UDR (UDR) 10-Q 27 Oct 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 24, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	1-10524
Entity Registrant Name	UDR, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	54-0857512
Entity Address, Address Line One	1745 Shea Center Drive, Suite 200
Entity Address, City or Town	Highlands Ranch
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80129
City Area Code	720
Local Phone Number	283-6120
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	UDR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		325,541,780
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000074208
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate owned:
Real estate held for investment	$ 15,075,552	$ 14,352,234
Less: accumulated depreciation	(5,594,600)	(5,136,589)
Real estate held for investment, net	9,480,952	9,215,645
Real estate under development (net of accumulated depreciation of $2,265 and $507, respectively)	366,200	388,062
Real estate held for disposition (net of accumulated depreciation of $8,944 and $0, respectively)	15,019
Total real estate owned, net of accumulated depreciation	9,862,171	9,603,707
Cash and cash equivalents	1,532	967
Restricted cash	28,363	27,451
Notes receivable, net	40,128	26,860
Investment in and advances to unconsolidated joint ventures, net	761,117	702,461
Operating lease right-of-use assets	194,923	197,463
Other assets	209,728	216,311
Total assets	11,097,962	10,775,220
Liabilities:
Secured debt, net	1,053,560	1,057,380
Unsecured debt, net	4,572,802	4,355,407
Operating lease liabilities	190,064	192,488
Real estate taxes payable	61,210	33,095
Accrued interest payable	26,109	45,980
Security deposits and prepaid rent	53,693	55,441
Distributions payable	133,341	124,729
Accounts payable, accrued expenses, and other liabilities	135,904	136,954
Total liabilities	6,226,683	6,001,474
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	920,311	1,299,442
Equity:
Common stock, $0.01 par value; 450,000,000 shares authorized at September 30, 2022 and December 31, 2021: 326,352,154 and 318,149,635 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	3,264	3,181
Additional paid-in capital	7,332,127	6,884,269
Distributions in excess of net income	(3,438,027)	(3,485,080)
Accumulated other comprehensive income/(loss), net	8,779	(4,261)
Total stockholders' equity	3,950,758	3,442,874
Noncontrolling interests	210	31,430
Total equity	3,950,968	3,474,304
Total liabilities and equity	11,097,962	10,775,220
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2022 and December 31, 2021:	44,614	44,764
Series F
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2022 and December 31, 2021:	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Real estate owned:
Real estate under development accumulated depreciation	$ 2,265	$ 507
Real estate held for disposition accumulated depreciation	$ 8,944	$ 0
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	450,000,000
Common stock, shares issued	326,352,154	318,149,635
Common stock, shares outstanding	326,352,154	318,149,635
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, dividend rate percentage	8%	8%
Preferred stock, shares issued	2,686,308	2,695,363
Preferred stock, shares outstanding	2,686,308	2,695,363
Series F
Equity:
Preferred stock, shares issued	12,426,563	12,582,575
Preferred stock, shares outstanding	12,426,563	12,582,575

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES:
Rental income	$ 390,023	$ 328,699	$ 1,113,952	$ 937,641
Joint venture management and other fees	$ 1,274	$ 1,071	$ 3,778	$ 4,918
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total revenues	$ 391,297	$ 329,770	$ 1,117,730	$ 942,559
OPERATING EXPENSES:
Property operating and maintenance	66,769	57,708	185,658	160,424
Real estate taxes and insurance	58,236	51,511	164,788	148,043
Property management	12,675	9,861	36,203	28,129
Other operating expenses	3,746	4,237	13,485	13,045
Real estate depreciation and amortization	166,781	152,636	497,987	442,893
General and administrative	15,840	15,810	47,333	43,673
Casualty-related charges/(recoveries), net	901	1,568	1,210	4,682
Other depreciation and amortization	3,430	3,269	9,521	8,472
Total operating expenses	328,378	296,600	956,185	849,361
Gain/(loss) on sale of real estate owned	0	0	0	50,829
Operating income	62,919	33,170	161,545	144,027
Income/(loss) from unconsolidated entities	10,003	14,450	4,186	29,123
Interest expense	(39,905)	(36,289)	(112,653)	(149,849)
Interest income and other income/(expense), net	(7,495)	8,238	(6,934)	12,831
Income/(loss) before income taxes	25,522	19,569	46,144	36,132
Tax (provision)/benefit, net	(377)	(529)	(1,032)	(1,283)
Net income/(loss)	25,145	19,040	45,112	34,849
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(1,533)	(1,260)	(2,684)	(2,221)
Net (income)/loss attributable to noncontrolling interests	(7)	(49)	(34)	(73)
Net income/(loss) attributable to UDR, Inc.	23,605	17,731	42,394	32,555
Distributions to preferred stockholders - Series E (Convertible)	(1,106)	(1,058)	(3,307)	(3,171)
Net income/(loss) attributable to common stockholders	$ 22,499	$ 16,673	$ 39,087	$ 29,384
Income/(loss) per weighted average common share - basic	$ 0.07	$ 0.06	$ 0.12	$ 0.10
Income/(loss) per weighted average common share - diluted	$ 0.07	$ 0.06	$ 0.12	$ 0.10
Weighted average number of common shares outstanding - basic	324,701	297,828	320,378	296,998
Weighted average number of common shares outstanding - diluted	325,686	301,164	321,629	298,045

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net income/(loss)	$ 25,145	$ 19,040	$ 45,112	$ 34,849
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	5,048	1,389	13,988	1,422
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	(313)	441	(28)	1,314
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	4,735	1,830	13,960	2,736
Comprehensive income/(loss)	29,880	20,870	59,072	37,585
Comprehensive (income)/loss attributable to noncontrolling interests	(1,840)	(1,437)	(3,638)	(2,486)
Comprehensive income/(loss) attributable to UDR, Inc.	$ 28,040	$ 19,433	$ 55,434	$ 35,099

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	Accumulated Other Comprehensive Income/(Loss)	Noncontrolling Interest	Total
Beginning Balance at Dec. 31, 2020	$ 44,765	$ 2,966	$ 5,881,383	$ (2,685,770)	$ (9,144)	$ 24,391	$ 3,258,591
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				32,555			32,555
Net income/(loss) attributable to noncontrolling interests						57	57
Redemption of noncontrolling interests in consolidated real estate						(125)	(125)
Long Term Incentive Plan Unit grants/(vestings), net						2,530	2,530
Other comprehensive income/(loss)					2,544		2,544
Issuance/(forfeiture) of common and restricted shares, net		1	2,999				3,000
Issuance of common shares through public offering, net		114	499,223				499,337
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		2	6,942				6,944
Common stock distributions declared				(327,015)			(327,015)
Preferred stock distributions declared-Series E				(3,171)			(3,171)
Adjustment to reflect redemption value of redeemable noncontrolling interests				(351,707)			(351,707)
Ending Balance at Sep. 30, 2021	44,765	3,083	6,390,547	(3,335,108)	(6,600)	26,853	3,123,540
Beginning Balance at Jun. 30, 2021	44,765	2,968	5,887,838	(3,143,000)	(8,301)	20,903	2,805,173
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				17,731			17,731
Net income/(loss) attributable to noncontrolling interests						41	41
Long Term Incentive Plan Unit grants/(vestings), net						5,909	5,909
Other comprehensive income/(loss)					1,701		1,701
Issuance/(forfeiture) of common and restricted shares, net			1,489				1,489
Issuance of common shares through public offering, net		114	499,616				499,730
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		1	1,604				1,605
Common stock distributions declared				(111,755)			(111,755)
Preferred stock distributions declared-Series E				(1,058)			(1,058)
Adjustment to reflect redemption value of redeemable noncontrolling interests				(97,026)			(97,026)
Ending Balance at Sep. 30, 2021	44,765	3,083	6,390,547	(3,335,108)	(6,600)	26,853	3,123,540
Beginning 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
Net income/(loss) attributable to UDR, Inc.				42,394			42,394
Long Term Incentive Plan Unit grants/(vestings), net						(31,220)	(31,220)
Other comprehensive income/(loss)					13,040		13,040
Issuance/(forfeiture) of common and restricted shares, net		1	2,857				2,858
Issuance of common shares through public offering, net		83	449,862				449,945
Conversion of Series E Cumulative Convertible shares	(150)	1	149
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		2	10,136				10,138
Common stock distributions declared				(368,549)			(368,549)
Repurchase of common shares		(4)	(15,146)				(15,150)
Preferred stock distributions declared-Series E				(3,307)			(3,307)
Adjustment to reflect redemption value of redeemable noncontrolling interests				376,515			376,515
Ending Balance at Sep. 30, 2022	44,615	3,264	7,332,127	(3,438,027)	8,779	210	3,950,968
Beginning Balance at Jun. 30, 2022	44,765	3,249	7,243,825	(3,426,760)	4,345	210	3,869,634
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				23,605			23,605
Other comprehensive income/(loss)					4,434		4,434
Issuance/(forfeiture) of common and restricted shares, net			2,082				2,082
Issuance of common shares through public offering, net		18	99,659				99,677
Conversion of Series E Cumulative Convertible shares	(150)	1	149
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership			1,558				1,558
Common stock distributions declared				(124,018)			(124,018)
Repurchase of common shares		(4)	(15,146)				(15,150)
Preferred stock distributions declared-Series E				(1,106)			(1,106)
Adjustment to reflect redemption value of redeemable noncontrolling interests				90,252			90,252
Ending Balance at Sep. 30, 2022	$ 44,615	$ 3,264	$ 7,332,127	$ (3,438,027)	$ 8,779	$ 210	$ 3,950,968

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Common stock distributions declared per share	$ 0.38	$ 0.3625	$ 1.14	$ 1.0875
8.00% Series E Cumulative Convertible Preferred Stock
Preferred stock distributions declared	$ 0.4114	$ 0.3925	$ 1.2342	$ 1.1775

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities
Net income/(loss)	$ 45,112	$ 34,849
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	507,508	451,365
(Gain)/loss on sale of real estate owned	0	(50,829)
(Income)/loss from unconsolidated entities	(4,186)	(29,123)
Return on investment in unconsolidated joint ventures and partnerships	17,430	19,402
Amortization of share-based compensation	20,458	17,473
Loss on extinguishment of debt, net		42,336
Other	22,898	15,102
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(4,372)	(13,059)
Increase/(decrease) in operating liabilities	(2,210)	(4,347)
Net cash provided by/(used in) operating activities	602,638	483,169
Investing Activities
Acquisition of real estate assets	(341,149)	(904,434)
Proceeds from sales of real estate investments, net		154,857
Development of real estate assets	(159,455)	(119,254)
Capital expenditures and other major improvements - real estate assets	(144,673)	(112,001)
Capital expenditures - non-real estate assets	(12,631)	(10,087)
Investment in unconsolidated joint ventures and partnerships	(199,057)	(67,665)
Distributions received from unconsolidated joint ventures and partnerships	77,838	34,494
Purchase deposits on pending acquisitions	1,000	(10,000)
Repayment/(issuance) of notes receivable, net	(60,532)	112,815
Net cash provided by/(used in) investing activities	(838,659)	(921,275)
Financing Activities
Payments on secured debt	(852)	(818)
Payments on unsecured debt		(300,000)
Net proceeds from the issuance of unsecured debt		511,552
Net proceeds/(repayment) of commercial paper	205,000	125,000
Net proceeds/(repayment) of revolving bank debt	11,636	15,062
Proceeds from the issuance of common shares through public offering, net	449,945	499,337
Repurchase of common shares	(15,150)
Distributions paid to redeemable noncontrolling interests	(25,673)	(25,275)
Distributions paid to preferred stockholders	(3,268)	(3,160)
Distributions paid to common stockholders	(359,864)	(322,041)
Payment of prepayment and extinguishment costs		(40,769)
Other	(24,276)	(15,720)
Net cash provided by/(used in) financing activities	237,498	443,168
Net increase/(decrease) in cash, cash equivalents, and restricted cash	1,477	5,062
Cash, cash equivalents, and restricted cash, beginning of year	28,418	24,171
Cash, cash equivalents, and restricted cash, end of period	29,895	29,233
Supplemental Information:
Interest paid during the period, net of amounts capitalized	131,588	126,209
Operating cash flows from operating leases	9,377	9,377
Cash paid/(refunds received) for income taxes	1,012	3,909
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
Redeemable long-term and short-term incentive plan units	50,084	14,578
Development costs and capital expenditures incurred, but not yet paid	47,862	37,056
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (172,755 shares in 2022 and 168,953 shares in 2021)	10,138	6,944
Distribution of equity securities from unconsolidated real estate technology investments	16,329
Dividends declared, but not yet paid	$ 133,341	$ 120,830

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above:
Cash and cash equivalents	$ 1,532	$ 967	$ 1,063	$ 1,409
Restricted cash	28,363	27,451	28,170	22,762
Total cash, cash equivalents, and restricted cash as shown above	$ 29,895	$ 28,418	$ 29,233	$ 24,171

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Non-cash transactions:
Conversion of OP Units into common shares	172,755	168,953

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2022
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. 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 September 30, 2022, our consolidated apartment portfolio consisted of 164 communities with a total of 54,728 apartment homes located in 21 markets. In addition, the Company has an ownership interest in 9,099 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 6,262 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 September 30, 2022, there were 186.1 million units in the Operating Partnership (“OP Units”) outstanding, of which 176.3 million OP Units (including 0.1 million of general partnership units), or 94.7%, were owned by UDR and 9.8 million OP Units, or 5.3%, were owned by outside limited partners. As of September 30, 2022, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 20.8 million, or 64.2%, were owned by UDR and its subsidiaries and 11.6 million, or 35.8%, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The accompanying interim unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of our financial position as of September 30, 2022, and results of operations for the three and nine months ended September 30, 2022 and 2021, have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of results that can be expected for a full year. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2021 appearing in UDR’s Annual Report on Form 10-K, filed with the SEC on February 15, 2022. The accompanying interim unaudited consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those noted in Note 8, Income/(Loss) Per Share

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In September 2022, we amended our unsecured term loan and its related interest rate swap agreements to change the interest rate benchmark from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The Company applied the practical expedients in the ASU related to the cash flow hedges, which did not have a material impact on the consolidated financial statements. (See Note 7, Secured and Unsecured Debt, Net for further discussion.) ​ The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. The ASU has not had a material impact on the consolidated financial statements and the Company does not expect the ASU to have a material impact on the consolidated financial statements on a prospective basis. ​ Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. Real Estate Sales Gain Recognition ​ For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. ​ Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. ​ Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain or loss on consolidation of a property. ​ Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ​ The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with the Company’s 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 assets of the borrower that may include real estate assets. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a VIE, and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities of the existing loans. Additionally, we analyze each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The following table summarizes our Notes receivable, net dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ September 30, September 30, December 31, ​ ​ 2022 ​ 2022 ​ 2021 Note due May 2022 (a) ​ N/A ​ $ — ​ $ 2,760 Note due December 2023 (b) ​ 10.00 % ​ 29,018 ​ ​ 24,235 Note due December 2026 (c) ​ 11.00 % ​ 9,812 ​ ​ — Note due December 2026 (d) ​ 11.00 % ​ — ​ ​ — Note due June 2027 (e) ​ 18.00 % ​ 1,500 ​ ​ — Notes Receivable ​ ​ ​ ​ 40,330 ​ ​ 26,995 Allowance for credit losses ​ ​ ​ ​ (202) ​ ​ (135) Total notes receivable, net ​ $ 40,128 ​ $ 26,860 (a) The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $2.8 million. The note was secured by a parcel of land located in Kissimmee, Florida. In March 2022, the unaffiliated third party repaid the $2.8 million secured note in full. (b) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $31.4 million. During 2022, the terms of this secured note were amended to increase the aggregate commitment from $25.4 million to $31.4 million and to extend the maturity date to December 2023. Interest payments are due monthly, with the exception of payments from June 2022 to December 2023, which will accrue and be due at maturity of the note. The note is secured by substantially all of the borrower’s assets and 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) December 2023. (c) In June 2022, the Company entered into a secured mezzanine loan with a third party developer of a 482 apartment home community located in Riverside, California, which is expected to be completed in 2025, with an aggregate commitment of $59.7 million, of which $9.8 million was funded during the nine months ended September 30, 2022. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months . The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options. (d) In June 2022, the Company entered into a secured mezzanine loan with a third party developer of a 237 apartment home community located in Menifee, California, which is expected to be completed in 2025, with an aggregate commitment of $24.4 million, none of which was funded during the nine months ended September 30, 2022. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months . The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options. (e) In June 2022, the Company and a syndicate of lenders entered into a $16.0 million secured credit facility with an unaffiliated third party. The Company’s share of the facility was $1.5 million, all of which was funded during the nine months ended September 30, 2022. Interest payments will accrue and be due at maturity of the facility. The facility is secured by substantially all of the borrower’s assets and matures at the earliest of the following: (a) acceleration in the event of default; or (b) June 2027. The Company recognized $1.0 million and $0.7 million of interest income for the notes receivable described above during the three months ended September 30, 2022 and 2021, respectively, and $2.4 million and $4.6 million of interest income for the notes receivable described above during the nine months ended September 30, 2022 and 2021, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three and nine months ended September 30, 2022 and 2021, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of September 30, 2022 and December 31, 2021, UDR’s net deferred tax asset/(liability) was ($0.8) million and ($0.8) 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 UDR had no material unrecognized tax benefit, accrued interest or penalties at September 30, 2022. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2019 through 2021 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net ​ Forward Sales Agreements ​ From time to time 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 ​ We continue to monitor the status and respond to the effects of the COVID-19 pandemic and its impact on our business. While the pandemic and related government measures adversely impacted our business in certain prior periods, the extent of the impact generally has decreased. Future developments regarding COVID-19, however, continue to be uncertain and difficult to predict. There can be no assurances that closures or restrictions in response to COVID-19, including due to new variants, will not be imposed in the future or that other developments related to COVID-19 will not adversely affect our business, results of operations, financial condition and cash flows in future periods. ​ During the three and nine months ended September 30, 2022, 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 decreased its reserve by approximately $1.1 million for multifamily tenant lease receivables and approximately $0.9 million for retail tenant lease receivables for its wholly-owned communities and communities held by joint ventures for the three months ended September 30, 2022. For the nine months ended September 30, 2022, the Company reduced its reserve by approximately $1.5 million for multifamily tenant lease receivables and approximately $1.9 million for retail tenant lease receivables for its wholly-owned communities and communities held by joint ventures. In aggregate, the reduction in reserve is reflected as a $3.1 million increase to Rental income and a $0.4 million increase to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the nine months ended September 30, 2022 . The impact to deferred leasing commissions was not material for the three and nine months ended September 30, 2022. ​ 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 nine months ended September 30, 2022 .

REAL ESTATE OWNED

REAL ESTATE OWNED	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022, the Company owned and consolidated 164 communities in 13 states plus the District of Columbia totaling 54,728 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of September 30, 2022 and December 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Land ​ $ 2,523,430 ​ $ 2,342,385 Depreciable property — held and used: ​ ​ ​ Land improvements ​ 246,849 ​ 241,905 Building, improvements, and furniture, fixtures and equipment ​ 12,255,260 ​ 11,717,931 Real estate intangible assets ​ ​ 50,013 ​ ​ 50,013 Under development: ​ ​ Land and land improvements ​ 59,732 ​ 74,399 Building, improvements, and furniture, fixtures and equipment ​ 308,733 ​ 314,170 Real estate held for disposition: ​ ​ Land and land improvements ​ 12,768 ​ — Building, improvements, and furniture, fixtures and equipment ​ 11,195 ​ — Real estate owned ​ 15,467,980 ​ 14,740,803 Accumulated depreciation (a) ​ (5,605,809) ​ (5,137,096) Real estate owned, net ​ $ 9,862,171 ​ $ 9,603,707 (a) Accumulated depreciation is inclusive of $13.1 million and $8.8 million of accumulated amortization related to real estate intangible assets as of September 30, 2022 and December 31, 2021, respectively. ​ Acquisitions In April 2022, the Company acquired a to-be-developed parcel of land located in Fort Lauderdale, Florida for approximately $16.0 million. ​ In June 2022, the Company acquired a 434 apartment home operating community located in Danvers, Massachusetts for approximately $207.5 million. The Company increased its real estate assets owned by approximately $203.7 million and recorded $3.8 million of in-place lease intangibles. ​ In June 2022, the Company acquired three contiguous to-be-developed parcels of land located in Dallas, Texas for approximately $90.2 million. ​ In June 2022, the Company acquired a to-be-developed parcel of land, which included two operating retail components, located in Riverside, California for approximately $29.0 million. The Company increased its real estate assets owned by approximately $28.2 million and recorded $0.8 million of in-place lease intangibles. ​ Dispositions ​ ​ In August 2022, the Company entered into an agreement to sell an operating community in Orange County, California with a total of 90 apartment homes for a sales price of approximately $41.5 million. The operating community was classified as held for disposition as of September 30, 2022 and the sale is expected to close in the fourth quarter of 2022. ​ Other Activity Total real estate owned, net of accumulated depreciation We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Our cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. Our estimates of fair value represent our best estimate based upon Level 3 inputs such as industry trends and reference to market rates and transactions. The Company did not recognize any impairments in the value of its long-lived assets during the three and nine months ended September 30, 2022 and 2021. In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax-deferred Section 1031 exchange. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2022
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	9 Months Ended
	Sep. 30, 2022
JOINT VENTURES AND PARTNERSHIPS
JOINT VENTURES AND PARTNERSHIPS	5. JOINT VENTURES AND PARTNERSHIPS UDR has entered into joint ventures and partnerships with unrelated third parties to own, operate, acquire, renovate, develop, redevelop, dispose of, and manage real estate assets that are either consolidated and included in Real estate owned Investment in and advances to unconsolidated joint ventures, net 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. 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. Consolidated joint venture ​ The Company has a preferred equity investment in a joint venture that owns 1532 Harrison, a 136 home community located in San Francisco, California. In September 2022, the joint venture defaulted on its senior construction loan, and the Company subsequently purchased the loan for its unpaid balance of $47.2 million pursuant to an agreement entered into with the lender at the time the preferred equity investment was made. As a result, the joint venture was deemed to be a VIE. The Company concluded that it is the primary beneficiary of the VIE, and therefore began consolidating the joint venture. The consolidated assets and liabilities related to the VIE were initially recorded at fair value during September 2022 and were approximately $86.9 million and $0.3 million, respectively, as of September 30, 2022. The senior construction loan payable and related interest expense due from the joint venture eliminate upon consolidation of the Company’s consolidated financial statements. ​ Unconsolidated joint ventures and partnerships ​ The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services for the communities held by the unconsolidated joint ventures and partnerships. The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of September 30, 2022 and December 31, 2021 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ ​ Three Months Ended ​ Nine Months Ended ​ Location of September 30, September 30, September 30, December 31, ​ September 30, ​ December 31, ​ September 30, ​ September 30, Joint Ventures Properties 2022 2022 2022 2021 ​ 2022 ​ 2021 ​ 2022 2021 ​ 2022 2021 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 21,532 ​ $ 23,880 ​ 50.0 % ​ 50.0 % ​ $ (423) ​ $ (608) ​ $ (1,556) ​ $ (1,922) UDR/MetLife II Various 7 1,250 ​ 176,191 ​ 181,023 ​ 50.0 % ​ 50.0 % ​ ​ 295 ​ ​ (289) ​ ​ 811 ​ ​ (3,126) Other UDR/MetLife Joint Ventures (a) Various 5 1,437 ​ 55,619 ​ 66,012 ​ 50.6 % ​ 50.6 % ​ ​ (1,699) ​ ​ (2,859) ​ ​ (5,521) ​ ​ (9,611) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and real estate technology investments ​ $ 253,342 ​ $ 270,915 ​ ​ ​ ​ $ (1,827) ​ $ (3,756) ​ $ (6,266) ​ $ (14,659) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Three Months Ended ​ Nine Months Ended Developer Capital Program ​ ​ Years To ​ UDR September 30, December 31, September 30, ​ September 30, and Real Estate Technology Investments (b) Location Rate Maturity ​ Commitment (c) 2022 2021 2022 2021 2022 2021 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Junction ​ Santa Monica, CA ​ 12.0 % 0.2 ​ $ 8,800 ​ $ 14,415 ​ $ 13,183 ​ $ 428 ​ $ 379 ​ $ 1,232 ​ $ 1,093 1532 Harrison (d) ​ San Francisco, CA ​ N/A ​ — ​ ​ — ​ ​ — ​ ​ 35,248 ​ ​ 5,158 ​ ​ 1,003 ​ ​ 5,152 ​ ​ 2,896 1200 Broadway (e) (f) ​ Nashville, TN ​ N/A ​ — ​ ​ — ​ ​ — ​ ​ 61,326 ​ ​ — ​ ​ 1,837 ​ ​ 11,893 ​ ​ 4,936 1300 Fairmount (f) ​ Philadelphia, PA ​ 8.5 % 1.0 ​ ​ 51,393 ​ ​ 69,013 ​ ​ 64,780 ​ ​ 1,457 ​ ​ 1,338 ​ ​ 4,233 ​ ​ 3,869 Modera Lake Merritt (f) ​ Oakland, CA ​ 9.0 % 1.6 ​ ​ 27,250 ​ ​ 34,073 ​ ​ 33,828 ​ ​ (1,283) ​ ​ 739 ​ ​ 246 ​ ​ 2,144 Thousand Oaks (f) ​ Thousand Oaks, CA ​ 9.0 % 2.4 ​ ​ 20,059 ​ ​ 24,342 ​ ​ 22,764 ​ ​ 544 ​ ​ 497 ​ ​ 1,578 ​ ​ 1,415 Vernon Boulevard (f) ​ Queens, NY ​ 13.0 % 2.8 ​ ​ 40,000 ​ ​ 53,104 ​ ​ 48,210 ​ ​ 1,693 ​ ​ 1,496 ​ ​ 4,885 ​ ​ 4,300 Makers Rise (f) ​ Herndon, VA ​ 9.0 % 3.3 ​ ​ 30,208 ​ ​ 33,299 ​ ​ 22,828 ​ ​ 743 ​ ​ 251 ​ ​ 2,105 ​ ​ 519 121 at Watters (f) ​ Allen, TX ​ 9.0 % 3.5 ​ ​ 19,843 ​ ​ 22,009 ​ ​ 14,134 ​ ​ 490 ​ ​ 234 ​ ​ 1,359 ​ ​ 462 Infield Phase I ​ Kissimmee, FL ​ 14.0 % 1.6 ​ ​ 16,044 ​ ​ 17,201 ​ ​ — ​ ​ 593 ​ ​ — ​ ​ 1,129 ​ ​ — Upton Place ​ Washington, D.C. ​ 9.7 % 5.2 ​ ​ 52,163 ​ ​ 55,465 ​ ​ 29,566 ​ ​ 1,316 ​ ​ — ​ ​ 3,061 ​ ​ — Meetinghouse (g) ​ Portland, OR ​ 8.25 % 4.4 ​ ​ 11,600 ​ ​ 12,007 ​ ​ — ​ ​ 239 ​ ​ — ​ ​ 466 ​ ​ — Heirloom (h) ​ Portland, OR ​ 8.25 % 4.7 ​ ​ 16,185 ​ ​ 16,539 ​ ​ — ​ ​ 332 ​ ​ — ​ ​ 347 ​ ​ — Portfolio Recapitalization (i) ​ Various ​ 8.0 % 6.7 ​ ​ 102,000 ​ ​ 102,674 ​ ​ — ​ ​ 1,565 ​ ​ — ​ ​ 1,565 ​ ​ — Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I (j) ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 25,639 ​ ​ 71,464 ​ ​ (1,458) ​ ​ 9,869 ​ ​ (28,009) ​ ​ 17,975 RETV II ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 9,607 ​ ​ 8,130 ​ ​ 122 ​ ​ 147 ​ ​ (603) ​ ​ 209 RET Strategic Fund (k) ​ N/A ​ N/A ​ N/A ​ ​ 25,000 ​ ​ 7,435 ​ ​ — ​ ​ (37) ​ ​ — ​ ​ (115) ​ ​ — RET ESG (l) ​ N/A ​ N/A ​ N/A ​ ​ 10,000 ​ ​ 3,959 ​ ​ — ​ ​ (72) ​ ​ — ​ ​ (72) ​ ​ — Total Preferred Equity Investments and Real Estate Technology Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 500,781 ​ ​ 425,461 ​ ​ 11,830 ​ ​ 17,790 ​ ​ 10,452 ​ ​ 39,818 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sold joint ventures and other investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 416 ​ ​ — ​ ​ 3,964 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Joint Ventures and Developer Capital Program and Real Estate Technology Investments, net (a) ​ ​ ​ ​ $ 754,123 ​ $ 696,376 ​ $ 10,003 $ 14,450 ​ $ 4,186 $ 29,123 (a) As of September 30, 2022 and December 31, 2021, the Company’s negative investment in 13 th and Market Properties LLC of $7.0 million and $6.1 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) 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. (c) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (d) As disclosed above, the Company began consolidating the 1532 Harrison joint venture in September 2022. The Company recorded $5.2 million in Income/(loss) from unconsolidated entities in connection with recording the joint venture’s assets and liabilities at fair value on the date of consolidation. (e) In J anuary 2022, the joint venture sold its community, a 313 apartment home operating community located in Nashville, Tennessee, for a sales price of approximately $294.0 million. As a result, the Company recorded variable upside participation on the sale of approximately $10.6 million, net of associated costs. (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 March 2022, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to operate a 232 apartment home community in Portland, Oregon. The Company’s preferred equity investment of $11.6 million earns a preferred return of 8.25% 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 . (h) In June 2022, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to operate a 286 apartment home community in Portland, Oregon. The Company’s preferred equity investment of $16.2 million earns a preferred return of 8.25% 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 . (i) In July 2022, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to operate 14 communities located in various markets across the United States. The Company’s preferred equity investment of $102.0 million will earn a preferred return of 8.0% 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. (j) The Company recognized $(1.5) million and $9.9 million of investment income/(loss) from RETV I for the three months ended September 30, 2022 and 2021, respectively, and $(28.0) million and $18.0 million of investment income/(loss) from RETV I for the nine months ended September 30, 2022 and 2021, respectively, which primarily related to unrealized gains/(losses) 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. 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 applicable reporting period. (k) 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. (l) In April 2022, the Company entered into a real estate technology ESG investment as a limited partner, for a total commitment of $10.0 million. The Company funded $4.0 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 September 30, 2022 and December 31, 2021, the Company had deferred fees of $8.2 million and $8.7 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 $1.3 million and $1.1 million for the three months ended September 30, 2022 and 2021, respectively, and $3.8 million and $ 4.9 million for the nine months ended September 30, 2022 and 2021, respectively, for management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We consider various factors to determine if a decrease in the value of our Investment in and advances to unconsolidated joint ventures, net unobservable inputs, we classify these fair value measurements within Level 3 of the valuation hierarchy. The Company did not incur any other-than-temporary impairments in the value of its investments in unconsolidated joint ventures during the three and nine months ended September 30, 2022 and 2021. Combined summary balance sheets relating to the unconsolidated joint ventures’ and partnerships’ (not just our proportionate share) are presented below as of September 30, 2022 and December 31, 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 Total real estate, net $ 2,315,766 $ 2,043,158 Real estate assets held for sale ​ — ​ 168,668 Investments, at fair value ​ ​ 258,129 ​ ​ 460,241 Cash and cash equivalents ​ 38,298 ​ 22,891 Other assets ​ ​ 122,365 ​ 28,948 Total assets $ 2,734,558 $ 2,723,906 ​ ​ ​ ​ ​ ​ ​ Third party debt, net ​ $ 1,359,194 ​ $ 1,215,918 Liabilities held for sale ​ — ​ 106,990 Accounts payable and accrued liabilities ​ ​ 156,175 ​ ​ 51,689 Total liabilities ​ 1,515,369 ​ 1,374,597 Total equity $ 1,219,189 $ 1,349,309 ​ Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three and nine months ended September 30, 2022 and 2021 ( dollars in thousands : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Total revenues $ 38,093 $ 33,635 $ 110,451 $ 97,777 Property operating expenses ​ 18,326 ​ 18,128 ​ 52,805 ​ 51,983 Real estate depreciation and amortization ​ 16,233 ​ 17,486 ​ 50,689 ​ 50,082 Gain/(loss) on sale of property ​ ​ — ​ ​ — ​ ​ 127,542 ​ ​ 34,757 Operating income/(loss) ​ 3,534 ​ ​ (1,979) ​ 134,499 ​ ​ 30,469 Interest expense ​ (9,829) ​ (13,181) ​ (26,598) ​ (32,776) Net realized gain/(loss) on held investments ​ ​ 19,331 ​ ​ 1,875 ​ ​ 95,953 ​ ​ 4,452 Net unrealized gain/(loss) on held investments ​ ​ (24,561) ​ ​ 60,138 ​ ​ (263,202) ​ ​ 104,399 Other income/(loss) ​ ​ (478) ​ ​ (156) ​ ​ (877) ​ ​ (1,826) Net income/(loss) $ (12,003) $ 46,697 $ (60,225) $ 104,718 ​

LEASES

LEASES	9 Months Ended
	Sep. 30, 2022
LEASES
LEASES	6. LEASES Lessee - Ground Leases UDR has six communities that are subject to ground leases, under which UDR is the lessee, that expire between 2043 and 2103, inclusive of extension options we are reasonably certain will be exercised. All of these leases are classified as operating leases through the lease term expiration based on our election of the practical expedient provided by the leasing standard. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the remaining lease term. We currently do not hold any finance leases. The Company also elected the short-term lease exception provided by the leasing standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. No leases qualified for the short-term lease exception during the three and nine months ended September 30, 2022 and 2021. As of September 30, 2022 and December 31, 2021, 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 42.8 years and 43.2 years at September 30, 2022 and December 31, 2021, respectively, and the weighted average discount rate was 5.0% at both September 30, 2022 and December 31, 2021. Future minimum lease payments and total operating lease liabilities from our ground leases as of September 30, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2022 ​ $ 3,110 2023 ​ ​ 12,442 2024 ​ ​ 12,442 2025 ​ ​ 12,442 2026 ​ ​ 12,442 Thereafter ​ ​ 430,337 Total future minimum lease payments (undiscounted) ​ ​ 483,215 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (293,151) Total operating lease liabilities (discounted) ​ $ 190,064 ​ For purposes of recognizing our ground lease contracts, the Company uses the minimum lease payments, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on a change in an index or a rate (i.e., changes in fair market rental rates or changes in the consumer price index) but that does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. If there is a contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, which is resolved such that those payments now meet the definition of lease payments, the Company will remeasure the right-of-use asset and lease liability on the reset date. The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 3,226 ​ $ 3,231 ​ $ 9,760 ​ $ 9,691 Variable lease expense (a) ​ ​ 28 ​ ​ 25 ​ ​ 81 ​ ​ 54 Total operating lease expense (b)(c) ​ $ 3,254 ​ $ 3,256 ​ $ 9,841 ​ $ 9,745 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of a community’s revenue. (b) Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the nine months ended September 30, 2022, Operating lease right-of-use assets and Operating lease liabilities amortized by $2.5 million and $2.4 million, respectively. For the nine months ended September 30, 2021, Operating lease right-of-use assets and Operating lease liabilities amortized by $2.6 million and $2.3 million, respectively. Due to the net impact of the amortization, the Company recorded $0.1 million and $0.1 million of total operating lease expense during the three months ended September 30, 2022 and 2021, respectively, and $0.3 million and $0.3 million of total operating lease expense during the nine months ended September 30, 2022 and 2021, 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 September 30, 2022, our apartment home leases generally have initial terms of 12 months or less. As of September 30, 2022, our retail and commercial space leases generally have initial terms of between 5 and 15 years and represent approximately 1% to 2% of our total lease revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our retail and commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and certain other conditions. (See Note 14, Reportable Segments ​ Future minimum lease payments from our retail and commercial leases as of September 30, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2022 ​ $ 6,127 2023 ​ ​ 26,566 2024 ​ ​ 24,703 2025 ​ ​ 21,424 2026 ​ ​ 18,638 Thereafter ​ ​ 80,908 Total future minimum lease payments (a) ​ $ 178,366 (a) Certain of our leases with retail and commercial tenants provide for the payment by the lessee of additional variable rent based on a percentage of the tenant’s revenue. The amounts shown in the table above do not include these variable percentage rents. The Company recorded variable percentage rents of $0.1 million and $0.2 million for the three months ended September 30, 2022 and 2021, respectively, and $0.5 million and $0.3 million during the nine months ended September 30, 2022 and 2021, respectively.

SECURED AND UNSECURED DEBT, NET

SECURED AND UNSECURED DEBT, NET	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ September 30, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2022 2021 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 1,005,912 ​ $ 1,006,762 3.42 % 5.7 14 Deferred financing costs and other non-cash adjustments (b) ​ 20,703 ​ 23,678 Total fixed rate secured debt, net ​ 1,026,615 ​ 1,030,440 3.42 % 5.7 14 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 2.38 % 9.5 1 Deferred financing costs ​ (55) ​ (60) Total variable rate secured debt, net ​ 26,945 ​ 26,940 2.38 % 9.5 1 Total Secured Debt, net ​ 1,053,560 ​ 1,057,380 3.39 % 5.8 15 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2026 (d) (m) ​ — ​ — — % 3.3 Borrowings outstanding under unsecured commercial paper program due October 2022 (e) (m) ​ ​ 425,000 ​ ​ 220,000 ​ 3.44 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2024 ​ 41,181 ​ 29,546 3.92 % 1.3 Term Loan due January 2027 (d) (m) ​ 175,000 ​ 35,000 3.37 % 4.3 Fixed Rate Debt ​ ​ Term Loan due January 2027 (d) (m) ​ ​ 175,000 ​ 315,000 1.43 % 4.3 ​ ​ 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 2.0 2.95% Medium-Term Notes due September 2026 (g) (m) ​ 300,000 ​ 300,000 2.89 % 3.9 3.50% Medium-Term Notes due July 2027 (net of discounts of $335 and $388, respectively) (h) (m) ​ ​ 299,665 ​ ​ 299,612 ​ 4.03 % 4.8 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $627 and $717, respectively) (m) ​ ​ 299,373 ​ ​ 299,283 ​ 3.50 % 5.3 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $4 and $4, respectively) (i) (m) ​ ​ 299,996 ​ ​ 299,996 ​ 4.27 % 6.3 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $10,010 and $11,040, respectively) (j) (m) ​ ​ 610,010 ​ ​ 611,040 ​ 3.32 % 7.3 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of premiums/discounts of $10,602 and $11,498, respectively) (k) (m) ​ ​ 610,602 ​ ​ 611,498 ​ 3.01 % 8.9 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $346 and $373, respectively) (m) ​ ​ 399,654 ​ ​ 399,627 ​ 2.10 % 9.8 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,260 and $1,351, respectively) (m) ​ ​ 348,740 ​ ​ 348,649 ​ 1.90 % 10.5 ​ ​ 2.10% Medium-Term Notes due June 2033 (net of discounts of $1,066 and $1,140, respectively) (m) ​ ​ 298,934 ​ ​ 298,860 ​ 2.10 % 10.7 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,067 and $1,133, respectively) (l) (m) ​ ​ 298,933 ​ ​ 298,867 ​ 3.13 % 12.1 ​ ​ Other ​ 5 ​ 7 Deferred financing costs ​ (24,935) ​ (27,222) Total Unsecured Debt, net ​ 4,572,802 ​ 4,355,407 3.03 % 6.9 Total Debt, net ​ $ 5,626,362 ​ $ 5,412,787 3.06 % 6.7 ​ 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 September 30, 2022, secured debt encumbered 11% of UDR’s total real estate owned based upon gross book value (approximately 89% of UDR’s real estate owned based on gross book value is unencumbered). (a) 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 term of the underlying debt instrument. (b) Interest expense ​ (c) (d) Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to SOFR plus a margin of 85.5 basis points and a facility fee of 15 basis points, and the Term Loan has an interest rate equal to SOFR plus a margin of 93.0 basis points. The margins urther, the Credit Agreement included sustainability adjustments pursuant to which the applicable margin for the Revolving Credit Facility and the Term Loan were reduced by two basis points in September 2022 upon the Company receiving certain green building certifications, which is reflected in the margins noted above. In August 2021, the Company entered into two interest rate swaps totaling a $175.0 million notional value, which became effective in July 2022, to hedge against interest rate risk on the Term Loan until July 2025. The all-in weighted average interest rate, inclusive of the impact of the interest rate swaps was 1.48%. In September 2022, the Company amended its two interest rate swaps totaling a $175.0 million notional value to reflect the change in the Term Loan’s interest rate benchmark form LIBOR to SOFR. The all-in weighted average interest rate, inclusive of the impact of the interest rate swaps is 1.43%. ​ 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 September 30, 2022 and December 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 2021 ​ Total revolving credit facility ​ $ 1,300,000 ​ $ 1,300,000 ​ Borrowings outstanding at end of period (1) ​ — ​ — ​ Weighted average daily borrowings during the period ended ​ — ​ 13,068 ​ Maximum daily borrowings during the period ended ​ — ​ 305,000 ​ Weighted average interest rate during the period ended ​ — % 0.9 % Interest rate at end of the period ​ — % — % (1) Excludes $2.6 million and $2.6 million of letters of credit at September 30, 2022 and December 31, 2021, respectively . (e) The following is a summary of short-term bank borrowings under the unsecured commercial paper program at September 30, 2022 and December 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Total unsecured commercial paper program $ 700,000 ​ $ 700,000 ​ Borrowings outstanding at end of period ​ 425,000 ​ 220,000 ​ Weighted average daily borrowings during the period ended ​ 389,560 ​ 419,563 ​ Maximum daily borrowings during the period ended ​ 700,000 ​ 700,000 ​ Weighted average interest rate during the period ended ​ 1.6 % 0.2 % Interest rate at end of the period ​ 3.4 % 0.3 % ​ (f) The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at September 30, 2022 and December 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 41,181 ​ 29,546 ​ Weighted average daily borrowings during the period ended ​ 13,751 ​ 10,473 ​ Maximum daily borrowings during the period ended ​ 55,812 ​ 46,038 ​ Weighted average interest rate during the period ended ​ 2.3 % 0.9 % Interest rate at end of the period ​ 3.9 % 0.9 % ​ (g) (h) (i) (j) The all-in weighted average interest rate, inclusive of the impact of the forward starting swaps and treasury locks, was 3.32% . (k) (l) . (m) The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to September 30, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2022 ​ $ 290 ​ $ — ​ $ 290 ​ $ 425,000 (a) $ 425,290 2023 ​ ​ 1,242 ​ ​ — ​ ​ 1,242 ​ ​ — ​ ​ 1,242 2024 ​ 96,747 ​ — ​ 96,747 ​ 56,825 ​ 153,572 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 ​ 1,005,912 ​ 27,000 ​ 1,032,912 ​ 4,581,825 ​ 5,614,737 Non-cash (b) ​ 20,703 ​ (55) ​ 20,648 ​ (9,023) ​ 11,625 Total ​ $ 1,026,615 ​ $ 26,945 ​ $ 1,053,560 ​ $ 4,572,802 ​ $ 5,626,362 (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 . The Company amortized $1.0 million and $1.2 million, respectively, during the three months ended September 30, 2022 and 2021, and $2.9 million and $3.6 million, respectively, during the nine months ended September 30, 2022 and 2021, of deferred financing costs into Interest expense. We were in compliance with the covenants of our debt instruments at September 30, 2022.

INCOME (LOSS) PER SHARE

INCOME (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2022
INCOME/(LOSS) PER SHARE
INCOME/(LOSS) PER SHARE	8. INCOME/(LOSS) PER SHARE The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2022 2021 2022 2021 ​ Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 25,145 ​ $ 19,040 ​ $ 45,112 ​ $ 34,849 ​ Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (1,533) ​ (1,260) ​ (2,684) ​ (2,221) ​ Net (income)/loss attributable to noncontrolling interests ​ (7) ​ (49) ​ (34) ​ (73) ​ Net income/(loss) attributable to UDR, Inc. ​ 23,605 ​ 17,731 ​ 42,394 ​ 32,555 ​ Distributions to preferred stockholders — Series E (Convertible) ​ (1,106) ​ (1,058) ​ (3,307) ​ (3,171) ​ Income/(loss) attributable to common stockholders - basic and diluted ​ $ 22,499 ​ $ 16,673 ​ $ 39,087 ​ $ 29,384 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 324,983 ​ 298,075 ​ 320,654 ​ 297,252 ​ Non-vested restricted stock awards ​ (282) ​ (247) ​ (276) ​ (254) ​ Denominator for basic income/(loss) per share ​ 324,701 ​ 297,828 ​ 320,378 ​ 296,998 ​ Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements ​ 985 ​ 3,336 ​ 1,251 ​ 1,047 ​ Denominator for diluted income/(loss) per share ​ 325,686 ​ 301,164 ​ 321,629 ​ 298,045 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ ​ ​ Basic ​ $ 0.07 ​ $ 0.06 ​ $ 0.12 ​ $ 0.10 ​ Diluted ​ $ 0.07 ​ $ 0.06 ​ $ 0.12 ​ $ 0.10 ​ ​ 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”), performance units, unvested restricted stock and continuous equity program forward sales agreements. Only those instruments having a dilutive impact on our basic income/(loss) per share are included in diluted income/(loss) per share during the periods. For the three and nine months ended September 30, 2022 and 2021, 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 three months ended September 30, 2022, the Company did not sell any shares of common stock through its ATM program. During the nine months ended September 30, 2022, the Company settled 4.4 million shares of common stock through its ATM program pursuant to the Company’s 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. ​ In June 2022, the Company settled all million shares under the outstanding forward sales agreements under its ATM program at a weighted average forward price per share of $ , 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 over the term of the agreements and commissions paid to sales agents of approximately $ million, for net proceeds of $ million. ​ In March 2022, in connection with an underwritten public offering, 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 $57.565. 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 agreements. During the three months ended September 30, 2022, the Company settled 1.8 million shares under the forward sales agreements at a forward price per share of $57.00, which is inclusive of adjustments made to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock, for net proceeds of $99.8 million. During the nine months ended September 30, 2022, the Company settled 3.9 million shares under the forward sales agreements at an average forward price per share of $57.10, which is inclusive of adjustments made to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock, for net proceeds of $219.9 million. As of September 30, 2022, 3.2 million shares under the forward sale agreements had not been settled. The final date by which shares sold under the forward sale agreements must be settled is March 30, 2023. ​ As described above, during the nine months ended September 30, 2022, the Company settled 8.3 million shares in aggregate under previously announced forward sales agreements, including under the ATM program, for net proceeds of $450.8 million. Aggregate net proceeds from such forward sales, after deducting related expenses, were $449.9 million. ​ 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. ​ During the three and nine months ended September 30, 2022, the Company agreed to repurchase 0.7 million shares of its common stock at an average price of $41.46 per share for total consideration of approximately $28.4 million under its share repurchase program, 0.4 million shares for total consideration of approximately $15.2 million settled as of September 30, 2022 . In October 2022, the Company repurchased an additional 0.5 million shares of its common stock at an average price of $40.70 per share for total consideration of approximately $20.6 million under its share repurchase program. ​ The following table sets forth the additional shares of common stock outstanding, by equity instrument, if converted to common stock for each of the three and nine months ended September 30, 2022 and 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ OP/DownREIT Units 21,474 22,529 21,514 22,493 Convertible preferred stock 2,918 2,918 2,918 2,918 Unvested LTIP Units and unvested restricted stock 985 3,336 1,251 1,047 ​

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2022
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	9. NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income attributable to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the following period ( dollars in thousands ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, December 31, 2021 $ 1,299,442 ​ Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (376,515) ​ Conversion of OP Units/DownREIT Units to Common Stock or Cash ​ (30,743) ​ Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 2,684 ​ Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (25,561) ​ Redeemable Long-Term and Short-Term Incentive Plan Units ​ ​ 50,084 ​ Allocation of other comprehensive income/(loss) ​ 920 ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, September 30, 2022 ​ $ 920,311 ​ ​ Noncontrolling Interests Noncontrolling interests represent interests of unrelated partners 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

FAIR VALUE OF DERIVATIVES AND F

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2022
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	10. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: ● Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. ● Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of September 30, 2022 and December 31, 2021, are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at September 30, 2022, 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 ​ ​ September 30, ​ September 30, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2022 (a) ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 40,128 ​ $ 41,275 ​ $ — ​ $ — ​ $ 41,275 Equity securities (c) ​ ​ 7,664 ​ ​ 7,664 ​ ​ 7,664 ​ ​ — ​ ​ — Derivatives - Interest rate contracts (d) ​ 16,117 ​ 16,117 ​ — ​ 16,117 ​ — Total assets ​ $ 63,909 ​ $ 65,056 ​ $ 7,664 ​ $ 16,117 ​ $ 41,275 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured debt instruments - fixed rate: (e) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 1,029,572 ​ $ 898,145 ​ $ — ​ $ — ​ $ 898,145 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 ​ ​ 41,181 ​ ​ 41,181 ​ ​ — ​ ​ — ​ ​ 41,181 Commercial paper program ​ ​ 425,000 ​ ​ 425,000 ​ ​ — ​ ​ — ​ ​ 425,000 Unsecured notes ​ ​ 4,131,556 ​ ​ 3,366,736 ​ ​ — ​ ​ — ​ ​ 3,366,736 Total liabilities ​ $ 5,654,309 ​ $ 4,758,062 ​ $ — ​ $ — ​ $ 4,758,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) ​ $ 920,311 ​ $ 920,311 ​ $ — ​ $ 920,311 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — (a) Certain balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) The Company holds a direct investment in a publicly traded real estate technology company, SmartRent, that was previously subject to a lock-up restriction on selling or transferring the investment, which expired in February 2022. The investment is valued at the market price on September 30, 2022 and as of December 31, 2021, was valued at the market price on December 31, 2021 less an illiquidity discount of 15.0% . Since the lock-up restriction expired, the Company currently classifies the investment as Level 1 in the fair value hierarchy. The Company previously classified the investment as Level 3 in the fair value hierarchy based upon the lock-up restriction. During the nine months ended September 30, 2022, the Company increased its direct investment in SmartRent due to stock distributions from its unconsolidated real estate technology investments. (d) See Note 11, Derivatives and Hedging Activity . (e) See Note 7, Secured and Unsecured Debt, Net . (f) See Note 9, Noncontrolling Interests. Other than described in footnote (c) above, there were no transfers into or out of any of the levels of the fair value hierarchy during the nine months ended September 30, 2022. 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 September 30, 2022 and December 31, 2021, 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 September 30, 2022 and 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	9 Months Ended
	Sep. 30, 2022
DERIVATIVES AND HEDGING ACTIVITY
DERIVATIVES AND HEDGING ACTIVITY	11. DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in Accumulated other comprehensive income/(loss), net Amounts reported in Accumulated other comprehensive income/(loss), net Interest expense As of September 30, 2022, 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 ​ 3 ​ $ 194,880 ​ Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of September 30, 2022, 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 September 30, 2022 and December 31, 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 16,117 ​ $ 3,279 ​ $ — ​ $ — ​ Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 ( 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 2022 2021 2022 2021 2022 2021 Three Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ 5,048 ​ $ 1,389 ​ $ 313 ​ $ (441) ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ 13,988 ​ $ 1,422 ​ $ 28 ​ $ (1,314) ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Total amount of Interest expense ​ $ 39,905 ​ $ 36,289 ​ $ 112,653 ​ $ 149,849 ​ 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 September 30, 2022 and December 31, 2021 (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 September 30, 2022 ​ $ 16,117 ​ $ — ​ $ 16,117 ​ $ — ​ $ — ​ $ 16,117 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 3,279 ​ $ — ​ $ 3,279 ​ $ — ​ $ — ​ $ 3,279 (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 September 30, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION	12. STOCK BASED COMPENSATION The Company recognized stock based compensation expense, inclusive of awards granted to our non-employee directors, net of capitalization, of $6.7 million and $6.2 million during the three months ended September 30, 2022 and 2021, respectively, and $20.5 million and $17.5 million during the nine months ended September 30, 2022 and 2021, respectively, which are included in General and Administrative

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Company’s real estate commitments at September 30, 2022 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 5 ​ $ 368,465 ​ $ 163,035 Unconsolidated joint ventures and partnerships: ​ ​ Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I (b) ​ - ​ ​ 25,639 ​ ​ 4,320 ​ RETV II ​ - ​ ​ 9,607 ​ ​ 8,100 ​ RET Strategic Fund ​ - ​ ​ 7,435 ​ ​ 17,500 ​ Climate Technology Funds (c) ​ - ​ ​ 5,262 ​ ​ 4,656 ​ RET ESG Fund (d) ​ - ​ ​ 3,959 ​ ​ 6,000 ​ Total ​ $ 420,367 ​ $ 203,611 (a) Represents UDR’s investment as of September 30, 2022. (b) Includes the impact of unrealized losses for the nine months ended September 30, 2022, which primarily relate to a decrease in SmartRent's public share price . (See Note 5, Joint Ventures and Partnerships). (c) In March 2022, the Company committed to invest $10.0 million in climate technology funds and funded $5.3 million. As of September 30, 2022, the investment is recorded in Other Assets on the Consolidated Balance Sheets. (d) In April 2022, the Company committed to invest $10.0 million in an ESG technology fund and funded $4.0 million. As of September 30, 2022, the investment is recorded in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets. As of September 30, 2022, the Company recorded approximately $1.0 million in casualty-related charges related to communities located in Florida as a result of Hurricane Ian. UDR does not anticipate the overall cost, including cleanup costs incurred or to be incurred subsequent to quarter end, to be material to its financial statements. 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	9 Months Ended
	Sep. 30, 2022
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	14. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s Chief Operating Decision Maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs. UDR’s 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 July 1, 2021 (for quarter-to-date comparison) and January 1, 2021 (for year-to-date comparison) and held as of September 30, 2022. A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the community is not classified as held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. ● Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community Non-Mature Community/Other All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the three and nine months ended September 30, 2022 and 2021. ​ The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue ​ Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 842, Leases ​ Lease revenue also includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. These services represent non-lease components in a contract as the Company transfers a service to the lessee other than the right to use the underlying asset. The Company has elected the practical expedient under the leasing standard to not separate lease and non-lease components from its resident and retail lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease. ​ Other Revenue ​ Other revenue is generated by services provided by the Company to its retail and residential tenants and other unrelated third parties. Revenue is measured based on consideration specified in contracts with customers. The Company recognizes when it satisfies a performance obligation by providing the services specified in a contract to the customer. ​ Joint venture management and other fees ​ The Joint venture management and other fees Joint venture management and other fees The following table details rental income and NOI for UDR’s reportable segments for the three and nine months ended September 30, 2022 and 2021, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, (a) ​ September 30, (b) ​ 2022 2021 2022 2021 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 118,843 ​ $ 109,307 ​ $ 340,731 ​ $ 307,138 Mid-Atlantic Region ​ 71,462 ​ 66,115 ​ 201,475 ​ 188,897 Northeast Region ​ 69,577 ​ 59,902 ​ 197,058 ​ 174,795 Southeast Region ​ 48,608 ​ 41,093 ​ 139,112 ​ 119,731 Southwest Region ​ 36,801 ​ 32,261 ​ 80,568 ​ 71,710 Non-Mature Communities/Other ​ 31,555 ​ 9,947 ​ 119,416 ​ 47,612 Total segment and consolidated lease revenue ​ $ 376,846 ​ $ 318,625 ​ $ 1,078,360 ​ $ 909,883 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 3,371 ​ $ 2,713 ​ $ 9,198 ​ $ 7,931 Mid-Atlantic Region ​ 3,146 ​ 2,549 ​ 8,320 ​ 6,548 Northeast Region ​ 1,937 ​ 1,619 ​ 4,624 ​ 3,773 Southeast Region ​ 2,006 ​ 1,732 ​ 5,920 ​ 5,333 Southwest Region ​ 1,647 ​ 1,363 ​ 3,120 ​ 2,976 Non-Mature Communities/Other ​ 1,070 ​ 98 ​ 4,410 ​ 1,197 Total segment and consolidated other revenue ​ $ 13,177 ​ $ 10,074 ​ $ 35,592 ​ $ 27,758 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 122,214 ​ $ 112,020 ​ $ 349,929 ​ $ 315,069 Mid-Atlantic Region ​ 74,608 ​ 68,664 ​ 209,795 ​ 195,445 Northeast Region ​ 71,514 ​ 61,521 ​ 201,682 ​ 178,568 Southeast Region ​ 50,614 ​ 42,825 ​ 145,032 ​ 125,064 Southwest Region ​ 38,448 ​ 33,624 ​ 83,688 ​ 74,686 Non-Mature Communities/Other ​ 32,625 ​ 10,045 ​ 123,826 ​ 48,809 Total segment and consolidated rental income ​ $ 390,023 ​ $ 328,699 ​ $ 1,113,952 ​ $ 937,641 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 90,586 ​ $ 82,271 ​ $ 261,876 ​ $ 230,569 Mid-Atlantic Region ​ 51,051 ​ 46,504 ​ 144,749 ​ 133,676 Northeast Region ​ 46,014 ​ 36,777 ​ 130,392 ​ 109,243 Southeast Region ​ 34,434 ​ 28,157 ​ 99,029 ​ 82,704 Southwest Region ​ 23,609 ​ 20,751 ​ 52,651 ​ 46,255 Non-Mature Communities/Other ​ 19,324 ​ 5,020 ​ 74,809 ​ 26,727 Total segment and consolidated NOI ​ 265,018 ​ 219,480 ​ 763,506 ​ 629,174 Reconciling items: ​ ​ ​ ​ Joint venture management and other fees ​ 1,274 ​ 1,071 ​ 3,778 ​ 4,918 Property management ​ (12,675) ​ (9,861) ​ (36,203) ​ (28,129) Other operating expenses ​ (3,746) ​ (4,237) ​ (13,485) ​ (13,045) Real estate depreciation and amortization ​ (166,781) ​ (152,636) ​ (497,987) ​ (442,893) General and administrative ​ (15,840) ​ (15,810) ​ (47,333) ​ (43,673) Casualty-related (charges)/recoveries, net ​ (901) ​ (1,568) ​ (1,210) ​ (4,682) Other depreciation and amortization ​ (3,430) ​ (3,269) ​ (9,521) ​ (8,472) Gain/(loss) on sale of real estate owned ​ ​ — ​ ​ — ​ ​ — ​ ​ 50,829 Income/(loss) from unconsolidated entities ​ 10,003 ​ 14,450 ​ 4,186 ​ 29,123 Interest expense ​ (39,905) ​ (36,289) ​ (112,653) ​ (149,849) Interest income and other income/(expense), net ​ (7,495) ​ 8,238 ​ (6,934) ​ 12,831 Tax (provision)/benefit, net ​ (377) ​ (529) ​ (1,032) ​ (1,283) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (1,533) ​ (1,260) ​ (2,684) ​ (2,221) Net (income)/loss attributable to noncontrolling interests ​ (7) ​ (49) ​ (34) ​ (73) Net income/(loss) attributable to UDR, Inc. ​ $ 23,605 ​ $ 17,731 ​ $ 42,394 ​ $ 32,555 (a) Same-Store Community population consisted of 50,318 apartment homes. (b) Same-Store Community population consisted of 47,344 apartment homes. ​ The following table details the assets of UDR’s reportable segments as of September 30, 2022 and December 31, 2021 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 4,482,472 ​ $ 4,433,824 Mid-Atlantic Region ​ 2,992,280 ​ 2,978,060 Northeast Region ​ 3,444,332 ​ 3,422,846 Southeast Region ​ 1,226,851 ​ 1,208,183 Southwest Region ​ 1,270,687 ​ 1,247,434 Non-Mature Communities/Other ​ 2,051,358 ​ 1,450,456 Total segment assets ​ 15,467,980 ​ 14,740,803 Accumulated depreciation ​ (5,605,809) ​ (5,137,096) Total segment assets — net book value ​ 9,862,171 ​ 9,603,707 Reconciling items: ​ ​ Cash and cash equivalents ​ 1,532 ​ 967 Restricted cash ​ 28,363 ​ 27,451 Notes receivable, net ​ 40,128 ​ 26,860 Investment in and advances to unconsolidated joint ventures, net ​ 761,117 ​ 702,461 Operating lease right-of-use assets ​ ​ 194,923 ​ ​ 197,463 Other assets ​ 209,728 ​ 216,311 Total consolidated assets ​ $ 11,097,962 ​ $ 10,775,220 (a) Same-Store Community population consisted of 50,318 apartment homes. ​ Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C., Baltimore and Richmond iii. Northeast Region — Boston, New York and Philadelphia iv. Southeast Region — Tampa, Orlando, Nashville and Other Florida v. Southwest Region — Dallas, Austin and Denver

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
SIGNIFICANT ACCOUNTING POLICIES
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In September 2022, we amended our unsecured term loan and its related interest rate swap agreements to change the interest rate benchmark from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The Company applied the practical expedients in the ASU related to the cash flow hedges, which did not have a material impact on the consolidated financial statements. (See Note 7, Secured and Unsecured Debt, Net for further discussion.) ​ The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. The ASU has not had a material impact on the consolidated financial statements and the Company does not expect the ASU to have a material impact on the consolidated financial statements on a prospective basis.
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition ​ For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. ​ Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. ​ Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain or loss on consolidation of a property.
Allowance for Credit Losses	Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ​ The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with the Company’s 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 assets of the borrower that may include real estate assets. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a VIE, and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities of the existing loans. Additionally, we analyze each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The following table summarizes our Notes receivable, net dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ September 30, September 30, December 31, ​ ​ 2022 ​ 2022 ​ 2021 Note due May 2022 (a) ​ N/A ​ $ — ​ $ 2,760 Note due December 2023 (b) ​ 10.00 % ​ 29,018 ​ ​ 24,235 Note due December 2026 (c) ​ 11.00 % ​ 9,812 ​ ​ — Note due December 2026 (d) ​ 11.00 % ​ — ​ ​ — Note due June 2027 (e) ​ 18.00 % ​ 1,500 ​ ​ — Notes Receivable ​ ​ ​ ​ 40,330 ​ ​ 26,995 Allowance for credit losses ​ ​ ​ ​ (202) ​ ​ (135) Total notes receivable, net ​ $ 40,128 ​ $ 26,860 (a) The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $2.8 million. The note was secured by a parcel of land located in Kissimmee, Florida. In March 2022, the unaffiliated third party repaid the $2.8 million secured note in full. (b) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $31.4 million. During 2022, the terms of this secured note were amended to increase the aggregate commitment from $25.4 million to $31.4 million and to extend the maturity date to December 2023. Interest payments are due monthly, with the exception of payments from June 2022 to December 2023, which will accrue and be due at maturity of the note. The note is secured by substantially all of the borrower’s assets and 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) December 2023. (c) In June 2022, the Company entered into a secured mezzanine loan with a third party developer of a 482 apartment home community located in Riverside, California, which is expected to be completed in 2025, with an aggregate commitment of $59.7 million, of which $9.8 million was funded during the nine months ended September 30, 2022. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months . The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options. (d) In June 2022, the Company entered into a secured mezzanine loan with a third party developer of a 237 apartment home community located in Menifee, California, which is expected to be completed in 2025, with an aggregate commitment of $24.4 million, none of which was funded during the nine months ended September 30, 2022. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months . The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options. (e) In June 2022, the Company and a syndicate of lenders entered into a $16.0 million secured credit facility with an unaffiliated third party. The Company’s share of the facility was $1.5 million, all of which was funded during the nine months ended September 30, 2022. Interest payments will accrue and be due at maturity of the facility. The facility is secured by substantially all of the borrower’s assets and matures at the earliest of the following: (a) acceleration in the event of default; or (b) June 2027. The Company recognized $1.0 million and $0.7 million of interest income for the notes receivable described above during the three months ended September 30, 2022 and 2021, respectively, and $2.4 million and $4.6 million of interest income for the notes receivable described above during the nine months ended September 30, 2022 and 2021, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three and nine months ended September 30, 2022 and 2021, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity,
Income Taxes	Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of September 30, 2022 and December 31, 2021, UDR’s net deferred tax asset/(liability) was ($0.8) million and ($0.8) 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 UDR had no material unrecognized tax benefit, accrued interest or penalties at September 30, 2022. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2019 through 2021 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net
Forward Sales Agreements	Forward Sales Agreements ​ From time to time 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 ​ We continue to monitor the status and respond to the effects of the COVID-19 pandemic and its impact on our business. While the pandemic and related government measures adversely impacted our business in certain prior periods, the extent of the impact generally has decreased. Future developments regarding COVID-19, however, continue to be uncertain and difficult to predict. There can be no assurances that closures or restrictions in response to COVID-19, including due to new variants, will not be imposed in the future or that other developments related to COVID-19 will not adversely affect our business, results of operations, financial condition and cash flows in future periods. ​ During the three and nine months ended September 30, 2022, 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 decreased its reserve by approximately $1.1 million for multifamily tenant lease receivables and approximately $0.9 million for retail tenant lease receivables for its wholly-owned communities and communities held by joint ventures for the three months ended September 30, 2022. For the nine months ended September 30, 2022, the Company reduced its reserve by approximately $1.5 million for multifamily tenant lease receivables and approximately $1.9 million for retail tenant lease receivables for its wholly-owned communities and communities held by joint ventures. In aggregate, the reduction in reserve is reflected as a $3.1 million increase to Rental income and a $0.4 million increase to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the nine months ended September 30, 2022 . The impact to deferred leasing commissions was not material for the three and nine months ended September 30, 2022. ​ 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 nine months ended September 30, 2022 .

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2022
SIGNIFICANT ACCOUNTING POLICIES
Summary of notes receivable, net	The following table summarizes our Notes receivable, net dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ September 30, September 30, December 31, ​ ​ 2022 ​ 2022 ​ 2021 Note due May 2022 (a) ​ N/A ​ $ — ​ $ 2,760 Note due December 2023 (b) ​ 10.00 % ​ 29,018 ​ ​ 24,235 Note due December 2026 (c) ​ 11.00 % ​ 9,812 ​ ​ — Note due December 2026 (d) ​ 11.00 % ​ — ​ ​ — Note due June 2027 (e) ​ 18.00 % ​ 1,500 ​ ​ — Notes Receivable ​ ​ ​ ​ 40,330 ​ ​ 26,995 Allowance for credit losses ​ ​ ​ ​ (202) ​ ​ (135) Total notes receivable, net ​ $ 40,128 ​ $ 26,860 (a) The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $2.8 million. The note was secured by a parcel of land located in Kissimmee, Florida. In March 2022, the unaffiliated third party repaid the $2.8 million secured note in full. (b) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $31.4 million. During 2022, the terms of this secured note were amended to increase the aggregate commitment from $25.4 million to $31.4 million and to extend the maturity date to December 2023. Interest payments are due monthly, with the exception of payments from June 2022 to December 2023, which will accrue and be due at maturity of the note. The note is secured by substantially all of the borrower’s assets and 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) December 2023. (c) In June 2022, the Company entered into a secured mezzanine loan with a third party developer of a 482 apartment home community located in Riverside, California, which is expected to be completed in 2025, with an aggregate commitment of $59.7 million, of which $9.8 million was funded during the nine months ended September 30, 2022. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months . The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options. (d) In June 2022, the Company entered into a secured mezzanine loan with a third party developer of a 237 apartment home community located in Menifee, California, which is expected to be completed in 2025, with an aggregate commitment of $24.4 million, none of which was funded during the nine months ended September 30, 2022. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months . The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options. (e) In June 2022, the Company and a syndicate of lenders entered into a $16.0 million secured credit facility with an unaffiliated third party. The Company’s share of the facility was $1.5 million, all of which was funded during the nine months ended September 30, 2022. Interest payments will accrue and be due at maturity of the facility. The facility is secured by substantially all of the borrower’s assets and matures at the earliest of the following: (a) acceleration in the event of default; or (b) June 2027.

REAL ESTATE OWNED (Tables)

REAL ESTATE OWNED (Tables)	9 Months Ended
	Sep. 30, 2022
REAL ESTATE OWNED
Summary of carrying amounts for real estate owned (at cost)	The following table summarizes the carrying amounts for our real estate owned (at cost) as of September 30, 2022 and December 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Land ​ $ 2,523,430 ​ $ 2,342,385 Depreciable property — held and used: ​ ​ ​ Land improvements ​ 246,849 ​ 241,905 Building, improvements, and furniture, fixtures and equipment ​ 12,255,260 ​ 11,717,931 Real estate intangible assets ​ ​ 50,013 ​ ​ 50,013 Under development: ​ ​ Land and land improvements ​ 59,732 ​ 74,399 Building, improvements, and furniture, fixtures and equipment ​ 308,733 ​ 314,170 Real estate held for disposition: ​ ​ Land and land improvements ​ 12,768 ​ — Building, improvements, and furniture, fixtures and equipment ​ 11,195 ​ — Real estate owned ​ 15,467,980 ​ 14,740,803 Accumulated depreciation (a) ​ (5,605,809) ​ (5,137,096) Real estate owned, net ​ $ 9,862,171 ​ $ 9,603,707 (a) Accumulated depreciation is inclusive of $13.1 million and $8.8 million of accumulated amortization related to real estate intangible assets as of September 30, 2022 and December 31, 2021, respectively.

JOINT VENTURES AND PARTNERSHI_2

JOINT VENTURES AND PARTNERSHIPS (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ ​ Three Months Ended ​ Nine Months Ended ​ Location of September 30, September 30, September 30, December 31, ​ September 30, ​ December 31, ​ September 30, ​ September 30, Joint Ventures Properties 2022 2022 2022 2021 ​ 2022 ​ 2021 ​ 2022 2021 ​ 2022 2021 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 21,532 ​ $ 23,880 ​ 50.0 % ​ 50.0 % ​ $ (423) ​ $ (608) ​ $ (1,556) ​ $ (1,922) UDR/MetLife II Various 7 1,250 ​ 176,191 ​ 181,023 ​ 50.0 % ​ 50.0 % ​ ​ 295 ​ ​ (289) ​ ​ 811 ​ ​ (3,126) Other UDR/MetLife Joint Ventures (a) Various 5 1,437 ​ 55,619 ​ 66,012 ​ 50.6 % ​ 50.6 % ​ ​ (1,699) ​ ​ (2,859) ​ ​ (5,521) ​ ​ (9,611) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and real estate technology investments ​ $ 253,342 ​ $ 270,915 ​ ​ ​ ​ $ (1,827) ​ $ (3,756) ​ $ (6,266) ​ $ (14,659) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Three Months Ended ​ Nine Months Ended Developer Capital Program ​ ​ Years To ​ UDR September 30, December 31, September 30, ​ September 30, and Real Estate Technology Investments (b) Location Rate Maturity ​ Commitment (c) 2022 2021 2022 2021 2022 2021 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Junction ​ Santa Monica, CA ​ 12.0 % 0.2 ​ $ 8,800 ​ $ 14,415 ​ $ 13,183 ​ $ 428 ​ $ 379 ​ $ 1,232 ​ $ 1,093 1532 Harrison (d) ​ San Francisco, CA ​ N/A ​ — ​ ​ — ​ ​ — ​ ​ 35,248 ​ ​ 5,158 ​ ​ 1,003 ​ ​ 5,152 ​ ​ 2,896 1200 Broadway (e) (f) ​ Nashville, TN ​ N/A ​ — ​ ​ — ​ ​ — ​ ​ 61,326 ​ ​ — ​ ​ 1,837 ​ ​ 11,893 ​ ​ 4,936 1300 Fairmount (f) ​ Philadelphia, PA ​ 8.5 % 1.0 ​ ​ 51,393 ​ ​ 69,013 ​ ​ 64,780 ​ ​ 1,457 ​ ​ 1,338 ​ ​ 4,233 ​ ​ 3,869 Modera Lake Merritt (f) ​ Oakland, CA ​ 9.0 % 1.6 ​ ​ 27,250 ​ ​ 34,073 ​ ​ 33,828 ​ ​ (1,283) ​ ​ 739 ​ ​ 246 ​ ​ 2,144 Thousand Oaks (f) ​ Thousand Oaks, CA ​ 9.0 % 2.4 ​ ​ 20,059 ​ ​ 24,342 ​ ​ 22,764 ​ ​ 544 ​ ​ 497 ​ ​ 1,578 ​ ​ 1,415 Vernon Boulevard (f) ​ Queens, NY ​ 13.0 % 2.8 ​ ​ 40,000 ​ ​ 53,104 ​ ​ 48,210 ​ ​ 1,693 ​ ​ 1,496 ​ ​ 4,885 ​ ​ 4,300 Makers Rise (f) ​ Herndon, VA ​ 9.0 % 3.3 ​ ​ 30,208 ​ ​ 33,299 ​ ​ 22,828 ​ ​ 743 ​ ​ 251 ​ ​ 2,105 ​ ​ 519 121 at Watters (f) ​ Allen, TX ​ 9.0 % 3.5 ​ ​ 19,843 ​ ​ 22,009 ​ ​ 14,134 ​ ​ 490 ​ ​ 234 ​ ​ 1,359 ​ ​ 462 Infield Phase I ​ Kissimmee, FL ​ 14.0 % 1.6 ​ ​ 16,044 ​ ​ 17,201 ​ ​ — ​ ​ 593 ​ ​ — ​ ​ 1,129 ​ ​ — Upton Place ​ Washington, D.C. ​ 9.7 % 5.2 ​ ​ 52,163 ​ ​ 55,465 ​ ​ 29,566 ​ ​ 1,316 ​ ​ — ​ ​ 3,061 ​ ​ — Meetinghouse (g) ​ Portland, OR ​ 8.25 % 4.4 ​ ​ 11,600 ​ ​ 12,007 ​ ​ — ​ ​ 239 ​ ​ — ​ ​ 466 ​ ​ — Heirloom (h) ​ Portland, OR ​ 8.25 % 4.7 ​ ​ 16,185 ​ ​ 16,539 ​ ​ — ​ ​ 332 ​ ​ — ​ ​ 347 ​ ​ — Portfolio Recapitalization (i) ​ Various ​ 8.0 % 6.7 ​ ​ 102,000 ​ ​ 102,674 ​ ​ — ​ ​ 1,565 ​ ​ — ​ ​ 1,565 ​ ​ — Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I (j) ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 25,639 ​ ​ 71,464 ​ ​ (1,458) ​ ​ 9,869 ​ ​ (28,009) ​ ​ 17,975 RETV II ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 9,607 ​ ​ 8,130 ​ ​ 122 ​ ​ 147 ​ ​ (603) ​ ​ 209 RET Strategic Fund (k) ​ N/A ​ N/A ​ N/A ​ ​ 25,000 ​ ​ 7,435 ​ ​ — ​ ​ (37) ​ ​ — ​ ​ (115) ​ ​ — RET ESG (l) ​ N/A ​ N/A ​ N/A ​ ​ 10,000 ​ ​ 3,959 ​ ​ — ​ ​ (72) ​ ​ — ​ ​ (72) ​ ​ — Total Preferred Equity Investments and Real Estate Technology Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 500,781 ​ ​ 425,461 ​ ​ 11,830 ​ ​ 17,790 ​ ​ 10,452 ​ ​ 39,818 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sold joint ventures and other investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 416 ​ ​ — ​ ​ 3,964 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Joint Ventures and Developer Capital Program and Real Estate Technology Investments, net (a) ​ ​ ​ ​ $ 754,123 ​ $ 696,376 ​ $ 10,003 $ 14,450 ​ $ 4,186 $ 29,123 (a) As of September 30, 2022 and December 31, 2021, the Company’s negative investment in 13 th and Market Properties LLC of $7.0 million and $6.1 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) 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. (c) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (d) As disclosed above, the Company began consolidating the 1532 Harrison joint venture in September 2022. The Company recorded $5.2 million in Income/(loss) from unconsolidated entities in connection with recording the joint venture’s assets and liabilities at fair value on the date of consolidation. (e) In J anuary 2022, the joint venture sold its community, a 313 apartment home operating community located in Nashville, Tennessee, for a sales price of approximately $294.0 million. As a result, the Company recorded variable upside participation on the sale of approximately $10.6 million, net of associated costs. (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 March 2022, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to operate a 232 apartment home community in Portland, Oregon. The Company’s preferred equity investment of $11.6 million earns a preferred return of 8.25% 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 . (h) In June 2022, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to operate a 286 apartment home community in Portland, Oregon. The Company’s preferred equity investment of $16.2 million earns a preferred return of 8.25% 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 . (i) In July 2022, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to operate 14 communities located in various markets across the United States. The Company’s preferred equity investment of $102.0 million will earn a preferred return of 8.0% 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. (j) The Company recognized $(1.5) million and $9.9 million of investment income/(loss) from RETV I for the three months ended September 30, 2022 and 2021, respectively, and $(28.0) million and $18.0 million of investment income/(loss) from RETV I for the nine months ended September 30, 2022 and 2021, respectively, which primarily related to unrealized gains/(losses) 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. 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 applicable reporting period. (k) 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. (l) In April 2022, the Company entered into a real estate technology ESG investment as a limited partner, for a total commitment of $10.0 million. The Company funded $4.0 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. ​
Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships	Combined summary balance sheets relating to the unconsolidated joint ventures’ and partnerships’ (not just our proportionate share) are presented below as of September 30, 2022 and December 31, 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 Total real estate, net $ 2,315,766 $ 2,043,158 Real estate assets held for sale ​ — ​ 168,668 Investments, at fair value ​ ​ 258,129 ​ ​ 460,241 Cash and cash equivalents ​ 38,298 ​ 22,891 Other assets ​ ​ 122,365 ​ 28,948 Total assets $ 2,734,558 $ 2,723,906 ​ ​ ​ ​ ​ ​ ​ Third party debt, net ​ $ 1,359,194 ​ $ 1,215,918 Liabilities held for sale ​ — ​ 106,990 Accounts payable and accrued liabilities ​ ​ 156,175 ​ ​ 51,689 Total liabilities ​ 1,515,369 ​ 1,374,597 Total equity $ 1,219,189 $ 1,349,309
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three and nine months ended September 30, 2022 and 2021 ( dollars in thousands : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Total revenues $ 38,093 $ 33,635 $ 110,451 $ 97,777 Property operating expenses ​ 18,326 ​ 18,128 ​ 52,805 ​ 51,983 Real estate depreciation and amortization ​ 16,233 ​ 17,486 ​ 50,689 ​ 50,082 Gain/(loss) on sale of property ​ ​ — ​ ​ — ​ ​ 127,542 ​ ​ 34,757 Operating income/(loss) ​ 3,534 ​ ​ (1,979) ​ 134,499 ​ ​ 30,469 Interest expense ​ (9,829) ​ (13,181) ​ (26,598) ​ (32,776) Net realized gain/(loss) on held investments ​ ​ 19,331 ​ ​ 1,875 ​ ​ 95,953 ​ ​ 4,452 Net unrealized gain/(loss) on held investments ​ ​ (24,561) ​ ​ 60,138 ​ ​ (263,202) ​ ​ 104,399 Other income/(loss) ​ ​ (478) ​ ​ (156) ​ ​ (877) ​ ​ (1,826) Net income/(loss) $ (12,003) $ 46,697 $ (60,225) $ 104,718

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2022 ​ $ 3,110 2023 ​ ​ 12,442 2024 ​ ​ 12,442 2025 ​ ​ 12,442 2026 ​ ​ 12,442 Thereafter ​ ​ 430,337 Total future minimum lease payments (undiscounted) ​ ​ 483,215 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (293,151) Total operating lease liabilities (discounted) ​ $ 190,064
Lessee - components of operating lease expenses	The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 3,226 ​ $ 3,231 ​ $ 9,760 ​ $ 9,691 Variable lease expense (a) ​ ​ 28 ​ ​ 25 ​ ​ 81 ​ ​ 54 Total operating lease expense (b)(c) ​ $ 3,254 ​ $ 3,256 ​ $ 9,841 ​ $ 9,745 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of a community’s revenue. (b) Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the nine months ended September 30, 2022, Operating lease right-of-use assets and Operating lease liabilities amortized by $2.5 million and $2.4 million, respectively. For the nine months ended September 30, 2021, Operating lease right-of-use assets and Operating lease liabilities amortized by $2.6 million and $2.3 million, respectively. Due to the net impact of the amortization, the Company recorded $0.1 million and $0.1 million of total operating lease expense during the three months ended September 30, 2022 and 2021, respectively, and $0.3 million and $0.3 million of total operating lease expense during the nine months ended September 30, 2022 and 2021, respectively.
Lessor - Future minimum lease payments	Future minimum lease payments from our retail and commercial leases as of September 30, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2022 ​ $ 6,127 2023 ​ ​ 26,566 2024 ​ ​ 24,703 2025 ​ ​ 21,424 2026 ​ ​ 18,638 Thereafter ​ ​ 80,908 Total future minimum lease payments (a) ​ $ 178,366 (a)

SECURED AND UNSECURED DEBT, N_2

SECURED AND UNSECURED DEBT, NET (Tables)	9 Months Ended
	Sep. 30, 2022
Unsecured Debt
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at September 30, 2022 and December 31, 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ September 30, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2022 2021 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 1,005,912 ​ $ 1,006,762 3.42 % 5.7 14 Deferred financing costs and other non-cash adjustments (b) ​ 20,703 ​ 23,678 Total fixed rate secured debt, net ​ 1,026,615 ​ 1,030,440 3.42 % 5.7 14 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 2.38 % 9.5 1 Deferred financing costs ​ (55) ​ (60) Total variable rate secured debt, net ​ 26,945 ​ 26,940 2.38 % 9.5 1 Total Secured Debt, net ​ 1,053,560 ​ 1,057,380 3.39 % 5.8 15 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2026 (d) (m) ​ — ​ — — % 3.3 Borrowings outstanding under unsecured commercial paper program due October 2022 (e) (m) ​ ​ 425,000 ​ ​ 220,000 ​ 3.44 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2024 ​ 41,181 ​ 29,546 3.92 % 1.3 Term Loan due January 2027 (d) (m) ​ 175,000 ​ 35,000 3.37 % 4.3 Fixed Rate Debt ​ ​ Term Loan due January 2027 (d) (m) ​ ​ 175,000 ​ 315,000 1.43 % 4.3 ​ ​ 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 2.0 2.95% Medium-Term Notes due September 2026 (g) (m) ​ 300,000 ​ 300,000 2.89 % 3.9 3.50% Medium-Term Notes due July 2027 (net of discounts of $335 and $388, respectively) (h) (m) ​ ​ 299,665 ​ ​ 299,612 ​ 4.03 % 4.8 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $627 and $717, respectively) (m) ​ ​ 299,373 ​ ​ 299,283 ​ 3.50 % 5.3 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $4 and $4, respectively) (i) (m) ​ ​ 299,996 ​ ​ 299,996 ​ 4.27 % 6.3 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $10,010 and $11,040, respectively) (j) (m) ​ ​ 610,010 ​ ​ 611,040 ​ 3.32 % 7.3 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of premiums/discounts of $10,602 and $11,498, respectively) (k) (m) ​ ​ 610,602 ​ ​ 611,498 ​ 3.01 % 8.9 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $346 and $373, respectively) (m) ​ ​ 399,654 ​ ​ 399,627 ​ 2.10 % 9.8 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,260 and $1,351, respectively) (m) ​ ​ 348,740 ​ ​ 348,649 ​ 1.90 % 10.5 ​ ​ 2.10% Medium-Term Notes due June 2033 (net of discounts of $1,066 and $1,140, respectively) (m) ​ ​ 298,934 ​ ​ 298,860 ​ 2.10 % 10.7 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,067 and $1,133, respectively) (l) (m) ​ ​ 298,933 ​ ​ 298,867 ​ 3.13 % 12.1 ​ ​ Other ​ 5 ​ 7 Deferred financing costs ​ (24,935) ​ (27,222) Total Unsecured Debt, net ​ 4,572,802 ​ 4,355,407 3.03 % 6.9 Total Debt, net ​ $ 5,626,362 ​ $ 5,412,787 3.06 % 6.7
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 calendar years subsequent to September 30, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2022 ​ $ 290 ​ $ — ​ $ 290 ​ $ 425,000 (a) $ 425,290 2023 ​ ​ 1,242 ​ ​ — ​ ​ 1,242 ​ ​ — ​ ​ 1,242 2024 ​ 96,747 ​ — ​ 96,747 ​ 56,825 ​ 153,572 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 ​ 1,005,912 ​ 27,000 ​ 1,032,912 ​ 4,581,825 ​ 5,614,737 Non-cash (b) ​ 20,703 ​ (55) ​ 20,648 ​ (9,023) ​ 11,625 Total ​ $ 1,026,615 ​ $ 26,945 ​ $ 1,053,560 ​ $ 4,572,802 ​ $ 5,626,362 (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 . The Company amortized $1.0 million and $1.2 million, respectively, during the three months ended September 30, 2022 and 2021, and $2.9 million and $3.6 million, respectively, during the nine months ended September 30, 2022 and 2021, 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 September 30, 2022 and December 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Total unsecured commercial paper program $ 700,000 ​ $ 700,000 ​ Borrowings outstanding at end of period ​ 425,000 ​ 220,000 ​ Weighted average daily borrowings during the period ended ​ 389,560 ​ 419,563 ​ Maximum daily borrowings during the period ended ​ 700,000 ​ 700,000 ​ Weighted average interest rate during the period ended ​ 1.6 % 0.2 % Interest rate at end of the period ​ 3.4 % 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 September 30, 2022 and December 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 2021 ​ Total revolving credit facility ​ $ 1,300,000 ​ $ 1,300,000 ​ Borrowings outstanding at end of period (1) ​ — ​ — ​ Weighted average daily borrowings during the period ended ​ — ​ 13,068 ​ Maximum daily borrowings during the period ended ​ — ​ 305,000 ​ Weighted average interest rate during the period ended ​ — % 0.9 % Interest rate at end of the period ​ — % — % (1) Excludes $2.6 million and $2.6 million of letters of credit at September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 41,181 ​ 29,546 ​ Weighted average daily borrowings during the period ended ​ 13,751 ​ 10,473 ​ Maximum daily borrowings during the period ended ​ 55,812 ​ 46,038 ​ Weighted average interest rate during the period ended ​ 2.3 % 0.9 % Interest rate at end of the period ​ 3.9 % 0.9 %

INCOME (LOSS) PER SHARE (Tables

INCOME (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
INCOME/(LOSS) PER SHARE
Computation of basic and diluted income/(loss) per share	The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2022 2021 2022 2021 ​ Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 25,145 ​ $ 19,040 ​ $ 45,112 ​ $ 34,849 ​ Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (1,533) ​ (1,260) ​ (2,684) ​ (2,221) ​ Net (income)/loss attributable to noncontrolling interests ​ (7) ​ (49) ​ (34) ​ (73) ​ Net income/(loss) attributable to UDR, Inc. ​ 23,605 ​ 17,731 ​ 42,394 ​ 32,555 ​ Distributions to preferred stockholders — Series E (Convertible) ​ (1,106) ​ (1,058) ​ (3,307) ​ (3,171) ​ Income/(loss) attributable to common stockholders - basic and diluted ​ $ 22,499 ​ $ 16,673 ​ $ 39,087 ​ $ 29,384 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 324,983 ​ 298,075 ​ 320,654 ​ 297,252 ​ Non-vested restricted stock awards ​ (282) ​ (247) ​ (276) ​ (254) ​ Denominator for basic income/(loss) per share ​ 324,701 ​ 297,828 ​ 320,378 ​ 296,998 ​ Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements ​ 985 ​ 3,336 ​ 1,251 ​ 1,047 ​ Denominator for diluted income/(loss) per share ​ 325,686 ​ 301,164 ​ 321,629 ​ 298,045 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ ​ ​ Basic ​ $ 0.07 ​ $ 0.06 ​ $ 0.12 ​ $ 0.10 ​ Diluted ​ $ 0.07 ​ $ 0.06 ​ $ 0.12 ​ $ 0.10 ​
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the additional shares of common stock outstanding, by equity instrument, if converted to common stock for each of the three and nine months ended September 30, 2022 and 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ OP/DownREIT Units 21,474 22,529 21,514 22,493 Convertible preferred stock 2,918 2,918 2,918 2,918 Unvested LTIP Units and unvested restricted stock 985 3,336 1,251 1,047

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2022
NONCONTROLLING INTERESTS
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the following period ( dollars in thousands ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, December 31, 2021 $ 1,299,442 ​ Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (376,515) ​ Conversion of OP Units/DownREIT Units to Common Stock or Cash ​ (30,743) ​ Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 2,684 ​ Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (25,561) ​ Redeemable Long-Term and Short-Term Incentive Plan Units ​ ​ 50,084 ​ Allocation of other comprehensive income/(loss) ​ 920 ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, September 30, 2022 ​ $ 920,311 ​

FAIR VALUE OF DERIVATIVES AND_2

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021, are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at September 30, 2022, 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 ​ ​ September 30, ​ September 30, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2022 (a) ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 40,128 ​ $ 41,275 ​ $ — ​ $ — ​ $ 41,275 Equity securities (c) ​ ​ 7,664 ​ ​ 7,664 ​ ​ 7,664 ​ ​ — ​ ​ — Derivatives - Interest rate contracts (d) ​ 16,117 ​ 16,117 ​ — ​ 16,117 ​ — Total assets ​ $ 63,909 ​ $ 65,056 ​ $ 7,664 ​ $ 16,117 ​ $ 41,275 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured debt instruments - fixed rate: (e) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 1,029,572 ​ $ 898,145 ​ $ — ​ $ — ​ $ 898,145 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 ​ ​ 41,181 ​ ​ 41,181 ​ ​ — ​ ​ — ​ ​ 41,181 Commercial paper program ​ ​ 425,000 ​ ​ 425,000 ​ ​ — ​ ​ — ​ ​ 425,000 Unsecured notes ​ ​ 4,131,556 ​ ​ 3,366,736 ​ ​ — ​ ​ — ​ ​ 3,366,736 Total liabilities ​ $ 5,654,309 ​ $ 4,758,062 ​ $ — ​ $ — ​ $ 4,758,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) ​ $ 920,311 ​ $ 920,311 ​ $ — ​ $ 920,311 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — (a) Certain balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) The Company holds a direct investment in a publicly traded real estate technology company, SmartRent, that was previously subject to a lock-up restriction on selling or transferring the investment, which expired in February 2022. The investment is valued at the market price on September 30, 2022 and as of December 31, 2021, was valued at the market price on December 31, 2021 less an illiquidity discount of 15.0% . Since the lock-up restriction expired, the Company currently classifies the investment as Level 1 in the fair value hierarchy. The Company previously classified the investment as Level 3 in the fair value hierarchy based upon the lock-up restriction. During the nine months ended September 30, 2022, the Company increased its direct investment in SmartRent due to stock distributions from its unconsolidated real estate technology investments. (d) See Note 11, Derivatives and Hedging Activity . (e) See Note 7, Secured and Unsecured Debt, Net . (f) See Note 9, Noncontrolling Interests.

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITY (Tables)	9 Months Ended
	Sep. 30, 2022
DERIVATIVES AND HEDGING ACTIVITY
Schedule of outstanding interest rate derivatives	As of September 30, 2022, 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 ​ 3 ​ $ 194,880 ​
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 16,117 ​ $ 3,279 ​ $ — ​ $ —
Effect of Company's derivative financial instruments on Consolidated Statements of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 ( 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 2022 2021 2022 2021 2022 2021 Three Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ 5,048 ​ $ 1,389 ​ $ 313 ​ $ (441) ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ 13,988 ​ $ 1,422 ​ $ 28 ​ $ (1,314) ​ $ — ​ $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Total amount of Interest expense ​ $ 39,905 ​ $ 36,289 ​ $ 112,653 ​ $ 149,849 ​
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 September 30, 2022 and December 31, 2021 (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 September 30, 2022 ​ $ 16,117 ​ $ — ​ $ 16,117 ​ $ — ​ $ — ​ $ 16,117 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 3,279 ​ $ — ​ $ 3,279 ​ $ — ​ $ — ​ $ 3,279 (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 September 30, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — (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)	9 Months Ended
	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
Summary of real estate commitments	The following summarizes the Company’s real estate commitments at September 30, 2022 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 5 ​ $ 368,465 ​ $ 163,035 Unconsolidated joint ventures and partnerships: ​ ​ Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I (b) ​ - ​ ​ 25,639 ​ ​ 4,320 ​ RETV II ​ - ​ ​ 9,607 ​ ​ 8,100 ​ RET Strategic Fund ​ - ​ ​ 7,435 ​ ​ 17,500 ​ Climate Technology Funds (c) ​ - ​ ​ 5,262 ​ ​ 4,656 ​ RET ESG Fund (d) ​ - ​ ​ 3,959 ​ ​ 6,000 ​ Total ​ $ 420,367 ​ $ 203,611 (a) Represents UDR’s investment as of September 30, 2022. (b) Includes the impact of unrealized losses for the nine months ended September 30, 2022, which primarily relate to a decrease in SmartRent's public share price . (See Note 5, Joint Ventures and Partnerships). (c) In March 2022, the Company committed to invest $10.0 million in climate technology funds and funded $5.3 million. As of September 30, 2022, the investment is recorded in Other Assets on the Consolidated Balance Sheets. (d) In April 2022, the Company committed to invest $10.0 million in an ESG technology fund and funded $4.0 million. As of September 30, 2022, the investment is recorded in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets.

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
REPORTABLE SEGMENTS
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to Net income/(loss)	The following table details rental income and NOI for UDR’s reportable segments for the three and nine months ended September 30, 2022 and 2021, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, (a) ​ September 30, (b) ​ 2022 2021 2022 2021 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 118,843 ​ $ 109,307 ​ $ 340,731 ​ $ 307,138 Mid-Atlantic Region ​ 71,462 ​ 66,115 ​ 201,475 ​ 188,897 Northeast Region ​ 69,577 ​ 59,902 ​ 197,058 ​ 174,795 Southeast Region ​ 48,608 ​ 41,093 ​ 139,112 ​ 119,731 Southwest Region ​ 36,801 ​ 32,261 ​ 80,568 ​ 71,710 Non-Mature Communities/Other ​ 31,555 ​ 9,947 ​ 119,416 ​ 47,612 Total segment and consolidated lease revenue ​ $ 376,846 ​ $ 318,625 ​ $ 1,078,360 ​ $ 909,883 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 3,371 ​ $ 2,713 ​ $ 9,198 ​ $ 7,931 Mid-Atlantic Region ​ 3,146 ​ 2,549 ​ 8,320 ​ 6,548 Northeast Region ​ 1,937 ​ 1,619 ​ 4,624 ​ 3,773 Southeast Region ​ 2,006 ​ 1,732 ​ 5,920 ​ 5,333 Southwest Region ​ 1,647 ​ 1,363 ​ 3,120 ​ 2,976 Non-Mature Communities/Other ​ 1,070 ​ 98 ​ 4,410 ​ 1,197 Total segment and consolidated other revenue ​ $ 13,177 ​ $ 10,074 ​ $ 35,592 ​ $ 27,758 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 122,214 ​ $ 112,020 ​ $ 349,929 ​ $ 315,069 Mid-Atlantic Region ​ 74,608 ​ 68,664 ​ 209,795 ​ 195,445 Northeast Region ​ 71,514 ​ 61,521 ​ 201,682 ​ 178,568 Southeast Region ​ 50,614 ​ 42,825 ​ 145,032 ​ 125,064 Southwest Region ​ 38,448 ​ 33,624 ​ 83,688 ​ 74,686 Non-Mature Communities/Other ​ 32,625 ​ 10,045 ​ 123,826 ​ 48,809 Total segment and consolidated rental income ​ $ 390,023 ​ $ 328,699 ​ $ 1,113,952 ​ $ 937,641 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 90,586 ​ $ 82,271 ​ $ 261,876 ​ $ 230,569 Mid-Atlantic Region ​ 51,051 ​ 46,504 ​ 144,749 ​ 133,676 Northeast Region ​ 46,014 ​ 36,777 ​ 130,392 ​ 109,243 Southeast Region ​ 34,434 ​ 28,157 ​ 99,029 ​ 82,704 Southwest Region ​ 23,609 ​ 20,751 ​ 52,651 ​ 46,255 Non-Mature Communities/Other ​ 19,324 ​ 5,020 ​ 74,809 ​ 26,727 Total segment and consolidated NOI ​ 265,018 ​ 219,480 ​ 763,506 ​ 629,174 Reconciling items: ​ ​ ​ ​ Joint venture management and other fees ​ 1,274 ​ 1,071 ​ 3,778 ​ 4,918 Property management ​ (12,675) ​ (9,861) ​ (36,203) ​ (28,129) Other operating expenses ​ (3,746) ​ (4,237) ​ (13,485) ​ (13,045) Real estate depreciation and amortization ​ (166,781) ​ (152,636) ​ (497,987) ​ (442,893) General and administrative ​ (15,840) ​ (15,810) ​ (47,333) ​ (43,673) Casualty-related (charges)/recoveries, net ​ (901) ​ (1,568) ​ (1,210) ​ (4,682) Other depreciation and amortization ​ (3,430) ​ (3,269) ​ (9,521) ​ (8,472) Gain/(loss) on sale of real estate owned ​ ​ — ​ ​ — ​ ​ — ​ ​ 50,829 Income/(loss) from unconsolidated entities ​ 10,003 ​ 14,450 ​ 4,186 ​ 29,123 Interest expense ​ (39,905) ​ (36,289) ​ (112,653) ​ (149,849) Interest income and other income/(expense), net ​ (7,495) ​ 8,238 ​ (6,934) ​ 12,831 Tax (provision)/benefit, net ​ (377) ​ (529) ​ (1,032) ​ (1,283) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (1,533) ​ (1,260) ​ (2,684) ​ (2,221) Net (income)/loss attributable to noncontrolling interests ​ (7) ​ (49) ​ (34) ​ (73) Net income/(loss) attributable to UDR, Inc. ​ $ 23,605 ​ $ 17,731 ​ $ 42,394 ​ $ 32,555 (a) Same-Store Community population consisted of 50,318 apartment homes. (b) Same-Store Community population consisted of 47,344 apartment homes. ​
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of September 30, 2022 and December 31, 2021 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 4,482,472 ​ $ 4,433,824 Mid-Atlantic Region ​ 2,992,280 ​ 2,978,060 Northeast Region ​ 3,444,332 ​ 3,422,846 Southeast Region ​ 1,226,851 ​ 1,208,183 Southwest Region ​ 1,270,687 ​ 1,247,434 Non-Mature Communities/Other ​ 2,051,358 ​ 1,450,456 Total segment assets ​ 15,467,980 ​ 14,740,803 Accumulated depreciation ​ (5,605,809) ​ (5,137,096) Total segment assets — net book value ​ 9,862,171 ​ 9,603,707 Reconciling items: ​ ​ Cash and cash equivalents ​ 1,532 ​ 967 Restricted cash ​ 28,363 ​ 27,451 Notes receivable, net ​ 40,128 ​ 26,860 Investment in and advances to unconsolidated joint ventures, net ​ 761,117 ​ 702,461 Operating lease right-of-use assets ​ ​ 194,923 ​ ​ 197,463 Other assets ​ 209,728 ​ 216,311 Total consolidated assets ​ $ 11,097,962 ​ $ 10,775,220 (a) Same-Store Community population consisted of 50,318 apartment homes. ​

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) shares in Millions	9 Months Ended
	Sep. 30, 2022 home community item shares
Consolidation And Basis Of Presentation
Number of Real Estate Properties | community	164
Number of Markets Operating Within | item	21
Number Of Apartment Homes Owned And Consolidated By Company | home	54,728
Joint venture, number of completed or to be completed homes in communities | home	9,099
Preferred equity investment,, number of apartment homes | home	6,262
Operating Partnership outstanding units	186.1
United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	176.3
General Partnership units outstanding	0.1
General Partners' ownership (as a percent)	94.70%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	32.4
Non-affiliated Partners
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	9.8
Percentage of units outstanding in Partnership	5.30%
Non-affiliated Partners | UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	11.6
Percentage of units outstanding in Partnership	35.80%
UDR, Inc.
Consolidation And Basis Of Presentation
General Partners' ownership (as a percent)	64.20%
Operating Partnership outstanding units	20.8

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accounting policies
Credit losses		$ 600	$ (100)	$ 600
Significant Accounting Policies
Note receivable interest income	$ 1,000	700	2,400	4,600
Interest income, related party			0	0
Allocation of other comprehensive income/(loss)			920
Current income tax expense (benefit)			0
Net deferred tax assets/(liabilities)	(800)		(800)		$ (800)
Unrecognized tax benefit, accrued interest or penalties due to examination	0		0
Adjustment to rental income			3,100
Adjustment to income (loss)			400
Noncontrolling Interest
Significant Accounting Policies
Allocation of other comprehensive income/(loss)	300	$ 100	900	$ 200
Maximum
Accounting policies
Credit losses	(100)
Multifamily tenant lease
Significant Accounting Policies
Increase (decrease) in reserves for lease receivables	(1,100)		(1,500)
Retail tenant lease
Significant Accounting Policies
Increase (decrease) in reserves for lease receivables	$ (900)		$ (1,900)

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Notes Receivables (Details) $ in Thousands	1 Months Ended	6 Months Ended	9 Months Ended
	Jun. 30, 2022 USD ($) home	Jun. 30, 2022 USD ($) home	Sep. 30, 2022 USD ($) item	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounting Policies [Line Items]
Notes receivable			$ 40,330		$ 26,995
Allowance for credit losses			(202)		(135)
Notes receivable, net			40,128		26,860
Total real estate, net			9,862,171		9,603,707
Unpaid accrued interest			26,109		45,980
Home Community, Riverside, California
Accounting Policies [Line Items]
Payment to acquire real estate	$ 29,000
Note due May 2022
Accounting Policies [Line Items]
Notes receivable					2,760
Aggregate Commitment on Note Receivable				$ 2,800
Note due January 2023
Accounting Policies [Line Items]
Aggregate Commitment on Note Receivable					25,400
Note due December 2023
Accounting Policies [Line Items]
Notes receivable			$ 29,018		$ 24,235
Note Receivable Interest Rate			10%
Aggregate Commitment on Note Receivable			$ 31,400
Note maturity public capital threshold			5,000
Note Due December 2026. | Home Community, Riverside, California
Accounting Policies [Line Items]
Notes receivable			$ 9,812
Note Receivable Interest Rate			11%
Number of apartment homes | home	482	482
Aggregate Commitment on Note Receivable	$ 59,700	$ 59,700
Aggregate commitment funded on note receivable			$ 9,800
Interest payment accrual		36 months
Number of extension options | item			2
Term of notes receivable extension options			1 year
Note Due December 2026. | Home Community, Menifee, California
Accounting Policies [Line Items]
Number of apartment homes | home	237	237
Aggregate Commitment on Note Receivable			$ 24,400
Aggregate commitment funded on note receivable			$ 0
Interest payment accrual			36 months
Number of extension options | item			2
Term of notes receivable extension options			1 year
Note Due December 2026 | Home Community, Menifee, California
Accounting Policies [Line Items]
Note Receivable Interest Rate			11%
Note Due June 2027
Accounting Policies [Line Items]
Notes receivable			$ 1,500
Note Receivable Interest Rate			18%
Total revolving credit facility	$ 16,000	$ 16,000
Company's share of the facility funded during the period			$ 1,500

REAL ESTATE OWNED - Summarizes

REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate owned
Land	$ 2,523,430	$ 2,342,385
Depreciable property - held and used:
Land improvements	246,849	241,905
Building, improvements, and furniture, fixtures and equipment	12,255,260	11,717,931
Real estate intangible assets	50,013	50,013
Under development:
Real estate under development	366,200	388,062
Real estate owned	15,467,980	14,740,803
Accumulated depreciation	(5,605,809)	(5,137,096)
Total real estate owned, net of accumulated depreciation	9,862,171	9,603,707
Accumulated amortization	13,100	8,800
Land and land improvements
Under development:
Real estate under development	59,732	74,399
Real estate assets held for sale	12,768
Building, improvements and furniture, fixtures and equipment
Under development:
Real estate under development	308,733	$ 314,170
Real estate assets held for sale	$ 11,195

REAL ESTATE OWNED - Additional

REAL ESTATE OWNED - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended			9 Months Ended
	Jun. 30, 2022 USD ($) item home	Apr. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) home	Sep. 30, 2022 USD ($) state home community	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) state home community	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Real Estate Owned Disclosure
Number of real estate properties | community				164		164
Number of states in which there are owned and consolidated communities | state				13		13
Number of apartment homes owned and consolidated | home				54,728		54,728
Total real estate, net				$ 9,862,171		$ 9,862,171		$ 9,603,707
In-place intangibles				50,013		50,013		$ 50,013
Long-term Debt				5,614,737		5,614,737
Development costs excluding direct costs and capitalized interest				5,200	$ 2,400	15,400	$ 9,200
Interest capitalized during period				$ 3,500	$ 2,400	$ 10,400	$ 6,800
Home Community, Riverside, California
Real Estate Owned Disclosure
Real estate acquired	$ 28,200
In-place intangibles	$ 800
Number of acquired operating retail components | item	2
Payment to acquire real estate	$ 29,000
ORANGE COUNTY, CA | Forecast
Real Estate Owned Disclosure
Number of apartment homes sold | home			90
Proceeds from sale of real estate			$ 41,500
Home Operating Community, Danvers | Operating Community
Real Estate Owned Disclosure
Number of apartment homes acquired | home	434
Real estate acquired	$ 203,700
In-place intangibles	3,800
Payment to acquire real estate	$ 207,500
To Be Developed Parcel Of Land In Tampa, Florida
Real Estate Owned Disclosure
Payment to acquire real estate		$ 16,000
Land Contiguous To Be Developed, Dallas, Texas
Real Estate Owned Disclosure
Number of parcels of lands acquired | item	3
Acquisition of real estate assets	$ 90,200

JOINT VENTURES AND PARTNERSHI_3

JOINT VENTURES AND PARTNERSHIPS - Summary (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) home community property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) home community property	Sep. 30, 2021 USD ($)	Jul. 31, 2022 USD ($) home	Jun. 30, 2022 USD ($) home	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) home	Dec. 31, 2021 USD ($)
Unconsolidated entities
Number of real estate properties | community	164		164
Investment in unconsolidated entities	$ 754,123		$ 754,123						$ 696,376
Sold joint ventures and other investments		$ 416		$ 3,964
Income/(loss) from investments	$ 10,003	14,450	$ 4,186	29,123
Preferred Equity Investment 1532 Harrison San Francisco, CA
Unconsolidated entities
Number of apartment homes | home	136		136
Unpaid balance of defaulted loan	$ 47,200		$ 47,200
Preferred Equity Investment Meetinghouse Portland, OR
Unconsolidated entities
Number of apartment homes | home								232
Investment in unconsolidated entities								$ 11,600
Rate								8.25%
Preferred Equity Investment Heirloom Portland, OR
Unconsolidated entities
Number of apartment homes | home						286
Investment in unconsolidated entities						$ 16,200
Rate						8.25%
Real estate technology investments RET ESG
Unconsolidated entities
Investment in unconsolidated entities							$ 4,000
UDR Commitment							$ 10,000
Operating Community
Unconsolidated entities
Investment in unconsolidated entities	253,342		253,342						270,915
Income/(loss) from investments	$ (1,827)	(3,756)	$ (6,266)	(14,659)
Operating Community | Unconsolidated Joint Venture UDR Met Life I
Unconsolidated entities
Number of real estate properties | property	1		1
Number of apartment homes | home	150		150
Investment in unconsolidated entities	$ 21,532		$ 21,532						$ 23,880
UDR's Ownership Interest	50%		50%						50%
Income/(loss) from investments	$ (423)	(608)	$ (1,556)	(1,922)
Operating Community | Unconsolidated Joint Venture UDR MetLife II
Unconsolidated entities
Number of real estate properties | property	7		7
Number of apartment homes | home	1,250		1,250
Investment in unconsolidated entities	$ 176,191		$ 176,191						$ 181,023
UDR's Ownership Interest	50%		50%						50%
Income/(loss) from investments	$ 295	(289)	$ 811	(3,126)
Operating Community | Unconsolidated Joint Venture Other MetLife
Unconsolidated entities
Number of real estate properties | property	5		5
Number of apartment homes | home	1,437		1,437
Investment in unconsolidated entities	$ 55,619		$ 55,619						$ 66,012
UDR's Ownership Interest	50.60%		50.60%						50.60%
Income/(loss) from investments	$ (1,699)	(2,859)	$ (5,521)	(9,611)
Development Community | Preferred Equity Investment 1532 Harrison San Francisco, CA
Unconsolidated entities
Investment in unconsolidated entities									$ 35,248
Income/(loss) from investments	5,158	1,003	5,152	2,896
Development Community | Preferred Equity Investment 1641 Lincoln Santa Monica CA
Unconsolidated entities
Investment in unconsolidated entities	14,415		14,415						13,183
UDR Commitment	$ 8,800		$ 8,800
Rate	12%		12%
Years to Maturity			2 months 12 days
Income/(loss) from investments	$ 428	379	$ 1,232	1,093
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN
Unconsolidated entities
Investment in unconsolidated entities									61,326
Income/(loss) from investments		1,837	11,893	4,936
Development Community | Preferred Equity Investment 1300 Fairmount Philadelphia, PA
Unconsolidated entities
Investment in unconsolidated entities	69,013		69,013						64,780
UDR Commitment	$ 51,393		$ 51,393
Rate	8.50%		8.50%
Years to Maturity			1 year
Income/(loss) from investments	$ 1,457	1,338	$ 4,233	3,869
Development Community | Preferred Equity Investment Modera Lake Merritt, Oakland
Unconsolidated entities
Investment in unconsolidated entities	34,073		34,073						33,828
UDR Commitment	$ 27,250		$ 27,250
Rate	9%		9%
Years to Maturity			1 year 7 months 6 days
Income/(loss) from investments	$ (1,283)	739	$ 246	2,144
Development Community | Preferred Equity Investment Thousand Oaks, CA
Unconsolidated entities
Investment in unconsolidated entities	24,342		24,342						22,764
UDR Commitment	$ 20,059		$ 20,059
Rate	9%		9%
Years to Maturity			2 years 4 months 24 days
Income/(loss) from investments	$ 544	497	$ 1,578	1,415
Development Community | Preferred Equity Investment Queens, New York
Unconsolidated entities
Investment in unconsolidated entities	53,104		53,104						48,210
UDR Commitment	$ 40,000		$ 40,000
Rate	13%		13%
Years to Maturity			2 years 9 months 18 days
Income/(loss) from investments	$ 1,693	1,496	$ 4,885	4,300
Development Community | Preferred Equity Investment Herndon, Virginia
Unconsolidated entities
Investment in unconsolidated entities	33,299		33,299						22,828
UDR Commitment	$ 30,208		$ 30,208
Rate	9%		9%
Years to Maturity			3 years 3 months 18 days
Income/(loss) from investments	$ 743	251	$ 2,105	519
Development Community | Preferred Equity Investment Allen, Texas
Unconsolidated entities
Investment in unconsolidated entities	22,009		22,009						14,134
UDR Commitment	$ 19,843		$ 19,843
Rate	9%		9%
Years to Maturity			3 years 6 months
Income/(loss) from investments	$ 490	234	$ 1,359	462
Development Community | Preferred Equity Investment Infield Phase I
Unconsolidated entities
Investment in unconsolidated entities	17,201		17,201
UDR Commitment	$ 16,044		$ 16,044
Rate	14%		14%
Years to Maturity			1 year 7 months 6 days
Income/(loss) from investments	$ 593		$ 1,129
Development Community | Preferred Equity Investment Upton Place, Washington, D C
Unconsolidated entities
Investment in unconsolidated entities	55,465		55,465						29,566
UDR Commitment	$ 52,163		$ 52,163
Rate	9.70%		9.70%
Years to Maturity			5 years 2 months 12 days
Income/(loss) from investments	$ 1,316		$ 3,061
Development Community | Preferred Equity Investment Meetinghouse Portland, OR
Unconsolidated entities
Investment in unconsolidated entities	12,007		12,007
UDR Commitment	$ 11,600		$ 11,600
Rate	8.25%		8.25%
Years to Maturity			4 years 4 months 24 days
Income/(loss) from investments	$ 239		$ 466
Development Community | Preferred Equity Investment Heirloom Portland, OR
Unconsolidated entities
Investment in unconsolidated entities	16,539		16,539
UDR Commitment	$ 16,185		$ 16,185
Rate	8.25%		8.25%
Years to Maturity			4 years 8 months 12 days
Income/(loss) from investments	$ 332		$ 347
Development Community | Real estate technology investments RETV I
Unconsolidated entities
Investment in unconsolidated entities	25,639		25,639						71,464
UDR Commitment	18,000		18,000
Income/(loss) from investments	(1,458)	9,869	(28,009)	17,975
Development Community | Real estate technology investments RETV II
Unconsolidated entities
Investment in unconsolidated entities	9,607		9,607						8,130
UDR Commitment	18,000		18,000
Income/(loss) from investments	122	147	(603)	209
Development Community | Real estate technology investments RET Strategic Fund
Unconsolidated entities
Investment in unconsolidated entities	7,435		7,435
UDR Commitment	25,000		25,000
Income/(loss) from investments	(37)		(115)
Development Community | Real estate technology investments RET ESG
Unconsolidated entities
Investment in unconsolidated entities	3,959		3,959
UDR Commitment	10,000		10,000
Income/(loss) from investments	(72)		(72)
Development Community | Preferred Equity Investments and Real Estate Technology Investments
Unconsolidated entities
Investment in unconsolidated entities	500,781		500,781						$ 425,461
Income/(loss) from investments	11,830	$ 17,790	10,452	$ 39,818
Development Community | Portfolio Recapitalization
Unconsolidated entities
Number of apartment homes | home					14
Investment in unconsolidated entities	102,674		102,674		$ 102,000
UDR Commitment	$ 102,000		$ 102,000
Rate	8%		8%		8%
Years to Maturity			6 years 8 months 12 days
Income/(loss) from investments	$ 1,565		$ 1,565

JOINT VENTURES AND PARTNERSHI_4

JOINT VENTURES AND PARTNERSHIPS - Commitments (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2022 USD ($) home	Sep. 30, 2022 USD ($) home	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) home	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Joint Ventures
Investment in unconsolidated entities		$ 754,123		$ 754,123		$ 696,376
Gain/(loss) on sale of real estate owned		0	$ 0	0	$ 50,829
Deferred fees from the sale of properties		8,200		8,200		8,700
Joint venture management and other fees		$ 1,274	$ 1,071	$ 3,778	$ 4,918
Type of revenue		udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Limited Partner
Joint Ventures
Investment in unconsolidated entities	$ 7,500
UDR Commitment	$ 25,000
Operating Community
Joint Ventures
Investment in unconsolidated entities		$ 253,342		$ 253,342		270,915
Unconsolidated Joint Venture UDR Met Life I | Operating Community
Joint Ventures
Investment in unconsolidated entities		$ 21,532		$ 21,532		23,880
Number of apartment homes | home		150		150
Unconsolidated Joint Venture UDR MetLife II | Operating Community
Joint Ventures
Investment in unconsolidated entities		$ 176,191		$ 176,191		181,023
Number of apartment homes | home		1,250		1,250
Preferred Equity Investment Herndon, Virginia | Development Community
Joint Ventures
Investment in unconsolidated entities		$ 33,299		$ 33,299		22,828
UDR Commitment		$ 30,208		$ 30,208
Preferred return (as a percent)		9%		9%
Preferred Equity Investment Allen, Texas | Development Community
Joint Ventures
Investment in unconsolidated entities		$ 22,009		$ 22,009		14,134
UDR Commitment		$ 19,843		$ 19,843
Preferred return (as a percent)		9%		9%
Preferred Equity Investment 1200 Broadway Nashville TN | Development Community
Joint Ventures
Investment in unconsolidated entities						61,326
Real estate technology investments RETV I | Development Community
Joint Ventures
Investment in unconsolidated entities		$ 25,639		$ 25,639		71,464
UDR Commitment		18,000		18,000
Accounts Payable, Accrued Expenses and Other Liabilities | 13th and Market Properties LLC
Joint Ventures
Investment in unconsolidated entities		$ (7,000)		$ (7,000)		$ (6,100)
Preferred Equity Investment Home Operating Community, Nashville Tennessee | Operating Community
Joint Ventures
Number of communities sold | home	313
Equity method investment amount sold	$ 294,000
Variable participation on the sale of community	$ 10,600

JOINT VENTURES AND PARTNERSHI_5

JOINT VENTURES AND PARTNERSHIPS - Unconsolidated joint ventures and partnerships (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Financial information relating to unconsolidated joint ventures operations
Total revenues	$ 391,297	$ 329,770	$ 1,117,730	$ 942,559
Property operating expenses	66,769	57,708	185,658	160,424
Real estate depreciation and amortization	166,781	152,636	497,987	442,893
Gain/(loss) on sale of property	0	0	0	50,829
Operating income	62,919	33,170	161,545	144,027
Interest expense	(39,905)	(36,289)	(112,653)	(149,849)
Other income/(loss)	(7,495)	8,238	(6,934)	12,831
Net income/(loss)	25,145	19,040	45,112	34,849
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	9,862,171		9,862,171			$ 9,603,707
Investments, at fair value	761,117		761,117			702,461
Cash and cash equivalents	1,532	1,063	1,532	1,063		967		$ 1,409
Other Assets	209,728		209,728			216,311
Total assets	11,097,962		11,097,962			10,775,220
Accounts payable, accrued expenses, and other liabilities	135,904		135,904			136,954
Total liabilities	6,226,683		6,226,683			6,001,474
Total equity	3,950,968	3,123,540	3,950,968	3,123,540	$ 3,869,634	3,474,304	$ 2,805,173	$ 3,258,591
Variable Interest Entity, Primary Beneficiary
Combined summary of balance sheets relating to unconsolidated joint ventures
Total assets	86,900		86,900
Total liabilities	300		300
Unconsolidated Joint Ventures
Financial information relating to unconsolidated joint ventures operations
Total revenues	38,093	33,635	110,451	97,777
Property operating expenses	18,326	18,128	52,805	51,983
Real estate depreciation and amortization	16,233	17,486	50,689	50,082
Gain/(loss) on sale of property			127,542	34,757
Operating income	3,534	(1,979)	134,499	30,469
Interest expense	(9,829)	(13,181)	(26,598)	(32,776)
Other income/(loss)	(478)	(156)	(877)	(1,826)
Net realized/unrealized gain/(loss) on held investments	19,331	1,875	95,953	4,452
Net realized gain/(loss) on held investments	(24,561)	60,138	(263,202)	104,399
Net income/(loss)	(12,003)	$ 46,697	(60,225)	$ 104,718
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	2,315,766		2,315,766			2,043,158
Investments, at fair value	258,129		258,129			460,241
Real estate assets held for sale						168,668
Cash and cash equivalents	38,298		38,298			22,891
Other Assets	122,365		122,365			28,948
Total assets	2,734,558		2,734,558			2,723,906
Third party debt, net	1,359,194		1,359,194			1,215,918
Liabilities held for sale						106,990
Accounts payable, accrued expenses, and other liabilities	156,175		156,175			51,689
Total liabilities	1,515,369		1,515,369			1,374,597
Total equity	$ 1,219,189		$ 1,219,189			$ 1,349,309

LEASES - Lessee Future Minimum

LEASES - Lessee Future Minimum Payments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) community	Dec. 31, 2021 USD ($)
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	$ 194,923	$ 197,463
Weighted average remaining lease term	42 years 9 months 18 days	43 years 2 months 12 days
Weighted average discount rate	5%	5%
Future minimum lease payments
Total operating lease liabilities (discounted)	$ 190,064	$ 192,488
LAND
Future minimum lease payments
2022	3,110
2023	12,442
2024	12,442
2025	12,442
2026	12,442
Thereafter	430,337
Total future minimum lease payments (undiscounted)	483,215
Difference between future undiscounted cash flows and discounted cash flows	(293,151)
Total operating lease liabilities (discounted)	$ 190,064

LEASES - Lessee Expenses (Detai

LEASES - Lessee Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lease expense:
Contractual lease expense	$ 100	$ 100	$ 300	$ 300
Variable lease expense	100	200	500	300
Operating lease right-of-use asset amortization			2,500	2,600
Operating lease liabilities amortization			2,400	2,300
LAND
Lease expense:
Contractual lease expense	3,226	3,231	9,760	9,691
Variable lease expense	28	25	81	54
LAND | Other operating expense
Lease expense:
Total operating lease expense	$ 3,254	$ 3,256	$ 9,841	$ 9,745

LEASES - Lessor (Details)

LEASES - Lessor (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Future minimum lease payments
Variable lease expense	$ 100	$ 200	$ 500	$ 300
Minimum
Lessor leases
Percentage of lease revenue			1%
Maximum
Lessor leases
Percentage of lease revenue			2%
Apartment Homes
Lessor leases
Option to extend			true
Apartment Homes | Maximum
Lessor leases
Lease terms	12 months		12 months
Retail and Commercial Spaces
Lessor leases
Option to extend			true
Future minimum lease payments
2022	$ 6,127		$ 6,127
2023	26,566		26,566
2024	24,703		24,703
2025	21,424		21,424
2026	18,638		18,638
Thereafter	80,908		80,908
Total future minimum payments	$ 178,366		$ 178,366
Retail and Commercial Spaces | Minimum
Lessor leases
Lease terms	5 years		5 years
Retail and Commercial Spaces | Maximum
Lessor leases
Lease terms	15 years		15 years

SECURED AND UNSECURED DEBT, N_3

SECURED AND UNSECURED DEBT, NET - Summary (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) community	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)
Secured debt instruments
Total Debt, net	$ 5,626,362	$ 5,412,787
Long-term Debt	$ 5,614,737
Weighted average interest rate (as a percent)	3.06%
Weighted Average
Secured debt instruments
Years to maturity	6 years 8 months 12 days
3.00% Medium-Term Notes due August 2031
Secured debt instruments
Long-term Debt			$ 600,000
Secured Debt
Secured debt instruments
Total Debt, net	$ 1,053,560	1,057,380
Long-term Debt	$ 1,032,912
Weighted average interest rate (as a percent)	3.39%
Number of Communities Encumbered | community	15
Secured Debt | Weighted Average
Secured debt instruments
Years to maturity	5 years 9 months 18 days
Unsecured Debt
Secured debt instruments
Total Debt, net	$ 4,572,802	4,355,407
Long-term Debt	$ 4,581,825
Weighted average interest rate (as a percent)	3.03%
Deferred finance costs, net	$ (24,935)	(27,222)
Unsecured Debt | Weighted Average
Secured debt instruments
Years to maturity	6 years 10 months 24 days
Fixed Rate Debt | Secured Debt
Secured debt instruments
Total Debt, net	$ 1,026,615
Long-term Debt	1,005,912
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable
Secured debt instruments
Total Debt, net	1,005,912	1,006,762
Deferred financing costs and other non-cash adjustments	(20,703)	(23,678)
Long-term Debt	$ 1,026,615	1,030,440
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	5 years 8 months 12 days
Fixed Rate Debt | Unsecured Debt | Term Loan due January 2027
Secured debt instruments
Long-term Debt	$ 175,000	315,000
Weighted average interest rate (as a percent)	1.43%
Fixed Rate Debt | Unsecured Debt | Term Loan due January 2027 | Weighted Average
Secured debt instruments
Years to maturity	4 years 3 months 18 days
Fixed Rate Debt | Unsecured Debt | 8.50% Debentures, Due September 2024
Secured debt instruments
Long-term Debt	$ 15,644	$ 15,644
Stated interest rate	8.50%	8.50%
Weighted average interest rate (as a percent)	8.50%
Fixed Rate Debt | Unsecured Debt | 8.50% Debentures, Due September 2024 | Weighted Average
Secured debt instruments
Years to maturity	2 years
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026
Secured debt instruments
Long-term Debt	$ 300,000	$ 300,000
Stated interest rate	2.95%	2.95%
Weighted average interest rate (as a percent)	2.89%
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026 | Weighted Average
Secured debt instruments
Years to maturity	3 years 10 months 24 days
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027
Secured debt instruments
Total Debt, net	$ 299,665	$ 299,612
Stated interest rate	3.50%	3.50%
Unamortized discount	$ 335	$ 388
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	4 years 9 months 18 days
Fixed Rate Debt | Unsecured Debt | 3.50% Medium-Term Notes Due January 2028
Secured debt instruments
Total Debt, net	$ 299,373	$ 299,283
Stated interest rate	3.50%	3.50%
Unamortized discount	$ 627	$ 717
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	5 years 3 months 18 days
Fixed Rate Debt | Unsecured Debt | 4.40% Medium-Term Notes due January 2029
Secured debt instruments
Total Debt, net	$ 299,996	$ 299,996
Stated interest rate	4.40%	4.40%
Unamortized discount	$ 4	$ 4
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	6 years 3 months 18 days
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030
Secured debt instruments
Total Debt, net	$ 610,010	$ 611,040
Stated interest rate	3.20%	3.20%
Unamortized discount	$ 10,010	$ 11,040
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	7 years 3 months 18 days
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031
Secured debt instruments
Total Debt, net	$ 610,602	$ 611,498
Stated interest rate	3%	3%
Unamortized discount		$ 11,498
Unamortized net premium	$ 10,602
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	8 years 10 months 24 days
Fixed Rate Debt | Unsecured Debt | 2.10% Medium Term Note Due August 2032
Secured debt instruments
Total Debt, net	$ 399,654	399,627
Stated interest rate	2.10%
Unamortized discount	$ 346	373
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	9 years 9 months 18 days
Fixed Rate Debt | Unsecured Debt | 1.90% Medium-Term Notes due March 2033
Secured debt instruments
Total Debt, net	$ 348,740	$ 348,649
Stated interest rate	1.90%	1.90%
Unamortized discount	$ 1,260	$ 1,351
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	10 years 6 months
Fixed Rate Debt | Unsecured Debt | 2.10% Medium-Term Note due June 2033
Secured debt instruments
Total Debt, net	$ 298,934	$ 298,860
Stated interest rate	2.10%	2.10%
Unamortized discount	$ 1,066	$ 1,140
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	10 years 8 months 12 days
Fixed Rate Debt | Unsecured Debt | 3.10% Medium-Term Notes due November 2034
Secured debt instruments
Total Debt, net	$ 298,933	$ 298,867
Stated interest rate	3.10%	3.10%
Unamortized discount	$ 1,067	$ 1,133
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 1 month 6 days
Fixed Rate Debt | Unsecured Debt | Other [Member]
Secured debt instruments
Total Debt, net	$ 5	7
Variable Rate Debt | Secured Debt
Secured debt instruments
Total Debt, net	26,945
Long-term Debt	27,000
Variable Rate Debt | Secured Debt | Tax-exempt notes payable
Secured debt instruments
Total Debt, net	26,945	26,940
Long-term Debt	$ 27,000	27,000
Weighted average interest rate (as a percent)	2.38%
Number of Communities Encumbered | community	1
Deferred finance costs, net	$ (55)	(60)
Variable Rate Debt | Secured Debt | Tax-exempt notes payable | Weighted Average
Secured debt instruments
Years to maturity	9 years 6 months
Variable Rate Debt | Unsecured Debt | Commercial Paper
Secured debt instruments
Borrowings outstanding	$ 425,000	220,000
Weighted average interest rate (as a percent)	3.44%
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	3 years 3 months 18 days
Variable Rate Debt | Unsecured Debt | Working capital credit facility
Secured debt instruments
Borrowings outstanding	$ 41,181	29,546
Weighted average interest rate (as a percent)	3.92%
Variable Rate Debt | Unsecured Debt | Working capital credit facility | Weighted Average
Secured debt instruments
Years to maturity	1 year 3 months 18 days
Variable Rate Debt | Unsecured Debt | Term Loan due January 2027
Secured debt instruments
Long-term Debt	$ 175,000	$ 35,000
Weighted average interest rate (as a percent)	3.37%
Variable Rate Debt | Unsecured Debt | Term Loan due January 2027 | Weighted Average
Secured debt instruments
Years to maturity	4 years 3 months 18 days

SECURED AND UNSECURED DEBT, N_4

SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) loan instrument	Dec. 31, 2021 USD ($)	Aug. 31, 2021 USD ($) instrument
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
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	$ 2,600
Borrowings outstanding at end of period	$ 2,600	2,600
Revolving credit facility due 2023 | Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Commitment fee	0.15%
Basis points added to to variable rate	0.855%
Basis points added to to variable rate, adjustment related to SOFR transition	0.10%
Revolving credit facility due 2023 | Unsecured Debt | Minimum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Commitment fee	0.10%
Basis points added to to variable rate	0.70%
Revolving credit facility due 2023 | Unsecured Debt | Maximum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Commitment fee	0.30%
Basis points added to to variable rate	1.40%
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	1,300,000
Weighted average daily borrowings during the period ended		13,068
Maximum daily borrowings during the period ended		$ 305,000
Weighted average interest rate during the period ended		0.90%
Term Loan due September 2023 | Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	0.93%
Basis points added to to variable rate, adjustment related to SOFR transition	0.10%
basis point subtracted from variable rate for Company receiving green building certifications	0.02%
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	0.75%
Term Loan due September 2023 | Unsecured Debt | Maximum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	1.60%
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		$ 175,000
Number of interest rate swaps | instrument	2		2
All-in weighted average interest rate	1.43%		1.48%

SECURED AND UNSECURED DEBT, N_5

SECURED AND UNSECURED DEBT, NET - Working Capital Credit Facility (Details) - Working capital credit facility - Variable Rate Debt - Unsecured Debt - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
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	41,181	29,546
Weighted average daily borrowings during the period ended	13,751	10,473
Maximum daily borrowings during the period ended	$ 55,812	$ 46,038
Weighted average interest rate during the period ended	2.30%	0.90%
Interest rate at end of the period	3.90%	0.90%
Basis points added to to variable rate	0.875%
Basis points added to to variable rate, adjustment related to SOFR transition	0.10%
Minimum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	0.70%
Maximum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate	1.40%

SECURED AND UNSECURED DEBT, N_6

SECURED AND UNSECURED DEBT, NET - Short Term Debt (Details) - Variable Rate Debt - Unsecured Debt - Commercial Paper - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Unsecured Debt
Total unsecured commercial paper program	$ 700,000	$ 700,000
Borrowings outstanding at end of period	425,000	220,000
Weighted average daily borrowings during the period ended	389,560	419,563
Maximum daily borrowings during the period ended	$ 700,000	$ 700,000
Weighted average interest rate during the period ended	1.60%	0.20%
Interest rate at end of the period	3.40%	0.30%

SECURED AND UNSECURED DEBT, N_7

SECURED AND UNSECURED DEBT, NET - Unsecured Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Aggregate maturities of unsecured debt
2022	$ 425,290		$ 425,290
2023	1,242		1,242
2024	153,572		153,572
2025	174,793		174,793
2026	352,744		352,744
2027	652,860		652,860
2028	462,310		462,310
2029	491,986		491,986
2030	762,010		762,010
2031	760,930		760,930
Thereafter	1,377,000		1,377,000
Subtotal	5,614,737		5,614,737
Non-cash	11,625		11,625
Total	5,626,362		5,626,362		$ 5,412,787
Interest expense
Aggregate maturities of unsecured debt
Amortization of financing costs	1,000	$ 1,200	2,900	$ 3,600
Secured Debt
Aggregate maturities of unsecured debt
2022	290		290
2023	1,242		1,242
2024	96,747		96,747
2025	174,793		174,793
2026	52,744		52,744
2027	2,860		2,860
2028	162,310		162,310
2029	191,986		191,986
2030	162,010		162,010
2031	160,930		160,930
Thereafter	27,000		27,000
Subtotal	1,032,912		1,032,912
Non-cash	20,648		20,648
Total	1,053,560		1,053,560		1,057,380
Secured Debt | Fixed Rate Debt
Aggregate maturities of unsecured debt
2022	290		290
2023	1,242		1,242
2024	96,747		96,747
2025	174,793		174,793
2026	52,744		52,744
2027	2,860		2,860
2028	162,310		162,310
2029	191,986		191,986
2030	162,010		162,010
2031	160,930		160,930
Subtotal	1,005,912		1,005,912
Non-cash	20,703		20,703
Total	1,026,615		1,026,615
Secured Debt | Variable Rate Debt
Aggregate maturities of unsecured debt
Thereafter	27,000		27,000
Subtotal	27,000		27,000
Non-cash	(55)		(55)
Total	26,945		26,945
Unsecured Debt
Aggregate maturities of unsecured debt
2022	425,000		425,000
2023	0		0
2024	56,825		56,825
2025	0		0
2026	300,000		300,000
2027	650,000		650,000
2028	300,000		300,000
2029	300,000		300,000
2030	600,000		600,000
2031	600,000		600,000
Thereafter	1,350,000		1,350,000
Subtotal	4,581,825		4,581,825
Non-cash	(9,023)		(9,023)
Total	$ 4,572,802		$ 4,572,802		$ 4,355,407

SECURED AND UNSECURED DEBT, N_8

SECURED AND UNSECURED DEBT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jul. 31, 2020	Feb. 29, 2020
Secured Debt
Percentage of secured debt which encumbers real estate owned based upon book value	11%		11%
Percentage of secured debt of real estate owned which is unencumbered	89%		89%
Long-term Debt	$ 5,614,737		$ 5,614,737
Extinguishment of debt costs				$ 40,769
3.00% Medium-Term Notes due August 2031
Secured Debt
Long-term Debt		$ 600,000		600,000
Interest rate risk		$ 250,000		$ 250,000
All-in weighted average interest rate		3.01%		3.01%
Unsecured Debt
Secured Debt
Long-term Debt	4,581,825		4,581,825
Secured Debt
Secured Debt
Long-term Debt	$ 1,032,912		$ 1,032,912
Fixed Rate Debt | Mortgages Notes Payable | Minimum
Secured Debt
Notes payable maximum interest rates range	2.62%		2.62%
Fixed Rate Debt | Mortgages Notes Payable | Maximum
Secured Debt
Notes payable maximum interest rates range	4.39%		4.39%
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026
Secured Debt
Long-term Debt	$ 300,000		$ 300,000		$ 300,000
Stated interest rate	2.95%		2.95%		2.95%
Portion of medium term note subject to interest rate swaps	$ 100,000		$ 100,000
All-in weighted average interest rate	2.89%		2.89%
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027
Secured Debt
Stated interest rate	3.50%		3.50%		3.50%
Portion of medium term note subject to interest rate swaps	$ 200,000		$ 200,000
All-in weighted average interest rate	4.03%		4.03%
Fixed Rate Debt | Unsecured Debt | 4.40% Medium-Term Notes due January 2029
Secured Debt
Principal outstanding						$ 300,000
Stated interest rate	4.40%		4.40%		4.40%
Portion of medium term note subject to interest rate swaps	$ 150,000		$ 150,000
All-in weighted average interest rate	4.27%		4.27%
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030
Secured Debt
Stated interest rate	3.20%		3.20%		3.20%
All-in weighted average interest rate							3.32%
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031
Secured Debt
Stated interest rate	3%		3%		3%
Unamortized net premium	$ 10,602		$ 10,602
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%
Fixed Rate Debt | Unsecured Debt | 3.10% senior unsecured notes due 2034
Secured Debt
All-in weighted average interest rate	3.13%		3.13%
Fixed Rate Debt | Unsecured Debt | 1.90% Medium-Term Notes due March 2033
Secured Debt
Stated interest rate	1.90%		1.90%		1.90%
Fixed Rate Debt | Secured Debt
Secured Debt
Long-term Debt	$ 1,005,912		$ 1,005,912
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable
Secured Debt
Long-term Debt	1,026,615		1,026,615		$ 1,030,440
Fixed Rate Debt | Debt Assumed As Part of Acquisition | Mortgages Notes Payable
Secured Debt
Amortization of debt discount (Premium)	1,100	$ 1,100	3,300	$ 2,800
Unamortized net premium	23,700		23,700		$ 27,000
Variable Rate Debt | Secured Debt
Secured Debt
Long-term Debt	27,000		27,000
Variable Rate Debt | Tax-exempt notes payable | Mortgages Notes Payable
Secured Debt
Principal outstanding	$ 27,000		$ 27,000
Variable Rate Debt | Tax-exempt secured notes payable | Mortgages Notes Payable
Secured Debt
Notes payable maximum interest rates range	2.38%		2.38%

INCOME (LOSS) PER SHARE (Detail

INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Oct. 27, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jul. 31, 2021
Antidilutive securities
Net income/(loss)				$ 25,145	$ 19,040	$ 45,112	$ 34,849
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership				(1,533)	(1,260)	(2,684)	(2,221)
Net (income)/loss attributable to noncontrolling interests				(7)	(49)	(34)	(73)
Net income/(loss) attributable to UDR, Inc.				23,605	17,731	42,394	32,555
Distributions to preferred stockholders - Series E (Convertible)				(1,106)	(1,058)	(3,307)	(3,171)
Net income/(loss) attributable to common stockholders				$ 22,499	$ 16,673	$ 39,087	$ 29,384
Denominator for income/(loss) per share:
Weighted average common shares outstanding				324,983,000	298,075,000	320,654,000	297,252,000
Non-vested restricted stock awards				(282,000)	(247,000)	(276,000)	(254,000)
Denominator for basic income/(loss) per share				324,701,000	297,828,000	320,378,000	296,998,000
Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements				985,000	3,336,000	1,251,000	1,047,000
Denominator for diluted income/(loss) per share				325,686,000	301,164,000	321,629,000	298,045,000
Income/(loss) per weighted average common share - basic				$ 0.07	$ 0.06	$ 0.12	$ 0.10
Income/(loss) per weighted average common share - diluted				$ 0.07	$ 0.06	$ 0.12	$ 0.10
Number of shares authorized				450,000,000		450,000,000		450,000,000
Aggregate net proceeds						$ 449,945	$ 499,337
Aggregate net proceeds from sales, after deducting related costs				$ 99,677	$ 499,730	$ 449,945	$ 499,337
Number of shares agreed to repurchase (in shares)				700,000		700,000
Average price of shares to be repurchased (dollar per share)				$ 41.46		$ 41.46
Approximate amount committed for the repurchase of common shares				$ 28,400		$ 28,400
Shares repurchased (in shares)						400,000
Repurchase of common shares						$ 15,150
Subsequent Event
Denominator for income/(loss) per share:
Number of shares agreed to repurchase (in shares)	300,000
Approximate amount committed for the repurchase of common shares	$ 13,200
Shares repurchased (in shares)	500,000
Average price of shares repurchased (dollar per share)	$ 40.70
Repurchase of common shares	$ 20,600
OP/DownREIT Units
Antidilutive securities
Antidilutive securities				21,474,000	22,529,000	21,514,000	22,493,000
Convertible Preferred Stock
Antidilutive securities
Antidilutive securities				2,918,000	2,918,000	2,918,000	2,918,000
Unvested LTIP Units and unvested restricted stock
Antidilutive securities
Antidilutive securities				985,000	3,336,000	1,251,000	1,047,000
ATM
Denominator for income/(loss) per share:
Number of shares authorized									20,000,000
Net proceeds						$ 450,800
Forward price		$ 52.46
Aggregate net proceeds from sales, after deducting related costs						$ 449,900
Shares of common stock available for future issuance				14,000,000		14,000,000
Shares settled						8,300,000
Forward Sales Agreement
Denominator for income/(loss) per share:
Commissions paid to sales agents		$ 7,500
Net proceeds		$ 230,900		$ 99,800		$ 219,900
Forward price		$ 52.46	$ 57.565	$ 57		$ 57.10
Shares of common stock available for future issuance			7,000,000
Shares non-settled						3,200,000
Shares settled		4,400,000		1,800,000		3,900,000

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Redeemable noncontrolling interests in the Operating Partnership
Minimum holding period prior to redemption (in years)			1 year
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at beginning of year			$ 1,299,442
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	$ (90,252)	$ 97,026	(376,515)	$ 351,707
Conversion of OP Units/DownREIT Units to Common Stock or Cash			(30,743)
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,533	1,260	2,684	2,221
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership			(25,561)
Redeemable Long-Term and Short-Term Incentive Plan Units			50,084
Allocation of other comprehensive income/(loss)			920
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year	920,311		920,311
Net income/(loss) attributable to noncontrolling interests		41		57
Maximum
Redeemable noncontrolling interests in the Operating Partnership
Net income/(loss) attributable to noncontrolling interests	$ (100)	$ (100)	$ (100)	$ (100)

FAIR VALUE OF DERIVATIVES AND_3

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value
Notes receivable, net	$ 40,128	$ 26,860
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	920,311	$ 1,299,442
Transfers between levels of fair value hierarchy	$ 0
Equity Securities
Debt instruments - fair value
Percentage Of illiquidity discount	15%	15%
Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable	$ 40,128	$ 26,860
Total assets	63,909	33,369
Debt instruments - fair value
Total liabilities	5,654,309	5,443,393
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	920,311	1,299,442
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	16,117	3,279
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	7,664	3,230
Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable	41,275	27,372
Total assets	65,056	33,881
Debt instruments - fair value
Total liabilities	4,758,062	5,508,491
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	920,311	1,299,442
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	16,117	3,279
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	7,664	3,230
Estimate of Fair Value, Fair Value Disclosure | Level 1 | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	7,664
Estimate of Fair Value, Fair Value Disclosure | Level 1 | Equity Securities | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Equity securities	7,664
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	16,117	3,279
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	920,311	1,299,442
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	16,117	3,279
Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable	41,275	27,372
Total assets	41,275	30,602
Debt instruments - fair value
Total liabilities	4,758,062	5,508,491
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
Unsecured Debt | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,131,556	4,133,083
Unsecured Debt | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	3,366,736	4,199,363
Unsecured Debt | Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	3,366,736	4,199,363
Unsecured Debt | Working capital credit facility | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	41,181	29,546
Unsecured Debt | Working capital credit facility | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	41,181	29,546
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	41,181	29,546
Unsecured Debt | Commercial Paper | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	425,000	220,000
Unsecured Debt | Commercial Paper | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	425,000	220,000
Unsecured Debt | Commercial Paper | Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	425,000	220,000
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	1,029,572	1,033,764
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	898,145	1,032,582
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	898,145	1,032,582
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	Sep. 30, 2022 USD ($) instrument
Derivatives
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 4,600
Designated as Hedging Instrument | Interest rate swap and caps
Derivatives
Number of Interest Rate Derivatives Held | instrument	3
Notional	$ 194,880
Not Designated as Hedging Instrument
Derivatives
Notional	$ 0

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITY - Undesignated Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
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	$ 16,117	$ 3,279

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	$ 5,048	$ 1,389	$ 13,988	$ 1,422
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense	313	(441)	28	(1,314)
Interest rate contracts | Interest expense | Cash Flow Hedging
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	5,048	1,389	13,988	1,422
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense	$ 313	$ (441)	$ 28	$ (1,314)

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITY - Effectiveness (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivatives and hedging activity
Total amount of Interest expense presented on the Consolidated Statements of Operations	$ 39,905	$ 36,289	$ 112,653	$ 149,849

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Offsetting derivative assets
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	$ 16,117	$ 3,279
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Net Amount	$ 16,117	$ 3,279

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
General and administrative expense
Stock based compensation
Stock based compensation expense	$ 6.7	$ 6.2	$ 20.5	$ 17.5

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($) community	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
Real estate properties
Number of communities owned (in communities) | community	164
Costs Incurred to Date	$ 420,367
UDR's Remaining Commitment	203,611
Casualty-related charges related to Hurricane Ian	1,000
Real estate technology investments RETV I
Real estate properties
Costs Incurred to Date	25,639
UDR's Remaining Commitment	4,320
Real estate technology investments RETV II
Real estate properties
Costs Incurred to Date	9,607
UDR's Remaining Commitment	8,100
Real estate technology investments RET Strategic Fund
Real estate properties
Costs Incurred to Date	7,435
UDR's Remaining Commitment	17,500
Climate Technology Fund
Real estate properties
Costs Incurred to Date	5,262		$ 5,300
UDR's Remaining Commitment	4,656
Contractual commitment			$ 10,000
RET ESG Technology Fund
Real estate properties
Costs Incurred to Date	3,959	$ 4,000
UDR's Remaining Commitment	$ 6,000
Contractual commitment		$ 10,000
Wholly owned - under development
Real estate properties
Number of communities owned (in communities) | community	5
Costs Incurred to Date	$ 368,465
UDR's Remaining Commitment	$ 163,035

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) home	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment home	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segments
Same store communities | home	50,318		47,344
Reportable Segments
Number of reportable segments | segment			2
Condition for Community considered to have stabilized occupancy			90%
Time to maintain percent occupancy to be considered a community			3 months
Practical expedient, single lease component			true
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	$ 390,023	$ 328,699	$ 1,113,952	$ 937,641
Reconciling items:
Joint venture management and other fees	$ 1,274	$ 1,071	$ 3,778	$ 4,918
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Property management	$ (12,675)	$ (9,861)	$ (36,203)	$ (28,129)
Other operating expenses	(3,746)	(4,237)	(13,485)	(13,045)
Real estate depreciation and amortization	(166,781)	(152,636)	(497,987)	(442,893)
General and administrative	(15,840)	(15,810)	(47,333)	(43,673)
Casualty-related (charges)/recoveries, net	(901)	(1,568)	(1,210)	(4,682)
Other depreciation and amortization	(3,430)	(3,269)	(9,521)	(8,472)
Gain/(loss) on sale of real estate owned	0	0	0	50,829
Income/(loss) from unconsolidated entities	10,003	14,450	4,186	29,123
Interest expense	(39,905)	(36,289)	(112,653)	(149,849)
Interest income and other income/(expense), net	(7,495)	8,238	(6,934)	12,831
Tax (provision)/benefit, net	(377)	(529)	(1,032)	(1,283)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(1,533)	(1,260)	(2,684)	(2,221)
Net (income)/loss attributable to noncontrolling interests	(7)	(49)	(34)	(73)
Net income/(loss) attributable to UDR, Inc.	23,605	17,731	42,394	32,555
Reportable apartment home segment assets:
Total segment assets	15,467,980		15,467,980		$ 14,740,803
Accumulated depreciation	(5,605,809)		(5,605,809)		(5,137,096)
Total real estate owned, net of accumulated depreciation	9,862,171		9,862,171		9,603,707
Reconciling items:
Cash and cash equivalents	1,532	1,063	1,532	1,063	967	$ 1,409
Restricted cash	28,363	28,170	28,363	28,170	27,451	$ 22,762
Notes receivable, net	40,128		40,128		26,860
Investment in and advances to unconsolidated joint ventures, net	761,117		761,117		702,461
Operating lease right-of-use assets	194,923		194,923		197,463
Other assets	209,728		209,728		216,311
Total consolidated assets	11,097,962		11,097,962		10,775,220
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	118,843	109,307	340,731	307,138
Other revenue	3,371	2,713	9,198	7,931
Rental income	122,214	112,020	349,929	315,069
Reportable apartment home segment NOI	90,586	82,271	261,876	230,569
Reportable apartment home segment assets:
Total segment assets	4,482,472		4,482,472		4,433,824
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	71,462	66,115	201,475	188,897
Other revenue	3,146	2,549	8,320	6,548
Rental income	74,608	68,664	209,795	195,445
Reportable apartment home segment NOI	51,051	46,504	144,749	133,676
Reportable apartment home segment assets:
Total segment assets	2,992,280		2,992,280		2,978,060
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	69,577	59,902	197,058	174,795
Other revenue	1,937	1,619	4,624	3,773
Rental income	71,514	61,521	201,682	178,568
Reportable apartment home segment NOI	46,014	36,777	130,392	109,243
Reportable apartment home segment assets:
Total segment assets	3,444,332		3,444,332		3,422,846
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	48,608	41,093	139,112	119,731
Other revenue	2,006	1,732	5,920	5,333
Rental income	50,614	42,825	145,032	125,064
Reportable apartment home segment NOI	34,434	28,157	99,029	82,704
Reportable apartment home segment assets:
Total segment assets	1,226,851		1,226,851		1,208,183
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	36,801	32,261	80,568	71,710
Other revenue	1,647	1,363	3,120	2,976
Rental income	38,448	33,624	83,688	74,686
Reportable apartment home segment NOI	23,609	20,751	52,651	46,255
Reportable apartment home segment assets:
Total segment assets	1,270,687		1,270,687		1,247,434
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	31,555	9,947	119,416	47,612
Other revenue	1,070	98	4,410	1,197
Rental income	32,625	10,045	123,826	48,809
Reportable apartment home segment NOI	19,324	5,020	74,809	26,727
Reportable apartment home segment assets:
Total segment assets	2,051,358		2,051,358		$ 1,450,456
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	376,846	318,625	1,078,360	909,883
Other revenue	13,177	10,074	35,592	27,758
Rental income	390,023	328,699	1,113,952	937,641
Reportable apartment home segment NOI	$ 265,018	$ 219,480	$ 763,506	$ 629,174
Taxable REIT Subsidiaries
Reportable Segments
Management fee (as a percent)			3.25%