatility factor	33.00%
Discount rate	3.90%
Vesting period	3 years
2021 LTIP | Long Term Incentive Plan | First portion of awards
Employee benefits
Vesting percentage	30.00%
FFO as Adjusted Per Share, Value	$ 16.69
Discount rate	9.40%
Vesting period	1 year
2021 LTIP | Long Term Incentive Plan | 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage	50.00%
2021 LTIP | Long Term Incentive Plan | Balance 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage	50.00%
2021 LTIP | Long Term Incentive Plan | Second portion of awards
Employee benefits
Vesting percentage	15.00%
FFO as Adjusted Per Share, Value	$ 2.67
Volatility factor	27.00%
Expected life	5 years 6 months
Annualized risk-free rate	0.49%
Annual dividend yield	3.40%
Discount rate	9.40%
Vesting period	3 years
2021 LTIP | Long Term Incentive Plan | Third portion of awards
Employee benefits
Vesting percentage	55.00%
FFO as Adjusted Per Share, Value	$ 2.85
Volatility factor	26.00%
Expected life	6 years 6 months
Annualized risk-free rate	0.57%
Annual dividend yield	3.40%
Discount rate	3.90%
Vesting period	3 years
2021 LTIP | Long Term Incentive Plan | Relative component
Employee benefits
FFO as Adjusted Per Share, Value	$ 19.43
Discount rate	3.90%
2021 LTIP | Long Term Incentive Plan | Absolute component
Employee benefits
FFO as Adjusted Per Share, Value	$ 19.37
Discount rate	3.90%
2021 LTIP | Short Term Incentive Plan
Employee benefits
FFO as Adjusted Per Share, Value	$ 5.06
Volatility factor	27.00%
Expected life	5 years 6 months
Annualized risk-free rate	0.49%
Annual dividend yield	3.40%
Vesting period	1 year			1 year
Initial performance period to make adjustments	1 year
Unrecognized compensation expense				$ 0
2021 LTIP | Performance Units
Employee benefits
Volatility factor	33.00%
Expected life	6 years 6 months
Annualized risk-free rate	0.16%
Annual dividend yield	3.50%
2021 LTIP | Performance Units | Relative component
Employee benefits
FFO as Adjusted Per Share, Value	$ 3.59
Discount rate	3.90%
2021 LTIP | Performance Units | Absolute component
Employee benefits
FFO as Adjusted Per Share, Value	$ 3.70
Discount rate	3.90%
2020 LTIP | Restricted Stock | Relative component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value		$ 53.94
2020 LTIP | Restricted Stock | Absolute component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value		$ 49.35
Volatility factor		16.00%
2020 LTIP | Long Term Incentive Plan
Employee benefits
Vesting percentage		100.00%
FFO as Adjusted Per Share, Value		$ 22.23
Share Price		$ 46.12
Volatility factor		16.00%
Discount rate		3.60%
Vesting period		3 years
2020 LTIP | Long Term Incentive Plan | First portion of awards
Employee benefits
Vesting percentage		30.00%
FFO as Adjusted Per Share, Value		$ 21.24
Discount rate		7.90%
Vesting period		2 years
2020 LTIP | Long Term Incentive Plan | 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage		50.00%
2020 LTIP | Long Term Incentive Plan | Balance 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage		50.00%
2020 LTIP | Long Term Incentive Plan | Second portion of awards
Employee benefits
Vesting percentage		15.00%
Vesting period		3 years
2020 LTIP | Long Term Incentive Plan | Third portion of awards
Employee benefits
Vesting percentage		55.00%
Vesting period		3 years
2020 LTIP | Long Term Incentive Plan | Relative component
Employee benefits
FFO as Adjusted Per Share, Value		$ 26.18
Discount rate		3.60%
2020 LTIP | Long Term Incentive Plan | Absolute component
Employee benefits
FFO as Adjusted Per Share, Value		$ 23.98
Discount rate		3.60%
2020 LTIP | Short Term Incentive Plan
Employee benefits
FFO as Adjusted Per Share, Value		$ 40.77
Stock based compensation expense					$ 3.1
Vesting period		1 year			1 year
Initial performance period to make adjustments		1 year
Unrecognized compensation expense					$ 0
2019 LTIP | Restricted Stock | Relative component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value			$ 43.63
2019 LTIP | Restricted Stock | Absolute component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value			43.42
2019 LTIP | Long Term Incentive Plan
Employee benefits
Vesting percentage						100.00%
FFO as Adjusted Per Share, Value			18.24
Share Price			$ 38.39
Volatility factor			21.00%
Discount rate			5.00%
Vesting period			3 years
2019 LTIP | Long Term Incentive Plan | First portion of awards
Employee benefits
Vesting percentage			30.00%
FFO as Adjusted Per Share, Value			$ 17.47
Discount rate			9.00%
Vesting period			1 year
2019 LTIP | Long Term Incentive Plan | 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage			50.00%
2019 LTIP | Long Term Incentive Plan | Balance 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage			50.00%
2019 LTIP | Long Term Incentive Plan | Second portion of awards
Employee benefits
Vesting percentage			15.00%
Vesting period			3 years			3 years
2019 LTIP | Long Term Incentive Plan | Third portion of awards
Employee benefits
Vesting percentage			55.00%
Vesting period			3 years			3 years
2019 LTIP | Long Term Incentive Plan | Relative component
Employee benefits
FFO as Adjusted Per Share, Value			$ 20.89
Discount rate			5.00%
2019 LTIP | Long Term Incentive Plan | Absolute component
Employee benefits
FFO as Adjusted Per Share, Value			$ 20.79
Volatility factor						21.00%
Discount rate			5.00%
2019 LTIP | Short Term Incentive Plan
Employee benefits
FFO as Adjusted Per Share, Value			$ 33.40
Stock based compensation expense						$ 7.2
Vesting period			1 year			1 year
Initial performance period to make adjustments			1 year
Unrecognized compensation expense						$ 0
Long Term Incentive Plan
Employee benefits
Shares reserved for issuance under plan				35,000,000
Profit Sharing Plan | General and administrative expense
Employee benefits
Aggregate provisions for contributions				$ 1.4	$ 1.5	$ 1.2

INCOME TAXES - Taxable Distribu

INCOME TAXES - Taxable Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Taxable Distributions Paid Per Common Share [Abstract]
Ordinary income	$ 0.9798	$ 1.0320	$ 0.9810
Qualified ordinary income	0.0405	0.0039	0.0040
Long-term capital gain	0.3577	0.2974	0.0210
Unrecapture section 1250 gain	0.0695	0.0892	0.0630
Nondividend distributions			0.2810
Taxable distributions per common share	$ 1.4475	$ 1.4225	$ 1.3500

INCOME TAXES - Provision (Detai

INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Total current	$ 0
Deferred
Total income tax provision/(benefit)	1,439	$ 2,545	$ 3,838
TRS
Current
Federal	2,693	(148)	1,466
State	1,236	1,374	735
Total current	3,929	1,226	2,201
Deferred
Federal	(1,770)	894	1,266
State	(672)	451	371
Investment tax credit	(48)	(26)
Total deferred	(2,490)	1,319	1,637
Total income tax provision/(benefit)	$ 1,439	$ 2,545	$ 3,838

INCOME TAXES - Deferred Taxes (

INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax liabilities:
Net deferred tax assets/(liabilities)	$ (800)	$ (3,200)
TRS
Deferred tax assets:
Federal and state tax attributes	60	6	$ 22
Other	102	147	87
Total deferred tax assets	162	153	109
Valuation allowance	(32)	(23)	(19)
Net deferred tax assets	130	130	90
Deferred tax liabilities:
Book/tax depreciation and basis	(860)	(638)	(367)
Other investment ventures		(2,665)	(1,291)
Other	(68)	(67)	(67)
Total deferred tax liabilities	(928)	(3,370)	(1,725)
Net deferred tax assets/(liabilities)	$ (798)	$ (3,240)	$ (1,635)

INCOME TAXES - Effective Tax Ra

INCOME TAXES - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
U.S. federal corporate income tax rate	21.00%	21.00%	21.00%
Income tax provision/(benefit)
Total income tax provision/(benefit)	$ 1,439	$ 2,545	$ 3,838
TRS
Income tax provision/(benefit)
U.S. federal income tax provision/(benefit)	1,058	1,240	2,905
State income tax provision	664	1,434	1,013
Other items	(246)	(165)	(139)
Solar credit amortization	(48)	(26)
ITC basis adjustment	2	58	56
Valuation allowance	9	4	3
Total income tax provision/(benefit)	$ 1,439	$ 2,545	$ 3,838

INCOME TAXES - Other Informatio

INCOME TAXES - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Carryforwards
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%
Tax benefit/(provision), net	$ 1,439	$ 2,545	$ 3,838
Increase (decrease) in tax benefit	(1,100)
Internal Revenue Service (IRS)
Carryforwards
Net loss carryforwards	24,000
State
Carryforwards
Net loss carryforwards	64,800
Increase (decrease) in tax benefit	(300)
UDR, Inc.
Carryforwards
Unrecognized Tax Benefits	0	$ 0
Taxable REIT Subsidiaries
Carryforwards
Increase (decrease) in tax benefit	$ (400)

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling interests
Minimum holding period prior to redemption (in years)	1 year
Redeemable noncontrolling interests in the Operating Partnership
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at beginning of year	$ 856,294	$ 1,018,665
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	502,768	(143,741)	$ 183,884
OP Units issued for real estate, net	48,533
Conversion of OP Units/DownREIT Units to Common Stock	99,932	12,666
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	10,873	4,543	14,426
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(34,044)	(34,149)
Vesting of Long-Term Incentive Plan Units	14,576	23,501
Allocation of other comprehensive income/(loss)	374	141
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year	1,299,442	856,294	1,018,665
Net (income)/loss attributable to noncontrolling interests	$ (104)	$ (161)	$ (188)
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value
Notes receivable, net	$ 26,860	$ 157,992
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset Designated as Hedging Instrument, Fair Value	3,279	2
Derivatives - Interest rate contracts		167
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,299,442	856,294
Transfer Between the Levels	$ 0	0
Equity Securities
Debt instruments - fair value
Percentage Of illiquidity discount	15.00%
Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net		157,992
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable	$ 26,860
Total assets	33,369	158,494
Debt instruments - fair value
Total liabilities	5,443,393	5,004,978
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,299,442	856,294
Carrying (Reported) Amount, Fair Value Disclosure | 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		167
Carrying (Reported) Amount, Fair Value Disclosure | 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	3,279	2
Carrying (Reported) Amount, Fair Value Disclosure | Equity Securities | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Equity securities	3,230	500
Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net		170,411
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable	27,372
Total assets	33,881	170,913
Debt instruments - fair value
Total liabilities	5,508,491	5,382,320
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,299,442	856,294
Estimate of Fair Value, Fair Value Disclosure | 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		167
Estimate of Fair Value, Fair Value Disclosure | 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	3,279	2
Estimate of Fair Value, Fair Value Disclosure | Equity Securities | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Equity securities	3,230	500
Estimate of Fair Value, Fair Value Disclosure | Level 2 | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	3,279	2
Debt instruments - fair value
Total liabilities		167
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,299,442	856,294
Estimate of Fair Value, Fair Value Disclosure | 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		167
Estimate of Fair Value, Fair Value Disclosure | 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	3,279	2
Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net		170,411
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable	27,372
Total assets	30,602	170,911
Debt instruments - fair value
Total liabilities	5,508,491	5,382,153
Estimate of Fair Value, Fair Value Disclosure | Level 3 | Equity Securities | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Equity securities	3,230	500
Unsecured Debt | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,133,083	3,922,314
Unsecured Debt | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,199,363	4,283,045
Unsecured Debt | Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,199,363	4,283,045
Unsecured Debt | Commercial Paper | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	220,000	190,000
Unsecured Debt | Commercial Paper | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	220,000	190,000
Unsecured Debt | Commercial Paper | Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	220,000	190,000
Unsecured Debt | Working Capital Credit Facility | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	29,546	28,024
Unsecured Debt | Working Capital Credit Facility | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	29,546	28,024
Unsecured Debt | Working Capital Credit Facility | Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	29,546	28,024
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	1,033,764	837,473
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	1,032,582	854,084
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable | Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	1,032,582	854,084
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,000	27,000
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,000	27,000
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable | Estimate of Fair Value, Fair Value Disclosure | 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	1 Months Ended
	Jul. 31, 2022USD ($)instrument	Dec. 31, 2022USD ($)	Dec. 31, 2021USD ($)iteminstrument
Forecast
Derivatives
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense		$ 1,400
Interest rate swap and caps
Derivatives
Notional			$ 315,000
Interest rate swaps | Forecast
Derivatives
Number of additional interest rate derivative instruments entered | instrument	2
Total revolving credit facility	$ 175,000
Designated as Hedging Instrument | Interest rate swap and caps
Derivatives
Number of Interest Rate Derivatives Held | item			4
Notional			$ 334,880
Not Designated as Hedging Instrument
Derivatives
Number of Interest Rate Derivatives Held | instrument			0

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITY - Undesignated Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets
Derivative Asset Designated as Hedging Instrument, Fair Value	$ 3,279	$ 2
Gross Amounts of Recognized Liabilities		167
Interest rate contracts | Other assets | Designated as Hedging Instrument
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets
Derivative Asset Designated as Hedging Instrument, Fair Value	$ 3,279	2
Interest rate contracts | Other liabilities | Designated as Hedging Instrument
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets
Gross Amounts of Recognized Liabilities		$ 167

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	$ 3,502	$ (3,382)	$ (8,437)
Interest rate contracts | Interest expense | Cash Flow Hedging
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	3,502	(3,382)	(8,437)
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense	$ (1,755)	$ (4,827)	$ 2,770

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITY - Effectiveness (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivatives and hedging activity
Total amount of Interest expense presented on the Consolidated Statements of Operations	$ 186,267	$ 202,706	$ 170,917

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Offsetting derivative assets
Gross Amounts of Recognized Assets	$ 3,279	$ 2
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	3,279	2
Net Amount	$ 3,279	2
Offsetting derivative liabilities
Gross Amounts of Recognized Liabilities		167
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (a)		167
Net Amount		$ 167

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Real Estate Commitments (Details) $ in Thousands	Dec. 31, 2021USD ($)itemcommunity
Commitments
Number of communities owned (in communities) | community	160
Cost Incurred to Date	$ 534,691
UDR's Remaining Commitment	$ 182,603
Wholly owned - under development
Commitments
Number of communities owned (in communities) | item	5
Cost Incurred to Date	$ 388,569
UDR's Remaining Commitment	$ 112,931
Preferred Equity Investments
Commitments
Number of communities owned (in communities) | item	4
Cost Incurred to Date	$ 66,528
UDR's Remaining Commitment	53,652
Real estate technology investments RETV I
Commitments
Cost Incurred to Date	71,464
UDR's Remaining Commitment	5,220
Real estate technology investments RETV II
Commitments
Cost Incurred to Date	8,130
UDR's Remaining Commitment	$ 10,800

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)homesegment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Segments
Same store communities | home	45,143
Reportable Segments
Number of reportable segments | segment	2
Community Threshold, Percent Occupancy Threshold	90%
Time to maintain percent occupancy to be considered a community	3 months
Capital expenditures and development	$ 346,365	$ 299,986	$ 195,981
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	1,284,665	1,236,096	1,138,138
Reconciling items:
Joint venture management and other fees	$ 6,102	$ 5,069	$ 14,055
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Property management	$ (38,540)	$ (35,538)	$ (32,721)
Other operating expenses	(21,649)	(22,762)	(13,932)
Real estate depreciation and amortization	(606,648)	(608,616)	(501,257)
General and administrative	(57,541)	(49,885)	(51,533)
Casualty-related (charges)/recoveries, net	(3,748)	(2,131)	(474)
Other depreciation and amortization	(13,185)	(10,013)	(6,666)
Gain/(loss) on sale of real estate owned	136,052	119,277	5,282
Income/(loss) from unconsolidated entities	65,646	18,844	137,873
Interest expense	(186,267)	(202,706)	(170,917)
Interest income and other income/(expense), net	15,085	6,274	15,404
Tax (provision)/benefit, net	(1,439)	(2,545)	(3,838)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(10,873)	(4,543)	(14,426)
Net (income)/loss attributable to noncontrolling interests	(104)	(161)	(188)
Net income/(loss) attributable to UDR, Inc.	150,016	64,266	184,965
Reportable apartment home segment assets:
Total segment assets	14,740,803	13,071,472
Accumulated depreciation	(5,137,096)	(4,605,366)
Total real estate owned, net of accumulated depreciation	9,603,707	8,466,106
Reconciling items:
Cash and cash equivalents	967	1,409	8,106	$ 185,216
Restricted cash	27,451	22,762	25,185	$ 23,675
Notes receivable, net	26,860	157,992
Investment in and advances to unconsolidated joint ventures, net	702,461	600,233
Operating lease right-of-use assets	197,463	200,913
Other assets	216,311	188,118
Total consolidated assets	10,775,220	9,637,533
Same Store Communities Western Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	414,063	411,988	422,564
Other revenue	10,620	12,357	12,924
Rental income	424,683	424,345	435,488
Reportable apartment home segment NOI	312,341	314,381	330,586
Reportable apartment home segment assets:
Total segment assets	4,219,858	4,174,776
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	246,176	245,460	221,509
Other revenue	8,194	7,155	7,429
Rental income	254,370	252,615	228,938
Reportable apartment home segment NOI	175,445	176,741	161,325
Reportable apartment home segment assets:
Total segment assets	2,729,221	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	211,368	209,222	172,658
Other revenue	4,867	5,315	4,003
Rental income	216,235	214,537	176,661
Reportable apartment home segment NOI	137,331	140,090	121,800
Reportable apartment home segment assets:
Total segment assets	2,921,469	2,900,017
Same Store Communities Southeastern Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	144,328	136,342	129,354
Other revenue	6,498	5,765	6,752
Rental income	150,826	142,107	136,106
Reportable apartment home segment NOI	102,061	96,118	94,420
Reportable apartment home segment assets:
Total segment assets	995,597	974,754
Same Store Communities Southwestern Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	97,213	93,557	67,804
Other revenue	3,932	3,599	2,897
Rental income	101,145	97,156	70,701
Reportable apartment home segment NOI	63,320	59,281	44,018
Reportable apartment home segment assets:
Total segment assets	903,789	869,228
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	132,738	101,720	88,350
Other revenue	4,668	3,616	1,894
Rental income	137,406	105,336	90,244
Reportable apartment home segment NOI	76,627	67,091	56,154
Reportable apartment home segment assets:
Total segment assets	2,970,869	1,454,648
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	1,245,886	1,198,289	1,102,239
Other revenue	38,779	37,807	35,899
Rental income	1,284,665	1,236,096	1,138,138
Reportable apartment home segment NOI	$ 867,125	$ 853,702	$ 808,303
Taxable REIT Subsidiaries
Reportable Segments
Management fee (as a percent)	3.00%

SCHEDULE III - REAL ESTATE OW_2

SCHEDULE III - REAL ESTATE OWNED (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation
Encumbrances	$ 1,057,380
Initial Costs, Land and Land Improvements	2,391,933
Initial Costs, Buildings and Improvements	8,382,200
Total Initial Acquisition Costs	10,774,133
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,966,670
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,658,689
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	12,082,114
Total Carrying Value	14,740,803	$ 13,071,472	$ 12,602,101
Accumulated Depreciation	5,137,096	4,605,366	4,131,353
Aggregate cost for federal income tax purposes	14,000,000
Reconciliation of the carrying amount of total real estate owned
Balance at beginning of the year	13,071,472	12,602,101	10,196,159
Real estate acquired	1,513,106	413,488	2,241,163
Capital expenditures and development	346,365	299,986	195,981
Real estate sold	(190,140)	(244,103)	(31,202)
Balance at end of the year	14,740,803	13,071,472	12,602,101
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	4,605,366	4,131,353	3,654,160
Depreciation expense for the year	584,228	560,876	477,193
Accumulated depreciation on sales	(52,498)	(86,863)
Balance at end of year	$ 5,137,096	$ 4,605,366	$ 4,131,353
Minimum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	30 years
Maximum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	55 years
REAL ESTATE UNDER DEVELOPMENT
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	$ 74,392
Initial Costs, Buildings and Improvements	2,754
Total Initial Acquisition Costs	77,146
Costs of Improvements Capitalized Subsequent to Acquisition Costs	311,423
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	74,399
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	314,170
Total Carrying Value	388,569
Accumulated Depreciation	507
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	388,569
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	507
REAL ESTATE UNDER DEVELOPMENT | Cirrus
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,853
Total Initial Acquisition Costs	13,853
Costs of Improvements Capitalized Subsequent to Acquisition Costs	74,466
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,853
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	74,466
Total Carrying Value	88,319
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	88,319
REAL ESTATE UNDER DEVELOPMENT | 5421 at Dublin Station
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,922
Total Initial Acquisition Costs	8,922
Costs of Improvements Capitalized Subsequent to Acquisition Costs	93,675
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,922
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	93,675
Total Carrying Value	102,597
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	102,597
REAL ESTATE UNDER DEVELOPMENT | The George Apartments
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,341
Total Initial Acquisition Costs	17,341
Costs of Improvements Capitalized Subsequent to Acquisition Costs	35,037
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,348
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	35,030
Total Carrying Value	52,378
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	52,378
REAL ESTATE UNDER DEVELOPMENT | Vitruvian West Phase III
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,141
Initial Costs, Buildings and Improvements	2,754
Total Initial Acquisition Costs	9,895
Costs of Improvements Capitalized Subsequent to Acquisition Costs	40,629
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,141
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	43,383
Total Carrying Value	50,524
Accumulated Depreciation	507
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,524
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	507
REAL ESTATE UNDER DEVELOPMENT | The MO
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,135
Total Initial Acquisition Costs	27,135
Costs of Improvements Capitalized Subsequent to Acquisition Costs	67,616
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	27,135
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	67,616
Total Carrying Value	94,751
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	94,751
LAND
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	64,085
Initial Costs, Buildings and Improvements	2,243
Total Initial Acquisition Costs	66,328
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,889
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	71,423
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	10,794
Total Carrying Value	82,217
Accumulated Depreciation	2,649
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	82,217
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,649
LAND | Vitruvian Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	32,468
Initial Costs, Buildings and Improvements	2,243
Total Initial Acquisition Costs	34,711
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,160
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	39,806
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	6,065
Total Carrying Value	45,871
Accumulated Depreciation	2,649
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,871
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,649
LAND | Alameda Point Block 11
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	25,006
Total Initial Acquisition Costs	25,006
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,957
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	25,006
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	2,957
Total Carrying Value	27,963
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,963
LAND | Meridian
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,611
Total Initial Acquisition Costs	6,611
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,772
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,611
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,772
Total Carrying Value	8,383
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	8,383
COMMERCIAL
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs	29,937
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,793
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,144
Total Carrying Value	29,937
Accumulated Depreciation	14,995
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,937
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,995
COMMERCIAL | Brookhaven Shopping Center
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs	29,937
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,793
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,144
Total Carrying Value	29,937
Accumulated Depreciation	14,995
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,937
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,995
TOTAL CORPORATE
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,034
Initial Costs, Buildings and Improvements	20,534
Total Initial Acquisition Costs	23,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,862
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,081
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	32,349
Total Carrying Value	35,430
Accumulated Depreciation	5,658
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,430
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,658
TOTAL CORPORATE | Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,359
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	9,359
Total Carrying Value	9,359
Accumulated Depreciation	241
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	9,359
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	241
TOTAL CORPORATE | 1745 Shea Center I
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,034
Initial Costs, Buildings and Improvements	20,534
Total Initial Acquisition Costs	23,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,503
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,081
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,990
Total Carrying Value	26,071
Accumulated Depreciation	5,417
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,071
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,417
TOTAL COMMERCIAL & CORPORATE
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,034
Initial Costs, Buildings and Improvements	20,534
Total Initial Acquisition Costs	23,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	41,799
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,874
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	54,493
Total Carrying Value	65,367
Accumulated Depreciation	20,653
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	65,367
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,653
TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances	1,033,763
Initial Costs, Land and Land Improvements	2,250,422
Initial Costs, Buildings and Improvements	8,356,669
Total Initial Acquisition Costs	10,607,091
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,597,559
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,501,993
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	11,702,657
Total Carrying Value	14,204,650
Accumulated Depreciation	5,113,287
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,204,650
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,113,287
WEST REGION
Real Estate and Accumulated Depreciation
Encumbrances	27,000
Initial Costs, Land and Land Improvements	900,592
Initial Costs, Buildings and Improvements	2,014,031
Total Initial Acquisition Costs	2,914,623
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,553,933
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	993,295
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	3,475,261
Total Carrying Value	4,468,556
Accumulated Depreciation	1,891,660
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	4,468,556
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,891,660
ORANGE COUNTY, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	394,722
Initial Costs, Buildings and Improvements	278,133
Total Initial Acquisition Costs	672,855
Costs of Improvements Capitalized Subsequent to Acquisition Costs	768,742
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	436,801
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,004,796
Total Carrying Value	1,441,597
Accumulated Depreciation	564,233
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,441,597
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	564,233
ORANGE COUNTY, CA | Harbor at Mesa Verde
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	20,476
Initial Costs, Buildings and Improvements	28,538
Total Initial Acquisition Costs	49,014
Costs of Improvements Capitalized Subsequent to Acquisition Costs	24,270
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	22,485
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	50,799
Total Carrying Value	73,284
Accumulated Depreciation	39,973
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	73,284
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,973
ORANGE COUNTY, CA | 27 Seventy Five Mesa Verde
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	99,329
Initial Costs, Buildings and Improvements	110,644
Total Initial Acquisition Costs	209,973
Costs of Improvements Capitalized Subsequent to Acquisition Costs	108,534
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	116,594
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	201,913
Total Carrying Value	318,507
Accumulated Depreciation	157,467
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	318,507
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	157,467
ORANGE COUNTY, CA | Huntington Vista
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,055
Initial Costs, Buildings and Improvements	22,486
Total Initial Acquisition Costs	30,541
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,025
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,420
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	36,146
Total Carrying Value	45,566
Accumulated Depreciation	28,499
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,566
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,499
ORANGE COUNTY, CA | Missions at Back Bay
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	229
Initial Costs, Buildings and Improvements	14,129
Total Initial Acquisition Costs	14,358
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,520
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,141
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	7,737
Total Carrying Value	18,878
Accumulated Depreciation	6,184
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,878
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,184
ORANGE COUNTY, CA | Eight 80 Newport Beach - North
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	62,516
Initial Costs, Buildings and Improvements	46,082
Total Initial Acquisition Costs	108,598
Costs of Improvements Capitalized Subsequent to Acquisition Costs	48,686
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	69,362
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	87,922
Total Carrying Value	157,284
Accumulated Depreciation	68,825
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	157,284
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	68,825
ORANGE COUNTY, CA | Eight 80 Newport Beach - South
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	58,785
Initial Costs, Buildings and Improvements	50,067
Total Initial Acquisition Costs	108,852
Costs of Improvements Capitalized Subsequent to Acquisition Costs	41,597
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	60,996
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	89,453
Total Carrying Value	150,449
Accumulated Depreciation	63,553
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	150,449
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	63,553
ORANGE COUNTY, CA | Foxborough
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,071
Initial Costs, Buildings and Improvements	6,187
Total Initial Acquisition Costs	18,258
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,477
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,750
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	10,985
Total Carrying Value	23,735
Accumulated Depreciation	8,652
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,735
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,652
ORANGE COUNTY, CA | Beach & Ocean
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,878
Total Initial Acquisition Costs	12,878
Costs of Improvements Capitalized Subsequent to Acquisition Costs	40,134
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,139
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	39,873
Total Carrying Value	53,012
Accumulated Depreciation	17,318
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	53,012
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,318
ORANGE COUNTY, CA | The Residences at Bella Terra
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	25,000
Total Initial Acquisition Costs	25,000
Costs of Improvements Capitalized Subsequent to Acquisition Costs	130,685
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	25,847
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	129,838
Total Carrying Value	155,685
Accumulated Depreciation	65,446
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	155,685
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	65,446
ORANGE COUNTY, CA | Los Alisos at Mission Viejo
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,298
Total Initial Acquisition Costs	17,298
Costs of Improvements Capitalized Subsequent to Acquisition Costs	71,722
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,737
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	72,283
Total Carrying Value	89,020
Accumulated Depreciation	34,993
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	89,020
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,993
ORANGE COUNTY, CA | The Residences at Pacific City
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	78,085
Total Initial Acquisition Costs	78,085
Costs of Improvements Capitalized Subsequent to Acquisition Costs	278,092
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	78,330
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	277,847
Total Carrying Value	356,177
Accumulated Depreciation	73,323
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	356,177
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	73,323
SAN FRANCISCO, CA
Real Estate and Accumulated Depreciation
Encumbrances	27,000
Initial Costs, Land and Land Improvements	145,665
Initial Costs, Buildings and Improvements	414,240
Total Initial Acquisition Costs	559,905
Costs of Improvements Capitalized Subsequent to Acquisition Costs	338,720
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	153,325
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	745,300
Total Carrying Value	898,625
Accumulated Depreciation	479,238
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	898,625
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	479,238
SAN FRANCISCO, CA | 2000 Post Street
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,861
Initial Costs, Buildings and Improvements	44,578
Total Initial Acquisition Costs	54,439
Costs of Improvements Capitalized Subsequent to Acquisition Costs	38,606
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,472
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	78,573
Total Carrying Value	93,045
Accumulated Depreciation	49,699
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	93,045
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	49,699
SAN FRANCISCO, CA | Birch Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,365
Initial Costs, Buildings and Improvements	16,696
Total Initial Acquisition Costs	21,061
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,024
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,419
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	30,666
Total Carrying Value	32,085
Accumulated Depreciation	19,849
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	32,085
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,849
SAN FRANCISCO, CA | Highlands Of Marin
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,996
Initial Costs, Buildings and Improvements	24,868
Total Initial Acquisition Costs	30,864
Costs of Improvements Capitalized Subsequent to Acquisition Costs	29,356
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,190
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	52,030
Total Carrying Value	60,220
Accumulated Depreciation	40,691
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	60,220
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,691
SAN FRANCISCO, CA | Marina Playa
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,224
Initial Costs, Buildings and Improvements	23,916
Total Initial Acquisition Costs	30,140
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,927
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,444
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	43,623
Total Carrying Value	45,067
Accumulated Depreciation	27,615
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,067
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,615
SAN FRANCISCO, CA | River Terrace
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,161
Initial Costs, Buildings and Improvements	40,137
Total Initial Acquisition Costs	62,298
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,533
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	23,010
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	48,821
Total Carrying Value	71,831
Accumulated Depreciation	35,776
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,831
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,776
SAN FRANCISCO, CA | CitySouth
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,031
Initial Costs, Buildings and Improvements	30,537
Total Initial Acquisition Costs	44,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	40,431
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,703
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	68,296
Total Carrying Value	84,999
Accumulated Depreciation	54,340
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,999
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	54,340
SAN FRANCISCO, CA | Bay Terrace
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,545
Initial Costs, Buildings and Improvements	14,458
Total Initial Acquisition Costs	23,003
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,966
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,679
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,290
Total Carrying Value	30,969
Accumulated Depreciation	13,679
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,969
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,679
SAN FRANCISCO, CA | Highlands of Marin Phase II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,353
Initial Costs, Buildings and Improvements	18,559
Total Initial Acquisition Costs	23,912
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,422
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,782
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	29,552
Total Carrying Value	35,334
Accumulated Depreciation	21,746
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,334
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,746
SAN FRANCISCO, CA | Edgewater
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	30,657
Initial Costs, Buildings and Improvements	83,872
Total Initial Acquisition Costs	114,529
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,468
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,832
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	97,165
Total Carrying Value	127,997
Accumulated Depreciation	64,604
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,997
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	64,604
SAN FRANCISCO, CA | Almaden Lake Village
Real Estate and Accumulated Depreciation
Encumbrances	27,000
Initial Costs, Land and Land Improvements	594
Initial Costs, Buildings and Improvements	42,515
Total Initial Acquisition Costs	43,109
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,542
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,001
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	52,650
Total Carrying Value	53,651
Accumulated Depreciation	35,563
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	53,651
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,563
SAN FRANCISCO, CA | 388 Beale
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,253
Initial Costs, Buildings and Improvements	74,104
Total Initial Acquisition Costs	88,357
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,341
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,689
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	93,009
Total Carrying Value	107,698
Accumulated Depreciation	51,983
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	107,698
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	51,983
SAN FRANCISCO, CA | Channel @ Mission Bay
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	23,625
Total Initial Acquisition Costs	23,625
Costs of Improvements Capitalized Subsequent to Acquisition Costs	132,104
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,104
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	131,625
Total Carrying Value	155,729
Accumulated Depreciation	63,693
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	155,729
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	63,693
SEATTLE, WA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	144,136
Initial Costs, Buildings and Improvements	897,984
Total Initial Acquisition Costs	1,042,120
Costs of Improvements Capitalized Subsequent to Acquisition Costs	91,359
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	150,881
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	982,598
Total Carrying Value	1,133,479
Accumulated Depreciation	409,581
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,133,479
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	409,581
SEATTLE, WA | Crowne Pointe
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,486
Initial Costs, Buildings and Improvements	6,437
Total Initial Acquisition Costs	8,923
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,290
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,237
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	15,976
Total Carrying Value	19,213
Accumulated Depreciation	12,553
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	19,213
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,553
SEATTLE, WA | Hilltop
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,174
Initial Costs, Buildings and Improvements	7,408
Total Initial Acquisition Costs	9,582
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,246
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,061
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	13,767
Total Carrying Value	16,828
Accumulated Depreciation	10,492
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	16,828
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,492
SEATTLE, WA | The Hawthorne
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,474
Initial Costs, Buildings and Improvements	30,226
Total Initial Acquisition Costs	36,700
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,998
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,219
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	39,479
Total Carrying Value	46,698
Accumulated Depreciation	29,493
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	46,698
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,493
SEATTLE, WA | The Kennedy
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,179
Initial Costs, Buildings and Improvements	22,307
Total Initial Acquisition Costs	28,486
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,064
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,360
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	27,190
Total Carrying Value	33,550
Accumulated Depreciation	18,897
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,550
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,897
SEATTLE, WA | Hearthstone at Merrill Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,848
Initial Costs, Buildings and Improvements	30,922
Total Initial Acquisition Costs	37,770
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,784
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,312
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	40,242
Total Carrying Value	47,554
Accumulated Depreciation	26,254
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	47,554
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,254
SEATTLE, WA | Island Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,284
Initial Costs, Buildings and Improvements	89,389
Total Initial Acquisition Costs	110,673
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,380
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,703
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	97,350
Total Carrying Value	119,053
Accumulated Depreciation	64,066
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	119,053
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	64,066
SEATTLE, WA | elements too
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,468
Initial Costs, Buildings and Improvements	72,036
Total Initial Acquisition Costs	99,504
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,737
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,360
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	90,881
Total Carrying Value	121,241
Accumulated Depreciation	71,208
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	121,241
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	71,208
SEATTLE, WA | 989elements
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,541
Initial Costs, Buildings and Improvements	45,990
Total Initial Acquisition Costs	54,531
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,434
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,685
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	52,280
Total Carrying Value	60,965
Accumulated Depreciation	31,876
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	60,965
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,876
SEATTLE, WA | Lightbox
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,449
Initial Costs, Buildings and Improvements	38,884
Total Initial Acquisition Costs	45,333
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,400
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,487
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	40,246
Total Carrying Value	46,733
Accumulated Depreciation	18,248
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	46,733
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,248
SEATTLE, WA | Ashton Bellevue
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,287
Initial Costs, Buildings and Improvements	124,939
Total Initial Acquisition Costs	133,226
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,712
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,370
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	128,568
Total Carrying Value	136,938
Accumulated Depreciation	37,540
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	136,938
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,540
SEATTLE, WA | TEN20
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,247
Initial Costs, Buildings and Improvements	76,587
Total Initial Acquisition Costs	81,834
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,478
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,308
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	81,004
Total Carrying Value	86,312
Accumulated Depreciation	23,884
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	86,312
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,884
SEATTLE, WA | Milehouse
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,976
Initial Costs, Buildings and Improvements	63,041
Total Initial Acquisition Costs	69,017
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,275
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,043
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	64,249
Total Carrying Value	70,292
Accumulated Depreciation	21,113
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,292
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,113
SEATTLE, WA | CityLine
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,220
Initial Costs, Buildings and Improvements	85,787
Total Initial Acquisition Costs	97,007
Costs of Improvements Capitalized Subsequent to Acquisition Costs	550
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,228
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	86,329
Total Carrying Value	97,557
Accumulated Depreciation	27,388
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	97,557
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,388
SEATTLE, WA | CityLine II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,723
Initial Costs, Buildings and Improvements	56,843
Total Initial Acquisition Costs	60,566
Costs of Improvements Capitalized Subsequent to Acquisition Costs	514
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,723
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,357
Total Carrying Value	61,080
Accumulated Depreciation	12,210
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	61,080
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,210
SEATTLE, WA | Brio
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,780
Initial Costs, Buildings and Improvements	147,188
Total Initial Acquisition Costs	168,968
Costs of Improvements Capitalized Subsequent to Acquisition Costs	497
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,785
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	147,680
Total Carrying Value	169,465
Accumulated Depreciation	4,359
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	169,465
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,359
MONTEREY PENINSULA, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,938
Initial Costs, Buildings and Improvements	68,384
Total Initial Acquisition Costs	85,322
Costs of Improvements Capitalized Subsequent to Acquisition Costs	103,591
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	29,864
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	159,049
Total Carrying Value	188,913
Accumulated Depreciation	108,590
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	188,913
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	108,590
MONTEREY PENINSULA, CA | Boronda Manor
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,946
Initial Costs, Buildings and Improvements	8,982
Total Initial Acquisition Costs	10,928
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,233
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,455
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,706
Total Carrying Value	23,161
Accumulated Depreciation	13,210
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,161
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,210
MONTEREY PENINSULA, CA | Garden Court
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	888
Initial Costs, Buildings and Improvements	4,188
Total Initial Acquisition Costs	5,076
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,057
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,621
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	10,512
Total Carrying Value	12,133
Accumulated Depreciation	7,149
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	12,133
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,149
MONTEREY PENINSULA, CA | Cambridge Court
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,039
Initial Costs, Buildings and Improvements	12,883
Total Initial Acquisition Costs	15,922
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,372
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,806
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	29,488
Total Carrying Value	35,294
Accumulated Depreciation	20,688
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,294
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,688
MONTEREY PENINSULA, CA | Laurel Tree
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,304
Initial Costs, Buildings and Improvements	5,115
Total Initial Acquisition Costs	6,419
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,217
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,473
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	12,163
Total Carrying Value	14,636
Accumulated Depreciation	8,431
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,636
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,431
MONTEREY PENINSULA, CA | The Pointe At Harden Ranch
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,388
Initial Costs, Buildings and Improvements	23,854
Total Initial Acquisition Costs	30,242
Costs of Improvements Capitalized Subsequent to Acquisition Costs	34,935
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,417
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	54,760
Total Carrying Value	65,177
Accumulated Depreciation	37,182
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	65,177
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,182
MONTEREY PENINSULA, CA | The Pointe At Northridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,044
Initial Costs, Buildings and Improvements	8,028
Total Initial Acquisition Costs	10,072
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,115
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,695
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,492
Total Carrying Value	23,187
Accumulated Depreciation	13,340
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,187
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,340
MONTEREY PENINSULA, CA | The Pointe At Westlake
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,329
Initial Costs, Buildings and Improvements	5,334
Total Initial Acquisition Costs	6,663
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,662
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,397
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	12,928
Total Carrying Value	15,325
Accumulated Depreciation	8,590
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,325
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,590
LOS ANGELES, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	151,833
Initial Costs, Buildings and Improvements	156,492
Total Initial Acquisition Costs	308,325
Costs of Improvements Capitalized Subsequent to Acquisition Costs	159,490
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	161,896
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	305,919
Total Carrying Value	467,815
Accumulated Depreciation	208,405
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	467,815
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	208,405
LOS ANGELES, CA | Rosebeach
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,414
Initial Costs, Buildings and Improvements	17,449
Total Initial Acquisition Costs	25,863
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,386
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,011
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	24,238
Total Carrying Value	33,249
Accumulated Depreciation	18,613
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,249
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,613
LOS ANGELES, CA | Tierra Del Rey
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	39,586
Initial Costs, Buildings and Improvements	36,679
Total Initial Acquisition Costs	76,265
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,021
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	40,065
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	46,221
Total Carrying Value	86,286
Accumulated Depreciation	30,889
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	86,286
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,889
LOS ANGELES, CA | The Westerly
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	48,182
Initial Costs, Buildings and Improvements	102,364
Total Initial Acquisition Costs	150,546
Costs of Improvements Capitalized Subsequent to Acquisition Costs	46,082
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,107
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	145,521
Total Carrying Value	196,628
Accumulated Depreciation	96,215
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	196,628
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	96,215
LOS ANGELES, CA | Jefferson at Marina del Rey
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	55,651
Total Initial Acquisition Costs	55,651
Costs of Improvements Capitalized Subsequent to Acquisition Costs	96,001
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	61,713
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	89,939
Total Carrying Value	151,652
Accumulated Depreciation	62,688
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	151,652
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	62,688
OTHER SOUTHERN CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	33,645
Initial Costs, Buildings and Improvements	111,337
Total Initial Acquisition Costs	144,982
Costs of Improvements Capitalized Subsequent to Acquisition Costs	71,580
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	45,130
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	171,432
Total Carrying Value	216,562
Accumulated Depreciation	80,042
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	216,562
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	80,042
OTHER SOUTHERN CA | Verano at Rancho Cucamonga Town Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,557
Initial Costs, Buildings and Improvements	3,645
Total Initial Acquisition Costs	17,202
Costs of Improvements Capitalized Subsequent to Acquisition Costs	61,883
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,479
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	54,606
Total Carrying Value	79,085
Accumulated Depreciation	46,565
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	79,085
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	46,565
OTHER SOUTHERN CA | Windemere at Sycamore Highland
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,810
Initial Costs, Buildings and Improvements	23,450
Total Initial Acquisition Costs	29,260
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,183
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,373
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	31,070
Total Carrying Value	37,443
Accumulated Depreciation	23,279
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,443
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,279
OTHER SOUTHERN CA | Strata
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,278
Initial Costs, Buildings and Improvements	84,242
Total Initial Acquisition Costs	98,520
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,514
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,278
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	85,756
Total Carrying Value	100,034
Accumulated Depreciation	10,198
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	100,034
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,198
PORTLAND, OR
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,653
Initial Costs, Buildings and Improvements	87,461
Total Initial Acquisition Costs	101,114
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,451
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,398
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	106,167
Total Carrying Value	121,565
Accumulated Depreciation	41,571
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	121,565
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,571
PORTLAND, OR | Tualatin Heights
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,273
Initial Costs, Buildings and Improvements	9,134
Total Initial Acquisition Costs	12,407
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,697
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,419
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	18,685
Total Carrying Value	23,104
Accumulated Depreciation	14,229
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,104
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,229
PORTLAND, OR | Hunt Club
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,014
Initial Costs, Buildings and Improvements	14,870
Total Initial Acquisition Costs	20,884
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,319
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,613
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,590
Total Carrying Value	30,203
Accumulated Depreciation	18,978
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,203
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,978
PORTLAND, OR | The Arbory
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,366
Initial Costs, Buildings and Improvements	63,457
Total Initial Acquisition Costs	67,823
Costs of Improvements Capitalized Subsequent to Acquisition Costs	435
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,366
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	63,892
Total Carrying Value	68,258
Accumulated Depreciation	8,364
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,258
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,364
MID-ATLANTIC REGION
Real Estate and Accumulated Depreciation
Encumbrances	347,130
Initial Costs, Land and Land Improvements	491,925
Initial Costs, Buildings and Improvements	2,192,039
Total Initial Acquisition Costs	2,683,964
Costs of Improvements Capitalized Subsequent to Acquisition Costs	618,788
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	566,083
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	2,736,669
Total Carrying Value	3,302,752
Accumulated Depreciation	1,150,291
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,302,752
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,150,291
METROPOLITAN, D.C.
Real Estate and Accumulated Depreciation
Encumbrances	288,530
Initial Costs, Land and Land Improvements	414,066
Initial Costs, Buildings and Improvements	1,720,723
Total Initial Acquisition Costs	2,134,789
Costs of Improvements Capitalized Subsequent to Acquisition Costs	488,567
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	474,715
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	2,148,641
Total Carrying Value	2,623,356
Accumulated Depreciation	907,238
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,623,356
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	907,238
METROPOLITAN, D.C. | Dominion Middle Ridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,311
Initial Costs, Buildings and Improvements	13,283
Total Initial Acquisition Costs	16,594
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,095
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,625
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	29,064
Total Carrying Value	33,689
Accumulated Depreciation	19,162
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,689
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,162
METROPOLITAN, D.C. | Dominion Lake Ridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,366
Initial Costs, Buildings and Improvements	8,387
Total Initial Acquisition Costs	10,753
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,830
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,238
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	18,345
Total Carrying Value	21,583
Accumulated Depreciation	14,265
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,583
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,265
METROPOLITAN, D.C. | Presidential Greens
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,238
Initial Costs, Buildings and Improvements	18,790
Total Initial Acquisition Costs	30,028
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,541
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,882
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	32,687
Total Carrying Value	44,569
Accumulated Depreciation	26,954
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,569
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,954
METROPOLITAN, D.C. | The Whitmore
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,418
Initial Costs, Buildings and Improvements	13,411
Total Initial Acquisition Costs	19,829
Costs of Improvements Capitalized Subsequent to Acquisition Costs	25,755
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,713
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	37,871
Total Carrying Value	45,584
Accumulated Depreciation	31,506
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,584
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,506
METROPOLITAN, D.C. | Ridgewood - apts side
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,612
Initial Costs, Buildings and Improvements	20,086
Total Initial Acquisition Costs	25,698
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,476
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,583
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	33,591
Total Carrying Value	40,174
Accumulated Depreciation	26,787
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	40,174
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,787
METROPOLITAN, D.C. | Waterside Towers
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,001
Initial Costs, Buildings and Improvements	49,657
Total Initial Acquisition Costs	62,658
Costs of Improvements Capitalized Subsequent to Acquisition Costs	35,826
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	50,882
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	47,602
Total Carrying Value	98,484
Accumulated Depreciation	34,309
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	98,484
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,309
METROPOLITAN, D.C. | Wellington Place at Olde Town
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,753
Initial Costs, Buildings and Improvements	36,059
Total Initial Acquisition Costs	49,812
Costs of Improvements Capitalized Subsequent to Acquisition Costs	22,312
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,980
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,144
Total Carrying Value	72,124
Accumulated Depreciation	45,287
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,124
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,287
METROPOLITAN, D.C. | Andover House
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	183
Initial Costs, Buildings and Improvements	59,948
Total Initial Acquisition Costs	60,131
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,355
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	347
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	67,139
Total Carrying Value	67,486
Accumulated Depreciation	43,926
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	67,486
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,926
METROPOLITAN, D.C. | Sullivan Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,137
Initial Costs, Buildings and Improvements	103,676
Total Initial Acquisition Costs	104,813
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,803
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,973
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	119,643
Total Carrying Value	121,616
Accumulated Depreciation	80,751
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	121,616
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	80,751
METROPOLITAN, D.C. | Delancey at Shirlington
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,606
Initial Costs, Buildings and Improvements	66,765
Total Initial Acquisition Costs	88,371
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,360
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,713
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	76,018
Total Carrying Value	97,731
Accumulated Depreciation	48,968
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	97,731
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,968
METROPOLITAN, D.C. | View 14
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,710
Initial Costs, Buildings and Improvements	97,941
Total Initial Acquisition Costs	103,651
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,603
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,787
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	104,467
Total Carrying Value	110,254
Accumulated Depreciation	60,808
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	110,254
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	60,808
METROPOLITAN, D.C. | Signal Hill Apartments
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,290
Total Initial Acquisition Costs	13,290
Costs of Improvements Capitalized Subsequent to Acquisition Costs	73,633
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	25,670
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	61,253
Total Carrying Value	86,923
Accumulated Depreciation	46,898
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	86,923
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	46,898
METROPOLITAN, D.C. | Capitol View on 14th
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	31,393
Total Initial Acquisition Costs	31,393
Costs of Improvements Capitalized Subsequent to Acquisition Costs	97,990
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	31,490
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	97,893
Total Carrying Value	129,383
Accumulated Depreciation	52,070
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	129,383
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	52,070
METROPOLITAN, D.C. | Domain College Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,300
Total Initial Acquisition Costs	7,300
Costs of Improvements Capitalized Subsequent to Acquisition Costs	61,688
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,541
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	61,447
Total Carrying Value	68,988
Accumulated Depreciation	30,028
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,988
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,028
METROPOLITAN, D.C. | 1200 East West
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,748
Initial Costs, Buildings and Improvements	68,022
Total Initial Acquisition Costs	77,770
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,395
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,922
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	72,243
Total Carrying Value	82,165
Accumulated Depreciation	24,625
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	82,165
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,625
METROPOLITAN, D.C. | Courts at Huntington Station
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,749
Initial Costs, Buildings and Improvements	111,878
Total Initial Acquisition Costs	139,627
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,112
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	28,178
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	117,561
Total Carrying Value	145,739
Accumulated Depreciation	46,174
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	145,739
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	46,174
METROPOLITAN, D.C. | Eleven55 Ripley
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,566
Initial Costs, Buildings and Improvements	107,539
Total Initial Acquisition Costs	123,105
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,641
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,921
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	113,825
Total Carrying Value	129,746
Accumulated Depreciation	38,091
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	129,746
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,091
METROPOLITAN, D.C. | Arbor Park of Alexandria
Real Estate and Accumulated Depreciation
Encumbrances	160,930
Initial Costs, Land and Land Improvements	50,881
Initial Costs, Buildings and Improvements	159,728
Total Initial Acquisition Costs	210,609
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,976
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,652
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	166,933
Total Carrying Value	218,585
Accumulated Depreciation	65,098
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	218,585
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	65,098
METROPOLITAN, D.C. | Courts at Dulles
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,697
Initial Costs, Buildings and Improvements	83,834
Total Initial Acquisition Costs	98,531
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,467
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,871
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	95,127
Total Carrying Value	109,998
Accumulated Depreciation	39,860
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	109,998
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,860
METROPOLITAN, D.C. | Newport Village
Real Estate and Accumulated Depreciation
Encumbrances	127,600
Initial Costs, Land and Land Improvements	55,283
Initial Costs, Buildings and Improvements	177,454
Total Initial Acquisition Costs	232,737
Costs of Improvements Capitalized Subsequent to Acquisition Costs	27,768
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	55,877
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	204,628
Total Carrying Value	260,505
Accumulated Depreciation	81,151
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	260,505
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	81,151
METROPOLITAN, D.C. | 1301 Thomas Circle
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,836
Initial Costs, Buildings and Improvements	128,191
Total Initial Acquisition Costs	156,027
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,526
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	27,847
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	130,706
Total Carrying Value	158,553
Accumulated Depreciation	20,419
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	158,553
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,419
METROPOLITAN, D.C. | Crescent Falls Church
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,687
Initial Costs, Buildings and Improvements	88,692
Total Initial Acquisition Costs	102,379
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,795
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,700
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	90,474
Total Carrying Value	104,174
Accumulated Depreciation	12,556
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	104,174
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,556
METROPOLITAN, D.C. | Station on Silver
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,661
Initial Costs, Buildings and Improvements	109,198
Total Initial Acquisition Costs	125,859
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,063
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,677
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	110,245
Total Carrying Value	126,922
Accumulated Depreciation	8,213
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	126,922
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,213
METROPOLITAN, D.C. | Seneca Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,184
Initial Costs, Buildings and Improvements	98,173
Total Initial Acquisition Costs	119,357
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,559
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,188
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	100,728
Total Carrying Value	121,916
Accumulated Depreciation	6,384
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	121,916
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,384
METROPOLITAN, D.C. | Canterbury Apartments
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	24,456
Initial Costs, Buildings and Improvements	100,011
Total Initial Acquisition Costs	124,467
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,998
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,458
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	102,007
Total Carrying Value	126,465
Accumulated Depreciation	2,948
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	126,465
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,948
BALTIMORE, MD
Real Estate and Accumulated Depreciation
Encumbrances	58,600
Initial Costs, Land and Land Improvements	72,736
Initial Costs, Buildings and Improvements	410,408
Total Initial Acquisition Costs	483,144
Costs of Improvements Capitalized Subsequent to Acquisition Costs	39,348
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	74,803
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	447,689
Total Carrying Value	522,492
Accumulated Depreciation	120,700
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	522,492
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	120,700
BALTIMORE, MD | Calvert's Walk
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,408
Initial Costs, Buildings and Improvements	24,692
Total Initial Acquisition Costs	29,100
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,725
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,240
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	34,585
Total Carrying Value	39,825
Accumulated Depreciation	27,320
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	39,825
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,320
BALTIMORE, MD | 20 Lambourne
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,750
Initial Costs, Buildings and Improvements	45,590
Total Initial Acquisition Costs	57,340
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,082
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,486
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,936
Total Carrying Value	70,422
Accumulated Depreciation	38,943
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,422
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,943
BALTIMORE, MD | Domain Brewers Hill
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,669
Initial Costs, Buildings and Improvements	40,630
Total Initial Acquisition Costs	45,299
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,014
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,917
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	43,396
Total Carrying Value	48,313
Accumulated Depreciation	26,081
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,313
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,081
BALTIMORE, MD | Rodgers Forge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,392
Initial Costs, Buildings and Improvements	67,958
Total Initial Acquisition Costs	83,350
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,583
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,607
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	74,326
Total Carrying Value	89,933
Accumulated Depreciation	14,164
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	89,933
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,164
BALTIMORE, MD | Towson Promenade
Real Estate and Accumulated Depreciation
Encumbrances	58,600
Initial Costs, Land and Land Improvements	12,599
Initial Costs, Buildings and Improvements	78,847
Total Initial Acquisition Costs	91,446
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,787
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,635
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	81,598
Total Carrying Value	94,233
Accumulated Depreciation	11,352
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	94,233
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,352
BALTIMORE, MD | 1274 at Towson
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,807
Initial Costs, Buildings and Improvements	46,238
Total Initial Acquisition Costs	54,045
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,676
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,807
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	48,914
Total Carrying Value	56,721
Accumulated Depreciation	1,112
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	56,721
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,112
BALTIMORE, MD | Quarters at Towson Town Center
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,111
Initial Costs, Buildings and Improvements	106,453
Total Initial Acquisition Costs	122,564
Costs of Improvements Capitalized Subsequent to Acquisition Costs	481
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,111
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	106,934
Total Carrying Value	123,045
Accumulated Depreciation	1,728
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	123,045
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,728
RICHMOND, VA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,123
Initial Costs, Buildings and Improvements	60,908
Total Initial Acquisition Costs	66,031
Costs of Improvements Capitalized Subsequent to Acquisition Costs	90,873
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,565
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	140,339
Total Carrying Value	156,904
Accumulated Depreciation	122,353
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	156,904
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	122,353
RICHMOND, VA | Gayton Pointe Townhomes
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	826
Initial Costs, Buildings and Improvements	5,148
Total Initial Acquisition Costs	5,974
Costs of Improvements Capitalized Subsequent to Acquisition Costs	32,000
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,696
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	34,278
Total Carrying Value	37,974
Accumulated Depreciation	32,446
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,974
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,446
RICHMOND, VA | Waterside At Ironbridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,844
Initial Costs, Buildings and Improvements	13,239
Total Initial Acquisition Costs	15,083
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,879
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,768
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,194
Total Carrying Value	25,962
Accumulated Depreciation	18,370
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,962
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,370
RICHMOND, VA | Carriage Homes at Wyndham
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	474
Initial Costs, Buildings and Improvements	30,997
Total Initial Acquisition Costs	31,471
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,426
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,228
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	38,669
Total Carrying Value	42,897
Accumulated Depreciation	31,122
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,897
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,122
RICHMOND, VA | Legacy at Mayland
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,979
Initial Costs, Buildings and Improvements	11,524
Total Initial Acquisition Costs	13,503
Costs of Improvements Capitalized Subsequent to Acquisition Costs	36,568
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,873
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	44,198
Total Carrying Value	50,071
Accumulated Depreciation	40,415
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,071
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,415
NORTHEAST REGION
Real Estate and Accumulated Depreciation
Encumbrances	323,350
Initial Costs, Land and Land Improvements	541,039
Initial Costs, Buildings and Improvements	2,334,992
Total Initial Acquisition Costs	2,876,031
Costs of Improvements Capitalized Subsequent to Acquisition Costs	822,843
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	556,733
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	3,142,141
Total Carrying Value	3,698,874
Accumulated Depreciation	1,101,073
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,698,874
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,101,073
BOSTON, MA
Real Estate and Accumulated Depreciation
Encumbrances	323,350
Initial Costs, Land and Land Improvements	206,271
Initial Costs, Buildings and Improvements	932,402
Total Initial Acquisition Costs	1,138,673
Costs of Improvements Capitalized Subsequent to Acquisition Costs	636,407
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	219,049
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,556,031
Total Carrying Value	1,775,080
Accumulated Depreciation	437,329
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,775,080
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	437,329
BOSTON, MA | Garrison Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,475
Initial Costs, Buildings and Improvements	91,027
Total Initial Acquisition Costs	97,502
Costs of Improvements Capitalized Subsequent to Acquisition Costs	28,004
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,648
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	118,858
Total Carrying Value	125,506
Accumulated Depreciation	65,391
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	125,506
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	65,391
BOSTON, MA | Ridge at Blue Hills
Real Estate and Accumulated Depreciation
Encumbrances	25,000
Initial Costs, Land and Land Improvements	6,039
Initial Costs, Buildings and Improvements	34,869
Total Initial Acquisition Costs	40,908
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,744
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,472
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	41,180
Total Carrying Value	47,652
Accumulated Depreciation	24,834
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	47,652
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,834
BOSTON, MA | Inwood West
Real Estate and Accumulated Depreciation
Encumbrances	80,000
Initial Costs, Land and Land Improvements	20,778
Initial Costs, Buildings and Improvements	88,096
Total Initial Acquisition Costs	108,874
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,204
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	19,866
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	105,212
Total Carrying Value	125,078
Accumulated Depreciation	63,670
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	125,078
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	63,670
BOSTON, MA | 14 North
Real Estate and Accumulated Depreciation
Encumbrances	72,500
Initial Costs, Land and Land Improvements	10,961
Initial Costs, Buildings and Improvements	51,175
Total Initial Acquisition Costs	62,136
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,369
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,552
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	66,953
Total Carrying Value	78,505
Accumulated Depreciation	41,519
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	78,505
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,519
BOSTON, MA | 100 Pier 4
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	24,584
Total Initial Acquisition Costs	24,584
Costs of Improvements Capitalized Subsequent to Acquisition Costs	203,853
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,834
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	203,603
Total Carrying Value	228,437
Accumulated Depreciation	71,542
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	228,437
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	71,542
BOSTON, MA | 345 Harrison
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	32,938
Total Initial Acquisition Costs	32,938
Costs of Improvements Capitalized Subsequent to Acquisition Costs	330,425
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	44,910
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	318,453
Total Carrying Value	363,363
Accumulated Depreciation	62,358
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	363,363
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	62,358
BOSTON, MA | Currents on the Charles
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,580
Initial Costs, Buildings and Improvements	70,149
Total Initial Acquisition Costs	82,729
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,866
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,702
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	71,893
Total Carrying Value	84,595
Accumulated Depreciation	12,379
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,595
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,379
BOSTON, MA | The Commons at Windsor Gardens
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	34,609
Initial Costs, Buildings and Improvements	225,515
Total Initial Acquisition Costs	260,124
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,533
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	34,683
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	245,974
Total Carrying Value	280,657
Accumulated Depreciation	47,677
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	280,657
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,677
BOSTON, MA | Charles River Landing
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,068
Initial Costs, Buildings and Improvements	112,777
Total Initial Acquisition Costs	129,845
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,938
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,091
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	114,692
Total Carrying Value	131,783
Accumulated Depreciation	15,859
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	131,783
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,859
BOSTON, MA | Lenox Farms
Real Estate and Accumulated Depreciation
Encumbrances	94,050
Initial Costs, Land and Land Improvements	17,692
Initial Costs, Buildings and Improvements	115,899
Total Initial Acquisition Costs	133,591
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,705
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,699
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	120,597
Total Carrying Value	138,296
Accumulated Depreciation	16,896
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	138,296
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,896
BOSTON, MA | Lodge at Ames Pond
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,645
Initial Costs, Buildings and Improvements	70,653
Total Initial Acquisition Costs	83,298
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,561
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,649
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	74,210
Total Carrying Value	86,859
Accumulated Depreciation	10,566
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	86,859
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,566
BOSTON, MA | Union Place
Real Estate and Accumulated Depreciation
Encumbrances	51,800
Initial Costs, Land and Land Improvements	9,902
Initial Costs, Buildings and Improvements	72,242
Total Initial Acquisition Costs	82,144
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,205
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,943
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	74,406
Total Carrying Value	84,349
Accumulated Depreciation	4,638
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,349
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,638
NEW YORK, NY
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	294,310
Initial Costs, Buildings and Improvements	1,086,043
Total Initial Acquisition Costs	1,380,353
Costs of Improvements Capitalized Subsequent to Acquisition Costs	177,090
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	297,106
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,260,337
Total Carrying Value	1,557,443
Accumulated Depreciation	641,029
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,557,443
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	641,029
NEW YORK, NY | 10 Hanover Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	41,432
Initial Costs, Buildings and Improvements	218,983
Total Initial Acquisition Costs	260,415
Costs of Improvements Capitalized Subsequent to Acquisition Costs	31,466
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	41,830
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	250,051
Total Carrying Value	291,881
Accumulated Depreciation	125,878
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	291,881
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	125,878
NEW YORK, NY | 21 Chelsea
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	36,399
Initial Costs, Buildings and Improvements	107,154
Total Initial Acquisition Costs	143,553
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,166
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	36,530
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	123,189
Total Carrying Value	159,719
Accumulated Depreciation	67,436
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	159,719
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	67,436
NEW YORK, NY | View 34
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	114,410
Initial Costs, Buildings and Improvements	324,920
Total Initial Acquisition Costs	439,330
Costs of Improvements Capitalized Subsequent to Acquisition Costs	116,670
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	116,094
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	439,906
Total Carrying Value	556,000
Accumulated Depreciation	246,965
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	556,000
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	246,965
NEW YORK, NY | 95 Wall Street
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	57,637
Initial Costs, Buildings and Improvements	266,255
Total Initial Acquisition Costs	323,892
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,397
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	58,114
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	277,175
Total Carrying Value	335,289
Accumulated Depreciation	169,531
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	335,289
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	169,531
NEW YORK, NY | Leonard Pointe
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	38,010
Initial Costs, Buildings and Improvements	93,204
Total Initial Acquisition Costs	131,214
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,483
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	38,071
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	94,626
Total Carrying Value	132,697
Accumulated Depreciation	18,542
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	132,697
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,542
NEW YORK, NY | One William
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,422
Initial Costs, Buildings and Improvements	75,527
Total Initial Acquisition Costs	81,949
Costs of Improvements Capitalized Subsequent to Acquisition Costs	(92)
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,467
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	75,390
Total Carrying Value	81,857
Accumulated Depreciation	12,677
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	81,857
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,677
PHILADELPHIA, PA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	40,458
Initial Costs, Buildings and Improvements	316,547
Total Initial Acquisition Costs	357,005
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,346
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	40,578
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	325,773
Total Carrying Value	366,351
Accumulated Depreciation	22,715
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	366,351
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,715
PHILADELPHIA, PA | Park Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,365
Initial Costs, Buildings and Improvements	96,050
Total Initial Acquisition Costs	106,415
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,626
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,485
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	97,556
Total Carrying Value	108,041
Accumulated Depreciation	18,182
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	108,041
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,182
PHILADELPHIA, PA | The Smith Valley Forge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,853
Initial Costs, Buildings and Improvements	95,973
Total Initial Acquisition Costs	113,826
Costs of Improvements Capitalized Subsequent to Acquisition Costs	123
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,853
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	96,096
Total Carrying Value	113,949
Accumulated Depreciation	2,175
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	113,949
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,175
PHILADELPHIA, PA | 322 on North Broad
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,240
Initial Costs, Buildings and Improvements	124,524
Total Initial Acquisition Costs	136,764
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,597
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,240
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	132,121
Total Carrying Value	144,361
Accumulated Depreciation	2,358
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,361
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,358
SOUTHEAST REGION
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	144,024
Initial Costs, Buildings and Improvements	922,014
Total Initial Acquisition Costs	1,066,038
Costs of Improvements Capitalized Subsequent to Acquisition Costs	420,891
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	191,185
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,295,744
Total Carrying Value	1,486,929
Accumulated Depreciation	633,755
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,486,929
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	633,755
TAMPA, FL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	65,002
Initial Costs, Buildings and Improvements	436,674
Total Initial Acquisition Costs	501,676
Costs of Improvements Capitalized Subsequent to Acquisition Costs	138,874
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	87,455
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	553,095
Total Carrying Value	640,550
Accumulated Depreciation	234,944
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	640,550
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	234,944
TAMPA, FL | Summit West
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,176
Initial Costs, Buildings and Improvements	4,710
Total Initial Acquisition Costs	6,886
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,799
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,029
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	16,656
Total Carrying Value	20,685
Accumulated Depreciation	15,027
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,685
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,027
TAMPA, FL | The Breyley
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,780
Initial Costs, Buildings and Improvements	2,458
Total Initial Acquisition Costs	4,238
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,497
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,244
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	20,491
Total Carrying Value	24,735
Accumulated Depreciation	20,113
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,735
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,113
TAMPA, FL | Lakewood Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,395
Initial Costs, Buildings and Improvements	10,647
Total Initial Acquisition Costs	12,042
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,595
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,261
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,376
Total Carrying Value	26,637
Accumulated Depreciation	19,941
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,637
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,941
TAMPA, FL | Cambridge Woods
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,791
Initial Costs, Buildings and Improvements	7,166
Total Initial Acquisition Costs	8,957
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,663
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,613
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,007
Total Carrying Value	22,620
Accumulated Depreciation	15,912
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,620
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,912
TAMPA, FL | Inlet Bay
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,702
Initial Costs, Buildings and Improvements	23,150
Total Initial Acquisition Costs	30,852
Costs of Improvements Capitalized Subsequent to Acquisition Costs	22,725
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,821
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	42,756
Total Carrying Value	53,577
Accumulated Depreciation	36,272
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	53,577
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	36,272
TAMPA, FL | MacAlpine Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,869
Initial Costs, Buildings and Improvements	36,858
Total Initial Acquisition Costs	47,727
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,855
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,782
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	50,800
Total Carrying Value	63,582
Accumulated Depreciation	39,112
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	63,582
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,112
TAMPA, FL | The Vintage Lofts at West End
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,611
Initial Costs, Buildings and Improvements	37,663
Total Initial Acquisition Costs	44,274
Costs of Improvements Capitalized Subsequent to Acquisition Costs	24,069
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,884
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	52,459
Total Carrying Value	68,343
Accumulated Depreciation	38,409
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,343
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,409
TAMPA, FL | Peridot Palms
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,293
Initial Costs, Buildings and Improvements	89,752
Total Initial Acquisition Costs	96,045
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,788
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,316
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	91,517
Total Carrying Value	97,833
Accumulated Depreciation	18,435
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	97,833
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,435
TAMPA, FL | The Preserve at Gateway
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,467
Initial Costs, Buildings and Improvements	43,723
Total Initial Acquisition Costs	48,190
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,760
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,519
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	45,431
Total Carrying Value	49,950
Accumulated Depreciation	8,337
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,950
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,337
TAMPA, FL | The Slade at Channelside
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,216
Initial Costs, Buildings and Improvements	72,786
Total Initial Acquisition Costs	83,002
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,095
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,278
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	76,819
Total Carrying Value	87,097
Accumulated Depreciation	10,071
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,097
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,071
TAMPA, FL | Andover Place at Cross Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,702
Initial Costs, Buildings and Improvements	107,761
Total Initial Acquisition Costs	119,463
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,028
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,708
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	113,783
Total Carrying Value	125,491
Accumulated Depreciation	13,315
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	125,491
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,315
ORLANDO, FL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	47,621
Initial Costs, Buildings and Improvements	341,331
Total Initial Acquisition Costs	388,952
Costs of Improvements Capitalized Subsequent to Acquisition Costs	135,787
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	60,209
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	464,530
Total Carrying Value	524,739
Accumulated Depreciation	181,436
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	524,739
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	181,436
ORLANDO, FL | Seabrook
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,846
Initial Costs, Buildings and Improvements	4,155
Total Initial Acquisition Costs	6,001
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,099
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,239
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	13,861
Total Carrying Value	17,100
Accumulated Depreciation	12,465
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,100
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,465
ORLANDO, FL | Altamira Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,533
Initial Costs, Buildings and Improvements	11,076
Total Initial Acquisition Costs	12,609
Costs of Improvements Capitalized Subsequent to Acquisition Costs	24,241
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,049
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	32,801
Total Carrying Value	36,850
Accumulated Depreciation	30,870
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,850
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,870
ORLANDO, FL | Regatta Shore
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	757
Initial Costs, Buildings and Improvements	6,608
Total Initial Acquisition Costs	7,365
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,954
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,490
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	24,829
Total Carrying Value	27,319
Accumulated Depreciation	21,992
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,319
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,992
ORLANDO, FL | Alafaya Woods
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,653
Initial Costs, Buildings and Improvements	9,042
Total Initial Acquisition Costs	10,695
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,955
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,934
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	21,716
Total Carrying Value	24,650
Accumulated Depreciation	18,196
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,650
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,196
ORLANDO, FL | Los Altos
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,804
Initial Costs, Buildings and Improvements	12,349
Total Initial Acquisition Costs	15,153
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,271
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,640
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	25,784
Total Carrying Value	30,424
Accumulated Depreciation	21,383
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,424
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,383
ORLANDO, FL | Lotus Landing
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,185
Initial Costs, Buildings and Improvements	8,639
Total Initial Acquisition Costs	10,824
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,169
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,399
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	21,594
Total Carrying Value	24,993
Accumulated Depreciation	16,834
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,993
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,834
ORLANDO, FL | Seville On The Green
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,282
Initial Costs, Buildings and Improvements	6,498
Total Initial Acquisition Costs	7,780
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,226
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,920
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	15,086
Total Carrying Value	17,006
Accumulated Depreciation	12,230
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,006
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,230
ORLANDO, FL | Ashton @ Waterford
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,872
Initial Costs, Buildings and Improvements	17,538
Total Initial Acquisition Costs	21,410
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,059
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,611
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	24,858
Total Carrying Value	29,469
Accumulated Depreciation	18,838
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,469
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,838
ORLANDO, FL | Arbors at Lee Vista
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,692
Initial Costs, Buildings and Improvements	12,860
Total Initial Acquisition Costs	19,552
Costs of Improvements Capitalized Subsequent to Acquisition Costs	18,628
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,925
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	30,255
Total Carrying Value	38,180
Accumulated Depreciation	22,812
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,180
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,812
ORLANDO, FL | Arbors at Maitland Summit
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,929
Initial Costs, Buildings and Improvements	158,079
Total Initial Acquisition Costs	174,008
Costs of Improvements Capitalized Subsequent to Acquisition Costs	815
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,933
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	158,890
Total Carrying Value	174,823
Accumulated Depreciation	4,240
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	174,823
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,240
ORLANDO, FL | Essex Luxe
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,068
Initial Costs, Buildings and Improvements	94,487
Total Initial Acquisition Costs	103,555
Costs of Improvements Capitalized Subsequent to Acquisition Costs	370
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,069
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	94,856
Total Carrying Value	103,925
Accumulated Depreciation	1,576
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	103,925
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,576
NASHVILLE, TN
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,433
Initial Costs, Buildings and Improvements	87,608
Total Initial Acquisition Costs	103,041
Costs of Improvements Capitalized Subsequent to Acquisition Costs	126,592
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	26,559
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	203,074
Total Carrying Value	229,633
Accumulated Depreciation	162,070
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	229,633
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	162,070
NASHVILLE, TN | Legacy Hill
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,148
Initial Costs, Buildings and Improvements	5,867
Total Initial Acquisition Costs	7,015
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,848
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,113
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	16,750
Total Carrying Value	18,863
Accumulated Depreciation	14,461
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,863
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,461
NASHVILLE, TN | Hickory Run
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,469
Initial Costs, Buildings and Improvements	11,584
Total Initial Acquisition Costs	13,053
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,264
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,834
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	26,483
Total Carrying Value	29,317
Accumulated Depreciation	19,412
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,317
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,412
NASHVILLE, TN | Carrington Hills
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,117
Total Initial Acquisition Costs	2,117
Costs of Improvements Capitalized Subsequent to Acquisition Costs	40,308
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,031
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	37,394
Total Carrying Value	42,425
Accumulated Depreciation	29,897
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,425
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,897
NASHVILLE, TN | Brookridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	708
Initial Costs, Buildings and Improvements	5,461
Total Initial Acquisition Costs	6,169
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,055
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,527
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	12,697
Total Carrying Value	14,224
Accumulated Depreciation	10,542
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,224
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,542
NASHVILLE, TN | Breckenridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	766
Initial Costs, Buildings and Improvements	7,714
Total Initial Acquisition Costs	8,480
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,964
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,814
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	14,630
Total Carrying Value	16,444
Accumulated Depreciation	11,522
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	16,444
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,522
NASHVILLE, TN | Colonnade
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,460
Initial Costs, Buildings and Improvements	16,015
Total Initial Acquisition Costs	17,475
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,238
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,578
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	25,135
Total Carrying Value	27,713
Accumulated Depreciation	18,640
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,713
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,640
NASHVILLE, TN | The Preserve at Brentwood
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,182
Initial Costs, Buildings and Improvements	24,674
Total Initial Acquisition Costs	27,856
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,506
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,307
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	36,055
Total Carrying Value	40,362
Accumulated Depreciation	29,168
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	40,362
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,168
NASHVILLE, TN | Polo Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,583
Initial Costs, Buildings and Improvements	16,293
Total Initial Acquisition Costs	20,876
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,409
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,355
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	33,930
Total Carrying Value	40,285
Accumulated Depreciation	28,428
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	40,285
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,428
OTHER FLORIDA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,968
Initial Costs, Buildings and Improvements	56,401
Total Initial Acquisition Costs	72,369
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,638
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,962
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	75,045
Total Carrying Value	92,007
Accumulated Depreciation	55,305
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	92,007
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	55,305
OTHER FLORIDA | The Reserve and Park at Riverbridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,968
Initial Costs, Buildings and Improvements	56,401
Total Initial Acquisition Costs	72,369
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,638
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,962
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	75,045
Total Carrying Value	92,007
Accumulated Depreciation	55,305
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	92,007
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	55,305
SOUTHWEST REGION
Real Estate and Accumulated Depreciation
Encumbrances	336,283
Initial Costs, Land and Land Improvements	172,842
Initial Costs, Buildings and Improvements	893,593
Total Initial Acquisition Costs	1,066,435
Costs of Improvements Capitalized Subsequent to Acquisition Costs	181,104
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	194,697
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,052,842
Total Carrying Value	1,247,539
Accumulated Depreciation	336,508
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,247,539
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	336,508
DALLAS, TX
Real Estate and Accumulated Depreciation
Encumbrances	336,283
Initial Costs, Land and Land Improvements	147,839
Initial Costs, Buildings and Improvements	659,153
Total Initial Acquisition Costs	806,992
Costs of Improvements Capitalized Subsequent to Acquisition Costs	120,968
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	165,408
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	762,552
Total Carrying Value	927,960
Accumulated Depreciation	194,481
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	927,960
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	194,481
DALLAS, TX | Thirty377
Real Estate and Accumulated Depreciation
Encumbrances	25,000
Initial Costs, Land and Land Improvements	24,036
Initial Costs, Buildings and Improvements	32,951
Total Initial Acquisition Costs	56,987
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,746
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	26,365
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	52,368
Total Carrying Value	78,733
Accumulated Depreciation	38,717
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	78,733
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,717
DALLAS, TX | Legacy Village
Real Estate and Accumulated Depreciation
Encumbrances	90,000
Initial Costs, Land and Land Improvements	16,882
Initial Costs, Buildings and Improvements	100,102
Total Initial Acquisition Costs	116,984
Costs of Improvements Capitalized Subsequent to Acquisition Costs	24,295
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,493
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	119,786
Total Carrying Value	141,279
Accumulated Depreciation	81,246
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,279
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	81,246
DALLAS, TX | Addison Apts at The Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,041
Initial Costs, Buildings and Improvements	11,228
Total Initial Acquisition Costs	33,269
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,859
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	31,319
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	16,809
Total Carrying Value	48,128
Accumulated Depreciation	12,155
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,128
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,155
DALLAS, TX | Addison Apts at The Park I
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,903
Initial Costs, Buildings and Improvements	554
Total Initial Acquisition Costs	8,457
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,926
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,057
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	5,326
Total Carrying Value	16,383
Accumulated Depreciation	4,115
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	16,383
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,115
DALLAS, TX | Addison Apts at The Park II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,440
Initial Costs, Buildings and Improvements	634
Total Initial Acquisition Costs	11,074
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,075
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,458
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	4,691
Total Carrying Value	13,149
Accumulated Depreciation	3,379
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,149
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,379
DALLAS, TX | Savoye
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,432
Initial Costs, Buildings and Improvements	50,483
Total Initial Acquisition Costs	58,915
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,300
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,518
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	52,697
Total Carrying Value	61,215
Accumulated Depreciation	7,422
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	61,215
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,422
DALLAS, TX | Savoye 2
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,451
Initial Costs, Buildings and Improvements	56,615
Total Initial Acquisition Costs	63,066
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,689
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,467
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	58,288
Total Carrying Value	64,755
Accumulated Depreciation	8,064
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	64,755
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,064
DALLAS, TX | Fiori on Vitruvian Park
Real Estate and Accumulated Depreciation
Encumbrances	48,456
Initial Costs, Land and Land Improvements	7,934
Initial Costs, Buildings and Improvements	78,575
Total Initial Acquisition Costs	86,509
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,155
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,945
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	80,719
Total Carrying Value	88,664
Accumulated Depreciation	11,390
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	88,664
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,390
DALLAS, TX | Vitruvian West Phase I
Real Estate and Accumulated Depreciation
Encumbrances	41,317
Initial Costs, Land and Land Improvements	6,273
Initial Costs, Buildings and Improvements	61,418
Total Initial Acquisition Costs	67,691
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,460
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,283
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	62,868
Total Carrying Value	69,151
Accumulated Depreciation	9,051
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,151
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,051
DALLAS, TX | Vitruvian West Phase II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,451
Initial Costs, Buildings and Improvements	15,798
Total Initial Acquisition Costs	22,249
Costs of Improvements Capitalized Subsequent to Acquisition Costs	38,361
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,454
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	54,156
Total Carrying Value	60,610
Accumulated Depreciation	4,424
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	60,610
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,424
DALLAS, TX | The Canal
Real Estate and Accumulated Depreciation
Encumbrances	42,000
Initial Costs, Land and Land Improvements	12,671
Initial Costs, Buildings and Improvements	98,813
Total Initial Acquisition Costs	111,484
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,483
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,714
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	100,253
Total Carrying Value	112,967
Accumulated Depreciation	5,123
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	112,967
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,123
DALLAS, TX | Cool Springs at Frisco Bridges
Real Estate and Accumulated Depreciation
Encumbrances	89,510
Initial Costs, Land and Land Improvements	18,325
Initial Costs, Buildings and Improvements	151,982
Total Initial Acquisition Costs	170,307
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,619
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	18,335
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	154,591
Total Carrying Value	172,926
Accumulated Depreciation	9,395
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	172,926
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,395
AUSTIN, TX
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,417
Initial Costs, Buildings and Improvements	104,040
Total Initial Acquisition Costs	120,457
Costs of Improvements Capitalized Subsequent to Acquisition Costs	53,627
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	20,583
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	153,501
Total Carrying Value	174,084
Accumulated Depreciation	108,796
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	174,084
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	108,796
AUSTIN, TX | Barton Creek Landing
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,151
Initial Costs, Buildings and Improvements	14,269
Total Initial Acquisition Costs	17,420
Costs of Improvements Capitalized Subsequent to Acquisition Costs	25,417
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,506
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	37,331
Total Carrying Value	42,837
Accumulated Depreciation	32,431
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,837
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,431
AUSTIN, TX | Residences at the Domain
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,034
Initial Costs, Buildings and Improvements	55,256
Total Initial Acquisition Costs	59,290
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,075
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,646
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	70,719
Total Carrying Value	75,365
Accumulated Depreciation	47,394
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	75,365
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,394
AUSTIN, TX | Red Stone Ranch
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,084
Initial Costs, Buildings and Improvements	17,646
Total Initial Acquisition Costs	22,730
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,298
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,740
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	24,288
Total Carrying Value	30,028
Accumulated Depreciation	15,344
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,028
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,344
AUSTIN, TX | Lakeline Villas
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,148
Initial Costs, Buildings and Improvements	16,869
Total Initial Acquisition Costs	21,017
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,837
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,691
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	21,163
Total Carrying Value	25,854
Accumulated Depreciation	13,627
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,854
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,627
DENVER, CO
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,586
Initial Costs, Buildings and Improvements	130,400
Total Initial Acquisition Costs	138,986
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,509
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,706
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	136,789
Total Carrying Value	145,495
Accumulated Depreciation	33,231
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	145,495
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,231
DENVER, CO | Steele Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,586
Initial Costs, Buildings and Improvements	130,400
Total Initial Acquisition Costs	138,986
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,509
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,706
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	136,789
Total Carrying Value	145,495
Accumulated Depreciation	33,231
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	145,495
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,231
Secured Debt
Real Estate and Accumulated Depreciation
Deferred Financing Costs and Other Non-Cash Adjustments	$ 23,617