UDR (UDR) 10-K 13 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 08, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	1-10524
Entity Registrant Name	UDR, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	54-0857512
Entity Address, Address Line One	1745 Shea Center Drive, Suite 200
Entity Address, City or Town	Highlands Ranch
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80129
City Area Code	720
Local Phone Number	283-6120
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	UDR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 6
Entity Common Stock, Shares Outstanding		329,165,608
Auditor Name	Ernst & Young LLP
Auditor Location	Denver Colorado
Auditor Firm ID	42
Entity Central Index Key	0000074208
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real estate owned:
Real estate held for investment	$ 15,365,928	$ 14,352,234
Less: accumulated depreciation	(5,762,205)	(5,136,589)
Real estate held for investment, net	9,603,723	9,215,645
Real estate under development (net of accumulated depreciation of $296 and $507, respectively)	189,809	388,062
Real estate held for disposition (net of accumulated depreciation of $0 and $0, respectively)	14,039
Total real estate owned, net of accumulated depreciation	9,807,571	9,603,707
Cash and cash equivalents	1,193	967
Restricted cash	29,001	27,451
Notes receivable, net	54,707	26,860
Investment in and advances to unconsolidated joint ventures, net	754,446	702,461
Operating lease right-of-use assets	194,081	197,463
Other assets	197,471	216,311
Total assets	11,038,470	10,775,220
Liabilities:
Secured debt, net	1,052,281	1,057,380
Unsecured debt, net	4,435,022	4,355,407
Operating lease liabilities	189,238	192,488
Real estate taxes payable	37,681	33,095
Accrued interest payable	46,671	45,980
Security deposits and prepaid rent	51,999	55,441
Distributions payable	134,213	124,729
Accounts payable, accrued expenses, and other liabilities	153,220	136,954
Total liabilities	6,100,325	6,001,474
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	839,850	1,299,442
Equity:
Common stock, $0.01 par value; 450,000,000 shares authorized at December 31, 2022 and December 31, 2021: 328,993,088 and 318,149,635 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	3,290	3,181
Additional paid-in capital	7,493,423	6,884,269
Distributions in excess of net income	(3,451,587)	(3,485,080)
Accumulated other comprehensive income/(loss), net	8,344	(4,261)
Total stockholders' equity	4,098,085	3,442,874
Noncontrolling interests	210	31,430
Total equity	4,098,295	3,474,304
Total liabilities and equity	11,038,470	10,775,220
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2022 and December 31, 2021:	44,614	44,764
Series F
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2022 and December 31, 2021:	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Real estate owned:
Real estate under development accumulated depreciation	$ 296	$ 507
Real estate held for disposition accumulated depreciation	$ 0	$ 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	328,993,088	318,149,635
Common stock, shares outstanding	328,993,088	318,149,635
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value	$ 0	$ 0
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 authorized	20,000,000	20,000,000
Preferred stock, shares issued	12,100,514	12,582,575
Preferred stock, shares outstanding	12,100,514	12,582,575

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES:
Rental income	$ 1,512,364	$ 1,284,665	$ 1,236,096
Joint venture management and other fees	$ 5,022	$ 6,102	$ 5,069
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total revenues	$ 1,517,386	$ 1,290,767	$ 1,241,165
OPERATING EXPENSES:
Property operating and maintenance	250,310	218,094	201,944
Real estate taxes and insurance	221,662	199,446	180,450
Property management	49,152	38,540	35,538
Other operating expenses	17,493	21,649	22,762
Real estate depreciation and amortization	665,228	606,648	608,616
General and administrative	64,144	57,541	49,885
Casualty-related charges/(recoveries), net	9,733	3,748	2,131
Other depreciation and amortization	14,344	13,185	10,013
Total operating expenses	1,292,066	1,158,851	1,111,339
Gain/(loss) on sale of real estate owned	25,494	136,052	119,277
Operating income	250,814	267,968	249,103
Income/(loss) from unconsolidated entities	4,947	65,646	18,844
Interest expense	(155,900)	(186,267)	(202,706)
Interest income and other income/(expense), net	(6,933)	15,085	6,274
Income/(loss) before income taxes	92,928	162,432	71,515
Tax (provision)/benefit, net	(349)	(1,439)	(2,545)
Net income/(loss)	92,579	160,993	68,970
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(5,613)	(10,873)	(4,543)
Net income/(loss) attributable to noncontrolling interests	(42)	(104)	(161)
Net income/(loss) attributable to UDR, Inc.	86,924	150,016	64,266
Distributions to preferred stockholders - Series E (Convertible)	(4,412)	(4,229)	(4,230)
Net income/(loss) attributable to common stockholders	$ 82,512	$ 145,787	$ 60,036
Income/(loss) per weighted average common share - basic	$ 0.26	$ 0.49	$ 0.20
Income/(loss) per weighted average common share - diluted	$ 0.26	$ 0.48	$ 0.20
Weighted average number of common shares outstanding - basic	321,671	300,326	294,545
Weighted average number of common shares outstanding - diluted	322,700	301,703	294,927

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net income/(loss)	$ 92,579	$ 160,993	$ 68,970
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	14,489	3,502	(3,382)
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	(998)	1,755	4,827
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	13,491	5,257	1,445
Comprehensive income/(loss)	106,070	166,250	70,415
Comprehensive (income)/loss attributable to noncontrolling interests	(6,541)	(11,351)	(4,845)
Comprehensive income/(loss) attributable to UDR, Inc.	$ 99,529	$ 154,899	$ 65,570

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 Adjustment	Distributions in Excess of Net Income	Accumulated Other Comprehensive Income/(Loss)	Noncontrolling Interest	Adjustment	Total
Consolidated Statements of Changes in Equity
Cumulative effect upon adoption of ASC 326	$ 46,201	$ 2,946	$ 5,781,975	$ (2,182)	$ (2,462,132)	$ (10,448)	$ 30,772	$ (2,182)	$ 3,389,314
Beginning Balance at Dec. 31, 2019	46,201	2,946	5,781,975	$ (2,182)	(2,462,132)	(10,448)	30,772	$ (2,182)	3,389,314
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.					64,266				64,266
Net income/(loss) attributable to noncontrolling interests									(161)
Net income/(loss) attributable to noncontrolling interests							99		99
Redemption of noncontrolling interests in consolidated real estate							(125)		(125)
Long Term Incentive Plan Unit grants/(vestings), net							(6,355)		(6,355)
Other comprehensive income/(loss)						1,304			1,304
Issuance/(forfeiture) of common and restricted shares, net		1	2,886						2,887
Issuance of common shares through public offering, net		21	102,213						102,234
Conversion of Series E Cumulative Convertible shares	(1,436)	1	1,435
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		3	12,663						12,666
Common stock distributions declared					(425,233)				(425,233)
Repurchase of common shares		(6)	(19,789)						(19,795)
Preferred stock distributions declared-Series E					(4,230)				(4,230)
Adjustment to reflect redemption value of redeemable noncontrolling interests					143,741				143,741
Ending Balance at Dec. 31, 2020	44,765	2,966	5,881,383		(2,685,770)	(9,144)	24,391		3,258,591
Consolidated Statements of Changes in Equity
Cumulative effect upon adoption of ASC 326	44,765	2,966	5,881,383		(2,685,770)	(9,144)	24,391		3,258,591
Net income/(loss) attributable to UDR, Inc.					150,016				150,016
Net income/(loss) attributable to noncontrolling interests									(104)
Net income/(loss) attributable to noncontrolling interests							80		80
Redemption of noncontrolling interests in consolidated real estate							(125)		(125)
Long Term Incentive Plan Unit grants/(vestings), net							7,084		7,084
Other comprehensive income/(loss)						4,883			4,883
Issuance/(forfeiture) of common and restricted shares, net		1	4,115						4,116
Issuance of common shares through public offering, net		195	898,858						899,053
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		19	99,913						99,932
Common stock distributions declared					(442,329)				(442,329)
Preferred stock distributions declared-Series E					(4,229)				(4,229)
Adjustment to reflect redemption value of redeemable noncontrolling interests					(502,768)				(502,768)
Ending Balance at Dec. 31, 2021	44,765	3,181	6,884,269		(3,485,080)	(4,261)	31,430		3,474,304
Consolidated Statements of Changes in Equity
Cumulative effect upon adoption of ASC 326	44,765	3,181	6,884,269		(3,485,080)	(4,261)	31,430		3,474,304
Net income/(loss) attributable to UDR, Inc.					86,924				86,924
Net income/(loss) attributable to noncontrolling interests									(42)
Long Term Incentive Plan Unit grants/(vestings), net							(31,220)		(31,220)
Other comprehensive income/(loss)						12,605			12,605
Issuance/(forfeiture) of common and restricted shares, net		1	4,847						4,848
Issuance of common shares through public offering, net		115	629,437						629,552
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		4	23,737						23,741
Common stock distributions declared					(493,312)				(493,312)
Repurchase of common shares		(12)	(49,016)						(49,028)
Preferred stock distributions declared-Series E					(4,412)				(4,412)
Adjustment to reflect redemption value of redeemable noncontrolling interests					444,293				444,293
Ending Balance at Dec. 31, 2022	44,615	3,290	7,493,423		(3,451,587)	8,344	210		4,098,295
Consolidated Statements of Changes in Equity
Cumulative effect upon adoption of ASC 326	$ 44,615	$ 3,290	$ 7,493,423		$ (3,451,587)	$ 8,344	$ 210		$ 4,098,295

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Common stock distributions declared per share	$ 1.52	$ 1.45	$ 1.44
Preferred stock distributions declared	$ 1.6456	$ 1.570	$ 1.5592

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net income/(loss)	$ 92,579	$ 160,993	$ 68,970
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	679,572	619,833	618,629
(Gain)/loss on sale of real estate owned	(25,494)	(136,052)	(119,277)
(Income)/loss from unconsolidated entities	(4,947)	(65,646)	(18,844)
Return on investment in unconsolidated joint ventures and partnerships	22,369	23,269	20,664
Amortization of share-based compensation	27,505	22,052	19,616
Loss on extinguishment of debt, net		42,336	49,190
Other	31,835	19,182	12,193
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	9,792	(33,454)	(44,670)
Increase/(decrease) in operating liabilities	(13,140)	11,447	(2,155)
Net cash provided by/(used in) operating activities	820,071	663,960	604,316
Investing Activities
Acquisition of real estate assets	(341,149)	(1,244,508)	(407,829)
Proceeds from sales of real estate investments, net	40,808	280,077	277,886
Development of real estate assets	(198,022)	(178,029)	(121,240)
Capital expenditures and other major improvements - real estate assets	(214,833)	(156,384)	(163,105)
Capital expenditures - non-real estate assets	(21,180)	(10,140)	(11,008)
Investment in unconsolidated joint ventures and partnerships	(201,412)	(112,321)	(76,073)
Distributions received from unconsolidated joint ventures and partnerships	81,443	37,362	49,342
Purchase deposits on pending acquisitions			(1,530)
Repayment/(issuance) of notes receivable, net	(75,183)	111,690	(7,285)
Net cash provided by/(used in) investing activities	(929,528)	(1,272,253)	(460,842)
Financing Activities
Payments on secured debt	(1,141)	(1,096)	(425,839)
Proceeds from the issuance of secured debt			160,930
Payments on unsecured debt		(300,000)	(300,000)
Net proceeds from the issuance of unsecured debt		511,552	959,419
Net proceeds/(repayment) of commercial paper	80,000	30,000	(110,000)
Net proceeds/(repayment) of revolving bank debt	(1,531)	1,522	11,441
Proceeds from the issuance of common shares through public offering, net	629,552	899,053	102,234
Repurchase of common shares	(49,028)		(19,795)
Distributions paid to redeemable noncontrolling interests	(34,255)	(33,663)	(32,038)
Distributions paid to preferred stockholders	(4,381)	(4,225)	(4,217)
Distributions paid to common stockholders	(483,624)	(433,780)	(419,350)
Payment of prepayment and extinguishment costs		(40,769)	(62,645)
Other	(24,359)	(16,054)	(12,734)
Net cash provided by/(used in) financing activities	111,233	612,540	(152,594)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	1,776	4,247	(9,120)
Cash, cash equivalents, and restricted cash, beginning of year	28,418	24,171	33,291
Cash, cash equivalents, and restricted cash, end of year	30,194	28,418	24,171
Supplemental Information:
Interest paid during the period, net of amounts capitalized	154,911	136,978	159,386
Operating cash flows from operating leases	12,502	12,502	12,502
Cash paid/(refunds received) for income taxes	1,145	4,778	1,029
Non-cash transactions:
Secured debt assumed upon acquisition of real estate assets		201,296
Acquisition of land parcel pursuant to a deed in lieu of foreclosure		25,000
Cancellation of secured note receivable pursuant to a deed in lieu of foreclosure		24,869
Transfer of investment in and advances to unconsolidated joint ventures to real estate owned		16,425	14,700
OP Units issued for real estate, net		48,533
Acquisition of intellectual property in exchange for cancellation of secured note receivable			2,250
Recognition of allowance for credit losses			2,182
Redeemable long-term and short-term incentive plan units	56,568	14,578	23,501
Development costs and capital expenditures incurred, but not yet paid	56,336	39,856	31,387
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (502,868 shares in 2022; 1,916,613 shares in 2021; and 303,146 shares in 2020)	23,741	99,932	12,666
Distribution of equity securities from unconsolidated real estate technology investments	18,018
Dividends declared, but not yet paid	$ 134,213	$ 124,729	$ 115,795

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above:
Cash and cash equivalents	$ 1,193	$ 967	$ 1,409	$ 8,106
Restricted cash	29,001	27,451	22,762	25,185
Total cash, cash equivalents, and restricted cash as shown above	$ 30,194	$ 28,418	$ 24,171	$ 33,291

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-cash transactions:
Conversion of OP Units into common shares	502,868	1,916,613	303,146

CONSOLIDATION AND BASIS OF PRES

CONSOLIDATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2022
CONSOLIDATION AND BASIS OF PRESENTATION
CONSOLIDATION AND BASIS OF PRESENTATION	1. CONSOLIDATION AND BASIS OF PRESENTATION Organization and Formation UDR, Inc. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities in targeted markets located in the United States. At December 31, 2022, our consolidated apartment portfolio consisted of 165 communities with a total of 54,999 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 and Note 5 , Joint Ventures and Partnerships The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of December 31, 2022 and 2021, there were 186.1 million and 186.1 million units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 176.3 million, or 94.7%, and 176.2 million, or 94.7%, respectively, were owned by UDR and 9.8 million, or 5.3%, and 9.9 million, or 5.3%, respectively, were owned by outside limited partners. As of December 31, 2022 and 2021, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 21.1 million, or 65.1%, and 20.6 million, or 63.6%, respectively, were owned by UDR and its subsidiaries and 11.3 million, or 34.9%, and 11.8 million, or 36.4%, respectively, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those in Note 3, Real Estate Owned Joint Ventures and Partnerships

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Reference Rate Reform (Topic 848) 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. ​ Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are capitalized as incurred if the acquisition does not meet the definition of a business. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ​ If a real estate property has indicators of impairment, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. For the years ended December 31, 2022, 2021 and 2020, we did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the years ended December 31, 2022, 2021, and 2020 were $17.9 million, $11.3 million and $12.0 million, respectively. During the years ended December 31, 2022, 2021, and 2020, total interest capitalized was $13.4 million, $9.7 million and $7.0 million, respectively. As each home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion and depreciation commences over the estimated useful life. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain or loss on consolidation of a property. ​ Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ​ The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with its other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net ​ The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible. ​ Notes Receivable Notes receivable relate to financing arrangements which are typically secured by 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 variable interest entity (“VIE”), and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities 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 as of December 31, 2022 and 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2022 ​ 2022 ​ 2021 Note due May 2022 (a) ​ N/A ​ $ — ​ $ 2,760 Note due December 2023 (b) ​ 10.00 % ​ 30,377 ​ ​ 24,235 Note due December 2026 (c) ​ 11.00 % ​ 17,292 ​ ​ — Note due December 2026 (d) ​ 11.00 % ​ 5,813 ​ ​ — Note due June 2027 (e) ​ 18.00 % ​ 1,500 ​ ​ — Notes Receivable ​ ​ ​ ​ 54,982 ​ ​ 26,995 Allowance for credit losses ​ ​ ​ ​ (275) ​ ​ (135) Total notes receivable, net ​ $ 54,707 ​ $ 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 $17.3 million was funded during the year ended December 31, 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, of which $5.8 million was funded during the year ended December 31, 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 year ended December 31, 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 $3.5 million, $5.3 million, and $9.1 million of interest income for the notes receivable during the years ended December 31, 2022, 2021, and 2020, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as VIEs where we are not the primary beneficiary and other entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a VIE, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2022, the Company held one investment in a joint venture that qualified as a VIE where we were determined to be the primary beneficiary (See Note 5, Joint Ventures and Partnerships, for further discussion) We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of December 31, 2022 and 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 a TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a VIE. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost as stock-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. For performance based awards, the Company remeasures the fair value based on the estimated achievement of the performance criteria each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. Stock-based compensation expense is only recognized for performance based awards that we expect to vest, which we estimate based upon an assessment of the probability that the performance criteria will be achieved. Stock-based compensation expense associated with awards is updated for actual forfeitures. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation and the fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For further discussion, see Note 10, Employee Benefit Plans. Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2022, 2021, and 2020, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, Forward Sales Agreements ​ 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 repor

REAL ESTATE OWNED

REAL ESTATE OWNED	12 Months Ended
	Dec. 31, 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 December 31, 2022, the Company owned and consolidated 165 communities in 13 states plus the District of Columbia totaling 54,999 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2022 and 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Land ​ $ 2,539,499 ​ $ 2,342,385 Depreciable property — held and used: ​ ​ ​ Land improvements ​ 254,578 ​ 241,905 Building, improvements, and furniture, fixtures and equipment ​ 12,521,838 ​ 11,717,931 Real estate intangible assets ​ ​ 50,013 ​ ​ 50,013 Under development: ​ ​ Land and land improvements ​ 43,711 ​ 74,399 Building, improvements, and furniture, fixtures and equipment ​ 146,394 ​ 314,170 Real estate held for disposition: ​ ​ Building, improvements, and furniture, fixtures and equipment ​ 14,039 ​ — Real estate owned ​ 15,570,072 ​ 14,740,803 Accumulated depreciation (a) ​ (5,762,501) ​ (5,137,096) Real estate owned, net ​ $ 9,807,571 ​ $ 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 December 31, 2022 and 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 433 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. ​ In January 2021, the Company acquired a 300 apartment home operating community located in Franklin, Massachusetts, for approximately $77.4 million. In connection with the acquisition, the Company assumed an above-market mortgage note payable secured by the community with an outstanding balance of approximately $51.8 million. The Company increased its real estate assets owned by approximately $82.0 million, recorded $2.0 million of in-place lease intangibles, and recorded a $6.6 million debt premium in connection with the above-market debt assumed. In April 2021, the Company acquired a 636 apartment home operating community located in Farmers Branch, Texas, for approximately $110.2 million. In connection with the acquisition, the Company assumed an above-market mortgage note payable secured by the community with an outstanding balance of approximately $42.0 million. The Company increased its real estate assets owned by approximately $111.5 million, recorded $3.0 million of in-place lease intangibles, and recorded a $4.3 million debt premium in connection with the above-market debt assumed. ​ The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million. The note was secured by a parcel of land and related land improvements located in Alameda, California. In September 2020, the developer defaulted on the loan. As a result of the default, in April 2021, the Company took title to the property pursuant to a deed in lieu of foreclosure. The Company increased its real estate assets owned by approximately $25.0 million, the fair market value of the property on the date of the title transfer, and recorded a $0.1 million gain on extinguishment of the secured note to Interest income and other income/(expense), net on the Consolidated Statements of Operations. ​ In May 2021, the Company acquired a to-be-developed parcel of land located in Tampa, Florida, for approximately $6.6 million. ​ In May 2021, the Company acquired a 945 apartment home operating community located in Frisco, Texas, for approximately $166.9 million. In connection with the acquisition, the Company assumed an above-market mortgage note payable secured by the community with an outstanding balance of approximately $89.5 million. The Company increased its real estate assets owned by approximately $169.9 million, recorded $4.1 million of in-place lease intangibles, and recorded a $7.1 million debt premium in connection with the above-market debt assumed. ​ In June 2021, the Company acquired a 468 apartment home operating community located in Germantown, Maryland, for approximately $121.9 million. The Company increased its real estate assets owned by approximately $119.3 million and recorded $2.6 million of in-place lease intangibles. ​ In July 2021, the Company acquired a 259 apartment home operating community located in Bellevue, Washington, for approximately $171.9 million. The Company previously had a $115.0 million secured note receivable associated with this operating community. The Company increased its real estate assets owned by approximately $169.1 million and recorded $2.8 million of in-place lease intangibles. In connection with the acquisition of this community, the note and the unpaid accrued interest were paid in full. ​ In August 2021, the Company acquired a 544 apartment home operating community located in Germantown, Maryland, for approximately $127.2 million. The Company increased its real estate assets owned by approximately $124.4 million and recorded $2.8 million of in-place lease intangibles. ​ In September 2021, the Company acquired a 320 apartment home operating community located in King of Prussia, Pennsylvania, for approximately $116.2 million. The Company increased its real estate assets owned by approximately $113.8 million and recorded $2.4 million of in-place lease intangibles. ​ In September 2021, the Company acquired a 192 apartment home operating community located in Towson, Maryland, for approximately $57.6 million. The Company increased its real estate assets owned by approximately $54.0 million and recorded $2.4 million of real estate tax intangibles and $1.2 million of in-place lease intangibles. ​ In September 2021, the Company acquired a 339 apartment home operating community located in Philadelphia, Pennsylvania, for approximately $147.0 million. The Company increased its real estate assets owned by approximately $136.7 million and recorded $7.1 million of real estate tax intangibles and $3.2 million of in-place lease intangibles. ​ In October 2021, the Company acquired its joint venture partner’s common equity interest in a 330 apartment home operating community located in Orlando, Florida, for a total purchase price of approximately $106.0 million. The Company paid for the community by issuing approximately 0.9 million OP Units (valued at $53.00 per unit per the agreement) to the seller, which equaled $47.9 million. As a result, in October 2021, the Company increased its ownership interest to 100% and consolidated the operating community ​ In October 2021, the Company acquired a 663 apartment home operating community located in Orlando, Florida, for approximately $177.8 million. The Company increased its real estate assets owned by approximately $174.1 million and recorded and $3.7 million of in-place lease intangibles. ​ In November 2021, the Company acquired a 430 apartment home operating community located in Towson, Maryland, for approximately $125.3 million. The Company increased its real estate assets owned by approximately $122.6 million and recorded and $2.7 million of in-place lease intangibles. ​ Dispositions In January 2023, the Company sold the retail component of a development community located in Washington D.C. for gross proceeds of approximately $14.4 million, resulting in an estimated gain of less than $0.1 million. In November 2022, the Company sold an operating community located in Orange County, California with a total of 90 apartment homes for gross proceeds of $41.5 million, resulting in a gain of approximately $25.5 million. ​ In February 2021, the Company sold an operating community located in Anaheim, California, with a total of 386 apartment homes for gross proceeds of $156.0 million, resulting in a gain of approximately $50.8 million. ​ In October 2021, the Company sold an operating community located in Anaheim, California, with a total of 265 apartment homes for a sales price of $126.0 million, resulting in a gain of approximately $85.2 million. ​ In May 2020, the Company sold an operating community located in Bellevue, Washington, with a total of 71 apartment homes for gross proceeds of $49.7 million, resulting in a gain of approximately $29.6 million. The sale was partially financed by the Company through the issuance of a promissory note totaling $4.0 million which was repaid in January 2021. In May 2020, the Company sold an operating community located in Kirkland, Washington, with a total of 196 apartment homes for gross proceeds of $92.9 million, resulting in a gain of approximately $31.7 million. ​ In October 2020, the Company sold an operating community located in Alexandria, Virginia, with a total of 332 apartment homes for gross proceeds of $145.0 million, resulting in a gain of approximately $58.0 million. The proceeds were designated for a tax-deferred Section 1031 exchange and were used to pay a portion of the purchase price for acquisitions in November and December 2020. ​ Developments At December 31, 2022, the Company was developing three wholly-owned communities totaling 715 homes, of which 161 have been completed, in which we have an investment of $190.1 million. The communities are estimated to be completed between the first quarter of 2023 and the second quarter of 2024. Other Activity In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax deferred Section 1031 exchange. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions. Amortization of Intangible Assets The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Balance as of December 31, 2022 ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ Thereafter Real estate intangible assets, net (a) ​ $ 36,932 ​ $ 4,162 ​ $ 3,995 ​ $ 3,858 ​ $ 3,723 ​ $ 3,590 ​ $ 17,604 In-place lease intangible assets, net (b) ​ ​ 3,375 ​ ​ 665 ​ ​ 627 ​ ​ 583 ​ ​ 476 ​ ​ 406 ​ ​ 618 Total ​ $ 40,307 ​ $ 4,827 ​ $ 4,622 ​ $ 4,441 ​ $ 4,199 ​ $ 3,996 ​ $ 18,222 ​ ​ ​ (a) Real estate intangible assets, net is recorded net of accumulated amortization of $13.1 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the years ended December 31, 2022 and 2021, $4.3 million and $3.0 million, respectively, of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations. ​ (b) In-place lease intangible assets, net is recorded net of accumulated amortization of $14.4 million in Other assets on the Consolidated Balance Sheets. For the years ended December 31, 2022 and 2021, $22.5 million and $20.3 million, respectively, was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 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 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 the book values were approximately $85.7 million and $0.1 million, respectively, as of December 31, 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 December 31, 2022 and 2021 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ Income/(loss) from investments ​ Location of December 31, December 31, December 31, December 31, ​ December 31, ​ December 31, Year Ended December 31, Joint Ventures Properties 2022 2022 2022 2021 ​ 2022 ​ 2021 2022 2021 2020 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 20,815 ​ $ 23,880 ​ 50.0 % ​ 50.0 % $ (2,027) ​ $ (2,544) ​ $ (2,639) UDR/MetLife II Various 7 1,250 ​ 174,645 ​ 181,023 ​ 50.0 % ​ 50.0 % ​ 1,245 ​ ​ (3,303) ​ ​ (1,044) Other UDR/MetLife Joint Ventures (a) Various 5 1,437 ​ 51,700 ​ 66,012 ​ 50.6 % ​ 50.6 % ​ (6,822) ​ ​ (11,938) ​ ​ (10,444) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and real estate technology investments ​ $ 247,160 ​ $ 270,915 ​ ​ ​ $ (7,604) ​ $ (17,785) ​ $ (14,127) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Income/(loss) from investments Developer Capital Program ​ ​ Years To ​ UDR December 31, December 31, ​ Year Ended December 31, and Real Estate Technology Investments (b) Location Rate Maturity ​ Commitment (c) 2022 2021 2022 2021 2020 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Junction ​ Santa Monica, CA ​ 12.5 % 0.8 ​ $ 8,800 ​ $ 14,865 ​ $ 13,183 ​ $ 1,682 ​ $ 1,484 ​ $ 1,321 1532 Harrison (d) ​ San Francisco, CA ​ N/A ​ — ​ ​ — ​ ​ — ​ ​ 35,248 ​ ​ 5,152 ​ ​ 2,354 ​ ​ 3,519 1200 Broadway (e) (f) ​ Nashville, TN ​ N/A ​ — ​ ​ — ​ ​ — ​ ​ 61,326 ​ ​ 11,889 ​ ​ 6,043 ​ ​ 5,309 1300 Fairmount (f) ​ Philadelphia, PA ​ 8.5 % 0.8 ​ ​ 51,393 ​ ​ 70,501 ​ ​ 64,780 ​ ​ 5,721 ​ ​ 5,237 ​ ​ 4,843 Modera Lake Merritt (f) ​ Oakland, CA ​ 9.0 % 1.4 ​ ​ 27,250 ​ ​ 32,672 ​ ​ 33,828 ​ ​ (1,156) ​ ​ 2,899 ​ ​ 2,592 Thousand Oaks (f) ​ Thousand Oaks, CA ​ 9.0 % 2.1 ​ ​ 20,059 ​ ​ 24,898 ​ ​ 22,764 ​ ​ 2,134 ​ ​ 1,924 ​ ​ 763 Vernon Boulevard (f) ​ Queens, NY ​ 13.0 % 2.5 ​ ​ 40,000 ​ ​ 54,880 ​ ​ 48,210 ​ ​ 6,652 ​ ​ 5,845 ​ ​ 2,348 Makers Rise (f) ​ Herndon, VA ​ 9.0 % 3.0 ​ ​ 30,208 ​ ​ 34,059 ​ ​ 22,828 ​ ​ 2,865 ​ ​ 926 ​ ​ — 121 at Watters (f) ​ Allen, TX ​ 9.0 % 3.2 ​ ​ 19,843 ​ ​ 22,511 ​ ​ 14,134 ​ ​ 1,861 ​ ​ 749 ​ ​ — Infield Phase I ​ Kissimmee, FL ​ 14.0 % 1.4 ​ ​ 16,044 ​ ​ 17,816 ​ ​ — ​ ​ 1,743 ​ ​ — ​ ​ — Upton Place ​ Washington, D.C. ​ 9.7 % 4.9 ​ ​ 52,163 ​ ​ 56,832 ​ ​ 29,566 ​ ​ 4,429 ​ ​ 92 ​ ​ — Meetinghouse (g) ​ Portland, OR ​ 8.25 % 4.2 ​ ​ 11,600 ​ ​ 12,134 ​ ​ — ​ ​ 716 ​ ​ — ​ ​ — Heirloom (h) ​ Portland, OR ​ 8.25 % 4.4 ​ ​ 16,185 ​ ​ 16,714 ​ ​ — ​ ​ 676 ​ ​ — ​ ​ — Portfolio Recapitalization (i) ​ Various ​ 8.0 % 6.5 ​ ​ 102,000 ​ ​ 102,705 ​ ​ — ​ ​ 3,616 ​ ​ — ​ ​ — Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I (j) ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 16,601 ​ ​ 71,464 ​ ​ (35,507) ​ ​ 50,795 ​ ​ 5,143 RETV II ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 11,670 ​ ​ 8,130 ​ ​ (265) ​ ​ 1,101 ​ ​ (206) RETV III (k) ​ N/A ​ N/A ​ N/A ​ ​ 15,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — RET Strategic Fund (l) ​ N/A ​ N/A ​ N/A ​ ​ 25,000 ​ ​ 8,078 ​ ​ — ​ ​ 496 ​ ​ — ​ ​ — RET ESG (m) ​ N/A ​ N/A ​ N/A ​ ​ 10,000 ​ ​ 2,898 ​ ​ — ​ ​ (153) ​ ​ — ​ ​ — Total Preferred Equity Investments and Real Estate Technology Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 499,834 ​ ​ 425,461 ​ ​ 12,551 ​ ​ 79,449 ​ ​ 25,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sold joint ventures and other investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,982 ​ ​ 7,339 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Joint Ventures and Developer Capital Program and Real Estate Technology Investments, net (a) ​ ​ ​ ​ $ 746,994 ​ $ 696,376 ​ $ 4,947 ​ $ 65,646 ​ $ 18,844 (a) As of December 31, 2022 and 2021, the Company’s negative investment in 13 th and Market Properties LLC of $7.5 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 Sheets. (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 earns 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 $(35.5) million and $50.8 million of investment income/(loss) from RETV I for the years ended December 31, 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 November 2022, the Company entered into a real estate technology investment as a limited partner, for a total commitment of $15.0 million. As of December 31, 2022, no funding to the limited partnership had occurred. The Company has concluded that it does not control the limited partnership and accounts for it under the equity method of accounting. (l) 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 during the year ended December 31, 2022. The Company has concluded that it does not control the limited partnership and accounts for it under the equity method of accounting. (m) 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 $3.0 million to the limited partnership during the year ended December 31, 2022. The Company has concluded that it does not control the limited partnership and accounts for it under the equity method of accounting. ​ As of December 31, 2022 and 2021, the Company had deferred fees of $8.1 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 $5.0 million, $6.1 million, and $5.1 million during the years ended December 31, 2022, 2021, and 2020, respectively, for management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees 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 venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, and the relationships with the other joint venture partners and its lenders. Based on the significance of the 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 years ended December 31, 2022, 2021, and 2020. Condensed summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the years ended December 31, 2022, 2021, and 2020 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ Total ​ Capital Program ​ ​ ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ ​ ​ Excluding ​ and Other ​ ​ ​ ​ Year Ended December 31, 2022 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ RETV I ​ DCP ​ Investments ​ Total ​ ​ Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 10,813 ​ $ 58,163 ​ $ 61,253 ​ $ 42 ​ $ 130,271 ​ $ 38,145 ​ $ 168,416 ​ ​ ​ Property operating expenses ​ 5,011 ​ 25,950 ​ 24,301 ​ 1,596 ​ 56,858 ​ 23,622 ​ 80,480 ​ ​ ​ Real estate depreciation and amortization ​ 6,033 ​ 18,478 ​ 31,069 ​ — ​ 55,580 ​ 20,064 ​ 75,644 ​ ​ ​ Gain/(loss) on sale of real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 127,542 ​ ​ 127,542 ​ ​ ​ Operating income/(loss) ​ (231) ​ 13,735 ​ 5,883 ​ (1,554) ​ 17,833 ​ 122,001 ​ 139,834 ​ ​ ​ Interest expense ​ (3,068) ​ (10,124) ​ (17,318) ​ (21) ​ (30,531) ​ (16,383) ​ (46,914) ​ ​ ​ Other income/(loss) ​ — ​ — ​ — ​ — ​ — ​ (90) ​ (90) ​ ​ ​ Net realized gain/(loss) on held investments (a) ​ ​ — ​ — ​ — ​ 101,954 ​ 101,954 ​ 3,601 ​ 105,555 ​ ​ ​ Net unrealized gain/(loss) on held investments (a) ​ ​ — ​ ​ — ​ ​ — ​ ​ (308,202) ​ ​ (308,202) ​ ​ (569) ​ ​ (308,771) ​ ​ ​ Net income/(loss) ​ $ (3,299) ​ $ 3,611 ​ $ (11,435) ​ $ (207,823) ​ $ (218,946) ​ $ 108,560 ​ $ (110,386) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 102,900 ​ $ 623,994 ​ $ 531,058 ​ $ — ​ $ 1,257,952 ​ $ 1,481,832 ​ $ 2,739,784 ​ ​ ​ Investments, at fair value ​ ​ — ​ ​ — ​ ​ — ​ ​ 96,118 ​ ​ 96,118 ​ ​ 117,625 ​ ​ 213,743 ​ ​ ​ Cash and cash equivalents ​ 1,863 ​ 6,586 ​ 7,105 ​ 1,160 ​ 16,714 ​ 22,285 ​ 38,999 ​ ​ ​ Other assets ​ 1,464 ​ 9,142 ​ 3,814 ​ 52 ​ 14,472 ​ 107,287 ​ 121,759 ​ ​ ​ Total assets ​ 106,227 ​ 639,722 ​ 541,977 ​ 97,330 ​ 1,385,256 ​ 1,729,029 ​ 3,114,285 ​ ​ ​ Third party debt, net ​ 71,059 ​ 334,687 ​ 452,163 ​ — ​ 857,909 ​ 1,079,420 ​ 1,937,329 ​ ​ ​ Accounts payable and accrued liabilities ​ 1,105 ​ 7,590 ​ 5,460 ​ 70 ​ 14,225 ​ 202,923 ​ 217,148 ​ ​ ​ Total liabilities ​ 72,164 ​ 342,277 ​ 457,623 ​ 70 ​ 872,134 ​ 1,282,343 ​ 2,154,477 ​ ​ ​ Total equity ​ $ 34,063 ​ $ 297,445 ​ $ 84,354 ​ $ 97,260 ​ $ 513,122 ​ $ 446,686 ​ $ 959,808 ​ ​ ​ (a) Net unrealized and realized gain/(loss) on held investments related to RETV I primarily related to unrealized and realized gains from SmartRent. For the year ended December 31, 2022, the Company recorded its share of net losses related to RETV I of $(35.5) million. Of that amount, $(37.2) million related to SmartRent, which are recorded in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ ​ ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ ​ ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2021 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ RETV I ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,186 ​ $ 52,324 ​ $ 52,614 ​ $ 184 ​ $ 6 ​ $ 114,314 ​ $ 18,509 ​ $ 132,823 Property operating expenses ​ 4,506 ​ 24,165 ​ 23,090 ​ 333 ​ 1,445 ​ 53,539 ​ 15,626 ​ 69,165 Real estate depreciation and amortization ​ 5,948 ​ 19,006 ​ 33,532 ​ — ​ — ​ 58,486 ​ 8,429 ​ 66,915 Gain/(loss) on sale of real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ 34,757 ​ ​ — ​ ​ 34,757 ​ ​ — ​ ​ 34,757 Operating income/(loss) ​ (1,268) ​ 9,153 ​ (4,008) ​ 34,608 ​ (1,439) ​ 37,046 ​ (5,546) ​ 31,500 Interest expense ​ (3,068) ​ (11,873) ​ (17,366) ​ (41) ​ (17) ​ (32,365) ​ (11,161) ​ (43,526) Other income/(loss) ​ — ​ — ​ — ​ (1,238) ​ — ​ (1,238) ​ (623) ​ (1,861) Net realized gain/(loss) on held investments ​ ​ — ​ — ​ — ​ — ​ 12,341 ​ 12,341 ​ — ​ 12,341 Net unrealized gain/(loss) on held investments (a) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 285,155 ​ ​ 285,155 ​ ​ 16,276 ​ ​ 301,431 Net income/(loss) ​ $ (4,336) ​ $ (2,720) ​ $ (21,374) ​ $ 33,329 ​ $ 296,040 ​ $ 300,939 ​ $ (1,054) ​ $ 299,885 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 108,340 ​ $ 636,674 ​ $ 558,680 ​ $ — ​ $ — ​ $ 1,303,694 ​ $ 739,464 ​ $ 2,043,158 Investments, at fair value ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 405,675 ​ ​ 405,675 ​ ​ 54,566 ​ ​ 460,241 Real estate assets held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 168,668 ​ ​ 168,668 Cash and cash equivalents ​ 1,378 ​ 5,864 ​ 5,668 ​ — ​ 3,681 ​ 16,591 ​ 6,300 ​ 22,891 Other assets ​ 1,804 ​ 10,483 ​ 5,419 ​ — ​ 14 ​ 17,720 ​ 11,228 ​ 28,948 Total assets ​ 111,522 ​ 653,021 ​ 569,767 ​ — ​ 409,370 ​ 1,743,680 ​ 980,226 ​ 2,723,906 Third party debt, net ​ 71,003 ​ 336,533 ​ 453,182 ​ — ​ — ​ 860,718 ​ 355,200 ​ 1,215,918 Liabilities held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 106,990 ​ ​ 106,990 Accounts payable and accrued liabilities ​ 1,059 ​ 7,360 ​ 5,866 ​ — ​ 90 ​ 14,375 ​ 37,314 ​ 51,689 Total liabilities ​ 72,062 ​ 343,893 ​ 459,048 ​ — ​ 90 ​ 875,093 ​ 499,504 ​ 1,374,597 Total equity ​ $ 39,460 ​ $ 309,128 ​ $ 110,719 ​ $ — ​ $ 409,280 ​ $ 868,587 ​ $ 480,722 ​ $ 1,349,309 (a) Net unrealized gain/(loss) on held investments primarily related to unrealized gains from SmartRent, which became a public company in 2021. For the year ended December 31, 2021, the Company recorded its share of the net unrealized gain/(loss) on held investments of $49.9 million, of which $48.9 million related to SmartRent, in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ ​ ​ Total ​ Capital Program ​ ​ ​ For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ ​ ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2020 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ RETV I ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,480 ​ $ 56,274 ​ $ 57,781 ​ $ 8,668 ​ $ 19 ​ $ 132,222 ​ $ 16,170 ​ $ 148,392 Property operating expenses ​ 4,978 ​ 21,951 ​ 22,870 ​ 4,477 ​ 2,382 ​ 56,658 ​ 5,850 ​ 62,508 Real estate depreciation and amortization ​ 5,980 ​ 18,912 ​ 35,454 ​ 3,338 ​ — ​ 63,684 ​ 3,495 ​ 67,179 Operating income/(loss) ​ (1,478) ​ 15,411 ​ (543) ​ 853 ​ (2,363) ​ 11,880 ​ 6,825 ​ 18,705 Interest expense ​ (3,075) ​ (15,386) ​ (17,457) ​ (1,344) ​ — ​ (37,262) ​ (3,121) ​ (40,383) Other income/(loss) ​ ​ — ​ 204 ​ — ​ 63 ​ — ​ 267 ​ 35 ​ 302 Net unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,151 ​ ​ 36,151 ​ ​ (10) ​ ​ 36,141 Net income/(loss) ​ $ (4,553) ​ $ 229 ​ $ (18,000) ​ $ (428) ​ $ 33,788 ​ $ 11,036 ​ $ 3,729 ​ $ 14,765 ​ ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 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 years ended December 31, 2022 and 2021. As of December 31, 2022 and 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 42.6 years and 43.2 years at December 31, 2022 and 2021, respectively, and the weighted average discount rate was 5.0% at both December 31, 2022 and 2021. Future minimum lease payments and total operating lease liabilities from our ground leases as of December 31, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2023 ​ $ 12,442 2024 ​ ​ 12,442 2025 ​ ​ 12,442 2026 ​ ​ 12,442 2027 ​ ​ 12,442 Thereafter ​ ​ 417,895 Total future minimum lease payments (undiscounted) ​ ​ 480,105 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (290,867) Total operating lease liabilities (discounted) ​ $ 189,238 ​ For purposes of recognizing our ground lease contracts, the Company uses the minimum lease payments, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on a change in an index or a rate (i.e., changes in fair market rental rates or changes in the consumer price index) but that does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. If there is a contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, which is resolved such that those payments now meet the definition of lease payments, the Company will remeasure the right-of-use asset and lease liability on the reset date. The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 12,991 ​ $ 12,924 ​ $ 12,821 Variable lease expense (a) ​ ​ 112 ​ ​ 78 ​ ​ 119 Total operating lease expense (b)(c) ​ $ 13,103 ​ $ 13,002 ​ $ 12,940 (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 year ended December 31, 2022, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.4 million and $3.3 million, respectively, for the year ended December 31, 2021, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.5 million and $3.1 million, respectively, and for the year ended December 31, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.3 million and $3.0 million, respectively. Due to the net impact of the amortization, the Company recorded $0.1 million, $0.3 million and $0.3 million of total operating lease expense during the years ended December 31, 2022, 2021 and 2020, respectively. ​ Lessor - Apartment Home, Retail and Commercial Space Leases ​ UDR’s communities and retail and commercial space are leased to tenants under operating leases. As of December 31, 2022, our apartment home leases generally have initial terms of 12 months or less. As of December 31, 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 16, Reportable Segments ​ Future minimum lease payments from our retail and commercial leases as of December 31, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2023 ​ $ 26,907 2024 ​ ​ 25,232 2025 ​ ​ 21,971 2026 ​ ​ 19,174 2027 ​ ​ 15,214 Thereafter ​ ​ 66,864 Total future minimum lease payments (a) ​ $ 175,362 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less. Certain of our leases with retail and commercial tenants provide for the payment by the lessee of additional variable rent based on a percentage of the tenant’s revenue. The amounts shown in the table above do not include these variable percentage rents. The Company recorded variable percentage rents of $0.8 million, $0.4 million and $0.2 million during the years ended December 31, 2022, 2021 and 2020, respectively.

SECURED AND UNSECURED DEBT, NET

SECURED AND UNSECURED DEBT, NET	12 Months Ended
	Dec. 31, 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 December 31, 2022 and 2021 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2022 2021 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 1,005,622 ​ $ 1,006,762 3.42 % 5.4 14 Deferred financing costs and other non-cash adjustments (b) ​ 19,712 ​ 23,678 Total fixed rate secured debt, net ​ 1,025,334 ​ 1,030,440 3.42 % 5.4 14 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 2.76 % 9.2 1 Deferred financing costs ​ (53) ​ (60) Total variable rate secured debt, net ​ 26,947 ​ 26,940 2.76 % 9.2 1 Total Secured Debt, net ​ 1,052,281 ​ 1,057,380 3.40 % 5.5 15 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2026 (d) (m) ​ — ​ — — % 3.1 Borrowings outstanding under unsecured commercial paper program due January 2023 (e) (m) ​ ​ 300,000 ​ ​ 220,000 ​ 4.70 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2024 ​ 28,015 ​ 29,546 5.18 % 1.0 Term Loan due January 2027 (d) (m) ​ 175,000 ​ 35,000 4.90 % 4.1 Fixed Rate Debt ​ ​ Term Loan due January 2027 (d) (m) ​ ​ 175,000 ​ 315,000 1.43 % 4.1 ​ ​ 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 1.7 2.95% Medium-Term Notes due September 2026 (g) (m) ​ 300,000 ​ 300,000 2.89 % 3.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $317 and $388, respectively) (h) (m) ​ ​ 299,683 ​ ​ 299,612 ​ 4.03 % 4.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $598 and $717, respectively) (m) ​ ​ 299,402 ​ ​ 299,283 ​ 3.50 % 5.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $4 and $4, respectively) (i) (m) ​ ​ 299,996 ​ ​ 299,996 ​ 4.27 % 6.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $9,667 and $11,040, respectively) (j) (m) ​ ​ 609,667 ​ ​ 611,040 ​ 3.32 % 7.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of premiums of $10,304 and $11,498, respectively) (k) (m) ​ ​ 610,304 ​ ​ 611,498 ​ 3.01 % 8.6 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $338 and $373, respectively) (m) ​ ​ 399,662 ​ ​ 399,627 ​ 2.10 % 9.6 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,230 and $1,351, respectively) (m) ​ ​ 348,770 ​ ​ 348,649 ​ 1.90 % 10.2 ​ ​ 2.10% Medium-Term Notes due June 2033 (net of discounts of $1,041 and $1,140, respectively) (m) ​ ​ 298,959 ​ ​ 298,860 ​ 2.10 % 10.5 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,045 and $1,133, respectively) (l) (m) ​ ​ 298,955 ​ ​ 298,867 ​ 3.13 % 11.8 ​ ​ Other ​ 5 ​ 7 Deferred financing costs ​ (24,040) ​ (27,222) Total Unsecured Debt, net ​ 4,435,022 ​ 4,355,407 3.17 % 6.8 Total Debt, net ​ $ 5,487,303 ​ $ 5,412,787 3.17 % 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 December 31, 2022, secured debt encumbered approximately 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) At December 31, 2022, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from July 2024 through February 2031 and carry interest rates ranging from 2.62% to 4.39%. During the year ended December 31, 2021, the Company assumed three fixed rate mortgage notes payable with an aggregate outstanding balance of $183.3 million and a fair value of $201.3 million in connection with the acquisition of three operating properties, which carry a weighted average interest rate of 3.93% . Real Estate Owned . ​ The Company did not incur any net extinguishment costs during years ended December 31, 2022 and 2021, and incurred $8.5 million of net extinguishment costs during the year ended December 31, 2020, which was included in Interest expense on the Consolidated Statements of Operations. ​ The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par value to interest expense over the term of the underlying debt instrument. (b) During the years ended December 31, 2022, 2021, and 2020, the Company had $4.5 million, $3.9 million, and $22.4 million, respectively, of amortization of the fair market adjustment of debt assumed in the acquisition of properties inclusive of its fixed rate mortgage notes payable and credit facilities, which was included in Interest expense ​ (c) The variable rate mortgage note payable secures a tax-exempt housing bond issue that matures in March 2032. Interest on this note is payable in monthly installments. As of December 31, 2022, the variable interest rate on the mortgage note was (d) The Company has a $1.3 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan (the “Term Loan”). The credit agreement for these facilities ( the “Credit Agreement”) allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan to be increased to an aggregate maximum amount of up to $2.5 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2026, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of January 31, 2027. In September 2022, the Company amended the Credit Agreement to change the interest rate benchmark from LIBOR to SOFR. 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 includes 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% . The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Credit Agreement also includes customary events of default, in certain cases subject to customary periods to cure. The occurrence of an event of default, following the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the Credit Agreement to be immediately due and payable. The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2022 and 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ 3,776 ​ 13,068 ​ Maximum daily borrowings during the period ended ​ 205,000 ​ 305,000 ​ Weighted average interest rate during the period ended ​ 3.9 % 0.9 % Interest rate at end of the period ​ — % — % (1) Excludes $2.6 million and $2.6 million of letters of credit at December 31, 2022 and 2021, respectively. (e) The Company has an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $700.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2022 and 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Total unsecured commercial paper program $ 700,000 ​ $ 700,000 ​ Borrowings outstanding at end of period ​ 300,000 ​ 220,000 ​ Weighted average daily borrowings during the period ended ​ 405,671 ​ 419,563 ​ Maximum daily borrowings during the period ended ​ 700,000 ​ 700,000 ​ Weighted average interest rate during the period ended ​ 2.3 % 0.2 % Interest rate at end of the period ​ 4.7 % 0.3 % ​ (f) The Company has a working capital credit facility, which provides for a $75.0 million unsecured revolving credit facility (the “Working Capital Credit Facility”) with a scheduled maturity date of January 12, 2024. In September 2022, the Company amended its Working Capital Credit Facility to change the interest rate benchmark from LIBOR to SOFR. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to SOFR plus a margin of 87.5 basis points. The margin noted for the current interest rate includes a 10 basis point adjustment related to the SOFR transition. Depending on the Company’s credit rating, the margin ranges from 70 to 140 basis points. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2022 and 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 28,015 ​ 29,546 ​ Weighted average daily borrowings during the period ended ​ 15,080 ​ 10,473 ​ Maximum daily borrowings during the period ended ​ 55,812 ​ 46,038 ​ Weighted average interest rate during the period ended ​ 3.0 % 0.9 % Interest rate at end of the period ​ 5.2 % 0.9 % ​ (g) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $100.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 2.89%. (h) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.03%. (i) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $150.0 million of the initial $300.0 million issued. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.27%. (j) The Company previously entered into forward starting interest rate swaps and treasury lock to hedge against the interest rate risk of this debt. The all-in weighted average interest rate, inclusive of the impact of the forward starting swaps and treasury locks, was 3.32% . (k) (l) . (m) The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2023 ​ $ 1,242 ​ $ — ​ $ 1,242 ​ $ 300,000 (a) $ 301,242 2024 ​ ​ 96,747 ​ ​ — ​ ​ 96,747 ​ ​ 43,659 ​ ​ 140,406 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 2032 ​ ​ ​ 27,000 ​ 27,000 ​ 400,000 ​ 427,000 Thereafter ​ — ​ — ​ — ​ 950,000 ​ 950,000 Subtotal ​ 1,005,622 ​ 27,000 ​ 1,032,622 ​ 4,443,659 ​ 5,476,281 Non-cash (b) ​ 19,712 ​ (53) ​ 19,659 ​ (8,637) ​ 11,022 Total ​ $ 1,025,334 ​ $ 26,947 ​ $ 1,052,281 ​ $ 4,435,022 ​ $ 5,487,303 (a) All unsecured debt due in 2023 is related to the Company’s commercial paper program. (b) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2022 and 2021, the Company amortized $3.8 million and $4.7 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2022.

INCOME_(LOSS) PER SHARE

INCOME/(LOSS) PER SHARE	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 92,579 ​ $ 160,993 ​ $ 68,970 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (5,613) ​ (10,873) ​ (4,543) Net (income)/loss attributable to noncontrolling interests ​ (42) ​ (104) ​ (161) Net income/(loss) attributable to UDR, Inc. ​ 86,924 ​ 150,016 ​ 64,266 Distributions to preferred stockholders — Series E (Convertible) ​ (4,412) ​ (4,229) ​ (4,230) Income/(loss) attributable to common stockholders - basic and diluted ​ $ 82,512 ​ $ 145,787 ​ $ 60,036 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ Weighted average common shares outstanding ​ 321,949 ​ 300,579 ​ 294,808 Non-vested restricted stock awards ​ (278) ​ (253) ​ (263) Denominator for basic income/(loss) per share ​ 321,671 ​ 300,326 ​ 294,545 Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements ​ 1,029 ​ 1,377 ​ 382 Denominator for diluted income/(loss) per share ​ 322,700 ​ 301,703 ​ 294,927 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ Basic ​ $ 0.26 ​ $ 0.49 ​ $ 0.20 Diluted ​ $ 0.26 ​ $ 0.48 ​ $ 0.20 ​ 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 years ended December 31, 2022, 2021, and 2020, the effect of the conversion of the OP Units, DownREIT Units and the Company’s Series E preferred stock was not dilutive and therefore not included in the above calculation. In July 2021, the Company entered into an ATM sales agreement under which the Company may offer and sell up to 20.0 million shares of its common stock, from time to time, to or through its sales agents and may enter into separate forward sales agreements to or through its forward purchasers. Upon entering into the ATM sales agreement, the Company simultaneously terminated the sales agreement for its prior at-the-market equity offering program, which was entered into in July 2017. During the year ended December 31, 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. As of December 31, 2022, we had 14.0 million shares of common stock available for future issuance under the ATM program. 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. ​ 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. ​ 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 sales 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 received by the Company upon settlement was determined on the applicable settlement dates 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 year ended December 31, 2022, the Company settled all 7.0 million shares under the forward sales agreements at a weighted average forward price per share of $57.07, 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 $399.5 million. ​ As described above, during the year ended December 31, 2022, the Company settled all 11.4 million shares in aggregate under previously announced forward sales agreements, including under the ATM program, for net proceeds of $630.4 million. Aggregate net proceeds from such forward sales, after deducting related expenses, were $629.6 million. ​ In March 2021, the Company entered into forward sales agreements to sell 7.0 million shares of its common stock at an initial forward price per share of $43.51. The actual forward price per share received by the Company upon settlement was determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the forward sales agreements. In September 2021, the Company settled all 7.0 million shares at a forward price per share of $42.65, which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of UDR common stock and commissions paid to sales agents of approximately $6.0 million, for net proceeds of $298.5 million. ​ In June 2021, the Company entered into forward sales agreements to sell 6.1 million shares of its common stock at an initial forward price per share of $49.22. The actual forward price per share received by the Company upon settlement was determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the forward sales agreement. In December 2021, the Company settled all 6.1 million shares at a forward price per share of $48.33, which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of UDR common stock and commissions paid to sales agents of approximately $5.4 million, for net proceeds of $294.8 million. ​ During the year ended December 31, 2022, the Company repurchased 1.2 million shares of its common stock at an average price of $41.14 per share for total consideration of approximately $49.0 million under its share repurchase program. During the year ended December 31, 2021, the Company did not repurchase any shares of its common stock. ​ The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the years ended December 31, 2022, 2021, and 2020 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 OP/DownREIT Units 21,478 22,418 22,310 Convertible preferred stock 2,916 2,918 2,950 Unvested LTIP Units and unvested restricted stock 1,029 1,377 382 ​

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2022
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	9. STOCKHOLDERS’ EQUITY UDR has an effective registration statement that allows the Company to sell an undetermined number of debt and equity securities as defined in the prospectus. The Company’s authorized capital was 450.0 million shares of common stock and 50.0 million shares of preferred stock as of December 31, 2022. The following table presents the changes in the Company’s issued and outstanding shares of common and preferred stock for the years ended December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ Preferred Stock ​ ​ Stock ​ Series E ​ Series F Balance at December 31, 2019 294,588 2,781 14,691 Issuance/(forfeiture) of common and restricted shares, net 104 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) ​ 2,121 ​ — ​ — Repurchase of common shares ​ (597) ​ — ​ — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 3 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership ​ 300 — — Conversion of Series E Cumulative Convertible shares ​ 93 ​ (86) ​ — Forfeiture of Series F shares ​ — — (250) Balance at December 31, 2020 296,612 2,695 14,441 Issuance/(forfeiture) of common and restricted shares, net 97 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) ​ 19,517 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 44 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,880 — — Forfeiture of Series F shares — — (1,858) Balance at December 31, 2021 318,150 2,695 12,583 Issuance/(forfeiture) of common and restricted shares, net 120 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) ​ 11,402 — — Repurchase of common shares ​ (1,192) ​ — ​ — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 4 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 499 — — Conversion of Series E Cumulative Convertible shares ​ 10 ​ (9) ​ — Forfeiture of Series F shares — — (482) Balance at December 31, 2022 328,993 2,686 12,101 ​ Common Stock In July 2021, the Company entered into an ATM sales agreement under which the Company may offer and sell up to 20.0 million shares of its common stock, from time to time, to or through its sales agents and may enter into separate forward sales agreements to or through its forward purchasers. Upon entering into the ATM sales agreement, the Company simultaneously terminated the sales agreement for its prior at-the-market equity offering program, which was entered into in July 2017. During the year ended December 31, 2022, the Company entered into the following equity transactions for our common stock: ● Settled 11.4 million shares in aggregate under forward sales agreements under the ATM program and previously announced forward sales agreements at a weighted average forward price per share of $55.29 , for net proceeds of approximately $630.4 million. Aggregate net proceeds from such forward sales, after deducting related expenses, were $629.6 million; ● Repurchased 1.2 million shares of common stock at a weighted average price per share of $41.14 , for total consideration of approximately $49.0 million. ● Issued 0.1 million shares, net of forfeitures, of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”); and ● Issued 0.5 million shares of common stock upon redemption of DownREIT Units, resulting in the forfeiture of 0.5 million Series F Preferred shares. Distributions are subject to the approval of the Board of Directors and are dependent upon our strategy, financial condition and operating results. UDR’s common distributions for the years ended December 31, 2022, 2021, and 2020 totaled $1.52, $1.45, and $1.44 per share, respectively. Preferred Stock The Series E Cumulative Convertible Preferred Stock (“Series E”) has no stated par value and a liquidation preference of $16.61 per share. Subject to certain adjustments and conditions, each share of the Series E is convertible at any time at the holder’s option into one share of our common stock prior to a “Special Dividend” declared in 2008 (1.083 shares after the Special Dividend). The holders of the Series E are entitled to vote on an as-converted basis as a single class in combination with the holders of common stock at any meeting of our stockholders for the election of directors or for any other purpose on which the holders of common stock are entitled to vote. The Series E has no stated maturity and is not subject to any sinking fund or any mandatory redemption. Distributions declared on the Series E for the years ended December 31, 2022, 2021, and 2020 were $1.65, $1.57, and $1.56 per share, respectively. The Series E is not listed on any exchange. At December 31, 2022 and 2021, a total of 2.7 million and 2.7 million, respectively, shares of the Series E were outstanding. UDR is authorized to issue up to 20.0 million shares of the Series F Preferred Stock (“Series F”). The Series F may be purchased by certain holders of OP Units and DownREIT Units, at a purchase price of $0.0001 per share. OP/DownREIT Unitholders are entitled to subscribe for and purchase one share of UDR’s Series F for each OP/DownREIT Unit held. During the years ended December 31, 2022 and 2021, 0.5 million and 1.9 million of the Series F shares were forfeited upon the conversion of OP Units and DownREIT Units into Company common stock, respectively. At December 31, 2022 and 2021, a total of 12.1 million and 12.6 million shares, respectively, of the Series F were outstanding with an aggregate purchase value of $1,210 and $1,258, respectively. Holders of the Series F are entitled to one vote for each share of the Series F they hold, voting together with the holders of our common stock, on each matter submitted to a vote of security holders at a meeting of our stockholders. The Series F does not entitle its holders to dividends or any other rights, privileges or preferences. Distribution Reinvestment and Stock Purchase Plan UDR’s Distribution Reinvestment and Stock Purchase Plan (the “Stock Purchase Plan”) allows common and preferred stockholders the opportunity to purchase, through the reinvestment of cash dividends and by making additional cash payments, additional shares of UDR’s common stock. From inception through December 31, 2008, shareholders have elected to utilize the Stock Purchase Plan to reinvest their distribution for the equivalent of 10.0 million shares of Company common stock. Shares in the amount of 11.0 million were reserved for issuance under the Stock Purchase Plan as of December 31, 2022. During the year ended December 31, 2022, UDR acquired all shares issued through the open market.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2022
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	In May 2022, the stockholders of UDR approved an amendment and restatement to the LTIP. The LTIP authorizes the granting of awards which may take the form of options to purchase shares of common stock, stock appreciation rights, restricted stock, dividend equivalents, partnership interests in the Operating Partnership designated as LTIP Units, performance partnership interests in the Operating Partnership designated as Performance Units, other stock-based awards, and any other right or interest relating to common stock or cash incentive awards to Company directors, employees and outside trustees to promote the success of the Company by linking individual’s compensation via grants of share based payment. LTIP Units and Performance Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes, meaning that initially they are not economically equivalent in value to a share of our common stock, but over time can increase in value to one-for-one parity with common stock by operation of special tax rules applicable to profits interests. Until and unless such parity is reached, the value that an executive will realize for a given number of vested LTIP Units or Performance Units is less than the value of an equal number of shares of our common stock. As of December 31, 2022, 35.0 million shares were reserved on an unadjusted basis for issuance upon the grant or exercise of awards under the LTIP. As of December 31, 2022, there were 14.4 million common shares available for issuance under the LTIP. The LTIP contains double trigger change of control provisions allowing for the vesting of an award when certain conditions are met upon qualifying events such as a merger where UDR is not the surviving entity. Upon the death or disability of an award recipient, all outstanding instruments will vest and all restrictions will lapse. The LTIP specifies that in the event of a capital transaction, which includes but is not limited to stock dividends, stock splits, extraordinary cash dividends and spin-offs, the number of shares available for grant in totality or to a single individual is to be adjusted proportionately. The LTIP specifies that when a capital transaction occurs that would dilute the holder of the stock award, prior grants are to be adjusted such that the recipient is no worse as a result of the capital transaction. A summary of UDR’s Performance Units, LTIP Units, restricted stock and option activities during the year ended December 31, 2022 is as follows ( shares in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested Performance Units Outstanding ​ Performance Units Exercisable ​ Unvested Stock Options Outstanding ​ Stock Options Exercisable ​ LTIP Units ​ Restricted Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Average Fair ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average Fair ​ ​ ​ Value Per ​ Number of ​ Exercise ​ Number of ​ Exercise ​ Number of ​ Exercise ​ Number of ​ Exercise ​ Number of ​ Value Per ​ Number ​ Restricted ​ Units ​ Price ​ Units ​ Price ​ Options ​ Price ​ Options ​ Price ​ LTIP Units ​ LTIP Unit ​ of shares ​ Stock Balance, December 31, 2021 2,962 ​ $ 42.30 — ​ $ — ​ — ​ $ — — ​ $ — 420 ​ $ 41.94 248 ​ $ 40.30 Granted 1,610 ​ 45.60 — ​ — ​ 1,225 ​ 45.91 — ​ — 397 ​ 55.29 187 ​ 51.93 Exercised — ​ — — ​ — ​ — ​ — — ​ — — ​ — — ​ — Vested (1,823) ​ 36.85 1,823 ​ 36.85 ​ — ​ — — ​ — (326) ​ 40.51 (142) ​ 40.02 Forfeited — ​ — — ​ — ​ — ​ — — ​ — — ​ — (20) ​ 45.38 Balance, December 31, 2022 2,749 ​ $ 44.66 1,823 ​ $ 36.85 ​ 1,225 ​ $ 45.91 — ​ $ - 491 ​ $ 53.69 273 ​ $ 48.77 ​ As of December 31, 2022, the Company had granted 6.7 million shares of restricted stock, 2.8 million LTIP Units, 4.6 million Performance Units, and 1.2 million stock options under the LTIP. Stock Option Plan UDR has granted stock options to our employees and Company directors. Subject to certain conditions, each stock option is exercisable into one share of UDR common stock. The total remaining compensation cost on unvested stock options was $5.1 million as of December 31, 2022. During the year ended December 31, 2022, no stock options were exercised. The weighted average remaining contractual life on all stock options outstanding as of December 31, 2022 is 4.7 years and such options have a weighted average exercise price of $45.91. During the year ended December 31, 2022, we recognized $0.7 million, of net compensation expense related to outstanding stock options. No compensation expense related to outstanding stock options was recognized during the years ended December 31, 2021 and 2020. Restricted Stock Awards Restricted stock awards are granted to Company employees, officers, and directors. The restricted stock awards are valued based upon the closing sales price of UDR common stock on the date of grant. Compensation expense is recorded under the straight-line method over the vesting period, which is generally three Performance Unit Awards UDR has granted Performance Units to our employees and Company directors, subject to certain conditions. Each Performance Unit is exercisable into one Operating Partnership common unit. The total remaining compensation cost on unvested Performance Units was $11.7 million as of December 31, 2022. During the year ended December 31, 2022, no Performance Units were exercised. The weighted average remaining contractual life on all Performance Units outstanding as of December 31, 2022 is 3.6 years and such Performance Units have a weighted average exercise price of $44.66. During the years ended December 31, 2022 and 2021, we recognized $5.2 million and $11.7 million, respectively, of net compensation expense related to outstanding Performance Units. No compensation expense was recognized during the year ended December 31, 2020. Short-Term Incentive Compensation Compensation - Stock Compensation Compensation - Stock Compensation . In January 2020, certain officers of the Company were awarded STI Unit grants under the 2020 Long-Term Incentive Program (“2020 LTI”). The STI Unit awards represent short-term incentive compensation for the officers and were valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant in accordance with ASC 718, Compensation - Stock Compensation . Long-Term Incentive Compensation In January 2022, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2022 LTI. For both restricted stock grants and LTIP Unit grants, thirty percent of the 2022 LTI award is based upon FFO as Adjusted over a one-year period and will vest fifty percent on the one-year anniversary and fifty percent on the two-year anniversary. Fifteen percent of the 2022 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2022 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby both will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $59.90 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $27.04 per unit on the grant date, inclusive of a 9.7% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $28.72 per unit on the grant date, inclusive of a 4.1% discount. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $66.83 per share for the comparable apartment REITs component and $68.02 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 33.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $31.95 per unit, inclusive of a 4.1% discount, for the comparable apartment REITs component and $32.85 per unit, inclusive of a 4.1% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 33.0%. In January 2021, certain officers of the Company were awarded either a restricted stock grant, an LTIP Unit grant, or an LTIP Performance Unit grant, or a combination of all three, under the 2021 LTI. For all three restricted stock grants, LTIP Unit grants and Performance Unit grants, thirty percent of the 2021 LTI award is based upon FFO as Adjusted over a one-year period and will vest fifty percent on the one-year anniversary and fifty percent on the two-year anniversary. Fifteen percent of the 2021 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2021 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby all three will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $36.85 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $16.69 per unit on the grant date, inclusive of a 9.4% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $17.71 per unit on the grant date, inclusive of a 3.9% discount. Because LTIP Performance Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Performance Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Performance Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $2.67 per unit on the grant date, inclusive of a 9.4% discount, a volatility factor of 27.0%, an expected life of 5.5 years, an annualized risk-free rate of 0.49%, and an annual dividend yield of 3.4%, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $2.85 per unit on the grant date, inclusive of a 3.9% discount, a volatility factor of 26.0%, an expected life of 6.5 years, an annualized risk-free rate of 0.57%, and an annual dividend yield of 3.4%. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $40.09 per share for the comparable apartment REITs component and $39.95 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 33.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $19.43 per unit, inclusive of a 3.9% discount, for the comparable apartment REITs component and $19.37 per unit, inclusive of a 3.9% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 33.0%. The portion of the LTIP Performance Unit grant based upon relative TSR was valued for compensation expense purposes at $3.59 per unit, inclusive of a 3.9% discount, for the comparable apartment REITs component and $3.70 per unit, inclusive of a 3.9% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 33.0%, an expected life of 6.5 years, an annualized risk-free rate of 0.16%, and an annual dividend yield of 3.5%. In January 2020, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2020 LTI. For both restricted stock grants and LTIP Unit grants, thirty percent of the 2020 LTI award is based upon FFO as Adjusted over a two-year period and will vest fifty percent on the two-year anniversary and fifty percent on the three-year anniversary. Fifteen percent of the 2020 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2020 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby both will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $46.12 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the two-year FFO as Adjusted was valued for compensation expense purposes at $21.24 per unit on the grant date, inclusive of a 7.9% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $22.23 per unit on the grant date, inclusive of a 3.6% discount. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $53.94 per share for the comparable apartment REITs component and $49.35 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 16.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $26.18 per unit, inclusive of a 3.6% discount, for the comparable apartment REITs component and $23.98 per unit, inclusive of a 3.6% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 16.0%. For the years ended December 31, 2022, 2021, and 2020, we recognized $9.0 million, $5.9 million and $10.2 million, respectively, of compensation expense, net of capitalization, related to the amortization of the awards. The total remaining compensation cost on unvested LTI awards was $7.3 million and had a weighted average remaining contractual life of 1.7 years as of December 31, 2022. Profit Sharing Plan Our profit sharing plan (the “Plan”) is a defined contribution plan covering all eligible full-time employees. Under the Plan, UDR makes discretionary profit sharing and matching contributions to the Plan as determined by the Compensation Committee of the Board of Directors. Aggregate provisions for contributions, both matching and discretionary, which are included in General and administrative

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
INCOME TAXES	11. INCOME TAXES For 2022, 2021, and 2020, UDR believes that we have complied with the REIT requirements specified in the Code. As such, the REIT would generally not be subject to federal income taxes. For income tax purposes, distributions paid to common stockholders may consist of ordinary income, qualified dividends, capital gains, unrecaptured section 1250 gains, return of capital, or a combination thereof. Distributions that exceed our current and accumulated earnings and profits constitute a return of capital rather than taxable income and reduce the stockholder’s basis in their common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholder’s basis in the common shares, it generally will be treated as a gain from the sale or exchange of that stockholder’s common shares. Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2022, 2021 and 2020 ( unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Ordinary income $ 1.3329 $ 0.9798 $ 1.0320 Qualified ordinary income ​ 0.0001 ​ 0.0405 ​ 0.0039 Long-term capital gain ​ 0.1521 ​ 0.3577 ​ 0.2974 Unrecaptured section 1250 gain ​ 0.0174 ​ 0.0695 ​ 0.0892 Total ​ $ 1.5025 ​ $ 1.4475 ​ $ 1.4225 ​ We have a TRS that is subject to federal and state income taxes. A TRS is a C-corporation which has not elected REIT status and as such is subject to United States federal and state income tax. The components of the provision for income taxes are as follows for the years ended December 31, 2022, 2021, and 2020 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Income tax (benefit)/provision ​ ​ ​ Current ​ ​ ​ Federal ​ $ — ​ $ 2,693 ​ $ (148) State ​ 440 ​ 1,236 ​ 1,374 Total current ​ 440 ​ 3,929 ​ 1,226 Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (27) ​ (1,770) ​ 894 State ​ (16) ​ (672) ​ 451 Investment tax credit ​ ​ (48) ​ ​ (48) ​ ​ (26) Total deferred ​ (91) ​ (2,490) ​ 1,319 Total income tax (benefit)/provision ​ $ 349 ​ $ 1,439 ​ $ 2,545 ​ Deferred income taxes are provided for the change in temporary differences between the basis of certain assets and liabilities for financial reporting purposes and income tax reporting purposes. The expected future tax rates are based upon enacted tax laws. The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2022, 2021, and 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Deferred tax assets: ​ ​ ​ Federal and state tax attributes ​ $ 157 ​ $ 60 ​ $ 6 Other ​ 64 ​ 102 ​ 147 Total deferred tax assets ​ 221 ​ 162 ​ 153 Valuation allowance ​ (33) ​ (32) ​ (23) Net deferred tax assets ​ 188 ​ 130 ​ 130 Deferred tax liabilities: ​ ​ ​ Book/tax depreciation and basis ​ ​ (876) ​ ​ (860) ​ ​ (638) Other investment ventures ​ ​ — ​ ​ — ​ ​ (2,665) Other ​ (67) ​ (68) ​ (67) Total deferred tax liabilities ​ (943) ​ (928) ​ (3,370) Net deferred tax assets/(liabilities) ​ $ (755) ​ $ (798) ​ $ (3,240) ​ Income tax provision/(benefit), net from our TRS differed from the amounts computed by applying the U.S. statutory rate of 21% to pretax income/(loss) for the years ended December 31, 2022, 2020, and 2019 as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Income tax provision/(benefit) ​ ​ ​ U.S. federal income tax provision/(benefit) ​ $ (109) ​ $ 1,058 ​ $ 1,240 State income tax provision ​ 914 ​ 664 ​ 1,434 Other items ​ (409) ​ (246) ​ (165) Solar credit amortization ​ ​ (48) ​ ​ (48) ​ ​ (26) ITC basis adjustment ​ — ​ 2 ​ 58 Valuation allowance ​ 1 ​ 9 ​ 4 Total income tax provision/(benefit) ​ $ 349 ​ $ 1,439 ​ $ 2,545 ​ As of December 31, 2022, the Company had federal net operating loss carryovers (“NOL”) of $24.6 million expiring in 2032 through 2035 and state NOLs of $65.4 million expiring in 2022 through 2032. A portion of these attributes are still available to the subsidiary REITs, but are carried at a zero effective tax rate. The Company’s Tax benefit/(provision), net The Company evaluates our tax position using a two-step process. First, we determine whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company will then determine the amount of benefit to recognize and record the amount of the benefit that is more likely than not to be realized upon ultimate settlement. As of December 31, 2022 and 2021, UDR has no material unrecognized income tax benefits/(provisions), net. The Company files income tax returns in federal and various state and local jurisdictions. The tax years 2019 through 2021 remain open to examination by the major taxing jurisdictions to which the Company is subject .

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2022
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income attributable to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the years ended December 31, 2022 and 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at beginning of year $ 1,299,442 $ 856,294 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (444,293) ​ 502,768 OP Units issued for real estate, net ​ — ​ 48,533 Conversion of OP Units/DownREIT Units to Common Stock or Cash ​ (44,346) ​ (99,932) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 5,613 ​ 10,873 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (34,020) ​ (34,044) Redeemable Long-Term and Short-Term Incentive Plan Units ​ ​ 56,568 ​ ​ 14,576 Allocation of other comprehensive income/(loss) ​ 886 ​ 374 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year ​ $ 839,850 ​ $ 1,299,442 ​ 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	12 Months Ended
	Dec. 31, 2022
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	13. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: ● Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. ● Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2022 and 2021 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 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 ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2022 (a) ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 54,707 ​ $ 55,514 ​ $ — ​ $ — ​ $ 55,514 Equity securities (c) ​ ​ 9,707 ​ ​ 9,707 ​ ​ 9,707 ​ ​ — ​ ​ — Derivatives - Interest rate contracts (d) ​ 15,270 ​ 15,270 ​ — ​ 15,270 ​ — Total assets ​ $ 79,684 ​ $ 80,491 ​ $ 9,707 ​ $ 15,270 ​ $ 55,514 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured debt instruments - fixed rate: (e) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 1,028,169 ​ $ 909,041 ​ $ — ​ $ — ​ $ 909,041 Secured debt instruments - variable rate: (e) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (e) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 28,015 ​ ​ 28,015 ​ ​ — ​ ​ — ​ ​ 28,015 Commercial paper program ​ ​ 300,000 ​ ​ 300,000 ​ ​ — ​ ​ — ​ ​ 300,000 Unsecured notes ​ ​ 4,131,047 ​ ​ 3,448,632 ​ ​ — ​ ​ — ​ ​ 3,448,632 Total liabilities ​ $ 5,514,231 ​ $ 4,712,688 ​ $ — ​ $ — ​ $ 4,712,688 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) ​ $ 839,850 ​ $ 839,850 ​ $ — ​ $ 839,850 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 December 31, 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 year ended December 31, 2022, the Company increased its direct investment in SmartRent due to stock distributions from its unconsolidated real estate technology investments. (d) See Note 14, Derivatives and Hedging Activity . (e) See Note 7, Secured and Unsecured Debt, Net . (f) See Note 12, 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 year ended December 31, 2022 and 2021. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate swaps and caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2022 and 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 December 31, 2022, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaids, real estate taxes payable, accrued interest payable, security deposits and prepaid rent, distributions payable and accounts payable approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments, which includes notes receivable and debt instruments, are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITY	12 Months Ended
	Dec. 31, 2022
DERIVATIVES AND HEDGING ACTIVITY
DERIVATIVES AND HEDGING ACTIVITY	14. DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in Accumulated other comprehensive income/(loss), net Amounts reported in Accumulated other comprehensive income/(loss), net Interest expense As of December 31, 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 December 31, 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 December 31, 2022 and 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 15,270 ​ $ 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 years ended December 31, 2022, 2021, and 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ ​ ​ Gain/(Loss) Reclassified ​ Interest expense ​ ​ Unrealized holding gain/(loss) ​ from Accumulated OCI into ​ (Amount Excluded from ​ ​ Recognized in OCI ​ Interest expense ​ Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2022 2021 2020 2022 2021 2020 2022 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ 14,489 ​ $ 3,502 ​ $ (3,382) ​ $ 998 ​ $ (1,755) ​ $ (4,827) ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ 2020 Total amount of Interest expense ​ $ 155,900 ​ $ 186,267 ​ $ 202,706 ​ Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement. Tabular Disclosure of Offsetting Derivatives The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2022 and 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 December 31, 2022 ​ $ 15,270 ​ $ — ​ $ 15,270 ​ $ — ​ $ — ​ $ 15,270 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 December 31, 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	12 Months Ended
	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	​ 15. COMMITMENTS AND CONTINGENCIES Commitments The following summarizes the Company’s commitments at December 31, 2022 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Real estate commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholly-owned — under development 3 ​ $ 190,105 ​ $ 142,395 Wholly-owned — redevelopment (b) 6 ​ ​ 24,157 ​ ​ 57,843 Unconsolidated joint ventures and partnerships: ​ ​ Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I (c) ​ - ​ ​ 16,601 ​ ​ 4,320 ​ RETV II ​ - ​ ​ 11,670 ​ ​ 6,300 ​ RETV III (d) ​ - ​ ​ — ​ ​ 15,000 ​ RET Strategic Fund ​ - ​ ​ 8,078 ​ ​ 17,500 ​ Climate Technology Funds (e) ​ - ​ ​ 5,741 ​ ​ 4,079 ​ RET ESG Fund (f) ​ - ​ ​ 2,898 ​ ​ 7,000 ​ Total ​ $ 259,250 ​ $ 254,437 (a) Represents UDR’s investment as of December 31, 2022. (b) Projects consist of unit additions or unit renovations and renovation of related common area amenities. (c) Includes the impact of unrealized losses for the year ended December 31, 2022, which primarily relate to a decrease in SmartRent’s public share price. (See Note 5, Joint Ventures and Partnerships) . (d) In November 2022, the Company committed to invest $15.0 million in a real estate technology investment. As December 31, 2022, no funding to the limited partnership had occurred. As of December 31, 2022, the investment is recorded in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets. (e) In March 2022, the Company committed to invest $10.0 million in climate technology funds and funded $5.7 million. As of December 31, 2022, the investment is recorded in Other Assets on the Consolidated Balance Sheets. (f) In April 2022, the Company committed to invest $10.0 million in an ESG technology fund and funded $2.9 million. As of December 31, 2022, the investment is recorded in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets. ​ Contingencies Litigation and Legal Matters The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flows.

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	12 Months Ended
	Dec. 31, 2022
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	16. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s Chief Operating Decision Maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% 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 January 1, 2021 and held as of December 31, 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 year, there is no plan to conduct substantial redevelopment activities, and the community is not classified as held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. ● Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community Non-Mature Community/Other All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the years ended December 31, 2022, 2021, and 2020. ​ The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue ​ Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 842, Leases ​ Lease revenue also includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. These services represent non-lease components in a contract as the Company transfers a service to the lessee other than the right to use the underlying asset. The Company has elected the practical expedient under the leasing standard to not separate lease and non-lease components from its resident and retail lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease. ​ Other Revenue ​ Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. ​ Joint venture management and other fees ​ The Joint venture management and other fees Joint venture management and other fees ​ The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2022, 2021, and 2020, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 459,179 ​ $ 417,450 ​ $ 414,705 Mid-Atlantic Region ​ 271,034 ​ 253,877 ​ 246,101 Northeast Region ​ ​ 266,951 ​ ​ 237,295 ​ ​ 235,343 Southeast Region ​ 189,465 ​ 162,178 ​ 143,171 Southwest Region ​ 109,034 ​ 97,213 ​ 93,557 Non-Mature Communities/Other ​ 169,173 ​ 77,874 ​ 65,414 Total segment and consolidated lease revenue ​ $ 1,464,836 ​ $ 1,245,887 ​ $ 1,198,291 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 12,360 ​ $ 10,731 ​ $ 12,433 Mid-Atlantic Region ​ 10,807 ​ 8,941 ​ 7,210 Northeast Region ​ 6,082 ​ 5,180 ​ 6,106 Southeast Region ​ 7,907 ​ 7,124 ​ 6,037 Southwest Region ​ 4,184 ​ 3,932 ​ 3,599 Non-Mature Communities/Other ​ 6,188 ​ 2,870 ​ 2,420 Total segment and consolidated other revenue ​ $ 47,528 ​ $ 38,778 ​ $ 37,805 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 471,539 ​ $ 428,181 ​ $ 427,138 Mid-Atlantic Region ​ 281,841 ​ 262,818 ​ 253,311 Northeast Region ​ 273,033 ​ 242,475 ​ 241,449 Southeast Region ​ 197,372 ​ 169,302 ​ 149,208 Southwest Region ​ 113,218 ​ 101,145 ​ 97,156 Non-Mature Communities/Other ​ 175,361 ​ 80,744 ​ 67,834 Total segment and consolidated rental income ​ $ 1,512,364 ​ $ 1,284,665 ​ $ 1,236,096 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 352,675 ​ $ 314,791 ​ $ 316,334 Mid-Atlantic Region ​ 194,926 ​ 180,693 ​ 177,206 Northeast Region ​ 178,156 ​ 149,930 ​ 153,883 Southeast Region ​ 135,313 ​ 112,960 ​ 99,856 Southwest Region ​ 71,783 ​ 63,321 ​ 59,281 Non-Mature Communities/Other ​ 107,539 ​ 45,430 ​ 47,142 Total segment and consolidated NOI ​ 1,040,392 ​ 867,125 ​ 853,702 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 5,022 ​ 6,102 ​ 5,069 Property management ​ (49,152) ​ (38,540) ​ (35,538) Other operating expenses ​ (17,493) ​ (21,649) ​ (22,762) Real estate depreciation and amortization ​ (665,228) ​ (606,648) ​ (608,616) General and administrative ​ (64,144) ​ (57,541) ​ (49,885) Casualty-related (charges)/recoveries, net ​ (9,733) ​ (3,748) ​ (2,131) Other depreciation and amortization ​ (14,344) ​ (13,185) ​ (10,013) Gain/(loss) on sale of real estate owned ​ ​ 25,494 ​ ​ 136,052 ​ ​ 119,277 Income/(loss) from unconsolidated entities ​ 4,947 ​ 65,646 ​ 18,844 Interest expense ​ (155,900) ​ (186,267) ​ (202,706) Interest income and other income/(expense), net ​ (6,933) ​ 15,085 ​ 6,274 Tax (provision)/benefit, net ​ (349) ​ (1,439) ​ (2,545) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (5,613) ​ (10,873) ​ (4,543) Net (income)/loss attributable to noncontrolling interests ​ (42) ​ (104) ​ (161) Net income/(loss) attributable to UDR, Inc. ​ $ 86,924 ​ $ 150,016 ​ $ 64,266 (a) Same-Store Community population consisted of 47,360 apartment homes. ​ The following table details the assets of UDR’s reportable segments as of December 31, 2022 and 2021 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 4,330,820 ​ $ 4,264,381 Mid-Atlantic Region ​ 2,882,898 ​ 2,856,143 Northeast Region ​ 3,368,586 ​ 3,338,497 Southeast Region ​ 1,232,858 ​ 1,208,183 Southwest Region ​ 928,638 ​ 900,931 Non-Mature Communities/Other ​ 2,826,272 ​ 2,172,668 Total segment assets ​ 15,570,072 ​ 14,740,803 Accumulated depreciation ​ (5,762,501) ​ (5,137,096) Total segment assets — net book value ​ 9,807,571 ​ 9,603,707 Reconciling items: ​ ​ Cash and cash equivalents ​ 1,193 ​ 967 Restricted cash ​ 29,001 ​ 27,451 Notes receivable, net ​ 54,707 ​ 26,860 Investment in and advances to unconsolidated joint ventures, net ​ 754,446 ​ 702,461 Operating lease right-of-use assets ​ ​ 194,081 ​ ​ 197,463 Other assets ​ 197,471 ​ 216,311 Total consolidated assets ​ $ 11,038,470 ​ $ 10,775,220 (a) Same-Store Community population consisted of 47,360 apartment homes. Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C., Baltimore and Richmond iii. Northeast Region — Boston, New York and Philadelphia iv. Southeast Region — Tampa, Orlando, Nashville and Other Florida v. Southwest Region — Dallas, Austin and Denver

SCHEDULE III - REAL ESTATE OWNE

SCHEDULE III - REAL ESTATE OWNED	12 Months Ended
	Dec. 31, 2022
Schedule III - Real Estate Owned
Schedule III - Real Estate Owned	UDR, INC. SCHEDULE III — REAL ESTATE OWNED DECEMBER 31, 2022 (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired WEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Harbor at Mesa Verde ​ $ — ​ $ 20,476 ​ $ 28,538 ​ $ 49,014 ​ $ 26,231 ​ $ 22,654 ​ $ 52,591 ​ $ 75,245 ​ $ 42,182 ​ 1965/2003 ​ Jun-03 27 Seventy Five Mesa Verde ​ ​ — ​ ​ 99,329 ​ ​ 110,644 ​ ​ 209,973 ​ ​ 110,936 ​ ​ 117,060 ​ ​ 203,849 ​ ​ 320,909 ​ ​ 167,309 ​ 1979/2013 ​ Oct-04 Huntington Vista ​ ​ — ​ ​ 8,055 ​ ​ 22,486 ​ ​ 30,541 ​ ​ 16,824 ​ ​ 9,519 ​ ​ 37,846 ​ ​ 47,365 ​ ​ 29,670 ​ 1970 ​ Jun-03 Missions at Back Bay ​ ​ — ​ ​ 229 ​ ​ 14,129 ​ ​ 14,358 ​ ​ 4,756 ​ ​ 11,141 ​ ​ 7,973 ​ ​ 19,114 ​ ​ 6,524 ​ 1969 ​ Dec-03 Eight 80 Newport Beach - North ​ ​ — ​ ​ 62,516 ​ ​ 46,082 ​ ​ 108,598 ​ ​ 53,501 ​ ​ 69,464 ​ ​ 92,635 ​ ​ 162,099 ​ ​ 72,382 ​ 1968/2000/2016 ​ Oct-04 Eight 80 Newport Beach - South ​ ​ — ​ ​ 58,785 ​ ​ 50,067 ​ ​ 108,852 ​ ​ 49,901 ​ ​ 61,042 ​ ​ 97,711 ​ ​ 158,753 ​ ​ 66,872 ​ 1968/2000/2016 ​ Mar-05 Beach & Ocean ​ ​ — ​ ​ 12,878 ​ ​ — ​ ​ 12,878 ​ ​ 40,711 ​ ​ 13,391 ​ ​ 40,198 ​ ​ 53,589 ​ ​ 19,638 ​ 2014 ​ Aug-11 The Residences at Bella Terra ​ ​ — ​ ​ 25,000 ​ ​ — ​ ​ 25,000 ​ ​ 131,109 ​ ​ 25,854 ​ ​ 130,255 ​ ​ 156,109 ​ ​ 72,928 ​ 2013 ​ Oct-11 Los Alisos at Mission Viejo ​ ​ — ​ ​ 17,298 ​ ​ — ​ ​ 17,298 ​ ​ 72,370 ​ ​ 16,797 ​ ​ 72,871 ​ ​ 89,668 ​ ​ 39,174 ​ 2014 ​ Jun-04 The Residences at Pacific City ​ ​ — ​ ​ 78,085 ​ ​ — ​ ​ 78,085 ​ ​ 279,094 ​ ​ 78,481 ​ ​ 278,698 ​ ​ 357,179 ​ ​ 90,862 ​ 2018 ​ Jan-14 ORANGE COUNTY, CA ​ — ​ 382,651 ​ 271,946 ​ 654,597 ​ 785,433 ​ 425,403 ​ 1,014,627 ​ 1,440,030 ​ 607,541 ​ ​ ​ ​ 2000 Post Street ​ ​ — ​ ​ 9,861 ​ ​ 44,578 ​ ​ 54,439 ​ ​ 45,591 ​ ​ 14,623 ​ ​ 85,407 ​ ​ 100,030 ​ ​ 52,577 ​ 1987/2016 ​ Dec-98 Birch Creek ​ ​ — ​ ​ 4,365 ​ ​ 16,696 ​ ​ 21,061 ​ ​ 11,502 ​ ​ 1,481 ​ ​ 31,082 ​ ​ 32,563 ​ ​ 20,938 ​ 1968 ​ Dec-98 Highlands Of Marin ​ ​ — ​ ​ 5,996 ​ ​ 24,868 ​ ​ 30,864 ​ ​ 30,277 ​ ​ 8,231 ​ ​ 52,910 ​ ​ 61,141 ​ ​ 42,172 ​ 1991/2010 ​ Dec-98 Marina Playa ​ ​ — ​ ​ 6,224 ​ ​ 23,916 ​ ​ 30,140 ​ ​ 15,627 ​ ​ 1,532 ​ ​ 44,235 ​ ​ 45,767 ​ ​ 28,953 ​ 1971 ​ Dec-98 River Terrace ​ ​ — ​ ​ 22,161 ​ ​ 40,137 ​ ​ 62,298 ​ ​ 10,515 ​ ​ 23,025 ​ ​ 49,788 ​ ​ 72,813 ​ ​ 37,683 ​ 2005 ​ Aug-05 CitySouth ​ ​ — ​ ​ 14,031 ​ ​ 30,537 ​ ​ 44,568 ​ ​ 41,554 ​ ​ 16,811 ​ ​ 69,311 ​ ​ 86,122 ​ ​ 56,314 ​ 1972/2012 ​ Nov-05 Bay Terrace ​ ​ — ​ ​ 8,545 ​ ​ 14,458 ​ ​ 23,003 ​ ​ 8,867 ​ ​ 11,693 ​ ​ 20,177 ​ ​ 31,870 ​ ​ 14,418 ​ 1962 ​ Oct-05 Highlands of Marin Phase II ​ ​ — ​ ​ 5,353 ​ ​ 18,559 ​ ​ 23,912 ​ ​ 11,685 ​ ​ 5,782 ​ ​ 29,815 ​ ​ 35,597 ​ ​ 22,422 ​ 1968/2010 ​ Oct-07 Edgewater ​ ​ — ​ ​ 30,657 ​ ​ 83,872 ​ ​ 114,529 ​ ​ 13,847 ​ ​ 30,833 ​ ​ 97,543 ​ ​ 128,376 ​ ​ 67,597 ​ 2007 ​ Mar-08 Almaden Lake Village ​ ​ 27,000 ​ ​ 594 ​ ​ 42,515 ​ ​ 43,109 ​ ​ 12,506 ​ ​ 1,064 ​ ​ 54,551 ​ ​ 55,615 ​ ​ 37,382 ​ 1999 ​ Jul-08 388 Beale ​ ​ — ​ ​ 14,253 ​ ​ 74,104 ​ ​ 88,357 ​ ​ 22,388 ​ ​ 14,693 ​ ​ 96,052 ​ ​ 110,745 ​ ​ 55,485 ​ 1999 ​ Apr-11 Channel Mission Bay ​ ​ — ​ ​ 23,625 ​ ​ — ​ ​ 23,625 ​ ​ 133,685 ​ ​ 24,420 ​ ​ 132,890 ​ ​ 157,310 ​ ​ 71,366 ​ 2014 ​ Sep-10 5421 at Dublin Station ​ ​ ​ ​ ​ 8,922 ​ ​ — ​ ​ 8,922 ​ ​ 115,674 ​ ​ 8,922 ​ ​ 115,674 ​ ​ 124,596 ​ ​ 1,690 ​ 2022 ​ Sep-16 1532 Harrison ​ ​ ​ ​ ​ 19,938 ​ ​ 65,816 ​ ​ 85,754 ​ ​ — ​ ​ 19,938 ​ ​ 65,816 ​ ​ 85,754 ​ ​ 1,314 ​ 2021 ​ Sep-22 SAN FRANCISCO, CA ​ 27,000 ​ 174,525 ​ 480,056 ​ 654,581 ​ 473,718 ​ 183,048 ​ 945,251 ​ 1,128,299 ​ 510,311 ​ ​ ​ ​ Crowne Pointe ​ ​ — ​ ​ 2,486 ​ ​ 6,437 ​ ​ 8,923 ​ ​ 11,118 ​ ​ 3,280 ​ ​ 16,761 ​ ​ 20,041 ​ ​ 13,234 ​ 1987 ​ Dec-98 Hilltop ​ ​ — ​ ​ 2,174 ​ ​ 7,408 ​ ​ 9,582 ​ ​ 7,596 ​ ​ 3,129 ​ ​ 14,049 ​ ​ 17,178 ​ ​ 11,070 ​ 1985 ​ Dec-98 The Hawthorne ​ ​ — ​ ​ 6,474 ​ ​ 30,226 ​ ​ 36,700 ​ ​ 10,909 ​ ​ 7,234 ​ ​ 40,375 ​ ​ 47,609 ​ ​ 30,940 ​ 2003 ​ Jul-05 The Kennedy ​ ​ — ​ ​ 6,179 ​ ​ 22,307 ​ ​ 28,486 ​ ​ 6,048 ​ ​ 6,371 ​ ​ 28,163 ​ ​ 34,534 ​ ​ 19,972 ​ 2005 ​ Nov-05 Hearthstone at Merrill Creek ​ ​ — ​ ​ 6,848 ​ ​ 30,922 ​ ​ 37,770 ​ ​ 10,838 ​ ​ 7,349 ​ ​ 41,259 ​ ​ 48,608 ​ ​ 27,789 ​ 2000 ​ May-08 Island Square ​ ​ — ​ ​ 21,284 ​ ​ 89,389 ​ ​ 110,673 ​ ​ 9,605 ​ ​ 21,745 ​ ​ 98,533 ​ ​ 120,278 ​ ​ 67,055 ​ 2007 ​ Jul-08 elements too ​ ​ — ​ ​ 27,468 ​ ​ 72,036 ​ ​ 99,504 ​ ​ 23,278 ​ ​ 30,362 ​ ​ 92,420 ​ ​ 122,782 ​ ​ 74,433 ​ 2010 ​ Feb-10 989elements ​ ​ — ​ ​ 8,541 ​ ​ 45,990 ​ ​ 54,531 ​ ​ 7,629 ​ ​ 8,703 ​ ​ 53,457 ​ ​ 62,160 ​ ​ 33,755 ​ 2006 ​ Dec-09 Lightbox ​ ​ — ​ ​ 6,449 ​ ​ 38,884 ​ ​ 45,333 ​ ​ 1,620 ​ ​ 6,488 ​ ​ 40,465 ​ ​ 46,953 ​ ​ 20,508 ​ 2014 ​ Aug-14 Ashton Bellevue ​ ​ — ​ ​ 8,287 ​ ​ 124,939 ​ ​ 133,226 ​ ​ 5,075 ​ ​ 8,384 ​ ​ 129,917 ​ ​ 138,301 ​ ​ 43,738 ​ 2009 ​ Oct-16 TEN20 ​ ​ — ​ ​ 5,247 ​ ​ 76,587 ​ ​ 81,834 ​ ​ 5,793 ​ ​ 5,308 ​ ​ 82,319 ​ ​ 87,627 ​ ​ 27,893 ​ 2009 ​ Oct-16 Milehouse ​ ​ — ​ ​ 5,976 ​ ​ 63,041 ​ ​ 69,017 ​ ​ 1,507 ​ ​ 6,043 ​ ​ 64,481 ​ ​ 70,524 ​ ​ 24,707 ​ 2016 ​ Nov-16 CityLine ​ ​ — ​ ​ 11,220 ​ ​ 85,787 ​ ​ 97,007 ​ ​ 759 ​ ​ 11,229 ​ ​ 86,537 ​ ​ 97,766 ​ ​ 32,194 ​ 2016 ​ Jan-17 CityLine II ​ ​ — ​ ​ 3,723 ​ ​ 56,843 ​ ​ 60,566 ​ ​ 545 ​ ​ 3,723 ​ ​ 57,388 ​ ​ 61,111 ​ ​ 16,339 ​ 2018 ​ Jan-19 Brio ​ ​ — ​ ​ 21,780 ​ ​ 147,188 ​ ​ 168,968 ​ ​ 1,949 ​ ​ 21,800 ​ ​ 149,117 ​ ​ 170,917 ​ ​ 13,232 ​ 2020 ​ Jul-21 SEATTLE, WA ​ — ​ 144,136 ​ 897,984 ​ 1,042,120 ​ 104,269 ​ 151,148 ​ 995,241 ​ 1,146,389 ​ 456,859 ​ ​ ​ ​ Rosebeach ​ ​ — ​ ​ 8,414 ​ ​ 17,449 ​ ​ 25,863 ​ ​ 8,102 ​ ​ 9,019 ​ ​ 24,946 ​ ​ 33,965 ​ ​ 19,586 ​ 1970 ​ Sep-04 Tierra Del Rey ​ ​ — ​ ​ 39,586 ​ ​ 36,679 ​ ​ 76,265 ​ ​ 10,714 ​ ​ 40,081 ​ ​ 46,898 ​ ​ 86,979 ​ ​ 32,631 ​ 1998 ​ Dec-07 The Westerly ​ ​ — ​ ​ 48,182 ​ ​ 102,364 ​ ​ 150,546 ​ ​ 47,632 ​ ​ 51,152 ​ ​ 147,026 ​ ​ 198,178 ​ ​ 101,385 ​ 1993/2013 ​ Sep-10 Jefferson at Marina del Rey ​ ​ — ​ ​ 55,651 ​ ​ — ​ ​ 55,651 ​ ​ 97,657 ​ ​ 61,727 ​ ​ 91,581 ​ ​ 153,308 ​ ​ 67,756 ​ 2008 ​ Sep-07 LOS ANGELES, CA ​ — ​ 151,833 ​ 156,492 ​ 308,325 ​ 164,105 ​ 161,979 ​ 310,451 ​ 472,430 ​ 221,358 ​ ​ ​ ​ Boronda Manor ​ ​ — ​ ​ 1,946 ​ ​ 8,982 ​ ​ 10,928 ​ ​ 12,816 ​ ​ 3,467 ​ ​ 20,277 ​ ​ 23,744 ​ ​ 13,932 ​ 1979 ​ Dec-98 Garden Court ​ ​ — ​ ​ 888 ​ ​ 4,188 ​ ​ 5,076 ​ ​ 7,396 ​ ​ 1,684 ​ ​ 10,788 ​ ​ 12,472 ​ ​ 7,535 ​ 1973 ​ Dec-98 Cambridge Court ​ ​ — ​ ​ 3,039 ​ ​ 12,883 ​ ​ 15,922 ​ ​ 20,028 ​ ​ 5,857 ​ ​ 30,093 ​ ​ 35,950 ​ ​ 21,818 ​ 1974 ​ Dec-98 Laurel Tree ​ ​ — ​ ​ 1,304 ​ ​ 5,115 ​ ​ 6,419 ​ ​ 8,405 ​ ​ 2,475 ​ ​ 12,349 ​ ​ 14,824 ​ ​ 8,981 ​ 1977 ​ Dec-98 The Pointe At Harden Ranch ​ ​ — ​ ​ 6,388 ​ ​ 23,854 ​ ​ 30,242 ​ ​ 35,869 ​ ​ 10,487 ​ ​ 55,624 ​ ​ 66,111 ​ ​ 39,229 ​ 1986 ​ Dec-98 The Pointe At Northridge ​ ​ — ​ ​ 2,044 ​ ​ 8,028 ​ ​ 10,072 ​ ​ 13,463 ​ ​ 3,700 ​ ​ 19,835 ​ ​ 23,535 ​ ​ 14,098 ​ 1979 ​ Dec-98 The Pointe At Westlake ​ ​ — ​ ​ 1,329 ​ ​ 5,334 ​ ​ 6,663 ​ ​ 9,000 ​ ​ 2,398 ​ ​ 13,265 ​ ​ 15,663 ​ ​ 9,111 ​ 1975 ​ Dec-98 MONTEREY PENINSULA, CA ​ — ​ 16,938 ​ 68,384 ​ 85,322 ​ 106,977 ​ 30,068 ​ 162,231 ​ 192,299 ​ 114,704 ​ ​ ​ ​ Verano at Rancho Cucamonga Town Square ​ ​ — ​ ​ 13,557 ​ ​ 3,645 ​ ​ 17,202 ​ ​ 63,847 ​ ​ 24,630 ​ ​ 56,419 ​ ​ 81,049 ​ ​ 49,104 ​ 2006 ​ Oct-02 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired Windemere at Sycamore Highland ​ ​ — ​ ​ 5,810 ​ ​ 23,450 ​ ​ 29,260 ​ ​ 10,138 ​ ​ 6,408 ​ ​ 32,990 ​ ​ 39,398 ​ ​ 24,710 ​ 2001 ​ Nov-02 Strata ​ ​ — ​ ​ 14,278 ​ ​ 84,242 ​ ​ 98,520 ​ ​ 2,126 ​ ​ 14,340 ​ ​ 86,306 ​ ​ 100,646 ​ ​ 15,180 ​ 2010 ​ Nov-19 OTHER SOUTHERN CA ​ — ​ 33,645 ​ 111,337 ​ 144,982 ​ 76,111 ​ 45,378 ​ 175,715 ​ 221,093 ​ 88,994 ​ ​ ​ ​ Tualatin Heights ​ ​ — ​ ​ 3,273 ​ ​ 9,134 ​ ​ 12,407 ​ ​ 11,320 ​ ​ 4,468 ​ ​ 19,259 ​ ​ 23,727 ​ ​ 15,061 ​ 1989 ​ Dec-98 Hunt Club ​ ​ — ​ ​ 6,014 ​ ​ 14,870 ​ ​ 20,884 ​ ​ 9,867 ​ ​ 6,659 ​ ​ 24,092 ​ ​ 30,751 ​ ​ 19,727 ​ 1985 ​ Sep-04 The Arbory ​ ​ — ​ ​ 4,366 ​ ​ 63,457 ​ ​ 67,823 ​ ​ 555 ​ ​ 4,384 ​ ​ 63,994 ​ ​ 68,378 ​ ​ 12,752 ​ 2018 ​ Jan-20 PORTLAND, OR ​ — ​ 13,653 ​ 87,461 ​ 101,114 ​ 21,742 ​ 15,511 ​ 107,345 ​ 122,856 ​ 47,540 ​ ​ ​ ​ TOTAL WEST REGION ​ 27,000 ​ 917,381 ​ 2,073,660 ​ 2,991,041 ​ 1,732,355 ​ 1,012,535 ​ 3,710,861 ​ 4,723,396 ​ 2,047,307 ​ ​ ​ ​ MID-ATLANTIC REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dominion Middle Ridge ​ ​ — ​ ​ 3,311 ​ ​ 13,283 ​ ​ 16,594 ​ ​ 18,130 ​ ​ 4,682 ​ ​ 30,042 ​ ​ 34,724 ​ ​ 20,914 ​ 1990 ​ Jun-96 Dominion Lake Ridge ​ ​ — ​ ​ 2,366 ​ ​ 8,387 ​ ​ 10,753 ​ ​ 11,483 ​ ​ 3,273 ​ ​ 18,963 ​ ​ 22,236 ​ ​ 15,087 ​ 1987 ​ Feb-96 Presidential Greens ​ ​ — ​ ​ 11,238 ​ ​ 18,790 ​ ​ 30,028 ​ ​ 17,517 ​ ​ 11,912 ​ ​ 35,633 ​ ​ 47,545 ​ ​ 28,184 ​ 1938 ​ May-02 The Whitmore ​ ​ — ​ ​ 6,418 ​ ​ 13,411 ​ ​ 19,829 ​ ​ 27,018 ​ ​ 7,841 ​ ​ 39,006 ​ ​ 46,847 ​ ​ 32,719 ​ 1962/2008 ​ Apr-02 Ridgewood -apts side ​ ​ — ​ ​ 5,612 ​ ​ 20,086 ​ ​ 25,698 ​ ​ 16,600 ​ ​ 6,675 ​ ​ 35,623 ​ ​ 42,298 ​ ​ 28,054 ​ 1988 ​ Aug-02 Waterside Towers ​ ​ — ​ ​ 13,001 ​ ​ 49,657 ​ ​ 62,658 ​ ​ 37,604 ​ ​ 50,967 ​ ​ 49,295 ​ ​ 100,262 ​ ​ 37,095 ​ 1971 ​ Dec-03 Wellington Place at Olde Town ​ ​ — ​ ​ 13,753 ​ ​ 36,059 ​ ​ 49,812 ​ ​ 23,383 ​ ​ 15,132 ​ ​ 58,063 ​ ​ 73,195 ​ ​ 47,012 ​ 1987/2008 ​ Sep-05 Andover House ​ ​ — ​ ​ 183 ​ ​ 59,948 ​ ​ 60,131 ​ ​ 8,094 ​ ​ 355 ​ ​ 67,870 ​ ​ 68,225 ​ ​ 45,961 ​ 2004 ​ Mar-07 Sullivan Place ​ ​ — ​ ​ 1,137 ​ ​ 103,676 ​ ​ 104,813 ​ ​ 19,649 ​ ​ 2,005 ​ ​ 122,457 ​ ​ 124,462 ​ ​ 84,903 ​ 2007 ​ Dec-07 Delancey at Shirlington ​ ​ — ​ ​ 21,606 ​ ​ 66,765 ​ ​ 88,371 ​ ​ 10,444 ​ ​ 21,713 ​ ​ 77,102 ​ ​ 98,815 ​ ​ 51,635 ​ 2006/2007 ​ Mar-08 View 14 ​ ​ — ​ ​ 5,710 ​ ​ 97,941 ​ ​ 103,651 ​ ​ 7,752 ​ ​ 5,787 ​ ​ 105,616 ​ ​ 111,403 ​ ​ 63,299 ​ 2009 ​ Jun-11 Signal Hill Apartments ​ ​ — ​ ​ 13,290 ​ ​ — ​ ​ 13,290 ​ ​ 74,400 ​ ​ 25,673 ​ ​ 62,017 ​ ​ 87,690 ​ ​ 49,067 ​ 2010 ​ Mar-07 Capitol View on 14th ​ ​ — ​ ​ 31,393 ​ ​ — ​ ​ 31,393 ​ ​ 98,738 ​ ​ 31,505 ​ ​ 98,626 ​ ​ 130,131 ​ ​ 57,682 ​ 2013 ​ Sep-07 Domain College Park ​ ​ — ​ ​ 7,300 ​ ​ — ​ ​ 7,300 ​ ​ 62,319 ​ ​ 7,549 ​ ​ 62,070 ​ ​ 69,619 ​ ​ 33,812 ​ 2014 ​ Jun-11 1200 East West ​ ​ — ​ ​ 9,748 ​ ​ 68,022 ​ ​ 77,770 ​ ​ 5,420 ​ ​ 9,947 ​ ​ 73,243 ​ ​ 83,190 ​ ​ 28,323 ​ 2010 ​ Oct-15 Courts at Huntington Station ​ ​ — ​ ​ 27,749 ​ ​ 111,878 ​ ​ 139,627 ​ ​ 7,189 ​ ​ 28,190 ​ ​ 118,626 ​ ​ 146,816 ​ ​ 52,985 ​ 2011 ​ Oct-15 Eleven55 Ripley ​ ​ — ​ ​ 15,566 ​ ​ 107,539 ​ ​ 123,105 ​ ​ 7,608 ​ ​ 15,935 ​ ​ 114,778 ​ ​ 130,713 ​ ​ 43,742 ​ 2014 ​ Oct-15 Arbor Park of Alexandria ​ ​ 160,930 ​ ​ 50,881 ​ ​ 159,728 ​ ​ 210,609 ​ ​ 10,098 ​ ​ 51,684 ​ ​ 169,023 ​ ​ 220,707 ​ ​ 74,960 ​ 1969/2015 ​ Oct-15 Courts at Dulles ​ ​ — ​ ​ 14,697 ​ ​ 83,834 ​ ​ 98,531 ​ ​ 13,171 ​ ​ 14,880 ​ ​ 96,822 ​ ​ 111,702 ​ ​ 45,627 ​ 2000 ​ Oct-15 Newport Village ​ ​ 127,600 ​ ​ 50,046 ​ ​ 177,454 ​ ​ 227,500 ​ ​ 20,238 ​ ​ 50,866 ​ ​ 196,872 ​ ​ 247,738 ​ ​ 90,904 ​ 1968 ​ Oct-15 1301 Thomas Circle ​ ​ — ​ ​ 27,836 ​ ​ 128,191 ​ ​ 156,027 ​ ​ 3,864 ​ ​ 27,860 ​ ​ 132,031 ​ ​ 159,891 ​ ​ 29,502 ​ 2006 ​ Aug-19 Crescent Falls Church ​ ​ — ​ ​ 13,687 ​ ​ 88,692 ​ ​ 102,379 ​ ​ 2,751 ​ ​ 13,732 ​ ​ 91,398 ​ ​ 105,130 ​ ​ 18,772 ​ 2010 ​ Nov-19 Station on Silver ​ ​ — ​ ​ 16,661 ​ ​ 109,198 ​ ​ 125,859 ​ ​ 1,350 ​ ​ 16,684 ​ ​ 110,525 ​ ​ 127,209 ​ ​ 15,946 ​ 2018 ​ Dec-20 Seneca Place ​ ​ — ​ ​ 21,184 ​ ​ 98,173 ​ ​ 119,357 ​ ​ 7,669 ​ ​ 21,189 ​ ​ 105,837 ​ ​ 127,026 ​ ​ 16,205 ​ 1985 ​ Jun-21 Canterbury Apartments ​ ​ — ​ ​ 24,456 ​ ​ 100,011 ​ ​ 124,467 ​ ​ 7,969 ​ ​ 24,472 ​ ​ 107,964 ​ ​ 132,436 ​ ​ 12,200 ​ 1986 ​ Aug-21 METROPOLITAN, D.C. ​ 288,530 ​ 408,829 ​ 1,720,723 ​ 2,129,552 ​ 520,458 ​ 470,508 ​ 2,179,502 ​ 2,650,010 ​ 1,024,590 ​ ​ ​ ​ Calvert's Walk ​ ​ — ​ ​ 4,408 ​ ​ 24,692 ​ ​ 29,100 ​ ​ 12,566 ​ ​ 5,432 ​ ​ 36,234 ​ ​ 41,666 ​ ​ 28,604 ​ 1988 ​ Mar-04 20 Lambourne ​ ​ — ​ ​ 11,750 ​ ​ 45,590 ​ ​ 57,340 ​ ​ 15,545 ​ ​ 12,492 ​ ​ 60,393 ​ ​ 72,885 ​ ​ 41,143 ​ 2003 ​ Mar-08 Domain Brewers Hill ​ ​ — ​ ​ 4,669 ​ ​ 40,630 ​ ​ 45,299 ​ ​ 3,922 ​ ​ 5,076 ​ ​ 44,145 ​ ​ 49,221 ​ ​ 27,374 ​ 2009 ​ Aug-10 Rodgers Forge ​ ​ — ​ ​ 15,392 ​ ​ 67,958 ​ ​ 83,350 ​ ​ 8,006 ​ ​ 15,607 ​ ​ 75,749 ​ ​ 91,356 ​ ​ 19,775 ​ 1945 ​ Apr-19 Towson Promenade ​ ​ 58,600 ​ ​ 12,599 ​ ​ 78,847 ​ ​ 91,446 ​ ​ 3,968 ​ ​ 12,772 ​ ​ 82,642 ​ ​ 95,414 ​ ​ 17,033 ​ 2009 ​ Nov-19 1274 at Towson ​ ​ — ​ ​ 7,807 ​ ​ 46,238 ​ ​ 54,045 ​ ​ 3,390 ​ ​ 7,823 ​ ​ 49,612 ​ ​ 57,435 ​ ​ 4,630 ​ 2020 ​ Sep-21 Quarters at Towson Town Center ​ ​ — ​ ​ 16,111 ​ ​ 106,453 ​ ​ 122,564 ​ ​ 10,628 ​ ​ 16,111 ​ ​ 117,081 ​ ​ 133,192 ​ ​ 14,714 ​ 2008 ​ Nov-21 BALTIMORE, MD ​ 58,600 ​ 72,736 ​ 410,408 ​ 483,144 ​ 58,025 ​ 75,313 ​ 465,856 ​ 541,169 ​ 153,273 ​ ​ ​ ​ Gayton Pointe Townhomes ​ ​ — ​ ​ 826 ​ ​ 5,148 ​ ​ 5,974 ​ ​ 32,633 ​ ​ 3,735 ​ ​ 34,872 ​ ​ 38,607 ​ ​ 33,213 ​ 1973/2007 ​ Sep-95 Waterside At Ironbridge ​ ​ — ​ ​ 1,844 ​ ​ 13,239 ​ ​ 15,083 ​ ​ 11,834 ​ ​ 2,932 ​ ​ 23,985 ​ ​ 26,917 ​ ​ 19,221 ​ 1987 ​ Sep-97 Carriage Homes at Wyndham ​ ​ — ​ ​ 474 ​ ​ 30,997 ​ ​ 31,471 ​ ​ 12,294 ​ ​ 4,465 ​ ​ 39,300 ​ ​ 43,765 ​ ​ 32,375 ​ 1998 ​ Nov-03 Legacy at Mayland ​ ​ — ​ ​ 1,979 ​ ​ 11,524 ​ ​ 13,503 ​ ​ 37,473 ​ ​ 6,084 ​ ​ 44,892 ​ ​ 50,976 ​ ​ 42,048 ​ 1973/2007 ​ Dec-91 RICHMOND, VA ​ — ​ 5,123 ​ 60,908 ​ 66,031 ​ 94,234 ​ 17,216 ​ 143,049 ​ 160,265 ​ 126,857 ​ ​ ​ ​ TOTAL MID-ATLANTIC REGION ​ 347,130 ​ 486,688 ​ 2,192,039 ​ 2,678,727 ​ 672,717 ​ 563,037 ​ 2,788,407 ​ 3,351,444 ​ 1,304,720 ​ ​ ​ ​ NORTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ Garrison Square ​ ​ — ​ ​ 6,475 ​ ​ 91,027 ​ ​ 97,502 ​ ​ 29,803 ​ ​ 6,773 ​ ​ 120,532 ​ ​ 127,305 ​ ​ 70,255 ​ 1887/1990 ​ Sep-10 Ridge at Blue Hills ​ ​ 25,000 ​ ​ 6,039 ​ ​ 34,869 ​ ​ 40,908 ​ ​ 7,736 ​ ​ 6,490 ​ ​ 42,154 ​ ​ 48,644 ​ ​ 26,443 ​ 2007 ​ Sep-10 Inwood West ​ ​ 80,000 ​ ​ 20,778 ​ ​ 88,096 ​ ​ 108,874 ​ ​ 17,583 ​ ​ 20,005 ​ ​ 106,452 ​ ​ 126,457 ​ ​ 67,473 ​ 2006 ​ Apr-11 14 North ​ ​ 72,500 ​ ​ 10,961 ​ ​ 51,175 ​ ​ 62,136 ​ ​ 17,917 ​ ​ 11,759 ​ ​ 68,294 ​ ​ 80,053 ​ ​ 44,403 ​ 2005 ​ Apr-11 100 Pier 4 ​ ​ — ​ ​ 24,584 ​ ​ — ​ ​ 24,584 ​ ​ 205,399 ​ ​ 24,854 ​ ​ 205,129 ​ ​ 229,983 ​ ​ 81,254 ​ 2015 ​ Dec-15 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired 345 Harrison ​ ​ — ​ ​ 32,938 ​ ​ — ​ ​ 32,938 ​ ​ 331,065 ​ ​ 44,940 ​ ​ 319,063 ​ ​ 364,003 ​ ​ 80,819 ​ 2018 ​ Nov-11 Currents on the Charles ​ ​ — ​ ​ 12,580 ​ ​ 70,149 ​ ​ 82,729 ​ ​ 2,495 ​ ​ 12,784 ​ ​ 72,440 ​ ​ 85,224 ​ ​ 17,463 ​ 2015 ​ Jun-19 The Commons at Windsor Gardens ​ ​ — ​ ​ 34,609 ​ ​ 225,515 ​ ​ 260,124 ​ ​ 23,963 ​ ​ 34,710 ​ ​ 249,377 ​ ​ 284,087 ​ ​ 64,326 ​ 1969 ​ Aug-19 Charles River Landing ​ ​ — ​ ​ 17,068 ​ ​ 112,777 ​ ​ 129,845 ​ ​ 2,763 ​ ​ 17,132 ​ ​ 115,476 ​ ​ 132,608 ​ ​ 23,596 ​ 2010 ​ Nov-19 Lenox Farms ​ ​ 94,050 ​ ​ 17,692 ​ ​ 115,899 ​ ​ 133,591 ​ ​ 8,125 ​ ​ 17,878 ​ ​ 123,838 ​ ​ 141,716 ​ ​ 25,400 ​ 2009 ​ Nov-19 Lodge at Ames Pond ​ ​ — ​ ​ 12,645 ​ ​ 70,653 ​ ​ 83,298 ​ ​ 5,003 ​ ​ 12,848 ​ ​ 75,453 ​ ​ 88,301 ​ ​ 16,003 ​ 2010 ​ Nov-19 Union Place ​ ​ 51,800 ​ ​ 9,902 ​ ​ 72,242 ​ ​ 82,144 ​ ​ 5,992 ​ ​ 9,946 ​ ​ 78,190 ​ ​ 88,136 ​ ​ 10,312 ​ 2005 ​ Jan-21 Bradlee Danvers ​ ​ — ​ ​ 28,669 ​ ​ 175,114 ​ ​ 203,783 ​ ​ 1,953 ​ ​ 28,676 ​ ​ 177,060 ​ ​ 205,736 ​ ​ 7,026 ​ 1874/2008 ​ Jun-22 BOSTON, MA ​ 323,350 ​ 234,940 ​ 1,107,516 ​ 1,342,456 ​ 659,797 ​ 248,795 ​ 1,753,458 ​ 2,002,253 ​ 534,773 ​ ​ ​ ​ 10 Hanover Square ​ ​ — ​ ​ 41,432 ​ ​ 218,983 ​ ​ 260,415 ​ ​ 34,167 ​ ​ 41,879 ​ ​ 252,703 ​ ​ 294,582 ​ ​ 133,654 ​ 2005/2020 ​ Apr-11 21 Chelsea ​ ​ — ​ ​ 36,399 ​ ​ 107,154 ​ ​ 143,553 ​ ​ 17,009 ​ ​ 36,531 ​ ​ 124,031 ​ ​ 160,562 ​ ​ 70,621 ​ 2001 ​ Aug-11 View 34 ​ ​ — ​ ​ 114,410 ​ ​ 324,920 ​ ​ 439,330 ​ ​ 120,038 ​ ​ 116,094 ​ ​ 443,274 ​ ​ 559,368 ​ ​ 261,302 ​ 1985/2013 ​ Jul-11 95 Wall Street ​ ​ — ​ ​ 57,637 ​ ​ 266,255 ​ ​ 323,892 ​ ​ 14,379 ​ ​ 58,309 ​ ​ 279,962 ​ ​ 338,271 ​ ​ 174,747 ​ 2008 ​ Aug-11 Leonard Pointe ​ ​ — ​ ​ 38,010 ​ ​ 93,204 ​ ​ 131,214 ​ ​ 2,186 ​ ​ 38,078 ​ ​ 95,322 ​ ​ 133,400 ​ ​ 24,738 ​ 2015 ​ Feb-19 One William ​ ​ — ​ ​ 6,422 ​ ​ 75,527 ​ ​ 81,949 ​ ​ 1,796 ​ ​ 6,478 ​ ​ 77,267 ​ ​ 83,745 ​ ​ 17,264 ​ 2018 ​ Aug-19 NEW YORK, NY ​ — ​ 294,310 ​ 1,086,043 ​ 1,380,353 ​ 189,575 ​ 297,369 ​ 1,272,559 ​ 1,569,928 ​ 682,326 ​ ​ ​ ​ Park Square ​ ​ — ​ ​ 10,365 ​ ​ 96,050 ​ ​ 106,415 ​ ​ 2,048 ​ ​ 10,533 ​ ​ 97,930 ​ ​ 108,463 ​ ​ 25,021 ​ 2018 ​ May-19 The Smith Valley Forge ​ ​ — ​ ​ 17,853 ​ ​ 95,973 ​ ​ 113,826 ​ ​ 1,240 ​ ​ 17,861 ​ ​ 97,205 ​ ​ 115,066 ​ ​ 8,880 ​ 2019 ​ Sep-21 322 on North Broad ​ ​ — ​ ​ 12,240 ​ ​ 124,524 ​ ​ 136,764 ​ ​ 8,776 ​ ​ 12,255 ​ ​ 133,285 ​ ​ 145,540 ​ ​ 12,283 ​ 2018 ​ Sep-21 The George Apartments ​ ​ — ​ ​ 17,341 ​ ​ — ​ ​ 17,341 ​ ​ 48,920 ​ ​ 17,349 ​ ​ 48,912 ​ ​ 66,261 ​ ​ 1,950 ​ 2022 ​ Aug-20 PHILADELPHIA, PA ​ ​ — ​ ​ 57,799 ​ ​ 316,547 ​ ​ 374,346 ​ ​ 60,984 ​ ​ 57,998 ​ ​ 377,332 ​ ​ 435,330 ​ ​ 48,134 ​ ​ ​ ​ TOTAL NORTHEAST REGION ​ 323,350 ​ 587,049 ​ 2,510,106 ​ 3,097,155 ​ 910,356 ​ 604,162 ​ 3,403,349 ​ 4,007,511 ​ 1,265,233 ​ ​ ​ ​ SOUTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Summit West ​ ​ — ​ ​ 2,176 ​ ​ 4,710 ​ ​ 6,886 ​ ​ 15,054 ​ ​ 4,134 ​ ​ 17,806 ​ ​ 21,940 ​ ​ 15,827 ​ 1972 ​ Dec-92 The Breyley ​ ​ — ​ ​ 1,780 ​ ​ 2,458 ​ ​ 4,238 ​ ​ 21,263 ​ ​ 4,297 ​ ​ 21,204 ​ ​ 25,501 ​ ​ 20,749 ​ 1977/2007 ​ Sep-93 Lakewood Place ​ ​ — ​ ​ 1,395 ​ ​ 10,647 ​ ​ 12,042 ​ ​ 15,415 ​ ​ 3,285 ​ ​ 24,172 ​ ​ 27,457 ​ ​ 20,984 ​ 1986 ​ Mar-94 Cambridge Woods ​ ​ — ​ ​ 1,791 ​ ​ 7,166 ​ ​ 8,957 ​ ​ 14,666 ​ ​ 3,635 ​ ​ 19,988 ​ ​ 23,623 ​ ​ 16,801 ​ 1985 ​ Jun-97 Inlet Bay ​ ​ — ​ ​ 7,702 ​ ​ 23,150 ​ ​ 30,852 ​ ​ 24,590 ​ ​ 10,889 ​ ​ 44,553 ​ ​ 55,442 ​ ​ 38,111 ​ 1988/1989 ​ Jun-03 MacAlpine Place ​ ​ — ​ ​ 10,869 ​ ​ 36,858 ​ ​ 47,727 ​ ​ 16,847 ​ ​ 12,785 ​ ​ 51,789 ​ ​ 64,574 ​ ​ 41,298 ​ 2001 ​ Dec-04 The Vintage Lofts at West End ​ ​ — ​ ​ 6,611 ​ ​ 37,663 ​ ​ 44,274 ​ ​ 24,858 ​ ​ 16,005 ​ ​ 53,127 ​ ​ 69,132 ​ ​ 40,741 ​ 2009 ​ Jul-09 Peridot Palms ​ ​ — ​ ​ 6,293 ​ ​ 89,752 ​ ​ 96,045 ​ ​ 2,786 ​ ​ 6,434 ​ ​ 92,397 ​ ​ 98,831 ​ ​ 24,996 ​ 2017 ​ Feb-19 The Preserve at Gateway ​ ​ — ​ ​ 4,467 ​ ​ 43,723 ​ ​ 48,190 ​ ​ 2,160 ​ ​ 4,523 ​ ​ 45,827 ​ ​ 50,350 ​ ​ 11,654 ​ 2013 ​ May-19 The Slade at Channelside ​ ​ — ​ ​ 10,216 ​ ​ 72,786 ​ ​ 83,002 ​ ​ 5,112 ​ ​ 10,394 ​ ​ 77,720 ​ ​ 88,114 ​ ​ 15,637 ​ 2009 ​ Jan-20 Andover Place at Cross Creek ​ ​ — ​ ​ 11,702 ​ ​ 107,761 ​ ​ 119,463 ​ ​ 8,375 ​ ​ 11,718 ​ ​ 116,120 ​ ​ 127,838 ​ ​ 21,214 ​ 1997/1999 ​ Nov-20 TAMPA, FL ​ — ​ 65,002 ​ 436,674 ​ 501,676 ​ 151,126 ​ 88,099 ​ 564,703 ​ 652,802 ​ 268,012 ​ ​ ​ ​ Seabrook ​ ​ — ​ ​ 1,846 ​ ​ 4,155 ​ ​ 6,001 ​ ​ 11,621 ​ ​ 3,260 ​ ​ 14,362 ​ ​ 17,622 ​ ​ 12,981 ​ 1984/2004 ​ Feb-96 Altamira Place ​ ​ — ​ ​ 1,533 ​ ​ 11,076 ​ ​ 12,609 ​ ​ 24,496 ​ ​ 4,060 ​ ​ 33,045 ​ ​ 37,105 ​ ​ 31,722 ​ 1984/2007 ​ Apr-94 Regatta Shore ​ ​ — ​ ​ 757 ​ ​ 6,608 ​ ​ 7,365 ​ ​ 20,579 ​ ​ 2,633 ​ ​ 25,311 ​ ​ 27,944 ​ ​ 22,814 ​ 1988/2007 ​ Jun-94 Alafaya Woods ​ ​ — ​ ​ 1,653 ​ ​ 9,042 ​ ​ 10,695 ​ ​ 14,550 ​ ​ 2,946 ​ ​ 22,299 ​ ​ 25,245 ​ ​ 19,120 ​ 1989/2006 ​ Oct-94 Los Altos ​ ​ — ​ ​ 2,804 ​ ​ 12,349 ​ ​ 15,153 ​ ​ 15,732 ​ ​ 4,644 ​ ​ 26,241 ​ ​ 30,885 ​ ​ 22,407 ​ 1990/2004 ​ Oct-96 Lotus Landing ​ ​ — ​ ​ 2,185 ​ ​ 8,639 ​ ​ 10,824 ​ ​ 15,297 ​ ​ 3,399 ​ ​ 22,722 ​ ​ 26,121 ​ ​ 17,771 ​ 1985/2006 ​ Jul-97 Seville On The Green ​ ​ — ​ ​ 1,282 ​ ​ 6,498 ​ ​ 7,780 ​ ​ 10,455 ​ ​ 1,966 ​ ​ 16,269 ​ ​ 18,235 ​ ​ 12,783 ​ 1986/2004 ​ Oct-97 Ashton Waterford ​ ​ — ​ ​ 3,872 ​ ​ 17,538 ​ ​ 21,410 ​ ​ 8,724 ​ ​ 4,680 ​ ​ 25,454 ​ ​ 30,134 ​ ​ 19,847 ​ 2000 ​ May-98 Arbors at Lee Vista ​ ​ — ​ ​ 6,692 ​ ​ 12,860 ​ ​ 19,552 ​ ​ 19,134 ​ ​ 8,053 ​ ​ 30,633 ​ ​ 38,686 ​ ​ 23,493 ​ 1992/2007 ​ Aug-06 Arbors at Maitland Summit ​ ​ — ​ ​ 15,929 ​ ​ 158,079 ​ ​ 174,008 ​ ​ 10,363 ​ ​ 15,940 ​ ​ 168,431 ​ ​ 184,371 ​ ​ 22,624 ​ 1998 ​ Oct-21 Essex Luxe ​ ​ — ​ ​ 9,068 ​ ​ 94,487 ​ ​ 103,555 ​ ​ 706 ​ ​ 9,075 ​ ​ 95,186 ​ ​ 104,261 ​ ​ 8,180 ​ 2020 ​ Oct-21 ORLANDO, FL ​ — ​ 47,621 ​ 341,331 ​ 388,952 ​ 151,657 ​ 60,656 ​ 479,953 ​ 540,609 ​ 213,742 ​ ​ ​ ​ Legacy Hill ​ ​ — ​ ​ 1,148 ​ ​ 5,867 ​ ​ 7,015 ​ ​ 12,524 ​ ​ 2,165 ​ ​ 17,374 ​ ​ 19,539 ​ ​ 15,107 ​ 1977 ​ Nov-95 Hickory Run ​ ​ — ​ ​ 1,469 ​ ​ 11,584 ​ ​ 13,053 ​ ​ 17,215 ​ ​ 2,877 ​ ​ 27,391 ​ ​ 30,268 ​ ​ 20,713 ​ 1989 ​ Dec-95 Carrington Hills ​ ​ — ​ ​ 2,117 ​ ​ — ​ ​ 2,117 ​ ​ 41,053 ​ ​ 5,043 ​ ​ 38,127 ​ ​ 43,170 ​ ​ 31,283 ​ 1999 ​ Dec-95 Brookridge ​ ​ — ​ ​ 708 ​ ​ 5,461 ​ ​ 6,169 ​ ​ 8,700 ​ ​ 1,604 ​ ​ 13,265 ​ ​ 14,869 ​ ​ 11,117 ​ 1986 ​ Mar-96 Breckenridge ​ ​ — ​ ​ 766 ​ ​ 7,714 ​ ​ 8,480 ​ ​ 8,449 ​ ​ 1,862 ​ ​ 15,067 ​ ​ 16,929 ​ ​ 12,167 ​ 1986 ​ Mar-97 Colonnade ​ ​ — ​ ​ 1,460 ​ ​ 16,015 ​ ​ 17,475 ​ ​ 10,397 ​ ​ 2,620 ​ ​ 25,252 ​ ​ 27,872 ​ ​ 19,750 ​ 1998 ​ Jan-99 The Preserve at Brentwood ​ ​ — ​ ​ 3,182 ​ ​ 24,674 ​ ​ 27,856 ​ ​ 13,329 ​ ​ 4,327 ​ ​ 36,858 ​ ​ 41,185 ​ ​ 30,439 ​ 1998 ​ Jun-04 Polo Park ​ ​ — ​ ​ 4,583 ​ ​ 16,293 ​ ​ 20,876 ​ ​ 19,590 ​ ​ 6,397 ​ ​ 34,069 ​ ​ 40,466 ​ ​ 29,113 ​ 1987/2008 ​ May-06 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired NASHVILLE, TN ​ — ​ 15,433 ​ 87,608 ​ 103,041 ​ 131,257 ​ 26,895 ​ 207,403 ​ 234,298 ​ 169,689 ​ ​ ​ ​ The Reserve and Park at Riverbridge ​ ​ — ​ ​ 15,968 ​ ​ 56,401 ​ ​ 72,369 ​ ​ 21,423 ​ ​ 17,147 ​ ​ 76,645 ​ ​ 93,792 ​ ​ 58,189 ​ 1999/2001 ​ Dec-04 OTHER FLORIDA ​ — ​ 15,968 ​ 56,401 ​ 72,369 ​ 21,423 ​ 17,147 ​ 76,645 ​ 93,792 ​ 58,189 ​ ​ ​ ​ TOTAL SOUTHEAST REGION ​ — ​ 144,024 ​ 922,014 ​ 1,066,038 ​ 455,463 ​ 192,797 ​ 1,328,704 ​ 1,521,501 ​ 709,632 ​ ​ ​ ​ SOUTHWEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty377 ​ ​ 25,000 ​ ​ 24,036 ​ ​ 32,951 ​ ​ 56,987 ​ ​ 22,898 ​ ​ 26,447 ​ ​ 53,438 ​ ​ 79,885 ​ ​ 41,315 ​ 1999/2007 ​ Aug-06 Legacy Village ​ ​ 90,000 ​ ​ 16,882 ​ ​ 100,102 ​ ​ 116,984 ​ ​ 30,307 ​ ​ 23,285 ​ ​ 124,006 ​ ​ 147,291 ​ ​ 88,321 ​ 2005/06/07 ​ Mar-08 Addison Apts at The Park ​ ​ — ​ ​ 22,041 ​ ​ 11,228 ​ ​ 33,269 ​ ​ 18,527 ​ ​ 31,613 ​ ​ 20,183 ​ ​ 51,796 ​ ​ 14,351 ​ 1977/78/79 ​ May-07 Addison Apts at The Park I ​ ​ — ​ ​ 7,903 ​ ​ 554 ​ ​ 8,457 ​ ​ 8,666 ​ ​ 11,058 ​ ​ 6,065 ​ ​ 17,123 ​ ​ 4,630 ​ 1970 ​ May-07 Addison Apts at The Park II ​ ​ — ​ ​ 10,440 ​ ​ 634 ​ ​ 11,074 ​ ​ 2,513 ​ ​ 8,458 ​ ​ 5,129 ​ ​ 13,587 ​ ​ 3,785 ​ 1975 ​ May-07 Savoye ​ ​ — ​ ​ 8,432 ​ ​ 50,483 ​ ​ 58,915 ​ ​ 4,483 ​ ​ 8,934 ​ ​ 54,464 ​ ​ 63,398 ​ ​ 10,795 ​ 2009 ​ Nov-19 Savoye 2 ​ ​ — ​ ​ 6,451 ​ ​ 56,615 ​ ​ 63,066 ​ ​ 3,156 ​ ​ 6,942 ​ ​ 59,280 ​ ​ 66,222 ​ ​ 11,991 ​ 2011 ​ Nov-19 Fiori on Vitruvian Park ​ ​ 47,316 ​ ​ 7,934 ​ ​ 78,575 ​ ​ 86,509 ​ ​ 4,202 ​ ​ 8,423 ​ ​ 82,288 ​ ​ 90,711 ​ ​ 16,822 ​ 2013 ​ Nov-19 Vitruvian West Phase I ​ ​ 41,317 ​ ​ 6,273 ​ ​ 61,418 ​ ​ 67,691 ​ ​ 2,801 ​ ​ 6,533 ​ ​ 63,959 ​ ​ 70,492 ​ ​ 13,244 ​ 2018 ​ Nov-19 Vitruvian West Phase II ​ ​ — ​ ​ 6,451 ​ ​ 15,798 ​ ​ 22,249 ​ ​ 39,832 ​ ​ 6,649 ​ ​ 55,432 ​ ​ 62,081 ​ ​ 8,019 ​ 2021 ​ Nov-19 Vitruvian West Phase III ​ ​ — ​ ​ 7,141 ​ ​ 2,754 ​ ​ 9,895 ​ ​ 63,231 ​ ​ 7,342 ​ ​ 65,784 ​ ​ 73,126 ​ ​ 3,202 ​ 2022 ​ Nov-19 The Canal ​ ​ 42,000 ​ ​ 12,671 ​ ​ 98,813 ​ ​ 111,484 ​ ​ 3,278 ​ ​ 12,716 ​ ​ 102,046 ​ ​ 114,762 ​ ​ 12,295 ​ 2017 ​ Apr-21 Cool Springs at Frisco Bridges ​ ​ 89,510 ​ ​ 18,325 ​ ​ 151,982 ​ ​ 170,307 ​ ​ 11,544 ​ ​ 18,338 ​ ​ 163,513 ​ ​ 181,851 ​ ​ 23,927 ​ 2012 ​ May-21 DALLAS, TX ​ 335,143 ​ 154,980 ​ 661,907 ​ 816,887 ​ 215,438 ​ 176,738 ​ 855,587 ​ 1,032,325 ​ 252,697 ​ ​ ​ ​ Barton Creek Landing ​ ​ — ​ ​ 3,151 ​ ​ 14,269 ​ ​ 17,420 ​ ​ 26,292 ​ ​ 5,603 ​ ​ 38,109 ​ ​ 43,712 ​ ​ 33,360 ​ 1986/2012 ​ Mar-02 Residences at the Domain ​ ​ — ​ ​ 4,034 ​ ​ 55,256 ​ ​ 59,290 ​ ​ 16,784 ​ ​ 4,901 ​ ​ 71,173 ​ ​ 76,074 ​ ​ 49,658 ​ 2007 ​ Aug-08 Red Stone Ranch ​ ​ — ​ ​ 5,084 ​ ​ 17,646 ​ ​ 22,730 ​ ​ 10,278 ​ ​ 5,804 ​ ​ 27,204 ​ ​ 33,008 ​ ​ 16,955 ​ 2000 ​ Apr-12 Lakeline Villas ​ ​ — ​ ​ 4,148 ​ ​ 16,869 ​ ​ 21,017 ​ ​ 7,666 ​ ​ 4,761 ​ ​ 23,922 ​ ​ 28,683 ​ ​ 14,862 ​ 2002 ​ Apr-12 AUSTIN, TX ​ — ​ 16,417 ​ 104,040 ​ 120,457 ​ 61,020 ​ 21,069 ​ 160,408 ​ 181,477 ​ 114,835 ​ ​ ​ ​ Steele Creek ​ ​ — ​ ​ 8,586 ​ ​ 130,400 ​ ​ 138,986 ​ ​ 7,793 ​ ​ 8,789 ​ ​ 137,990 ​ ​ 146,779 ​ ​ 41,118 ​ 2015 ​ Oct-17 Cirrus ​ ​ — ​ ​ 13,853 ​ ​ — ​ ​ 13,853 ​ ​ 87,591 ​ ​ 13,854 ​ ​ 87,590 ​ ​ 101,444 ​ ​ 3,498 ​ 2022 ​ Feb-19 DENVER, CO ​ ​ — ​ 22,439 ​ 130,400 ​ 152,839 ​ 95,384 ​ 22,643 ​ 225,580 ​ 248,223 ​ 44,616 ​ ​ ​ ​ TOTAL SOUTHWEST REGION ​ 335,143 ​ 193,836 ​ 896,347 ​ 1,090,183 ​ 371,842 ​ 220,450 ​ 1,241,575 ​ 1,462,025 ​ 412,148 ​ ​ ​ ​ TOTAL OPERATING COMMUNITIES ​ 1,032,623 ​ 2,328,978 ​ 8,594,166 ​ 10,923,144 ​ 4,142,733 ​ 2,592,981 ​ 12,472,896 ​ 15,065,877 ​ 5,739,040 ​ ​ ​ ​ REAL ESTATE UNDER DEVELOPMENT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The MO ​ ​ — ​ ​ 27,135 ​ ​ — ​ ​ 27,135 ​ ​ 108,328 ​ ​ 27,136 ​ ​ 108,327 ​ ​ 135,463 ​ ​ 296 ​ ​ ​ ​ Villas at Fiori ​ ​ — ​ ​ 9,921 ​ ​ 776 ​ ​ 10,697 ​ ​ 7,035 ​ ​ 9,964 ​ ​ 7,768 ​ ​ 17,732 ​ ​ — ​ ​ ​ ​ Meridian ​ ​ — ​ ​ 6,611 ​ ​ — ​ ​ 6,611 ​ ​ 30,299 ​ ​ 6,611 ​ ​ 30,299 ​ ​ 36,910 ​ ​ — ​ ​ ​ ​ TOTAL REAL ESTATE UNDER DEVELOPMENT ​ — ​ 43,667 ​ 776 ​ 44,443 ​ 145,662 ​ 43,711 ​ 146,394 ​ 190,105 ​ 296 ​ ​ ​ ​ LAND ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vitruvian Park® ​ ​ — ​ ​ 22,547 ​ ​ 1,467 ​ ​ 24,014 ​ ​ 10,937 ​ ​ 30,293 ​ ​ 4,658 ​ ​ 34,951 ​ ​ 660 ​ ​ ​ ​ Alameda Point Block 11 ​ ​ — ​ ​ 25,006 ​ ​ — ​ ​ 25,006 ​ ​ 5,609 ​ ​ 25,006 ​ ​ 5,609 ​ ​ 30,615 ​ ​ — ​ ​ ​ ​ Newport Village II ​ ​ — ​ ​ 5,237 ​ ​ — ​ ​ 5,237 ​ ​ 10,287 ​ ​ 5,237 ​ ​ 10,287 ​ ​ 15,524 ​ ​ — ​ ​ ​ ​ 2727 Turtle Creek ​ ​ — ​ ​ 90,205 ​ ​ — ​ ​ 90,205 ​ ​ 2,302 ​ ​ 90,205 ​ ​ 2,302 ​ ​ 92,507 ​ ​ — ​ ​ ​ ​ 488 Riverwalk ​ ​ — ​ ​ 16,053 ​ ​ — ​ ​ 16,053 ​ ​ 1,817 ​ ​ 16,053 ​ ​ 1,817 ​ ​ 17,870 ​ ​ — ​ ​ ​ ​ 3001 Iowa Ave ​ ​ — ​ ​ 13,468 ​ ​ — ​ ​ 13,468 ​ ​ 1,083 ​ ​ 13,468 ​ ​ 1,083 ​ ​ 14,551 ​ ​ — ​ ​ ​ ​ TOTAL LAND ​ — ​ 172,516 ​ 1,467 ​ 173,983 ​ 32,035 ​ 180,262 ​ 25,756 ​ 206,018 ​ 660 ​ ​ ​ ​ HELD FOR DISPOSITION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The MO - Retail ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 14,039 ​ ​ — ​ ​ 14,039 ​ ​ 14,039 ​ ​ — ​ ​ ​ ​ TOTAL HELD FOR DISPOSITION ​ — ​ — ​ — ​ — ​ 14,039 ​ — ​ 14,039 ​ 14,039 ​ — ​ ​ ​ ​ COMMERCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brookhaven Shopping Center ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 30,241 ​ ​ 7,793 ​ ​ 22,448 ​ ​ 30,241 ​ ​ 15,354 ​ ​ ​ ​ 3001 Iowa Ave Commercial ​ ​ — ​ ​ 9,882 ​ ​ 4,861 ​ ​ 14,743 ​ ​ 1 ​ ​ 9,882 ​ ​ 4,862 ​ ​ 14,744 ​ ​ 180 ​ ​ ​ ​ TOTAL COMMERCIAL ​ — ​ 9,882 ​ 4,861 ​ 14,743 ​ 30,242 ​ 17,675 ​ 27,310 ​ 44,985 ​ 15,534 ​ ​ ​ ​ Other (b) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 21,241 ​ ​ 78 ​ ​ 21,163 ​ ​ 21,241 ​ ​ 581 ​ ​ ​ ​ 1745 Shea Center I ​ ​ — ​ ​ 3,034 ​ ​ 20,534 ​ ​ 23,568 ​ ​ 4,239 ​ ​ 3,081 ​ ​ 24,726 ​ ​ 27,807 ​ ​ 6,390 ​ ​ ​ ​ TOTAL CORPORATE ​ — ​ 3,034 ​ 20,534 ​ 23,568 ​ 25,480 ​ 3,159 ​ 45,889 ​ 49,048 ​ 6,971 ​ ​ ​ ​ TOTAL COMMERCIAL & CORPORATE ​ — ​ 12,916 ​ 25,395 ​ 38,311 ​ 55,722 ​ 20,834 ​ 73,199 ​ 94,033 ​ 22,505 ​ ​ ​ ​ Deferred Financing Costs and Other Non-Cash Adjustments ​ ​ 19,658 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired TOTAL REAL ESTATE OWNED ​ $ 1,052,281 ​ $ 2,558,077 ​ $ 8,621,804 ​ $ 11,179,881 ​ $ 4,390,191 ​ $ 2,837,788 ​ $ 12,732,284 ​ $ 15,570,072 ​ $ 5,762,501 ​ ​ ​ ​ (a) Date of original construction/date of last major renovation, if applicable. (b) Includes unallocated accruals and capital expenditures. The aggregate cost for federal income tax purposes was approximately $14.9 billion at December 31, 2022 ( unaudited The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 30 to 55 years. ​ 3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION The following is a reconciliation of the carrying amount of total real estate owned at December 31, ( in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Balance at beginning of the year ​ $ 14,740,803 ​ $ 13,071,472 ​ $ 12,602,101 Real estate acquired (including joint venture consolidation) ​ 409,263 ​ 1,513,106 ​ 413,488 Capital expenditures and development ​ 444,009 ​ 346,365 ​ 299,986 Real estate sold ​ (24,003) ​ (190,140) ​ (244,103) Balance at end of the year ​ $ 15,570,072 ​ $ 14,740,803 ​ $ 13,071,472 ​ The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Balance at beginning of the year ​ $ 5,137,096 ​ $ 4,605,366 ​ $ 4,131,353 Depreciation expense for the year ​ 634,424 ​ 584,228 ​ 560,876 Accumulated depreciation on sales ​ (9,019) ​ (52,498) ​ (86,863) Balance at end of year ​ $ 5,762,501 ​ $ 5,137,096 ​ $ 4,605,366 ​

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Reference Rate Reform (Topic 848) 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. ​
Real Estate	Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are capitalized as incurred if the acquisition does not meet the definition of a business. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ​ If a real estate property has indicators of impairment, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. For the years ended December 31, 2022, 2021 and 2020, we did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the years ended December 31, 2022, 2021, and 2020 were $17.9 million, $11.3 million and $12.0 million, respectively. During the years ended December 31, 2022, 2021, and 2020, total interest capitalized was $13.4 million, $9.7 million and $7.0 million, respectively. As each home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion and depreciation commences over the estimated useful life.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks.
Restricted Cash	Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain or loss on consolidation of a property. ​
Allowance for Credit Losses	Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ​ The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with its other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net ​ The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible. ​
Notes Receivable	Notes Receivable Notes receivable relate to financing arrangements which are typically secured by 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 variable interest entity (“VIE”), and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities 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 as of December 31, 2022 and 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2022 ​ 2022 ​ 2021 Note due May 2022 (a) ​ N/A ​ $ — ​ $ 2,760 Note due December 2023 (b) ​ 10.00 % ​ 30,377 ​ ​ 24,235 Note due December 2026 (c) ​ 11.00 % ​ 17,292 ​ ​ — Note due December 2026 (d) ​ 11.00 % ​ 5,813 ​ ​ — Note due June 2027 (e) ​ 18.00 % ​ 1,500 ​ ​ — Notes Receivable ​ ​ ​ ​ 54,982 ​ ​ 26,995 Allowance for credit losses ​ ​ ​ ​ (275) ​ ​ (135) Total notes receivable, net ​ $ 54,707 ​ $ 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 $17.3 million was funded during the year ended December 31, 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, of which $5.8 million was funded during the year ended December 31, 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 year ended December 31, 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 $3.5 million, $5.3 million, and $9.1 million of interest income for the notes receivable during the years ended December 31, 2022, 2021, and 2020, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net
Investment in Joint Ventures and Partnerships	Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as VIEs where we are not the primary beneficiary and other entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a VIE, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2022, the Company held one investment in a joint venture that qualified as a VIE where we were determined to be the primary beneficiary (See Note 5, Joint Ventures and Partnerships, for further discussion) We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements.
Derivative Financial Instruments	Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings.
Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership	Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date.
Income Taxes	Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of December 31, 2022 and 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 a TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a VIE. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest.
Discontinued Operations	Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned
Stock-Based Employee Compensation Plans	Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost as stock-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. For performance based awards, the Company remeasures the fair value based on the estimated achievement of the performance criteria each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. Stock-based compensation expense is only recognized for performance based awards that we expect to vest, which we estimate based upon an assessment of the probability that the performance criteria will be achieved. Stock-based compensation expense associated with awards is updated for actual forfeitures. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation and the fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For further discussion, see Note 10, Employee Benefit Plans.
Advertising Costs	Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance
Cost of Raising Capital	Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt.
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2022, 2021, and 2020, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity,
Forward Sales Agreements	Forward Sales Agreements ​ 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 years ended December 31, 2022 and 2021, the Company performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables in light of the COVID-19 pandemic. This analysis included an assessment of collectibility of current and future rents and whether those lease payments were no longer probable of collection. In accordance with the leases guidance, if lease payments are no longer deemed to be probable over the life of the lease contract, we recognize revenue only when cash is received, and all existing contractual operating lease receivables and straight-line lease receivables are reserved. ​ As a result of its analysis, the Company reduced its reserve to approximately $8.7 million for multifamily tenant lease receivables and reduced its reserve to approximately $4.3 million for retail tenant lease receivables (inclusive of $3.2 million of reserves on straight-line lease receivables) for its wholly-owned communities and communities held by joint ventures during the year ended December 31, 2022. In aggregate, the reduction in reserve is reflected as a $6.0 million increase to Rental income and a $0.5 million increase to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the year ended December 31, 2022. During the year ended December 31, 2021, the Company reduced its reserve to approximately $13.2 million for multifamily tenant lease receivables and increased its reserve to approximately $6.1 million for retail tenant lease receivables (inclusive of $4.0 million of reserves on straight-line lease receivables) for its wholly-owned communities and communities held by joint ventures. In aggregate, the reduction in reserve is reflected as a $0.1 million increase to Rental income and a $0.1 million increase to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the year ended December 31, 2021 . The impact to deferred leasing commissions was not material for the years ended December 31, 2022 and 2021. ​ The Company did not recognize any other adjustments to the carrying amounts of assets or asset impairment charges due to the COVID-19 pandemic for the years ended December 31, 2022, 2021 and 2020. ​
Use of Estimates	Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates.
Market Concentration Risk	Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2022, the Company held greater than 10% of the carrying value of its real estate portfolio in each of the Metropolitan D.C., Boston, Massachusetts and New York, New York markets.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Summary of notes receivable, net	The following table summarizes our Notes receivable, net as of December 31, 2022 and 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2022 ​ 2022 ​ 2021 Note due May 2022 (a) ​ N/A ​ $ — ​ $ 2,760 Note due December 2023 (b) ​ 10.00 % ​ 30,377 ​ ​ 24,235 Note due December 2026 (c) ​ 11.00 % ​ 17,292 ​ ​ — Note due December 2026 (d) ​ 11.00 % ​ 5,813 ​ ​ — Note due June 2027 (e) ​ 18.00 % ​ 1,500 ​ ​ — Notes Receivable ​ ​ ​ ​ 54,982 ​ ​ 26,995 Allowance for credit losses ​ ​ ​ ​ (275) ​ ​ (135) Total notes receivable, net ​ $ 54,707 ​ $ 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 $17.3 million was funded during the year ended December 31, 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, of which $5.8 million was funded during the year ended December 31, 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 year ended December 31, 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)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Land ​ $ 2,539,499 ​ $ 2,342,385 Depreciable property — held and used: ​ ​ ​ Land improvements ​ 254,578 ​ 241,905 Building, improvements, and furniture, fixtures and equipment ​ 12,521,838 ​ 11,717,931 Real estate intangible assets ​ ​ 50,013 ​ ​ 50,013 Under development: ​ ​ Land and land improvements ​ 43,711 ​ 74,399 Building, improvements, and furniture, fixtures and equipment ​ 146,394 ​ 314,170 Real estate held for disposition: ​ ​ Building, improvements, and furniture, fixtures and equipment ​ 14,039 ​ — Real estate owned ​ 15,570,072 ​ 14,740,803 Accumulated depreciation (a) ​ (5,762,501) ​ (5,137,096) Real estate owned, net ​ $ 9,807,571 ​ $ 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 December 31, 2022 and 2021, respectively.
Schedule of future amortization	The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Balance as of December 31, 2022 ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ Thereafter Real estate intangible assets, net (a) ​ $ 36,932 ​ $ 4,162 ​ $ 3,995 ​ $ 3,858 ​ $ 3,723 ​ $ 3,590 ​ $ 17,604 In-place lease intangible assets, net (b) ​ ​ 3,375 ​ ​ 665 ​ ​ 627 ​ ​ 583 ​ ​ 476 ​ ​ 406 ​ ​ 618 Total ​ $ 40,307 ​ $ 4,827 ​ $ 4,622 ​ $ 4,441 ​ $ 4,199 ​ $ 3,996 ​ $ 18,222 ​ ​ ​ (a) Real estate intangible assets, net is recorded net of accumulated amortization of $13.1 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the years ended December 31, 2022 and 2021, $4.3 million and $3.0 million, respectively, of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations. ​ (b) In-place lease intangible assets, net is recorded net of accumulated amortization of $14.4 million in Other assets on the Consolidated Balance Sheets. For the years ended December 31, 2022 and 2021, $22.5 million and $20.3 million, respectively, was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations.

JOINT VENTURES AND PARTNERSHI_2

JOINT VENTURES AND PARTNERSHIPS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and 2021 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ Income/(loss) from investments ​ Location of December 31, December 31, December 31, December 31, ​ December 31, ​ December 31, Year Ended December 31, Joint Ventures Properties 2022 2022 2022 2021 ​ 2022 ​ 2021 2022 2021 2020 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 20,815 ​ $ 23,880 ​ 50.0 % ​ 50.0 % $ (2,027) ​ $ (2,544) ​ $ (2,639) UDR/MetLife II Various 7 1,250 ​ 174,645 ​ 181,023 ​ 50.0 % ​ 50.0 % ​ 1,245 ​ ​ (3,303) ​ ​ (1,044) Other UDR/MetLife Joint Ventures (a) Various 5 1,437 ​ 51,700 ​ 66,012 ​ 50.6 % ​ 50.6 % ​ (6,822) ​ ​ (11,938) ​ ​ (10,444) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and real estate technology investments ​ $ 247,160 ​ $ 270,915 ​ ​ ​ $ (7,604) ​ $ (17,785) ​ $ (14,127) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Income/(loss) from investments Developer Capital Program ​ ​ Years To ​ UDR December 31, December 31, ​ Year Ended December 31, and Real Estate Technology Investments (b) Location Rate Maturity ​ Commitment (c) 2022 2021 2022 2021 2020 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Junction ​ Santa Monica, CA ​ 12.5 % 0.8 ​ $ 8,800 ​ $ 14,865 ​ $ 13,183 ​ $ 1,682 ​ $ 1,484 ​ $ 1,321 1532 Harrison (d) ​ San Francisco, CA ​ N/A ​ — ​ ​ — ​ ​ — ​ ​ 35,248 ​ ​ 5,152 ​ ​ 2,354 ​ ​ 3,519 1200 Broadway (e) (f) ​ Nashville, TN ​ N/A ​ — ​ ​ — ​ ​ — ​ ​ 61,326 ​ ​ 11,889 ​ ​ 6,043 ​ ​ 5,309 1300 Fairmount (f) ​ Philadelphia, PA ​ 8.5 % 0.8 ​ ​ 51,393 ​ ​ 70,501 ​ ​ 64,780 ​ ​ 5,721 ​ ​ 5,237 ​ ​ 4,843 Modera Lake Merritt (f) ​ Oakland, CA ​ 9.0 % 1.4 ​ ​ 27,250 ​ ​ 32,672 ​ ​ 33,828 ​ ​ (1,156) ​ ​ 2,899 ​ ​ 2,592 Thousand Oaks (f) ​ Thousand Oaks, CA ​ 9.0 % 2.1 ​ ​ 20,059 ​ ​ 24,898 ​ ​ 22,764 ​ ​ 2,134 ​ ​ 1,924 ​ ​ 763 Vernon Boulevard (f) ​ Queens, NY ​ 13.0 % 2.5 ​ ​ 40,000 ​ ​ 54,880 ​ ​ 48,210 ​ ​ 6,652 ​ ​ 5,845 ​ ​ 2,348 Makers Rise (f) ​ Herndon, VA ​ 9.0 % 3.0 ​ ​ 30,208 ​ ​ 34,059 ​ ​ 22,828 ​ ​ 2,865 ​ ​ 926 ​ ​ — 121 at Watters (f) ​ Allen, TX ​ 9.0 % 3.2 ​ ​ 19,843 ​ ​ 22,511 ​ ​ 14,134 ​ ​ 1,861 ​ ​ 749 ​ ​ — Infield Phase I ​ Kissimmee, FL ​ 14.0 % 1.4 ​ ​ 16,044 ​ ​ 17,816 ​ ​ — ​ ​ 1,743 ​ ​ — ​ ​ — Upton Place ​ Washington, D.C. ​ 9.7 % 4.9 ​ ​ 52,163 ​ ​ 56,832 ​ ​ 29,566 ​ ​ 4,429 ​ ​ 92 ​ ​ — Meetinghouse (g) ​ Portland, OR ​ 8.25 % 4.2 ​ ​ 11,600 ​ ​ 12,134 ​ ​ — ​ ​ 716 ​ ​ — ​ ​ — Heirloom (h) ​ Portland, OR ​ 8.25 % 4.4 ​ ​ 16,185 ​ ​ 16,714 ​ ​ — ​ ​ 676 ​ ​ — ​ ​ — Portfolio Recapitalization (i) ​ Various ​ 8.0 % 6.5 ​ ​ 102,000 ​ ​ 102,705 ​ ​ — ​ ​ 3,616 ​ ​ — ​ ​ — Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I (j) ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 16,601 ​ ​ 71,464 ​ ​ (35,507) ​ ​ 50,795 ​ ​ 5,143 RETV II ​ N/A ​ N/A ​ N/A ​ ​ 18,000 ​ ​ 11,670 ​ ​ 8,130 ​ ​ (265) ​ ​ 1,101 ​ ​ (206) RETV III (k) ​ N/A ​ N/A ​ N/A ​ ​ 15,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — RET Strategic Fund (l) ​ N/A ​ N/A ​ N/A ​ ​ 25,000 ​ ​ 8,078 ​ ​ — ​ ​ 496 ​ ​ — ​ ​ — RET ESG (m) ​ N/A ​ N/A ​ N/A ​ ​ 10,000 ​ ​ 2,898 ​ ​ — ​ ​ (153) ​ ​ — ​ ​ — Total Preferred Equity Investments and Real Estate Technology Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 499,834 ​ ​ 425,461 ​ ​ 12,551 ​ ​ 79,449 ​ ​ 25,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sold joint ventures and other investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,982 ​ ​ 7,339 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Joint Ventures and Developer Capital Program and Real Estate Technology Investments, net (a) ​ ​ ​ ​ $ 746,994 ​ $ 696,376 ​ $ 4,947 ​ $ 65,646 ​ $ 18,844 (a) As of December 31, 2022 and 2021, the Company’s negative investment in 13 th and Market Properties LLC of $7.5 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 Sheets. (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 earns 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 $(35.5) million and $50.8 million of investment income/(loss) from RETV I for the years ended December 31, 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 November 2022, the Company entered into a real estate technology investment as a limited partner, for a total commitment of $15.0 million. As of December 31, 2022, no funding to the limited partnership had occurred. The Company has concluded that it does not control the limited partnership and accounts for it under the equity method of accounting. (l) 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 during the year ended December 31, 2022. The Company has concluded that it does not control the limited partnership and accounts for it under the equity method of accounting. (m) 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 $3.0 million to the limited partnership during the year ended December 31, 2022. The Company has concluded that it does not control the limited partnership and accounts for it under the equity method of accounting.
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	Condensed summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the years ended December 31, 2022, 2021, and 2020 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ Total ​ Capital Program ​ ​ ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ ​ ​ Excluding ​ and Other ​ ​ ​ ​ Year Ended December 31, 2022 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ RETV I ​ DCP ​ Investments ​ Total ​ ​ Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 10,813 ​ $ 58,163 ​ $ 61,253 ​ $ 42 ​ $ 130,271 ​ $ 38,145 ​ $ 168,416 ​ ​ ​ Property operating expenses ​ 5,011 ​ 25,950 ​ 24,301 ​ 1,596 ​ 56,858 ​ 23,622 ​ 80,480 ​ ​ ​ Real estate depreciation and amortization ​ 6,033 ​ 18,478 ​ 31,069 ​ — ​ 55,580 ​ 20,064 ​ 75,644 ​ ​ ​ Gain/(loss) on sale of real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 127,542 ​ ​ 127,542 ​ ​ ​ Operating income/(loss) ​ (231) ​ 13,735 ​ 5,883 ​ (1,554) ​ 17,833 ​ 122,001 ​ 139,834 ​ ​ ​ Interest expense ​ (3,068) ​ (10,124) ​ (17,318) ​ (21) ​ (30,531) ​ (16,383) ​ (46,914) ​ ​ ​ Other income/(loss) ​ — ​ — ​ — ​ — ​ — ​ (90) ​ (90) ​ ​ ​ Net realized gain/(loss) on held investments (a) ​ ​ — ​ — ​ — ​ 101,954 ​ 101,954 ​ 3,601 ​ 105,555 ​ ​ ​ Net unrealized gain/(loss) on held investments (a) ​ ​ — ​ ​ — ​ ​ — ​ ​ (308,202) ​ ​ (308,202) ​ ​ (569) ​ ​ (308,771) ​ ​ ​ Net income/(loss) ​ $ (3,299) ​ $ 3,611 ​ $ (11,435) ​ $ (207,823) ​ $ (218,946) ​ $ 108,560 ​ $ (110,386) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 102,900 ​ $ 623,994 ​ $ 531,058 ​ $ — ​ $ 1,257,952 ​ $ 1,481,832 ​ $ 2,739,784 ​ ​ ​ Investments, at fair value ​ ​ — ​ ​ — ​ ​ — ​ ​ 96,118 ​ ​ 96,118 ​ ​ 117,625 ​ ​ 213,743 ​ ​ ​ Cash and cash equivalents ​ 1,863 ​ 6,586 ​ 7,105 ​ 1,160 ​ 16,714 ​ 22,285 ​ 38,999 ​ ​ ​ Other assets ​ 1,464 ​ 9,142 ​ 3,814 ​ 52 ​ 14,472 ​ 107,287 ​ 121,759 ​ ​ ​ Total assets ​ 106,227 ​ 639,722 ​ 541,977 ​ 97,330 ​ 1,385,256 ​ 1,729,029 ​ 3,114,285 ​ ​ ​ Third party debt, net ​ 71,059 ​ 334,687 ​ 452,163 ​ — ​ 857,909 ​ 1,079,420 ​ 1,937,329 ​ ​ ​ Accounts payable and accrued liabilities ​ 1,105 ​ 7,590 ​ 5,460 ​ 70 ​ 14,225 ​ 202,923 ​ 217,148 ​ ​ ​ Total liabilities ​ 72,164 ​ 342,277 ​ 457,623 ​ 70 ​ 872,134 ​ 1,282,343 ​ 2,154,477 ​ ​ ​ Total equity ​ $ 34,063 ​ $ 297,445 ​ $ 84,354 ​ $ 97,260 ​ $ 513,122 ​ $ 446,686 ​ $ 959,808 ​ ​ ​ (a) Net unrealized and realized gain/(loss) on held investments related to RETV I primarily related to unrealized and realized gains from SmartRent. For the year ended December 31, 2022, the Company recorded its share of net losses related to RETV I of $(35.5) million. Of that amount, $(37.2) million related to SmartRent, which are recorded in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ ​ ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ ​ ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2021 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ RETV I ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,186 ​ $ 52,324 ​ $ 52,614 ​ $ 184 ​ $ 6 ​ $ 114,314 ​ $ 18,509 ​ $ 132,823 Property operating expenses ​ 4,506 ​ 24,165 ​ 23,090 ​ 333 ​ 1,445 ​ 53,539 ​ 15,626 ​ 69,165 Real estate depreciation and amortization ​ 5,948 ​ 19,006 ​ 33,532 ​ — ​ — ​ 58,486 ​ 8,429 ​ 66,915 Gain/(loss) on sale of real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ 34,757 ​ ​ — ​ ​ 34,757 ​ ​ — ​ ​ 34,757 Operating income/(loss) ​ (1,268) ​ 9,153 ​ (4,008) ​ 34,608 ​ (1,439) ​ 37,046 ​ (5,546) ​ 31,500 Interest expense ​ (3,068) ​ (11,873) ​ (17,366) ​ (41) ​ (17) ​ (32,365) ​ (11,161) ​ (43,526) Other income/(loss) ​ — ​ — ​ — ​ (1,238) ​ — ​ (1,238) ​ (623) ​ (1,861) Net realized gain/(loss) on held investments ​ ​ — ​ — ​ — ​ — ​ 12,341 ​ 12,341 ​ — ​ 12,341 Net unrealized gain/(loss) on held investments (a) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 285,155 ​ ​ 285,155 ​ ​ 16,276 ​ ​ 301,431 Net income/(loss) ​ $ (4,336) ​ $ (2,720) ​ $ (21,374) ​ $ 33,329 ​ $ 296,040 ​ $ 300,939 ​ $ (1,054) ​ $ 299,885 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 108,340 ​ $ 636,674 ​ $ 558,680 ​ $ — ​ $ — ​ $ 1,303,694 ​ $ 739,464 ​ $ 2,043,158 Investments, at fair value ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 405,675 ​ ​ 405,675 ​ ​ 54,566 ​ ​ 460,241 Real estate assets held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 168,668 ​ ​ 168,668 Cash and cash equivalents ​ 1,378 ​ 5,864 ​ 5,668 ​ — ​ 3,681 ​ 16,591 ​ 6,300 ​ 22,891 Other assets ​ 1,804 ​ 10,483 ​ 5,419 ​ — ​ 14 ​ 17,720 ​ 11,228 ​ 28,948 Total assets ​ 111,522 ​ 653,021 ​ 569,767 ​ — ​ 409,370 ​ 1,743,680 ​ 980,226 ​ 2,723,906 Third party debt, net ​ 71,003 ​ 336,533 ​ 453,182 ​ — ​ — ​ 860,718 ​ 355,200 ​ 1,215,918 Liabilities held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 106,990 ​ ​ 106,990 Accounts payable and accrued liabilities ​ 1,059 ​ 7,360 ​ 5,866 ​ — ​ 90 ​ 14,375 ​ 37,314 ​ 51,689 Total liabilities ​ 72,062 ​ 343,893 ​ 459,048 ​ — ​ 90 ​ 875,093 ​ 499,504 ​ 1,374,597 Total equity ​ $ 39,460 ​ $ 309,128 ​ $ 110,719 ​ $ — ​ $ 409,280 ​ $ 868,587 ​ $ 480,722 ​ $ 1,349,309 (a) Net unrealized gain/(loss) on held investments primarily related to unrealized gains from SmartRent, which became a public company in 2021. For the year ended December 31, 2021, the Company recorded its share of the net unrealized gain/(loss) on held investments of $49.9 million, of which $48.9 million related to SmartRent, in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ ​ ​ Total ​ Capital Program ​ ​ ​ For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ ​ ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2020 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ RETV I ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,480 ​ $ 56,274 ​ $ 57,781 ​ $ 8,668 ​ $ 19 ​ $ 132,222 ​ $ 16,170 ​ $ 148,392 Property operating expenses ​ 4,978 ​ 21,951 ​ 22,870 ​ 4,477 ​ 2,382 ​ 56,658 ​ 5,850 ​ 62,508 Real estate depreciation and amortization ​ 5,980 ​ 18,912 ​ 35,454 ​ 3,338 ​ — ​ 63,684 ​ 3,495 ​ 67,179 Operating income/(loss) ​ (1,478) ​ 15,411 ​ (543) ​ 853 ​ (2,363) ​ 11,880 ​ 6,825 ​ 18,705 Interest expense ​ (3,075) ​ (15,386) ​ (17,457) ​ (1,344) ​ — ​ (37,262) ​ (3,121) ​ (40,383) Other income/(loss) ​ ​ — ​ 204 ​ — ​ 63 ​ — ​ 267 ​ 35 ​ 302 Net unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,151 ​ ​ 36,151 ​ ​ (10) ​ ​ 36,141 Net income/(loss) ​ $ (4,553) ​ $ 229 ​ $ (18,000) ​ $ (428) ​ $ 33,788 ​ $ 11,036 ​ $ 3,729 ​ $ 14,765

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2023 ​ $ 12,442 2024 ​ ​ 12,442 2025 ​ ​ 12,442 2026 ​ ​ 12,442 2027 ​ ​ 12,442 Thereafter ​ ​ 417,895 Total future minimum lease payments (undiscounted) ​ ​ 480,105 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (290,867) Total operating lease liabilities (discounted) ​ $ 189,238 ​
Lessee - components of operating lease expenses	The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 12,991 ​ $ 12,924 ​ $ 12,821 Variable lease expense (a) ​ ​ 112 ​ ​ 78 ​ ​ 119 Total operating lease expense (b)(c) ​ $ 13,103 ​ $ 13,002 ​ $ 12,940 (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 year ended December 31, 2022, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.4 million and $3.3 million, respectively, for the year ended December 31, 2021, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.5 million and $3.1 million, respectively, and for the year ended December 31, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.3 million and $3.0 million, respectively. Due to the net impact of the amortization, the Company recorded $0.1 million, $0.3 million and $0.3 million of total operating lease expense during the years ended December 31, 2022, 2021 and 2020, respectively. ​
Lessor - Future minimum lease payments	Future minimum lease payments from our retail and commercial leases as of December 31, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2023 ​ $ 26,907 2024 ​ ​ 25,232 2025 ​ ​ 21,971 2026 ​ ​ 19,174 2027 ​ ​ 15,214 Thereafter ​ ​ 66,864 Total future minimum lease payments (a) ​ $ 175,362 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less.

SECURED AND UNSECURED DEBT, N_2

SECURED AND UNSECURED DEBT, NET (Tables)	12 Months Ended
	Dec. 31, 2022
Unsecured Debt
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at December 31, 2022 and 2021 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2022 2021 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 1,005,622 ​ $ 1,006,762 3.42 % 5.4 14 Deferred financing costs and other non-cash adjustments (b) ​ 19,712 ​ 23,678 Total fixed rate secured debt, net ​ 1,025,334 ​ 1,030,440 3.42 % 5.4 14 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 2.76 % 9.2 1 Deferred financing costs ​ (53) ​ (60) Total variable rate secured debt, net ​ 26,947 ​ 26,940 2.76 % 9.2 1 Total Secured Debt, net ​ 1,052,281 ​ 1,057,380 3.40 % 5.5 15 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2026 (d) (m) ​ — ​ — — % 3.1 Borrowings outstanding under unsecured commercial paper program due January 2023 (e) (m) ​ ​ 300,000 ​ ​ 220,000 ​ 4.70 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2024 ​ 28,015 ​ 29,546 5.18 % 1.0 Term Loan due January 2027 (d) (m) ​ 175,000 ​ 35,000 4.90 % 4.1 Fixed Rate Debt ​ ​ Term Loan due January 2027 (d) (m) ​ ​ 175,000 ​ 315,000 1.43 % 4.1 ​ ​ 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 1.7 2.95% Medium-Term Notes due September 2026 (g) (m) ​ 300,000 ​ 300,000 2.89 % 3.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $317 and $388, respectively) (h) (m) ​ ​ 299,683 ​ ​ 299,612 ​ 4.03 % 4.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $598 and $717, respectively) (m) ​ ​ 299,402 ​ ​ 299,283 ​ 3.50 % 5.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $4 and $4, respectively) (i) (m) ​ ​ 299,996 ​ ​ 299,996 ​ 4.27 % 6.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $9,667 and $11,040, respectively) (j) (m) ​ ​ 609,667 ​ ​ 611,040 ​ 3.32 % 7.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of premiums of $10,304 and $11,498, respectively) (k) (m) ​ ​ 610,304 ​ ​ 611,498 ​ 3.01 % 8.6 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $338 and $373, respectively) (m) ​ ​ 399,662 ​ ​ 399,627 ​ 2.10 % 9.6 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,230 and $1,351, respectively) (m) ​ ​ 348,770 ​ ​ 348,649 ​ 1.90 % 10.2 ​ ​ 2.10% Medium-Term Notes due June 2033 (net of discounts of $1,041 and $1,140, respectively) (m) ​ ​ 298,959 ​ ​ 298,860 ​ 2.10 % 10.5 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,045 and $1,133, respectively) (l) (m) ​ ​ 298,955 ​ ​ 298,867 ​ 3.13 % 11.8 ​ ​ Other ​ 5 ​ 7 Deferred financing costs ​ (24,040) ​ (27,222) Total Unsecured Debt, net ​ 4,435,022 ​ 4,355,407 3.17 % 6.8 Total Debt, net ​ $ 5,487,303 ​ $ 5,412,787 3.17 % 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 years subsequent to December 31, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2023 ​ $ 1,242 ​ $ — ​ $ 1,242 ​ $ 300,000 (a) $ 301,242 2024 ​ ​ 96,747 ​ ​ — ​ ​ 96,747 ​ ​ 43,659 ​ ​ 140,406 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 2032 ​ ​ ​ 27,000 ​ 27,000 ​ 400,000 ​ 427,000 Thereafter ​ — ​ — ​ — ​ 950,000 ​ 950,000 Subtotal ​ 1,005,622 ​ 27,000 ​ 1,032,622 ​ 4,443,659 ​ 5,476,281 Non-cash (b) ​ 19,712 ​ (53) ​ 19,659 ​ (8,637) ​ 11,022 Total ​ $ 1,025,334 ​ $ 26,947 ​ $ 1,052,281 ​ $ 4,435,022 ​ $ 5,487,303 (a) All unsecured debt due in 2023 is related to the Company’s commercial paper program. (b) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2022 and 2021, the Company amortized $3.8 million and $4.7 million, respectively, of deferred financing costs into Interest expense .
Commercial Paper
Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2022 and 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Total unsecured commercial paper program $ 700,000 ​ $ 700,000 ​ Borrowings outstanding at end of period ​ 300,000 ​ 220,000 ​ Weighted average daily borrowings during the period ended ​ 405,671 ​ 419,563 ​ Maximum daily borrowings during the period ended ​ 700,000 ​ 700,000 ​ Weighted average interest rate during the period ended ​ 2.3 % 0.2 % Interest rate at end of the period ​ 4.7 % 0.3 %
Revolving Credit Facility
Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2022 and 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ 3,776 ​ 13,068 ​ Maximum daily borrowings during the period ended ​ 205,000 ​ 305,000 ​ Weighted average interest rate during the period ended ​ 3.9 % 0.9 % Interest rate at end of the period ​ — % — % (1) Excludes $2.6 million and $2.6 million of letters of credit at December 31, 2022 and 2021, respectively.
Working Capital Credit Facility - 2021
Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2022 and 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 28,015 ​ 29,546 ​ Weighted average daily borrowings during the period ended ​ 15,080 ​ 10,473 ​ Maximum daily borrowings during the period ended ​ 55,812 ​ 46,038 ​ Weighted average interest rate during the period ended ​ 3.0 % 0.9 % Interest rate at end of the period ​ 5.2 % 0.9 % ​

INCOME_(LOSS) PER SHARE (Tables

INCOME/(LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 92,579 ​ $ 160,993 ​ $ 68,970 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (5,613) ​ (10,873) ​ (4,543) Net (income)/loss attributable to noncontrolling interests ​ (42) ​ (104) ​ (161) Net income/(loss) attributable to UDR, Inc. ​ 86,924 ​ 150,016 ​ 64,266 Distributions to preferred stockholders — Series E (Convertible) ​ (4,412) ​ (4,229) ​ (4,230) Income/(loss) attributable to common stockholders - basic and diluted ​ $ 82,512 ​ $ 145,787 ​ $ 60,036 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ Weighted average common shares outstanding ​ 321,949 ​ 300,579 ​ 294,808 Non-vested restricted stock awards ​ (278) ​ (253) ​ (263) Denominator for basic income/(loss) per share ​ 321,671 ​ 300,326 ​ 294,545 Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements ​ 1,029 ​ 1,377 ​ 382 Denominator for diluted income/(loss) per share ​ 322,700 ​ 301,703 ​ 294,927 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ Basic ​ $ 0.26 ​ $ 0.49 ​ $ 0.20 Diluted ​ $ 0.26 ​ $ 0.48 ​ $ 0.20
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the years ended December 31, 2022, 2021, and 2020 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 OP/DownREIT Units 21,478 22,418 22,310 Convertible preferred stock 2,916 2,918 2,950 Unvested LTIP Units and unvested restricted stock 1,029 1,377 382

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2022
STOCKHOLDERS' EQUITY
Schedule of changes in issued and outstanding common and preferred stock	The following table presents the changes in the Company’s issued and outstanding shares of common and preferred stock for the years ended December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ Preferred Stock ​ ​ Stock ​ Series E ​ Series F Balance at December 31, 2019 294,588 2,781 14,691 Issuance/(forfeiture) of common and restricted shares, net 104 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) ​ 2,121 ​ — ​ — Repurchase of common shares ​ (597) ​ — ​ — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 3 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership ​ 300 — — Conversion of Series E Cumulative Convertible shares ​ 93 ​ (86) ​ — Forfeiture of Series F shares ​ — — (250) Balance at December 31, 2020 296,612 2,695 14,441 Issuance/(forfeiture) of common and restricted shares, net 97 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) ​ 19,517 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 44 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,880 — — Forfeiture of Series F shares — — (1,858) Balance at December 31, 2021 318,150 2,695 12,583 Issuance/(forfeiture) of common and restricted shares, net 120 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) ​ 11,402 — — Repurchase of common shares ​ (1,192) ​ — ​ — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 4 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 499 — — Conversion of Series E Cumulative Convertible shares ​ 10 ​ (9) ​ — Forfeiture of Series F shares — — (482) Balance at December 31, 2022 328,993 2,686 12,101 ​

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
EMPLOYEE BENEFIT PLANS
Summary of LTIP Units and restricted stock activities	A summary of UDR’s Performance Units, LTIP Units, restricted stock and option activities during the year ended December 31, 2022 is as follows ( shares in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested Performance Units Outstanding ​ Performance Units Exercisable ​ Unvested Stock Options Outstanding ​ Stock Options Exercisable ​ LTIP Units ​ Restricted Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Average Fair ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average Fair ​ ​ ​ Value Per ​ Number of ​ Exercise ​ Number of ​ Exercise ​ Number of ​ Exercise ​ Number of ​ Exercise ​ Number of ​ Value Per ​ Number ​ Restricted ​ Units ​ Price ​ Units ​ Price ​ Options ​ Price ​ Options ​ Price ​ LTIP Units ​ LTIP Unit ​ of shares ​ Stock Balance, December 31, 2021 2,962 ​ $ 42.30 — ​ $ — ​ — ​ $ — — ​ $ — 420 ​ $ 41.94 248 ​ $ 40.30 Granted 1,610 ​ 45.60 — ​ — ​ 1,225 ​ 45.91 — ​ — 397 ​ 55.29 187 ​ 51.93 Exercised — ​ — — ​ — ​ — ​ — — ​ — — ​ — — ​ — Vested (1,823) ​ 36.85 1,823 ​ 36.85 ​ — ​ — — ​ — (326) ​ 40.51 (142) ​ 40.02 Forfeited — ​ — — ​ — ​ — ​ — — ​ — — ​ — (20) ​ 45.38 Balance, December 31, 2022 2,749 ​ $ 44.66 1,823 ​ $ 36.85 ​ 1,225 ​ $ 45.91 — ​ $ - 491 ​ $ 53.69 273 ​ $ 48.77 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
Schedule of taxable distributions paid per common share	Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2022, 2021 and 2020 ( unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Ordinary income $ 1.3329 $ 0.9798 $ 1.0320 Qualified ordinary income ​ 0.0001 ​ 0.0405 ​ 0.0039 Long-term capital gain ​ 0.1521 ​ 0.3577 ​ 0.2974 Unrecaptured section 1250 gain ​ 0.0174 ​ 0.0695 ​ 0.0892 Total ​ $ 1.5025 ​ $ 1.4475 ​ $ 1.4225 ​
Schedule of components of the provision for income taxes	The components of the provision for income taxes are as follows for the years ended December 31, 2022, 2021, and 2020 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Income tax (benefit)/provision ​ ​ ​ Current ​ ​ ​ Federal ​ $ — ​ $ 2,693 ​ $ (148) State ​ 440 ​ 1,236 ​ 1,374 Total current ​ 440 ​ 3,929 ​ 1,226 Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (27) ​ (1,770) ​ 894 State ​ (16) ​ (672) ​ 451 Investment tax credit ​ ​ (48) ​ ​ (48) ​ ​ (26) Total deferred ​ (91) ​ (2,490) ​ 1,319 Total income tax (benefit)/provision ​ $ 349 ​ $ 1,439 ​ $ 2,545
Schedule of components of TRS deferred tax assets and liabilities	The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2022, 2021, and 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Deferred tax assets: ​ ​ ​ Federal and state tax attributes ​ $ 157 ​ $ 60 ​ $ 6 Other ​ 64 ​ 102 ​ 147 Total deferred tax assets ​ 221 ​ 162 ​ 153 Valuation allowance ​ (33) ​ (32) ​ (23) Net deferred tax assets ​ 188 ​ 130 ​ 130 Deferred tax liabilities: ​ ​ ​ Book/tax depreciation and basis ​ ​ (876) ​ ​ (860) ​ ​ (638) Other investment ventures ​ ​ — ​ ​ — ​ ​ (2,665) Other ​ (67) ​ (68) ​ (67) Total deferred tax liabilities ​ (943) ​ (928) ​ (3,370) Net deferred tax assets/(liabilities) ​ $ (755) ​ $ (798) ​ $ (3,240) ​
Schedule of effective income tax rate reconciliation	Income tax provision/(benefit), net from our TRS differed from the amounts computed by applying the U.S. statutory rate of 21% to pretax income/(loss) for the years ended December 31, 2022, 2020, and 2019 as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Income tax provision/(benefit) ​ ​ ​ U.S. federal income tax provision/(benefit) ​ $ (109) ​ $ 1,058 ​ $ 1,240 State income tax provision ​ 914 ​ 664 ​ 1,434 Other items ​ (409) ​ (246) ​ (165) Solar credit amortization ​ ​ (48) ​ ​ (48) ​ ​ (26) ITC basis adjustment ​ — ​ 2 ​ 58 Valuation allowance ​ 1 ​ 9 ​ 4 Total income tax provision/(benefit) ​ $ 349 ​ $ 1,439 ​ $ 2,545 ​

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2022 and 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at beginning of year $ 1,299,442 $ 856,294 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (444,293) ​ 502,768 OP Units issued for real estate, net ​ — ​ 48,533 Conversion of OP Units/DownREIT Units to Common Stock or Cash ​ (44,346) ​ (99,932) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 5,613 ​ 10,873 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (34,020) ​ (34,044) Redeemable Long-Term and Short-Term Incentive Plan Units ​ ​ 56,568 ​ ​ 14,576 Allocation of other comprehensive income/(loss) ​ 886 ​ 374 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year ​ $ 839,850 ​ $ 1,299,442 ​

FAIR VALUE OF DERIVATIVES AND_2

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and 2021 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 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 ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2022 (a) ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 54,707 ​ $ 55,514 ​ $ — ​ $ — ​ $ 55,514 Equity securities (c) ​ ​ 9,707 ​ ​ 9,707 ​ ​ 9,707 ​ ​ — ​ ​ — Derivatives - Interest rate contracts (d) ​ 15,270 ​ 15,270 ​ — ​ 15,270 ​ — Total assets ​ $ 79,684 ​ $ 80,491 ​ $ 9,707 ​ $ 15,270 ​ $ 55,514 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured debt instruments - fixed rate: (e) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 1,028,169 ​ $ 909,041 ​ $ — ​ $ — ​ $ 909,041 Secured debt instruments - variable rate: (e) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (e) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 28,015 ​ ​ 28,015 ​ ​ — ​ ​ — ​ ​ 28,015 Commercial paper program ​ ​ 300,000 ​ ​ 300,000 ​ ​ — ​ ​ — ​ ​ 300,000 Unsecured notes ​ ​ 4,131,047 ​ ​ 3,448,632 ​ ​ — ​ ​ — ​ ​ 3,448,632 Total liabilities ​ $ 5,514,231 ​ $ 4,712,688 ​ $ — ​ $ — ​ $ 4,712,688 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) ​ $ 839,850 ​ $ 839,850 ​ $ — ​ $ 839,850 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 December 31, 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 year ended December 31, 2022, the Company increased its direct investment in SmartRent due to stock distributions from its unconsolidated real estate technology investments. (d) See Note 14, Derivatives and Hedging Activity . (e) See Note 7, Secured and Unsecured Debt, Net . (f) See Note 12, Noncontrolling Interests .

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITY (Tables)	12 Months Ended
	Dec. 31, 2022
DERIVATIVES AND HEDGING ACTIVITY
Schedule of outstanding interest rate derivatives	As of December 31, 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 December 31, 2022 and 2021 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 15,270 ​ $ 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 years ended December 31, 2022, 2021, and 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ ​ ​ Gain/(Loss) Reclassified ​ Interest expense ​ ​ Unrealized holding gain/(loss) ​ from Accumulated OCI into ​ (Amount Excluded from ​ ​ Recognized in OCI ​ Interest expense ​ Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2022 2021 2020 2022 2021 2020 2022 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ 14,489 ​ $ 3,502 ​ $ (3,382) ​ $ 998 ​ $ (1,755) ​ $ (4,827) ​ $ — ​ $ — ​ $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ 2020 Total amount of Interest expense ​ $ 155,900 ​ $ 186,267 ​ $ 202,706 ​
Offsetting of Derivative Assets	The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2022 and 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 December 31, 2022 ​ $ 15,270 ​ $ — ​ $ 15,270 ​ $ — ​ $ — ​ $ 15,270 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 December 31, 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)	12 Months Ended
	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
Summary of real estate commitments	The following summarizes the Company’s commitments at December 31, 2022 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Real estate commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholly-owned — under development 3 ​ $ 190,105 ​ $ 142,395 Wholly-owned — redevelopment (b) 6 ​ ​ 24,157 ​ ​ 57,843 Unconsolidated joint ventures and partnerships: ​ ​ Real estate technology investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ RETV I (c) ​ - ​ ​ 16,601 ​ ​ 4,320 ​ RETV II ​ - ​ ​ 11,670 ​ ​ 6,300 ​ RETV III (d) ​ - ​ ​ — ​ ​ 15,000 ​ RET Strategic Fund ​ - ​ ​ 8,078 ​ ​ 17,500 ​ Climate Technology Funds (e) ​ - ​ ​ 5,741 ​ ​ 4,079 ​ RET ESG Fund (f) ​ - ​ ​ 2,898 ​ ​ 7,000 ​ Total ​ $ 259,250 ​ $ 254,437 (a) Represents UDR’s investment as of December 31, 2022. (b) Projects consist of unit additions or unit renovations and renovation of related common area amenities. (c) Includes the impact of unrealized losses for the year ended December 31, 2022, which primarily relate to a decrease in SmartRent’s public share price. (See Note 5, Joint Ventures and Partnerships) . (d) In November 2022, the Company committed to invest $15.0 million in a real estate technology investment. As December 31, 2022, no funding to the limited partnership had occurred. As of December 31, 2022, the investment is recorded in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets. (e) In March 2022, the Company committed to invest $10.0 million in climate technology funds and funded $5.7 million. As of December 31, 2022, the investment is recorded in Other Assets on the Consolidated Balance Sheets. (f) In April 2022, the Company committed to invest $10.0 million in an ESG technology fund and funded $2.9 million. As of December 31, 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)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2022, 2021, and 2020, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 459,179 ​ $ 417,450 ​ $ 414,705 Mid-Atlantic Region ​ 271,034 ​ 253,877 ​ 246,101 Northeast Region ​ ​ 266,951 ​ ​ 237,295 ​ ​ 235,343 Southeast Region ​ 189,465 ​ 162,178 ​ 143,171 Southwest Region ​ 109,034 ​ 97,213 ​ 93,557 Non-Mature Communities/Other ​ 169,173 ​ 77,874 ​ 65,414 Total segment and consolidated lease revenue ​ $ 1,464,836 ​ $ 1,245,887 ​ $ 1,198,291 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 12,360 ​ $ 10,731 ​ $ 12,433 Mid-Atlantic Region ​ 10,807 ​ 8,941 ​ 7,210 Northeast Region ​ 6,082 ​ 5,180 ​ 6,106 Southeast Region ​ 7,907 ​ 7,124 ​ 6,037 Southwest Region ​ 4,184 ​ 3,932 ​ 3,599 Non-Mature Communities/Other ​ 6,188 ​ 2,870 ​ 2,420 Total segment and consolidated other revenue ​ $ 47,528 ​ $ 38,778 ​ $ 37,805 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 471,539 ​ $ 428,181 ​ $ 427,138 Mid-Atlantic Region ​ 281,841 ​ 262,818 ​ 253,311 Northeast Region ​ 273,033 ​ 242,475 ​ 241,449 Southeast Region ​ 197,372 ​ 169,302 ​ 149,208 Southwest Region ​ 113,218 ​ 101,145 ​ 97,156 Non-Mature Communities/Other ​ 175,361 ​ 80,744 ​ 67,834 Total segment and consolidated rental income ​ $ 1,512,364 ​ $ 1,284,665 ​ $ 1,236,096 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 352,675 ​ $ 314,791 ​ $ 316,334 Mid-Atlantic Region ​ 194,926 ​ 180,693 ​ 177,206 Northeast Region ​ 178,156 ​ 149,930 ​ 153,883 Southeast Region ​ 135,313 ​ 112,960 ​ 99,856 Southwest Region ​ 71,783 ​ 63,321 ​ 59,281 Non-Mature Communities/Other ​ 107,539 ​ 45,430 ​ 47,142 Total segment and consolidated NOI ​ 1,040,392 ​ 867,125 ​ 853,702 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 5,022 ​ 6,102 ​ 5,069 Property management ​ (49,152) ​ (38,540) ​ (35,538) Other operating expenses ​ (17,493) ​ (21,649) ​ (22,762) Real estate depreciation and amortization ​ (665,228) ​ (606,648) ​ (608,616) General and administrative ​ (64,144) ​ (57,541) ​ (49,885) Casualty-related (charges)/recoveries, net ​ (9,733) ​ (3,748) ​ (2,131) Other depreciation and amortization ​ (14,344) ​ (13,185) ​ (10,013) Gain/(loss) on sale of real estate owned ​ ​ 25,494 ​ ​ 136,052 ​ ​ 119,277 Income/(loss) from unconsolidated entities ​ 4,947 ​ 65,646 ​ 18,844 Interest expense ​ (155,900) ​ (186,267) ​ (202,706) Interest income and other income/(expense), net ​ (6,933) ​ 15,085 ​ 6,274 Tax (provision)/benefit, net ​ (349) ​ (1,439) ​ (2,545) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (5,613) ​ (10,873) ​ (4,543) Net (income)/loss attributable to noncontrolling interests ​ (42) ​ (104) ​ (161) Net income/(loss) attributable to UDR, Inc. ​ $ 86,924 ​ $ 150,016 ​ $ 64,266 (a) Same-Store Community population consisted of 47,360 apartment homes.
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of December 31, 2022 and 2021 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 4,330,820 ​ $ 4,264,381 Mid-Atlantic Region ​ 2,882,898 ​ 2,856,143 Northeast Region ​ 3,368,586 ​ 3,338,497 Southeast Region ​ 1,232,858 ​ 1,208,183 Southwest Region ​ 928,638 ​ 900,931 Non-Mature Communities/Other ​ 2,826,272 ​ 2,172,668 Total segment assets ​ 15,570,072 ​ 14,740,803 Accumulated depreciation ​ (5,762,501) ​ (5,137,096) Total segment assets — net book value ​ 9,807,571 ​ 9,603,707 Reconciling items: ​ ​ Cash and cash equivalents ​ 1,193 ​ 967 Restricted cash ​ 29,001 ​ 27,451 Notes receivable, net ​ 54,707 ​ 26,860 Investment in and advances to unconsolidated joint ventures, net ​ 754,446 ​ 702,461 Operating lease right-of-use assets ​ ​ 194,081 ​ ​ 197,463 Other assets ​ 197,471 ​ 216,311 Total consolidated assets ​ $ 11,038,470 ​ $ 10,775,220 (a) Same-Store Community population consisted of 47,360 apartment homes.

CONSOLIDATION AND BASIS OF PR_2

CONSOLIDATION AND BASIS OF PRESENTATION (Details) shares in Millions	12 Months Ended
	Dec. 31, 2022 community home item shares	Dec. 31, 2021 shares
Consolidation And Basis Of Presentation
Number of Real Estate Properties | community	165
Number of Markets Operating Within | item	21
Number Of Apartment Homes Owned And Consolidated By Company | home	54,999
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	186.1
United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	176.3	176.2
Percentage of units outstanding in Partnership	94.70%	94.70%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
General Partners' ownership (as a percent)		63.60%
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
Operating Partnership outstanding units	11.3	9.9
Percentage of units outstanding in Partnership	5.30%	5.30%
Non-affiliated Partners | UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units		11.8
Percentage of units outstanding in Partnership	34.90%	36.40%
UDR, Inc.
Consolidation And Basis Of Presentation
General Partners' ownership (as a percent)	65.10%
Operating Partnership outstanding units	21.1	20.6

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Accounting Policies
Gain on extinguishment of debt			$ (42,336)	$ (49,190)
Note receivable interest income		$ 3,500	5,300	9,100
Interest income, related party			0	0	$ 0
Allocation of other comprehensive income/(loss)		886	374
Current income tax expense (benefit)		0
Development Costs Excluding Direct Costs and Capitalized Interest		17,900	11,300	12,000
Capitalized interest during period		13,400	9,700	7,000
Net deferred tax assets/(liabilities)		$ (800)	(800)
Minimum Period of Time Units Have Been Outstanding Prior to Redemption		1 year
Unrecognized tax benefit, accrued interest or penalties due to examination		$ 0
Advertising expense		8,700	8,300	7,900
Credit losses		100	(600)
Adjustment to rental income		6,000	100
Adjustment to income (loss)		$ 500	100
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company		10%
Minimum | Joint Venture and Partnership Investment
Significant Accounting Policies
Ownership (as a percent)		100%
Buildings | Minimum
Significant Accounting Policies
Property, Plant and Equipment, Useful Life		30 years
Buildings | Maximum
Significant Accounting Policies
Property, Plant and Equipment, Useful Life		55 years
Building improvements | Minimum
Significant Accounting Policies
Property, Plant and Equipment, Useful Life		10 years
Building improvements | Maximum
Significant Accounting Policies
Property, Plant and Equipment, Useful Life		35 years
Furniture, fixtures, equipment, and other assets | Minimum
Significant Accounting Policies
Property, Plant and Equipment, Useful Life		3 years
Furniture, fixtures, equipment, and other assets | Maximum
Significant Accounting Policies
Property, Plant and Equipment, Useful Life		10 years
Note due May 2022, One
Significant Accounting Policies
Gain on extinguishment of debt	$ 100
Note due January 2023
Significant Accounting Policies
Aggregate commitment on note receivable		$ 25,400
Multifamily tenant lease
Significant Accounting Policies
Allowance for lease receivables		8,700	13,200
Retail tenant lease
Significant Accounting Policies
Allowance for lease receivables		4,300	6,100
Straight-line lease
Significant Accounting Policies
Allowance for lease receivables		3,200	4,000
Noncontrollings Interest
Significant Accounting Policies
Allocation of other comprehensive income/(loss)		$ 900	$ 400	$ 100

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Notes Receivables (Details) $ in Thousands	1 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) home item	Jul. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) home item	Dec. 31, 2022 USD ($) item	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 30, 2021 USD ($)
Accounting Policies [Line Items]
Notes receivable				$ 54,982		$ 26,995
Allowance for credit losses				(275)		(135)
Notes receivable, net				54,707		26,860
Total real estate, net				9,807,571		9,603,707
Unpaid accrued interest				46,671		45,980
Home Community, Riverside, California
Accounting Policies [Line Items]
Payment to acquire real estate	$ 29,000
Bellevue, WA 259 Home Community
Accounting Policies [Line Items]
Aggregate Commitment on Note Receivable		$ 115,000
Payment to acquire real estate		$ 171,900
Note due May 2022
Accounting Policies [Line Items]
Notes receivable						2,760
Aggregate Commitment on Note Receivable					$ 2,800
Note due May 2022, One
Accounting Policies [Line Items]
Notes receivable							$ 20,000
Total real estate, net							$ 25,000
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				$ 30,377		$ 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				$ 17,292
Note Receivable Interest Rate				11%
Number of apartment homes | home	482		482
Aggregate commitment funded on note receivable	$ 59,700		$ 59,700	$ 17,300
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		$ 24,400
Aggregate commitment funded on note receivable				$ 5,800
Interest payment accrual	36 months
Number of extension options | item	2		2
Term of notes receivable extension options	1 year
Note Due December 2026 | Home Community, Menifee, California
Accounting Policies [Line Items]
Notes receivable				$ 5,813
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	Dec. 31, 2022	Dec. 31, 2021
Real estate owned
Land	$ 2,539,499	$ 2,342,385
Depreciable property - held and used:
Land improvements	254,578	241,905
Building, improvements, and furniture, fixtures and equipment	12,521,838	11,717,931
Real estate intangible assets	50,013	50,013
Under development:
Real estate under development	189,809	388,062
Real estate owned	15,570,072	14,740,803
Accumulated depreciation	(5,762,501)	(5,137,096)
Total real estate owned, net of accumulated depreciation	9,807,571	9,603,707
Accumulated amortization	13,100	8,800
Land and land improvements
Under development:
Real estate under development	43,711	74,399
Building, improvements and furniture, fixtures and equipment
Under development:
Real estate under development	146,394	$ 314,170
Real estate assets held for sale	$ 14,039

REAL ESTATE OWNED - Additional

REAL ESTATE OWNED - Additional Information (Details) $ / shares in Units, $ in Thousands, shares in Millions

1 Months Ended

12 Months Ended

Jan. 31, 2023 USD ($)

Nov. 30, 2022 USD ($) home

Jun. 30, 2022 USD ($) home item

Apr. 30, 2022 USD ($)

Nov. 30, 2021 USD ($) home

Oct. 31, 2021 USD ($) home $ / shares shares

Sep. 30, 2021 USD ($) home

Aug. 31, 2021 USD ($) home

Jul. 31, 2021 USD ($) home

Jun. 30, 2021 USD ($) home

May 31, 2021 USD ($) home

Apr. 30, 2021 USD ($) home

Feb. 28, 2021 USD ($) home

Jan. 31, 2021 USD ($) home

Oct. 31, 2020 USD ($) home

May 31, 2020 USD ($) home

Dec. 31, 2022 USD ($) state community home

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Mar. 31, 2022 USD ($) home

Real Estate Owned Disclosure

Number of real estate properties | community

165

Number of states in which there are owned and consolidated communities | state

13

Number of apartment homes owned and consolidated | home

54,999

Gain/(loss) on sale of real estate owned

$ 25,494

$ 136,052

$ 119,277

Total real estate, net

9,807,571

9,603,707

In-place intangibles

50,013

50,013

Investment in unconsolidated entities

746,994

696,376

Long-term Debt

$ 5,476,281

Number of communities under development | community

3

Number of homes under development | home

715

Number of Homes Completed | home

161

Investment

$ 190,100

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

Retail Component of Development Community Located in Washington D.C.

Real Estate Owned Disclosure

Proceeds from sale of real estate

$ 14,400

Gain/(loss) on sale of real estate owned

$ 100

386 Home Operating Community In Anaheim

Real Estate Owned Disclosure

Number of apartment homes sold | home

386

Proceeds from sale of real estate

$ 156,000

Gain/(loss) on sale of real estate owned

$ 50,800

Operating Community 265 Homes in Anaheim

Real Estate Owned Disclosure

Number of apartment homes sold | home

265

Proceeds from sale of real estate

$ 126,000

Gain/(loss) on sale of real estate owned

$ 85,200

Note due February 2021

Real Estate Owned Disclosure

Proceeds from secured notes receivable

$ 4,000

Note due May 2022, One

Real Estate Owned Disclosure

Total real estate, net

$ 25,000

Preferred Equity Investment Meetinghouse Portland, OR

Real Estate Owned Disclosure

Number of apartment homes | home

232

Investment in unconsolidated entities

$ 11,600

Home Operating Community, Danvers | Operating Community

Real Estate Owned Disclosure

Number of apartment homes acquired | home

433

Real estate acquired

$ 203,700

In-place intangibles

3,800

Payment to acquire real estate

$ 207,500

300 Home Operating Community in Franklin

Real Estate Owned Disclosure

Number of apartment homes acquired | home

300

Real estate acquired

$ 82,000

In-place intangibles

2,000

Unamortized net premium

6,600

Payment to acquire real estate

77,400

Long-term Debt

$ 51,800

636 Home Operating Community in Farmers Branch, Texas

Real Estate Owned Disclosure

Number of apartment homes acquired | home

636

Real estate acquired

$ 111,500

In-place intangibles

3,000

Unamortized net premium

4,300

Payment to acquire real estate

110,200

Long-term Debt

$ 42,000

945 Home Operating Community in Frisco, Texas

Real Estate Owned Disclosure

Number of apartment homes acquired | home

945

Real estate acquired

$ 169,900

In-place intangibles

4,100

Unamortized net premium

7,100

Payment to acquire real estate

166,900

Long-term Debt

89,500

Bellevue, WA 259 Home Community

Real Estate Owned Disclosure

Number of apartment homes acquired | home

259

Real estate acquired

$ 169,100

In-place intangibles

2,800

Payment to acquire real estate

$ 171,900

468 Home Operating Community in Germantown, Maryland

Real Estate Owned Disclosure

Number of apartment homes acquired | home

468

Real estate acquired

$ 119,300

In-place intangibles

2,600

Payment to acquire real estate

$ 121,900

Operating Community 544 Apartment Home Germantown Maryland [Member]

Real Estate Owned Disclosure

Number of apartment homes acquired | home

544

Real estate acquired

$ 124,400

In-place intangibles

2,800

Payment to acquire real estate

$ 127,200

Operating Community 330 Apartment Home Orlando Florida [Member]

Real Estate Owned Disclosure

Number of apartment homes acquired | home

330

Gain or loss on consolidation

$ 0

Real estate acquired

103,600

In-place intangibles

2,400

Payment to acquire real estate

$ 106,000

Number of community issued (in shares) | shares

0.9

Number of valued (per unit) | $ / shares

$ 53

Number of valued

$ 47,900

Repayment of construction loan

$ 39,600

Investment in unconsolidated entities

$ 16,400

Operating Community 330 Apartment Home Orlando Florida [Member] | UDR/MetLife operating communities

Real Estate Owned Disclosure

Ownership (as a percent)

100%

Operating Community 663 Apartment Home Orlando Florida

Real Estate Owned Disclosure

Number of apartment homes acquired | home

663

Real estate acquired

$ 174,100

In-place intangibles

3,700

Payment to acquire real estate

$ 177,800

430 Home Operating Community in Towson, Maryland

Real Estate Owned Disclosure

Number of apartment homes acquired | home

430

Real estate acquired

$ 122,600

In-place intangibles

2,700

Payment to acquire real estate

$ 125,300

Operating community in Philadelphia, PA

Real Estate Owned Disclosure

Number of apartment homes acquired | home

339

Real estate acquired

$ 136,700

In-place intangibles

3,200

Payment to acquire real estate

147,000

Real estate intangibles

$ 7,100

332 Home Operating Community in Alexandria, Virginia

Real Estate Owned Disclosure

Number of apartment homes sold | home

332

Proceeds from sale of real estate

$ 145,000

Gain/(loss) on sale of real estate owned

$ 58,000

71 Home Operating Community in Bellevue

Real Estate Owned Disclosure

Number of apartment homes sold | home

71

Proceeds from sale of real estate

$ 49,700

Gain/(loss) on sale of real estate owned

$ 29,600

196 Home Operating Community in Seattle

Real Estate Owned Disclosure

Number of apartment homes sold | home

196

Proceeds from sale of real estate

$ 92,900

Gain/(loss) on sale of real estate owned

$ 31,700

Operating Community in Orange Country California

Real Estate Owned Disclosure

Number of apartment homes sold | home

90

Proceeds from sale of real estate

$ 41,500

Gain/(loss) on sale of real estate owned

$ 25,500

To Be Developed Parcel Of Land In Tampa, Florida

Real Estate Owned Disclosure

Payment to acquire real estate

$ 16,000

$ 6,600

Operating Community In Towson Maryland

Real Estate Owned Disclosure

Number of apartment homes acquired | home

192

Real estate acquired

$ 54,000

In-place intangibles

1,200

Payment to acquire real estate

57,600

Real estate intangibles

$ 2,400

Operating Community In King Of Prussia Pennsylvania

Real Estate Owned Disclosure

Number of apartment homes acquired | home

320

Real estate acquired

$ 113,800

In-place intangibles

2,400

Payment to acquire real estate

$ 116,200

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

REAL ESTATE OWNED - Amortizatio

REAL ESTATE OWNED - Amortization of intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Intangible assets, net
Balance as of December 31, 2022	$ 40,307
2023	4,827
2024	4,622
2025	4,441
2026	4,199
2027	3,996
Thereafter	18,222
Accumulated depreciation	5,762,205	$ 5,136,589
Real estate
Intangible assets, net
Balance as of December 31, 2022	36,932
2023	4,162
2024	3,995
2025	3,858
2026	3,723
2027	3,590
Thereafter	17,604
Accumulated depreciation	13,100
Amortization expense	4,300	3,000
In-place lease
Intangible assets, net
Balance as of December 31, 2022	3,375
2023	665
2024	627
2025	583
2026	476
2027	406
Thereafter	618
Accumulated depreciation	14,400
Amortization expense	$ 22,500	$ 20,300

JOINT VENTURES AND PARTNERSHI_3

JOINT VENTURES AND PARTNERSHIPS - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) community home property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 31, 2022 USD ($) home	Jun. 30, 2022 USD ($) home	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) home
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | community	165
Investment in unconsolidated entities	$ 746,994	$ 696,376
Income/(loss) from investments	4,947	65,646	$ 18,844
Sold joint ventures and other investments		3,982	7,339
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	247,160	270,915
Income/(loss) from investments	$ (7,604)	(17,785)	(14,127)
Preferred Equity Investment 1532 Harrison San Francisco, CA
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | home	136
Real estate technology investments RETV I
Schedule of Equity Method Investments [Line Items]
Income/(loss) from investments	$ (35,500)
Preferred Equity Investment Meetinghouse Portland, OR
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | home							232
Investment in unconsolidated entities							$ 11,600
Rate							8.25%
Real estate technology investments RET ESG
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	3,000
UDR Commitment						$ 10,000
Preferred Equity Investment Heirloom Portland, OR
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | home					286
Investment in unconsolidated entities					$ 16,200
Rate					8.25%
Development Community | Preferred Equity Investment 1532 Harrison San Francisco, CA
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities		35,248
Income/(loss) from investments	5,152	2,354	3,519
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities		61,326
Income/(loss) from investments	11,889	6,043	5,309
Development Community | Preferred Equity Investment 1641 Lincoln Santa Monica CA
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 14,865	13,183
Rate	12.50%
Years to Maturity	9 months 18 days
UDR Commitment	$ 8,800
Income/(loss) from investments	1,682	1,484	1,321
Development Community | Preferred Equity Investment 1300 Fairmount Philadelphia, PA
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 70,501	64,780
Rate	8.50%
Years to Maturity	9 months 18 days
UDR Commitment	$ 51,393
Income/(loss) from investments	5,721	5,237	4,843
Development Community | Preferred Equity Investment Modera Lake Merritt, Oakland
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 32,672	33,828
Rate	9%
Years to Maturity	1 year 4 months 24 days
UDR Commitment	$ 27,250
Income/(loss) from investments	(1,156)	2,899	2,592
Development Community | Preferred Equity Investment Thousand Oaks, CA
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 24,898	22,764
Rate	9%
Years to Maturity	2 years 1 month 6 days
UDR Commitment	$ 20,059
Income/(loss) from investments	2,134	1,924	763
Development Community | Preferred Equity Investment Queens, NY
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 54,880	48,210
Rate	13%
Years to Maturity	2 years 6 months
UDR Commitment	$ 40,000
Income/(loss) from investments	6,652	5,845	2,348
Development Community | Preferred Equity Investment Makers Rise, Herndon, VA
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 34,059	22,828
Rate	9%
Years to Maturity	3 years
UDR Commitment	$ 30,208
Income/(loss) from investments	2,865	926
Development Community | Preferred Equity Investment 121 at Watters, Allen, TX
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 22,511	14,134
Rate	9%
Years to Maturity	3 years 2 months 12 days
UDR Commitment	$ 19,843
Income/(loss) from investments	1,861	749
Development Community | Preferred Equity Investments and Real Estate Technology Investments
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	499,834	425,461
Income/(loss) from investments	12,551	79,449	25,632
Development Community | Preferred Equity Investment Infield Phase I, Kissimmee, FL
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 17,816
Rate	14%
Years to Maturity	1 year 4 months 24 days
UDR Commitment	$ 16,044
Income/(loss) from investments	1,743
Development Community | Real estate technology investments RETV I
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	16,601	71,464
UDR Commitment	18,000
Income/(loss) from investments	(35,507)	50,795	5,143
Development Community | Real estate technology investments RETV II
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	11,670	8,130
UDR Commitment	18,000
Income/(loss) from investments	(265)	1,101	(206)
Development Community | Real estate technology investments RETV III
Schedule of Equity Method Investments [Line Items]
UDR Commitment	15,000
Development Community | Preferred Equity Investment Upton Place, Washington, D C
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 56,832	29,566
Rate	9.70%
Years to Maturity	4 years 10 months 24 days
UDR Commitment	$ 52,163
Income/(loss) from investments	4,429	92
Development Community | Preferred Equity Investment Meetinghouse Portland, OR
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 12,134
Rate	8.25%
Years to Maturity	4 years 2 months 12 days
UDR Commitment	$ 11,600
Income/(loss) from investments	716
Development Community | Real estate technology investments RET ESG
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	2,898
UDR Commitment	10,000
Income/(loss) from investments	(153)
Development Community | Preferred Equity Investment Stabilized Portfolio Member
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | home				14
Investment in unconsolidated entities	$ 102,705			$ 102,000
Rate	8%			8%
Years to Maturity	6 years 6 months
UDR Commitment	$ 102,000
Income/(loss) from investments	3,616
Development Community | Preferred Equity Investment Heirloom Portland, OR
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 16,714
Rate	8.25%
Years to Maturity	4 years 4 months 24 days
UDR Commitment	$ 16,185
Income/(loss) from investments	676
Development Community | Real estate technology investments RET Strategic Fund
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	8,078
UDR Commitment	25,000
Income/(loss) from investments	$ 496
Operating Community | Unconsolidated Joint Venture UDR Met Life I Partnership
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	1
Number of apartment homes | home	150
Investment in unconsolidated entities	$ 20,815	$ 23,880
UDR's Ownership Interest	50%	50%
Income/(loss) from investments	$ (2,027)	$ (2,544)	(2,639)
Operating Community | Unconsolidated Joint Venture UDR MetLife II Partnership
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	7
Number of apartment homes | home	1,250
Investment in unconsolidated entities	$ 174,645	$ 181,023
UDR's Ownership Interest	50%	50%
Income/(loss) from investments	$ 1,245	$ (3,303)	(1,044)
Operating Community | Unconsolidated Joint Venture Other MetLife
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	5
Number of apartment homes | home	1,437
Investment in unconsolidated entities	$ 51,700	$ 66,012
UDR's Ownership Interest	50.60%	50.60%
Income/(loss) from investments	$ (6,822)	$ (11,938)	$ (10,444)

JOINT VENTURES AND PARTNERSHI_4

JOINT VENTURES AND PARTNERSHIPS - Commitments (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022 USD ($) community	Dec. 31, 2022 USD ($) home	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 30, 2022 USD ($)	Jul. 31, 2022 USD ($) home	Jun. 30, 2022 USD ($) home	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) home
Joint Ventures
Investment in unconsolidated entities		$ 746,994	$ 696,376
Gain/(loss) on sale of real estate owned		25,494	136,052	$ 119,277
Deferred fees from the sale of properties		8,100	8,700
Joint venture management and other fees		$ 5,022	$ 6,102	$ 5,069
Type of revenue		udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total assets		$ 11,038,470	$ 10,775,220
Total liabilities		6,100,325	6,001,474
Variable Interest Entity, Primary Beneficiary
Joint Ventures
Total assets		85,700
Total liabilities		100
Limited Partner
Joint Ventures
Investment in unconsolidated entities		0
Commitment					$ 15,000
Management Service
Joint Ventures
Joint venture management and other fees		5,000	6,100	$ 5,100
Unconsolidated Joint Venture UDR Met Life I Partnership | Operating Community
Joint Ventures
Investment in unconsolidated entities		$ 20,815	$ 23,880
UDR's Ownership Interest		50%	50%
Number of apartment homes | home		150
Unconsolidated Joint Venture UDR MetLife II Partnership | Operating Community
Joint Ventures
Investment in unconsolidated entities		$ 174,645	$ 181,023
UDR's Ownership Interest		50%	50%
Number of apartment homes | home		1,250
Unconsolidated Joint Venture Other MetLife | Operating Community
Joint Ventures
Investment in unconsolidated entities		$ 51,700	$ 66,012
UDR's Ownership Interest		50.60%	50.60%
Number of apartment homes | home		1,437
Preferred Equity Investment 1200 Broadway Nashville TN | Development Community
Joint Ventures
Investment in unconsolidated entities			$ 61,326
Preferred Equity Investment 1641 Lincoln Santa Monica CA | Development Community
Joint Ventures
Investment in unconsolidated entities		$ 14,865	13,183
Preferred return (as a percent)		12.50%
Years to Maturity		9 months 18 days
Commitment		$ 8,800
Preferred Equity Investment 1300 Fairmount Philadelphia, PA | Development Community
Joint Ventures
Investment in unconsolidated entities		$ 70,501	64,780
Preferred return (as a percent)		8.50%
Years to Maturity		9 months 18 days
Commitment		$ 51,393
Preferred Equity Investment Modera Lake Merritt, Oakland | Development Community
Joint Ventures
Investment in unconsolidated entities		$ 32,672	33,828
Preferred return (as a percent)		9%
Years to Maturity		1 year 4 months 24 days
Commitment		$ 27,250
Preferred Equity Investment Thousand Oaks, CA | Development Community
Joint Ventures
Investment in unconsolidated entities		$ 24,898	22,764
Preferred return (as a percent)		9%
Years to Maturity		2 years 1 month 6 days
Commitment		$ 20,059
Real estate technology investments RETV I | Development Community
Joint Ventures
Investment in unconsolidated entities		16,601	71,464
Commitment		18,000
Real estate technology investments RETV II | Development Community
Joint Ventures
Investment in unconsolidated entities		11,670	8,130
Commitment		18,000
Real estate technology investments RET ESG
Joint Ventures
Investment in unconsolidated entities		3,000
Commitment								$ 10,000
Real estate technology investments RET ESG | Development Community
Joint Ventures
Investment in unconsolidated entities		2,898
Commitment		10,000
Real estate technology investments RET Strategic Fund | Limited Partner
Joint Ventures
Investment in unconsolidated entities		7,500
Commitment	$ 25,000
Real estate technology investments RET Strategic Fund | Development Community
Joint Ventures
Investment in unconsolidated entities		8,078
Commitment		25,000
Preferred Equity Investments and Real Estate Technology Investments | Development Community
Joint Ventures
Investment in unconsolidated entities		499,834	425,461
Preferred Equity Investment Upton Place, Washington, D C | Development Community
Joint Ventures
Investment in unconsolidated entities		$ 56,832	29,566
Preferred return (as a percent)		9.70%
Years to Maturity		4 years 10 months 24 days
Commitment		$ 52,163
Preferred Equity Investment Meetinghouse Portland, OR
Joint Ventures
Investment in unconsolidated entities									$ 11,600
Number of apartment homes | home									232
Preferred return (as a percent)									8.25%
Preferred Equity Investment Meetinghouse Portland, OR | Development Community
Joint Ventures
Investment in unconsolidated entities		$ 12,134
Preferred return (as a percent)		8.25%
Years to Maturity		4 years 2 months 12 days
Commitment		$ 11,600
Preferred Equity Investment Heirloom Portland, OR
Joint Ventures
Investment in unconsolidated entities							$ 16,200
Number of apartment homes | home							286
Preferred return (as a percent)							8.25%
Preferred Equity Investment Heirloom Portland, OR | Development Community
Joint Ventures
Investment in unconsolidated entities		$ 16,714
Preferred return (as a percent)		8.25%
Years to Maturity		4 years 4 months 24 days
Commitment		$ 16,185
Preferred Equity Investment Stabilized Portfolio Member | Development Community
Joint Ventures
Investment in unconsolidated entities		$ 102,705				$ 102,000
Number of apartment homes | home						14
Preferred return (as a percent)		8%				8%
Years to Maturity		6 years 6 months
Commitment		$ 102,000
Preferred Equity Investment 1532 Harrison San Francisco, CA
Joint Ventures
Number of apartment homes | home		136
Unpaid balance of defaulted loan		$ 47,200
Preferred Equity Investment 1532 Harrison San Francisco, CA | Development Community
Joint Ventures
Investment in unconsolidated entities			35,248
Accounts Payable, Accrued Expenses and Other Liabilities | 13th and Market Properties LLC
Joint Ventures
Investment in unconsolidated entities		$ (7,500)	$ (6,100)
Preferred Equity Investment Home Operating Community, Nashville Tennessee [Member] | Operating Community
Joint Ventures
Number of communities sold | community	313
Equity method investment amount sold	$ 294,000
Variable participation on the sale of community	$ 10,600

JOINT VENTURES AND PARTNERSHI_5

JOINT VENTURES AND PARTNERSHIPS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial information relating to unconsolidated joint ventures operations
Total revenues	$ 1,517,386	$ 1,290,767	$ 1,241,165
Property operating expenses	250,310	218,094	201,944
Real estate depreciation and amortization	665,228	606,648	608,616
Gain/(loss) on sale of real estate owned	25,494	136,052	119,277
Operating income	250,814	267,968	249,103
Interest expense	(155,900)	(186,267)	(202,706)
Other income/(loss)	(6,933)	15,085	6,274
Net unrealized gain/(loss) on held investments		49,900
Net income/(loss)	92,579	160,993	68,970
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	9,807,571	9,603,707
Investments, at fair value	754,446	702,461
Cash and cash equivalents	1,193	967	1,409	$ 8,106
Other assets	197,471	216,311
Total assets	11,038,470	10,775,220
Accounts payable and accrued liabilities	153,220	136,954
Total liabilities	6,100,325	6,001,474
Total equity	4,098,295	3,474,304	3,258,591	$ 3,389,314
Real estate technology investments RETV I
Financial information relating to unconsolidated joint ventures operations
Net unrealized/realized gain/(loss) on held investments	(35,500)
SmartRent, Inc.
Financial information relating to unconsolidated joint ventures operations
Net unrealized/realized gain/(loss) on held investments		(37,200)
Net unrealized gain/(loss) on held investments		48,900
Unconsolidated Joint Venture UDR Met Life I Partnership
Financial information relating to unconsolidated joint ventures operations
Total revenues	10,813	9,186	9,480
Property operating expenses	5,011	4,506	4,978
Real estate depreciation and amortization	6,033	5,948	5,980
Operating income	(231)	(1,268)	(1,478)
Interest expense	(3,068)	(3,068)	(3,075)
Net income/(loss)	(3,299)	(4,336)	(4,553)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	102,900	108,340
Cash and cash equivalents	1,863	1,378
Other assets	1,464	1,804
Total assets	106,227	111,522
Third party debt, net	71,059	71,003
Accounts payable and accrued liabilities	1,105	1,059
Total liabilities	72,164	72,062
Total equity	34,063	39,460
Unconsolidated Joint Venture UDR MetLife II Partnership
Financial information relating to unconsolidated joint ventures operations
Total revenues	58,163	52,324	56,274
Property operating expenses	25,950	24,165	21,951
Real estate depreciation and amortization	18,478	19,006	18,912
Operating income	13,735	9,153	15,411
Interest expense	(10,124)	(11,873)	(15,386)
Other income/(loss)			204
Net income/(loss)	3,611	(2,720)	229
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	623,994	636,674
Cash and cash equivalents	6,586	5,864
Other assets	9,142	10,483
Total assets	639,722	653,021
Third party debt, net	334,687	336,533
Accounts payable and accrued liabilities	7,590	7,360
Total liabilities	342,277	343,893
Total equity	297,445	309,128
Unconsolidated Joint Venture Other MetLife
Financial information relating to unconsolidated joint ventures operations
Total revenues	61,253	52,614	57,781
Property operating expenses	24,301	23,090	22,870
Real estate depreciation and amortization	31,069	33,532	35,454
Operating income	5,883	(4,008)	(543)
Interest expense	(17,318)	(17,366)	(17,457)
Net income/(loss)	(11,435)	(21,374)	(18,000)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	531,058	558,680
Cash and cash equivalents	7,105	5,668
Other assets	3,814	5,419
Total assets	541,977	569,767
Third party debt, net	452,163	453,182
Accounts payable and accrued liabilities	5,460	5,866
Total liabilities	457,623	459,048
Total equity	84,354	110,719
Preferred Equity Investment West Coast Development JV
Financial information relating to unconsolidated joint ventures operations
Total revenues		184	8,668
Property operating expenses		333	4,477
Real estate depreciation and amortization			3,338
Gain/(loss) on sale of real estate owned		34,757
Operating income		34,608	853
Interest expense		(41)	(1,344)
Other income/(loss)		(1,238)	63
Net income/(loss)		33,329	(428)
Real estate technology investments RETV I
Financial information relating to unconsolidated joint ventures operations
Total revenues	42	6	19
Property operating expenses	1,596	1,445	2,382
Operating income	(1,554)	(1,439)	(2,363)
Interest expense	(21)	(17)
Net realized gain/(loss) on held investments	101,954	12,341
Net unrealized gain/(loss) on held investments	(308,202)	285,155	36,151
Net income/(loss)	(207,823)	296,040	33,788
Combined summary of balance sheets relating to unconsolidated joint ventures
Investments, at fair value	96,118	405,675
Cash and cash equivalents	1,160	3,681
Other assets	52	14
Total assets	97,330	409,370
Accounts payable and accrued liabilities	70	90
Total liabilities	70	90
Total equity	97,260	409,280
Total Excluding DCP
Financial information relating to unconsolidated joint ventures operations
Total revenues	130,271	114,314	132,222
Property operating expenses	56,858	53,539	56,658
Real estate depreciation and amortization	55,580	58,486	63,684
Gain/(loss) on sale of real estate owned		34,757
Operating income	17,833	37,046	11,880
Interest expense	(30,531)	(32,365)	(37,262)
Other income/(loss)		(1,238)	267
Net realized gain/(loss) on held investments	101,954	12,341
Net unrealized gain/(loss) on held investments	(308,202)	285,155	36,151
Net income/(loss)	(218,946)	300,939	11,036
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	1,257,952	1,303,694
Investments, at fair value	96,118	405,675
Cash and cash equivalents	16,714	16,591
Other assets	14,472	17,720
Total assets	1,385,256	1,743,680
Third party debt, net	857,909	860,718
Accounts payable and accrued liabilities	14,225	14,375
Total liabilities	872,134	875,093
Total equity	513,122	868,587
Developer Capital Program and Other Investments
Financial information relating to unconsolidated joint ventures operations
Total revenues	38,145	18,509	16,170
Property operating expenses	23,622	15,626	5,850
Real estate depreciation and amortization	20,064	8,429	3,495
Gain/(loss) on sale of real estate owned	127,542
Operating income	122,001	(5,546)	6,825
Interest expense	(16,383)	(11,161)	(3,121)
Other income/(loss)	(90)	(623)	35
Net realized gain/(loss) on held investments	3,601
Net unrealized gain/(loss) on held investments	(569)	16,276	(10)
Net income/(loss)	108,560	(1,054)	3,729
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	1,481,832	739,464
Investments, at fair value	117,625	54,566
Real estate assets held for sale		168,668
Cash and cash equivalents	22,285	6,300
Other assets	107,287	11,228
Total assets	1,729,029	980,226
Third party debt, net	1,079,420	355,200
Liabilities held for sale		106,990
Accounts payable and accrued liabilities	202,923	37,314
Total liabilities	1,282,343	499,504
Total equity	446,686	480,722
Unconsolidated Joint Ventures and Partnerships
Financial information relating to unconsolidated joint ventures operations
Total revenues	168,416	132,823	148,392
Property operating expenses	80,480	69,165	62,508
Real estate depreciation and amortization	75,644	66,915	67,179
Gain/(loss) on sale of real estate owned	127,542	34,757
Operating income	139,834	31,500	18,705
Interest expense	(46,914)	(43,526)	(40,383)
Other income/(loss)	(90)	(1,861)	302
Net realized gain/(loss) on held investments	105,555	12,341
Net unrealized gain/(loss) on held investments	(308,771)	301,431	36,141
Net income/(loss)	(110,386)	299,885	$ 14,765
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	2,739,784	2,043,158
Investments, at fair value	213,743	460,241
Real estate assets held for sale		168,668
Cash and cash equivalents	38,999	22,891
Other assets	121,759	28,948
Total assets	3,114,285	2,723,906
Third party debt, net	1,937,329	1,215,918
Liabilities held for sale		106,990
Accounts payable and accrued liabilities	217,148	51,689
Total liabilities	2,154,477	1,374,597
Total equity	$ 959,808	$ 1,349,309

LEASES - Lessee Future Minimum

LEASES - Lessee Future Minimum Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 194,081	$ 197,463
Weighted average remaining lease term	42 years 7 months 6 days	43 years 2 months 12 days
Weighted average discount rate	5%	5%
Future minimum lease payments
Total operating lease liabilities (discounted)	$ 189,238	$ 192,488
Ground Leases
Future minimum lease payments
2023	12,442
2024	12,442
2025	12,442
2026	12,442
2027	12,442
Thereafter	417,895
Total future minimum lease payments (undiscounted)	480,105
Difference between future undiscounted cash flows and discounted cash flows	(290,867)
Total operating lease liabilities (discounted)	$ 189,238

LEASES - Lessee Expenses (Detai

LEASES - Lessee Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease expense:
Contractual lease expense	$ 100	$ 300	$ 300
Variable lease expense	800	400	200
Operating lease right-of-use asset amortization	3,400	3,500	3,300
Operating lease liabilities amortization	3,300	3,100	3,000
Ground Leases
Lease expense:
Contractual lease expense	12,991	12,924	12,821
Variable lease expense	112	78	119
Ground Leases | Other operating expense
Lease expense:
Total operating lease expense	$ 13,103	$ 13,002	$ 12,940

LEASES - Lessor (Details)

LEASES - Lessor (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Future minimum lease payments
2023	$ 26,907
2024	25,232
2025	21,971
2026	19,174
2027	15,214
Thereafter	66,864
Total future minimum payments	175,362
Variable lease expense	$ 800	$ 400	$ 200
Apartment Homes
Lessor leases
Option to extend	true
Apartment Homes | Maximum
Lessor leases
Lease terms		12 months
Retail and Commercial Spaces
Lessor leases
Option to extend	true
Retail and Commercial Spaces | Minimum
Lessor leases
Lease terms	5 years
Percentage of lease revenue	1%
Retail and Commercial Spaces | Maximum
Lessor leases
Lease terms	15 years
Percentage of lease revenue	2%

SECURED AND UNSECURED DEBT, N_3

SECURED AND UNSECURED DEBT, NET - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) community	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)
Secured debt instruments
Total Debt, net	$ 5,487,303	$ 5,412,787
Long-term Debt	$ 5,476,281
Weighted average interest rate (as a percent)	3.17%
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	$ 1,052,281	1,057,380
Long-term Debt	$ 1,032,622
Weighted average interest rate (as a percent)	3.40%
Number of Communities Encumbered | community	15
Secured Debt | Weighted Average
Secured debt instruments
Years to maturity	5 years 6 months
Unsecured Debt
Secured debt instruments
Total Debt, net	$ 4,435,022	4,355,407
Long-term Debt	$ 4,443,659
Weighted average interest rate (as a percent)	3.17%
Deferred finance costs, net	$ (24,040)	(27,222)
Unsecured Debt | Weighted Average
Secured debt instruments
Years to maturity	6 years 9 months 18 days
Fixed Rate Debt
Secured debt instruments
Long-term Debt		183,300
Fixed Rate Debt | Secured Debt
Secured debt instruments
Total Debt, net	$ 1,025,334
Long-term Debt	1,005,622
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable
Secured debt instruments
Total Debt, net	1,005,622	1,006,762
Deferred financing costs and other non-cash adjustments	(19,712)	(23,678)
Long-term Debt	$ 1,025,334	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 4 months 24 days
Fixed Rate Debt | Unsecured Debt | Term Loan due January 2027
Secured debt instruments
Total Debt, net	$ 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 1 month 6 days
Fixed Rate Debt | Unsecured Debt | 8.50% Debentures, Due September 2024
Secured debt instruments
Total Debt, net	$ 15,644	$ 15,644
Stated interest rate	8.50%	8.50%
Weighted average interest rate (as a percent)	8.50%
Fixed Rate Debt | Unsecured Debt | 8.50% Debentures, Due September 2024 | Weighted Average
Secured debt instruments
Years to maturity	1 year 8 months 12 days
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026
Secured debt instruments
Total Debt, net	$ 300,000	$ 300,000
Stated interest rate	2.95%	2.95%
Weighted average interest rate (as a percent)	2.89%
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026 | Weighted Average
Secured debt instruments
Years to maturity	3 years 8 months 12 days
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027
Secured debt instruments
Total Debt, net	$ 299,683	$ 299,612
Stated interest rate	3.50%	3.50%
Unamortized discount	$ 317	$ 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 6 months
Fixed Rate Debt | Unsecured Debt | 3.50% Medium-Term Notes Due January 2028
Secured debt instruments
Total Debt, net	$ 299,402	$ 299,283
Stated interest rate	3.50%	3.50%
Unamortized discount	$ 598	$ 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
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 1 month 6 days
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030
Secured debt instruments
Total Debt, net	$ 609,667	$ 611,040
Stated interest rate	3.20%	3.20%
Unamortized net premium	$ 9,667	$ 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
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031
Secured debt instruments
Total Debt, net	$ 610,304	$ 611,498
Stated interest rate	3%	3%
Unamortized discount	$ 10,304	$ 11,498
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 7 months 6 days
Fixed Rate Debt | Unsecured Debt | 2.10% Medium Term Note Due August 2032
Secured debt instruments
Total Debt, net	$ 399,662	$ 399,627
Stated interest rate	2.10%	2.10%
Unamortized discount	$ 338	$ 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 7 months 6 days
Fixed Rate Debt | Unsecured Debt | 1.90% Medium-Term Notes due March 2033
Secured debt instruments
Total Debt, net	$ 348,770	$ 348,649
Stated interest rate	1.90%	1.90%
Unamortized discount	$ 1,230	$ 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 2 months 12 days
Fixed Rate Debt | Unsecured Debt | 2.10% Medium-Term Note due June 2033
Secured debt instruments
Total Debt, net	$ 298,959	$ 298,860
Stated interest rate	2.10%	2.10%
Unamortized discount	$ 1,041	$ 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 6 months
Fixed Rate Debt | Unsecured Debt | 3.10% Medium-Term Notes due November 2034
Secured debt instruments
Total Debt, net	$ 298,955	$ 298,867
Stated interest rate	3.10%	3.10%
Unamortized discount	$ 1,045	$ 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	11 years 9 months 18 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	26,947
Long-term Debt	27,000
Variable Rate Debt | Secured Debt | Tax-exempt notes payable
Secured debt instruments
Total Debt, net	26,947	26,940
Long-term Debt	$ 27,000	27,000
Weighted average interest rate (as a percent)	2.76%
Number of Communities Encumbered | community	1
Deferred finance costs, net	$ (53)	(60)
Variable Rate Debt | Secured Debt | Tax-exempt notes payable | Weighted Average
Secured debt instruments
Years to maturity	9 years 2 months 12 days
Variable Rate Debt | Unsecured Debt | Commercial Paper
Secured debt instruments
Borrowings outstanding	$ 300,000	220,000
Weighted average interest rate (as a percent)	4.70%
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 1 month 6 days
Variable Rate Debt | Unsecured Debt | Working capital credit facility
Secured debt instruments
Borrowings outstanding	$ 28,015	29,546
Variable Rate Debt | Unsecured Debt | Working Capital Credit Facility - 2021
Secured debt instruments
Borrowings outstanding	$ 28,015	29,546
Weighted average interest rate (as a percent)	5.18%
Variable Rate Debt | Unsecured Debt | Working Capital Credit Facility - 2021 | Weighted Average
Secured debt instruments
Years to maturity	1 year
Variable Rate Debt | Unsecured Debt | Term Loan due January 2027
Secured debt instruments
Total Debt, net	$ 175,000	$ 35,000
Weighted average interest rate (as a percent)	4.90%
Variable Rate Debt | Unsecured Debt | Term Loan due January 2027 | Weighted Average
Secured debt instruments
Years to maturity	4 years 1 month 6 days

SECURED AND UNSECURED DEBT, N_4

SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) instrument	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 31, 2021 USD ($) instrument
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Gain on extinguishment of debt			$ (42,336)	$ (49,190)
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
Gain on extinguishment of debt				$ (8,500)
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
Basis points added to to variable rate		0.855%
Commitment fee		0.15%
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
Basis points added to to variable rate		0.70%
Commitment fee		0.10%
Revolving credit facility due 2023 | Unsecured Debt | Maximum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate		1.40%
Commitment fee		0.30%
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		3,776	13,068
Maximum daily borrowings during the period ended		$ 205,000	$ 305,000
Weighted average interest rate during the period ended		3.90%	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%
Working Capital Credit Facility - 2021 | Variable Rate Debt | Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility		75,000
Borrowings outstanding at end of period		28,015	$ 29,546
Borrowings outstanding at end of period		$ 28,015	$ 29,546

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	1 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 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		28,015	29,546
Weighted average daily borrowings during the period ended		15,080	10,473
Maximum daily borrowings during the period ended		$ 55,812	$ 46,038
Weighted average interest rate during the period ended		3%	0.90%
Interest rate at end of the period		5.20%	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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Unsecured Debt
Total unsecured commercial paper program	$ 700,000	$ 700,000
Borrowings outstanding at end of period	300,000	220,000
Weighted average daily borrowings during the period ended	405,671	419,563
Maximum daily borrowings during the period ended	$ 700,000	$ 700,000
Weighted average interest rate during the period ended	2.30%	0.20%
Interest rate at end of the period	4.70%	0.30%

SECURED AND UNSECURED DEBT, N_7

SECURED AND UNSECURED DEBT, NET - Unsecured Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Aggregate maturities of unsecured debt
2023	$ 301,242
2024	140,406
2025	174,793
2026	352,744
2027	652,860
2028	462,310
2029	491,986
2030	762,010
2031	760,930
2032	427,000
Thereafter	950,000
Subtotal	5,476,281
Non-cash	11,022
Total	5,487,303	$ 5,412,787
Interest expense
Aggregate maturities of unsecured debt
Amortization of financing costs	3,800	4,700
Fixed Rate Debt
Aggregate maturities of unsecured debt
Subtotal		183,300
Secured Debt
Aggregate maturities of unsecured debt
2023	1,242
2024	96,747
2025	174,793
2026	52,744
2027	2,860
2028	162,310
2029	191,986
2030	162,010
2031	160,930
2032	27,000
Subtotal	1,032,622
Non-cash	19,659
Total	1,052,281	1,057,380
Secured Debt | Fixed Rate Debt
Aggregate maturities of unsecured debt
2023	1,242
2024	96,747
2025	174,793
2026	52,744
2027	2,860
2028	162,310
2029	191,986
2030	162,010
2031	160,930
Subtotal	1,005,622
Non-cash	19,712
Total	1,025,334
Secured Debt | Variable Rate Debt
Aggregate maturities of unsecured debt
2032	27,000
Subtotal	27,000
Non-cash	(53)
Total	26,947
Unsecured Debt
Aggregate maturities of unsecured debt
2023	300,000
2024	43,659
2026	300,000
2027	650,000
2028	300,000
2029	300,000
2030	600,000
2031	600,000
2032	400,000
Thereafter	950,000
Subtotal	4,443,659
Non-cash	(8,637)
Total	$ 4,435,022	$ 4,355,407

SECURED AND UNSECURED DEBT, N_8

SECURED AND UNSECURED DEBT, NET - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property loan	Dec. 31, 2020 USD ($)	Sep. 30, 2021 USD ($)	Feb. 28, 2021
Secured Debt
Percentage of secured debt which encumbers real estate owned based upon book value	11%
Percentage of secured debt of real estate owned which is unencumbered	89%
Long-term Debt	$ 5,476,281
Extinguishment of debt costs		$ 40,769	$ 62,645
3.00% Medium-Term Notes due August 2031
Secured Debt
Long-term Debt				$ 600,000
Interest rate risk				$ 250,000
All-in weighted average interest rate				3.01%
Unsecured Debt
Secured Debt
Long-term Debt	4,443,659
Secured Debt
Secured Debt
Long-term Debt	$ 1,032,622
Fixed Rate Debt
Secured Debt
Number of mortgage loans payable assumed | loan		3
Long-term Debt		$ 183,300
Long term debt fair value		$ 201,300
Number of operating properties acquired | property		3
Long-term Debt, Weighted Average Interest Rate		3.93%
Fixed Rate Debt | Mortgages Notes Payable | Minimum
Secured Debt
Notes payable maximum interest rates range	2.62%
Fixed Rate Debt | Mortgages Notes Payable | Maximum
Secured Debt
Notes payable maximum interest rates range	4.39%
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026
Secured Debt
Stated interest rate	2.95%	2.95%
Portion of medium term note subject to interest rate swaps	$ 100,000
All-in weighted average interest rate	2.89%
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027
Secured Debt
Stated interest rate	3.50%	3.50%
Portion of medium term note subject to interest rate swaps	$ 200,000
All-in weighted average interest rate	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%
Portion of medium term note subject to interest rate swaps	$ 150,000
All-in weighted average interest rate	4.27%
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030
Secured Debt
Stated interest rate	3.20%	3.20%
All-in weighted average interest rate					3.32%
Unamortized net premium	$ 9,667	$ 11,040
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031
Secured Debt
Stated interest rate	3%	3%
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%
Fixed Rate Debt | Unsecured Debt | 3.10% senior unsecured notes due 2034
Secured Debt
All-in weighted average interest rate	3.13%
Fixed Rate Debt | Unsecured Debt | 1.90% Medium-Term Notes due March 2033
Secured Debt
Stated interest rate	1.90%	1.90%
Fixed Rate Debt | Secured Debt
Secured Debt
Long-term Debt	$ 1,005,622
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable
Secured Debt
Long-term Debt	1,025,334	$ 1,030,440
Fixed Rate Debt | Debt Assumed As Part of Acquisition | Interest expense
Secured Debt
Amortization of debt discount (Premium)	4,500	3,900	$ 22,400
Fixed Rate Debt | Debt Assumed As Part of Acquisition | Mortgages Notes Payable
Secured Debt
Unamortized net premium	22,500	$ 27,000
Variable Rate Debt | Secured Debt
Secured Debt
Long-term Debt	$ 27,000
Variable Rate Debt | Tax-exempt notes payable | Mortgages Notes Payable
Secured Debt
Notes payable maximum interest rates range	2.76%

INCOME_(LOSS) PER SHARE (Detail

INCOME/(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended						12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2021
Antidilutive securities
Net income/(loss)							$ 92,579	$ 160,993	$ 68,970
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership							(5,613)	(10,873)	(4,543)
Net (income)/loss attributable to noncontrolling interests							(42)	(104)	(161)
Net income/(loss) attributable to UDR, Inc.							86,924	150,016	64,266
Distributions to preferred stockholders - Series E (Convertible)							(4,412)	(4,229)	(4,230)
Net income/(loss) attributable to common stockholders							82,512	145,787	60,036
Income/(loss) attributable to common stockholders - diluted							$ 82,512	$ 145,787	$ 60,036
Denominator for income/(loss) per share:
Weighted average common shares outstanding							321,949,000	300,579,000	294,808,000
Non-vested restricted stock awards							(278,000)	(253,000)	(263,000)
Denominator for basic income/(loss) per share							321,671,000	300,326,000	294,545,000
Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements							1,029,000	1,377,000	382,000
Denominator for diluted income/(loss) per share							322,700,000	301,703,000	294,927,000
Income/(loss) per weighted average common share - basic							$ 0.26	$ 0.49	$ 0.20
Income/(loss) per weighted average common share - diluted							$ 0.26	$ 0.48	$ 0.20
Number of shares authorized			450,000,000				450,000,000	450,000,000
Aggregate net proceeds							$ 629,552	$ 899,053	$ 102,234
Number of shares agreed to repurchase (in shares)							1,200,000
Average price of shares to be repurchased (dollar per share)							$ 41.14
Approximate amount committed for the repurchase of common shares							$ 49,000
Issuance of common shares through public offering, net							$ 629,552	$ 899,053	$ 102,234
OP/DownREIT Units
Antidilutive securities
Antidilutive securities							21,478,000	22,418,000	22,310,000
Convertible Preferred Stock
Antidilutive securities
Antidilutive securities							2,916,000	2,918,000	2,950,000
Unvested LTIP Units and unvested restricted stock
Antidilutive securities
Antidilutive securities							1,029,000	1,377,000	382,000
ATM
Denominator for income/(loss) per share:
Number of shares authorized										20,000,000
Number of shares sold							4,400,000
Net proceeds							$ 630,400
Aggregate net proceeds							$ 629,600
Forward price							$ 55.29
Shares of common stock available for future issuance							14,000,000
Shares settled							11,400,000
Forward Sales Agreement
Denominator for income/(loss) per share:
Commissions paid to sales agents	$ 7,500		$ 5,400	$ 6,000
Net proceeds	$ 230,900			$ 298,500			$ 399,500
Forward price	$ 52.46	$ 57.565	$ 48.33	$ 42.65	$ 49.22	$ 43.51	$ 57.07
Shares of common stock available for future issuance		7,000,000			6,100,000	7,000,000
Shares settled	4,400,000		6,100,000	7,000,000			7,000,000
Issuance of common shares through public offering, net			$ 294,800

STOCKHOLDERS' EQUITY - Shares R

STOCKHOLDERS' EQUITY - Shares Rollforward (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Repurchase of common shares	(1,200)
Common Stock
Shares issued, beginning of period	318,150	296,612	294,588
Issuance/(forfeiture) of common and restricted shares, net	120	97	104
Issuance of common shares through forward sales public offering, net (forward sales agreement)	11,402	19,517	2,121
Repurchase of common shares	(1,192)		(597)
Conversion of Series E Cumulative Convertible shares	10		93
Shares issued, end of period	328,993	318,150	296,612
8.00% Series E Cumulative Convertible Preferred Stock
Shares issued, beginning of period	2,695	2,695	2,781
Conversion of Series E Cumulative Convertible shares	(9)		(86)
Shares issued, end of period	2,686	2,695	2,695
Series F
Shares issued, beginning of period	12,583	14,441	14,691
Forfeiture of Series F shares	(482)	(1,858)	(250)
Shares issued, end of period	12,101	12,583	14,441
Series F | Maximum
Forfeiture of Series F shares		(1,900)
United Dominion Reality L.P. | Common Stock
Adjustment for conversion of non-controlling interest of unitholders	4	44	3
UDR Lighthouse DownREIT L.P. | Common Stock
Adjustment for conversion of non-controlling interest of unitholders	499	1,880	300
UDR Lighthouse DownREIT L.P. | Series F
Forfeiture of Series F shares	500

STOCKHOLDERS' EQUITY - Other in

STOCKHOLDERS' EQUITY - Other information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended						12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2008	Jul. 31, 2021
Stockholders' equity
Preferred stock, no par value			$ 0				$ 0	$ 0
Common stock, shares authorized			450,000,000				450,000,000	450,000,000
Proceeds from the issuance of common shares through public offering, net							$ 629,552	$ 899,053	$ 102,234
Preferred stock, shares authorized			50,000,000				50,000,000	50,000,000
Common distributions declared per share							$ 1.52	$ 1.45	$ 1.44
Stock issued during period, shares, Distribution Reinvestment and Stock Purchase Plan										10,000,000
Shares reserved for issuance under the Stock Purchase Plan							11,000,000
Repurchase of common shares							1,200,000
Weighted average price per share							$ 41.14
Repurchase of common shares in total consideration							$ 49,028		$ 19,795
8.00% Series E Cumulative Convertible Preferred Stock
Stockholders' equity
Preferred stock, no par value			$ 0				$ 0	0
Preferred stock, liquidation preference per share							$ 16.61
Number of common stock shares each preferred shares can be converted to										1
Number of common stock shares to which each preferred share is convertible after special dividend							1.083
Declared preferred stock dividend							$ 1.65	$ 1.57	$ 1.56
Preferred Stock, Shares Issued			2,695,363				2,686,308	2,695,363
Series F
Stockholders' equity
Preferred stock, shares authorized			20,000,000				20,000,000	20,000,000
Share Price							$ 0.0001
Preferred stock, value, issued			$ 1,258				$ 1,210	$ 1,258
Preferred Stock, Shares Issued			12,582,575				12,100,514	12,582,575
Common Stock
Stockholders' equity
Repurchase of common shares in total consideration							$ 12		$ 6
Restricted Stock
Stockholders' equity
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period Net of Forfeitures							100,000
ATM
Stockholders' equity
Common stock, shares authorized											20,000,000
Shares settled							11,400,000
Forward price							$ 55.29
Net proceeds							$ 630,400
Proceeds from the issuance of common shares through public offering, net							$ 629,600
Shares of common stock available for future issuance							14,000,000
Forward Sales Agreement
Stockholders' equity
Shares settled	4,400,000		6,100,000	7,000,000			7,000,000
Forward price	$ 52.46	$ 57.565	$ 48.33	$ 42.65	$ 49.22	$ 43.51	$ 57.07
Net proceeds	$ 230,900			$ 298,500			$ 399,500
Shares of common stock available for future issuance		7,000,000			6,100,000	7,000,000

EMPLOYEE BENEFIT PLANS - Rollfo

EMPLOYEE BENEFIT PLANS - Rollforward (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock Options
Options Exercisable, Number of Options
Granted	1,225,000
Exercised	0
Balance, December 31, 2022	1,225,000
Options Exercisable, Weighted Average Exercise Price
Granted (in dollars per share)	$ 45.91
Balance, December 31, 2022 (in dollars per share)	$ 45.91
Long Term Incentive Plan
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 7.3
Options Exercisable, Number of Options
Balance, December 31, 2021	420,000
Granted	397,000
Vested	(326,000)
Balance, December 31, 2022	491,000	420,000
Options Exercisable, Weighted Average Exercise Price
Balance, December 31, 2021 (in dollars per share)	$ 41.94
Granted (in dollars per share)	55.29
Vested (in dollars per share)	40.51
Balance, December 31, 2022 (in dollars per share)	$ 53.69	$ 41.94
Restricted Stock
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 5.4
LTIP Units and Restricted Stock, Number Of shares
Balance, December 31, 2021	248,000
Granted	187,000
Vested	(142,000)
Forfeited	(20,000)
Balance, December 31, 2022	273,000	248,000
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2021 (in dollars per share)	$ 40.30
Granted (in dollars per share)	51.93
Vested (in dollars per share)	40.02
Forfeited (in dollars per share)	45.38
Balance, December 31, 2022 (in dollars per share)	$ 48.77	$ 40.30
Performance Units
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized		$ 11.7
LTIP Units and Restricted Stock, Number Of shares
Exercised		0
Unvested Performance Units Outstanding
LTIP Units and Restricted Stock, Number Of shares
Balance, December 31, 2021	2,962,000
Granted	1,610,000
Vested	(1,823,000)
Balance, December 31, 2022	2,749,000	2,962,000
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2021 (in dollars per share)	$ 42.30
Granted (in dollars per share)	45.60
Vested (in dollars per share)	36.85
Balance, December 31, 2022 (in dollars per share)	44.66	$ 42.30
Performance Units Outstanding
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2021 (in dollars per share)	$ 44.66
Balance, December 31, 2022 (in dollars per share)		$ 44.66
Performance Units Exercisable
Options Exercisable, Number of Options
Vested	1,823,000
Balance, December 31, 2022	1,823,000
Performance Stock Units, Weighted Average Exercise Price
Vested (in dollars per share)	$ 36.85
Balance, December 31, 2022	$ 36.85

EMPLOYEE BENEFIT PLANS - Other

EMPLOYEE BENEFIT PLANS - Other information (Details) - USD ($)	1 Months Ended			12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Options
Employee benefits
Share-based compensation arrangement by share-based payment award, options, issued				1,200,000
Options exercisable per share of common stock				1
Number of share options exercisable				1,225,000
Stock based compensation expense				$ 700,000	$ 0	$ 0
Unrecognized compensation expense				$ 5,100,000
Options exercised				0
Weighted average remaining contractual life				4 years 8 months 12 days
Weighted average exercise price				$ 45.91
Restricted Stock
Employee benefits
Share-based compensation arrangement by share-based payment award, options, issued				6,700,000
Total remaining compensation cost related to unvested share options				$ 5,400,000
Weighted average remaining contractual life				2 years 2 months 12 days
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value				$ 51.93
Stock based compensation expense				$ 6,100,000	$ 4,100,000	5,300,000
Initial performance period to make adjustments				1 year
Restricted Stock | Minimum
Employee benefits
Vesting period				3 years
Restricted Stock | Maximum
Employee benefits
Vesting period				4 years
Long Term Incentive Plan
Employee benefits
Share-based compensation arrangement by share-based payment award, options, issued				2,800,000
Total remaining compensation cost related to unvested share options				$ 7,300,000
Shares available for issuance under plan				14,400,000
Weighted average remaining contractual life				1 year 8 months 12 days
Number of share options exercisable				491,000	420,000
Stock based compensation expense				$ 9,000,000	$ 5,900,000	10,200,000
Performance Units
Employee benefits
Share-based compensation arrangement by share-based payment award, options, issued				4,600,000
Number of operating partnership common unit exercisable from each performance unit				1
Total remaining compensation cost related to unvested share options					$ 11,700,000
Exercised					0
Performance Units Outstanding
Employee benefits
Weighted average remaining contractual life					3 years 7 months 6 days
Stock based compensation expense				$ 5,200,000	$ 11,700,000	0
2022 LTIP | Restricted Stock | Relative component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value	$ 66.83
2022 LTIP | Restricted Stock | Absolute component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value	$ 68.02
Volatility factor	0.33%
2022 LTIP | Long Term Incentive Plan
Employee benefits
Vesting percentage	100%
FFO as Adjusted Per Share, Value	$ 28.72
Share Price	$ 59.90
Volatility factor	0.33%
Discount rate	0.041%
Vesting period	3 years
2022 LTIP | Long Term Incentive Plan | First portion of awards
Employee benefits
Vesting percentage	30%
FFO as Adjusted Per Share, Value	$ 27.04
Discount rate	9.70%
Vesting period	1 year
2022 LTIP | Long Term Incentive Plan | 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage	50%
2022 LTIP | Long Term Incentive Plan | Balance 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage	50%
2022 LTIP | Long Term Incentive Plan | Second portion of awards
Employee benefits
Vesting percentage	15%
Vesting period	3 years
2022 LTIP | Long Term Incentive Plan | Third portion of awards
Employee benefits
Vesting percentage	55%
Vesting period	3 years
2022 LTIP | Long Term Incentive Plan | Relative component
Employee benefits
FFO as Adjusted Per Share, Value	$ 31.95
Discount rate	0.041%
2022 LTIP | Long Term Incentive Plan | Absolute component
Employee benefits
FFO as Adjusted Per Share, Value	$ 32.85
Discount rate	0.041%
2022 LTIP | Short Term Incentive Plan
Employee benefits
FFO as Adjusted Per Share, Value	$ 51.10
Stock based compensation expense				6,500,000
Vesting period	1 year
Initial performance period to make adjustments	1 year
Unrecognized compensation expense				$ 0
2021 LTIP | Restricted Stock | Relative component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value		$ 40.09
2021 LTIP | Restricted Stock | Absolute component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value		$ 39.95
Volatility factor		33%
2021 LTIP | Long Term Incentive Plan
Employee benefits
Vesting percentage		100%
FFO as Adjusted Per Share, Value		$ 17.71
Share Price		$ 36.85
Volatility factor		33%
Discount rate		3.90%
Vesting period		3 years
2021 LTIP | Long Term Incentive Plan | First portion of awards
Employee benefits
Vesting percentage		30%
FFO as Adjusted Per Share, Value		$ 16.69
Discount rate		9.40%
Vesting period		1 year
2021 LTIP | Long Term Incentive Plan | 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage		50%
2021 LTIP | Long Term Incentive Plan | Balance 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage		50%
2021 LTIP | Long Term Incentive Plan | Second portion of awards
Employee benefits
Vesting percentage		15%
FFO as Adjusted Per Share, Value		$ 2.67
Volatility factor		27%
Expected life		5 years 6 months
Annualized risk-free rate		0.49%
Annual dividend yield		3.40%
Discount rate		9.40%
Vesting period		3 years
2021 LTIP | Long Term Incentive Plan | Third portion of awards
Employee benefits
Vesting percentage		55%
FFO as Adjusted Per Share, Value		$ 2.85
Volatility factor		26%
Expected life		6 years 6 months
Annualized risk-free rate		0.57%
Annual dividend yield		3.40%
Discount rate		3.90%
Vesting period		3 years
2021 LTIP | Long Term Incentive Plan | Relative component
Employee benefits
FFO as Adjusted Per Share, Value		$ 19.43
Discount rate		3.90%
2021 LTIP | Long Term Incentive Plan | Absolute component
Employee benefits
FFO as Adjusted Per Share, Value		$ 19.37
Discount rate		3.90%
2021 LTIP | Short Term Incentive Plan
Employee benefits
FFO as Adjusted Per Share, Value		$ 5.06
Volatility factor		27%
Expected life		5 years 6 months
Annualized risk-free rate		0.49%
Annual dividend yield		3.40%
Vesting period		1 year			1 year
Initial performance period to make adjustments		1 year
Unrecognized compensation expense					$ 0
2021 LTIP | Performance Units
Employee benefits
Volatility factor		33%
Expected life		6 years 6 months
Annualized risk-free rate		0.16%
Annual dividend yield		3.50%
2021 LTIP | Performance Units | Relative component
Employee benefits
FFO as Adjusted Per Share, Value		$ 3.59
Discount rate		3.90%
2021 LTIP | Performance Units | Absolute component
Employee benefits
FFO as Adjusted Per Share, Value		$ 3.70
Discount rate		3.90%
2020 LTIP | Restricted Stock | Relative component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value			$ 53.94
2020 LTIP | Restricted Stock | Absolute component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value			$ 49.35
Volatility factor			16%
2020 LTIP | Long Term Incentive Plan
Employee benefits
Vesting percentage			100%
FFO as Adjusted Per Share, Value			$ 22.23
Share Price			$ 46.12
Volatility factor			16%
Discount rate			3.60%
Vesting period			3 years
2020 LTIP | Long Term Incentive Plan | First portion of awards
Employee benefits
Vesting percentage			30%
FFO as Adjusted Per Share, Value			$ 21.24
Discount rate			7.90%
Vesting period			2 years
2020 LTIP | Long Term Incentive Plan | 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage			50%
2020 LTIP | Long Term Incentive Plan | Balance 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage			50%
2020 LTIP | Long Term Incentive Plan | Second portion of awards
Employee benefits
Vesting percentage			15%
Vesting period			3 years
2020 LTIP | Long Term Incentive Plan | Third portion of awards
Employee benefits
Vesting percentage			55%
Vesting period			3 years
2020 LTIP | Long Term Incentive Plan | Relative component
Employee benefits
FFO as Adjusted Per Share, Value			$ 26.18
Discount rate			3.60%
2020 LTIP | Long Term Incentive Plan | Absolute component
Employee benefits
FFO as Adjusted Per Share, Value			$ 23.98
Discount rate			3.60%
2020 LTIP | Short Term Incentive Plan
Employee benefits
FFO as Adjusted Per Share, Value			$ 40.77
Stock based compensation expense						$ 3,100,000
Vesting period			1 year			1 year
Initial performance period to make adjustments			1 year
Unrecognized compensation expense						$ 0
Long Term Incentive Plan
Employee benefits
Shares reserved for issuance under plan				35,000,000
Profit Sharing Plan | General and administrative expense
Employee benefits
Aggregate provisions for contributions				$ 1,700,000	$ 1,400,000	$ 1,500,000

INCOME TAXES - Taxable Distribu

INCOME TAXES - Taxable Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Taxable Distributions Paid Per Common Share [Abstract]
Ordinary income	$ 1.3329	$ 0.9798	$ 1.0320
Qualified ordinary income	0.0001	0.0405	0.0039
Long-term capital gain	0.1521	0.3577	0.2974
Unrecapture section 1250 gain	0.0174	0.0695	0.0892
Taxable distributions per common share	$ 1.5025	$ 1.4475	$ 1.4225

INCOME TAXES - Provision (Detai

INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
Total current	$ 0
Deferred
Total income tax provision/(benefit)	349	$ 1,439	$ 2,545
TRS
Current
Federal		2,693	(148)
State	440	1,236	1,374
Total current	440	3,929	1,226
Deferred
Federal	(27)	(1,770)	894
State	(16)	(672)	451
Investment tax credit	(48)	(48)	(26)
Total deferred	(91)	(2,490)	1,319
Total income tax provision/(benefit)	$ 349	$ 1,439	$ 2,545

INCOME TAXES - Deferred Taxes (

INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax liabilities:
Net deferred tax assets/(liabilities)	$ (800)	$ (800)
TRS
Deferred tax assets:
Federal and state tax attributes	157	60	$ 6
Other	64	102	147
Total deferred tax assets	221	162	153
Valuation allowance	(33)	(32)	(23)
Net deferred tax assets	188	130	130
Deferred tax liabilities:
Book/tax depreciation and basis	(876)	(860)	(638)
Other investment ventures			(2,665)
Other	(67)	(68)	(67)
Total deferred tax liabilities	(943)	(928)	(3,370)
Net deferred tax assets/(liabilities)	$ (755)	$ (798)	$ (3,240)

INCOME TAXES - Effective Tax Ra

INCOME TAXES - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S. federal corporate income tax rate	21%	21%	21%
Income tax provision/(benefit)
Total income tax provision/(benefit)	$ 349	$ 1,439	$ 2,545
TRS
Income tax provision/(benefit)
U.S. federal income tax provision/(benefit)	(109)	1,058	1,240
State income tax provision	914	664	1,434
Other items	(409)	(246)	(165)
Solar credit amortization	(48)	(48)	(26)
ITC basis adjustment		2	58
Valuation allowance	1	9	4
Total income tax provision/(benefit)	$ 349	$ 1,439	$ 2,545

INCOME TAXES - Other Informatio

INCOME TAXES - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Carryforwards
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%	21%
Tax benefit/(provision), net	$ 349	$ 1,439	$ 2,545
Increase (decrease) in tax benefit	(1,100)
Internal Revenue Service (IRS)
Carryforwards
Net loss carryforwards	24,600
State
Carryforwards
Net loss carryforwards	65,400
UDR, Inc.
Carryforwards
Unrecognized Tax Benefits	0	$ 0
Taxable REIT Subsidiaries
Carryforwards
Increase (decrease) in tax benefit	$ 5,600

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling interests
Minimum holding period prior to redemption (in years)	1 year
Redeemable noncontrolling interests in the Operating Partnership
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at beginning of year	$ 1,299,442	$ 856,294
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(444,293)	502,768	$ (143,741)
OP Units issued for real estate, net		48,533
Conversion of OP Units/DownREIT Units to Common Stock	44,346	99,932
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	5,613	10,873	4,543
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(34,020)	(34,044)
Redeemable Long-Term and Short-Term Incentive Plan Units	56,568	14,576
Allocation of other comprehensive income/(loss)	886	374
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year	839,850	1,299,442	856,294
Net income/(loss) attributable to noncontrolling interests	(42)	(104)	(161)
Maximum
Redeemable noncontrolling interests in the Operating Partnership
Net income/(loss) attributable to noncontrolling interests	$ (100)	$ (100)	$ (200)

FAIR VALUE OF DERIVATIVES AND_3

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value
Notes receivable, net	$ 54,707	$ 26,860
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset Designated as Hedging Instrument, Fair Value	15,270	3,279
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	$ 839,850	$ 1,299,442
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	$ 54,707	$ 26,860
Total assets	79,684	33,369
Debt instruments - fair value
Total liabilities	5,514,231	5,443,393
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	839,850	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	15,270	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	9,707	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	55,514	27,372
Total assets	80,491	33,881
Debt instruments - fair value
Total liabilities	4,712,688	5,508,491
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	839,850	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	15,270	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	9,707	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	9,707
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	9,707
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	15,270	3,279
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	839,850	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	15,270	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	55,514	27,372
Total assets	55,514	30,602
Debt instruments - fair value
Total liabilities	4,712,688	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	4,131,047	4,133,083
Unsecured Debt | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	3,448,632	4,199,363
Unsecured Debt | Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	3,448,632	4,199,363
Unsecured Debt | Commercial Paper | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	300,000	220,000
Unsecured Debt | Commercial Paper | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	300,000	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	300,000	220,000
Unsecured Debt | Working Capital Credit Facility - 2021 | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	28,015	29,546
Unsecured Debt | Working Capital Credit Facility - 2021 | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	28,015	29,546
Unsecured Debt | Working Capital Credit Facility - 2021 | Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	28,015	29,546
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	1,028,169	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	909,041	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	909,041	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	Dec. 31, 2022 USD ($) instrument	Dec. 31, 2021 USD ($)
Derivatives
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 6,100
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	Dec. 31, 2022	Dec. 31, 2021
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets
Derivative Asset Designated as Hedging Instrument, Fair Value	$ 15,270	$ 3,279
Interest rate contracts | 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	$ 15,270	$ 3,279

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	$ 14,489	$ 3,502	$ (3,382)
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense	998	(1,755)	(4,827)
Interest rate contracts | Cash Flow Hedging
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	14,489	3,502	(3,382)
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense	$ 998	$ (1,755)	$ (4,827)

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITY - Effectiveness (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivatives and hedging activity
Total amount of Interest expense presented on the Consolidated Statements of Operations	$ 155,900	$ 186,267	$ 202,706

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Offsetting derivative assets
Gross Amounts of Recognized Assets	$ 15,270	$ 3,279
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	15,270	3,279
Net Amount	$ 15,270	$ 3,279
Offsetting derivative liabilities
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Interest rate contracts | Designated as Hedging Instrument
Offsetting derivative assets
Gross Amounts of Recognized Assets	$ 15,270	$ 3,279
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Real Estate Commitments (Details) $ in Thousands	Dec. 31, 2022 USD ($) community	Nov. 30, 2022 USD ($)	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
Commitments
Number of communities owned (in communities) | community	165
Cost Incurred to Date	$ 259,250
UDR's Remaining Commitment	$ 254,437
Wholly owned - under development
Commitments
Number of communities owned (in communities) | community	3
Cost Incurred to Date	$ 190,105
UDR's Remaining Commitment	$ 142,395
Wholly owned - redevelopment
Commitments
Number of communities owned (in communities) | community	6
Cost Incurred to Date	$ 24,157
UDR's Remaining Commitment	57,843
Real estate technology investments RETV I
Commitments
Cost Incurred to Date	16,601
UDR's Remaining Commitment	4,320
Real estate technology investments RETV II
Commitments
Cost Incurred to Date	11,670
UDR's Remaining Commitment	6,300
Real estate technology investments RETV III
Commitments
UDR's Remaining Commitment	15,000
Real estate technology investments RET Strategic Fund
Commitments
Cost Incurred to Date	8,078
UDR's Remaining Commitment	17,500
Climate Technology Fund
Commitments
Contractual commitment				$ 10,000
Cost Incurred to Date	5,741			$ 5,700
UDR's Remaining Commitment	4,079
RET ESG Technology Fund
Commitments
Contractual commitment			$ 10,000
Cost Incurred to Date	2,898		$ 2,900
UDR's Remaining Commitment	7,000
Real Estate Technology Investment
Commitments
Contractual commitment		$ 15,000
Cost Incurred to Date	$ 0

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) home segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segments
Same store communities | home	47,360
Reportable Segments
Number of reportable segments | segment	2
Community Threshold, Percent Occupancy Threshold	90%
Time to maintain percent occupancy to be considered a community	3 months
Practical expedient, single lease component	true
Capital expenditures and development	$ 444,009	$ 346,365	$ 299,986
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	1,512,364	1,284,665	1,236,096
Reconciling items:
Joint venture management and other fees	$ 5,022	$ 6,102	$ 5,069
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Property management	$ (49,152)	$ (38,540)	$ (35,538)
Other operating expenses	(17,493)	(21,649)	(22,762)
Real estate depreciation and amortization	(665,228)	(606,648)	(608,616)
General and administrative	(64,144)	(57,541)	(49,885)
Casualty-related (charges)/recoveries, net	(9,733)	(3,748)	(2,131)
Other depreciation and amortization	(14,344)	(13,185)	(10,013)
Gain/(loss) on sale of real estate owned	25,494	136,052	119,277
Income/(loss) from unconsolidated entities	4,947	65,646	18,844
Interest expense	(155,900)	(186,267)	(202,706)
Interest income and other income/(expense), net	(6,933)	15,085	6,274
Tax (provision)/benefit, net	(349)	(1,439)	(2,545)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(5,613)	(10,873)	(4,543)
Net (income)/loss attributable to noncontrolling interests	(42)	(104)	(161)
Net income/(loss) attributable to UDR, Inc.	86,924	150,016	64,266
Reportable apartment home segment assets:
Total segment assets	15,570,072	14,740,803
Accumulated depreciation	(5,762,501)	(5,137,096)
Total real estate owned, net of accumulated depreciation	9,807,571	9,603,707
Reconciling items:
Cash and cash equivalents	1,193	967	1,409	$ 8,106
Restricted cash	29,001	27,451	22,762	$ 25,185
Notes receivable, net	54,707	26,860
Investment in and advances to unconsolidated joint ventures, net	754,446	702,461
Operating lease right-of-use assets	194,081	197,463
Other assets	197,471	216,311
Total consolidated assets	11,038,470	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	459,179	417,450	414,705
Other revenue	12,360	10,731	12,433
Rental income	471,539	428,181	427,138
Reportable apartment home segment NOI	352,675	314,791	316,334
Reportable apartment home segment assets:
Total segment assets	4,330,820	4,264,381
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	271,034	253,877	246,101
Other revenue	10,807	8,941	7,210
Rental income	281,841	262,818	253,311
Reportable apartment home segment NOI	194,926	180,693	177,206
Reportable apartment home segment assets:
Total segment assets	2,882,898	2,856,143
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	266,951	237,295	235,343
Other revenue	6,082	5,180	6,106
Rental income	273,033	242,475	241,449
Reportable apartment home segment NOI	178,156	149,930	153,883
Reportable apartment home segment assets:
Total segment assets	3,368,586	3,338,497
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	189,465	162,178	143,171
Other revenue	7,907	7,124	6,037
Rental income	197,372	169,302	149,208
Reportable apartment home segment NOI	135,313	112,960	99,856
Reportable apartment home segment assets:
Total segment assets	1,232,858	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	109,034	97,213	93,557
Other revenue	4,184	3,932	3,599
Rental income	113,218	101,145	97,156
Reportable apartment home segment NOI	71,783	63,321	59,281
Reportable apartment home segment assets:
Total segment assets	928,638	900,931
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	169,173	77,874	65,414
Other revenue	6,188	2,870	2,420
Rental income	175,361	80,744	67,834
Reportable apartment home segment NOI	107,539	45,430	47,142
Reportable apartment home segment assets:
Total segment assets	2,826,272	2,172,668
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	1,464,836	1,245,887	1,198,291
Other revenue	47,528	38,778	37,805
Rental income	1,512,364	1,284,665	1,236,096
Reportable apartment home segment NOI	$ 1,040,392	$ 867,125	$ 853,702
Taxable REIT Subsidiaries
Reportable Segments
Management fee (as a percent)	3.25%

SCHEDULE III - REAL ESTATE OW_2

SCHEDULE III - REAL ESTATE OWNED (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation
Encumbrances	$ 1,052,281
Initial Costs, Land and Land Improvements	2,558,077
Initial Costs, Buildings and Improvements	8,621,804
Total Initial Acquisition Costs	11,179,881
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,390,191
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,837,788
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	12,732,284
Total Carrying Value	15,570,072	$ 14,740,803	$ 13,071,472
Accumulated Depreciation	5,762,501	5,137,096	4,605,366
Aggregate cost for federal income tax purposes	14,900,000
Reconciliation of the carrying amount of total real estate owned
Balance at beginning of the year	14,740,803	13,071,472	12,602,101
Real estate acquired (including joint venture consolidation)	409,263	1,513,106	413,488
Capital expenditures and development	444,009	346,365	299,986
Real estate sold	(24,003)	(190,140)	(244,103)
Balance at end of the year	15,570,072	14,740,803	13,071,472
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	5,137,096	4,605,366	4,131,353
Depreciation expense for the year	634,424	584,228	560,876
Accumulated depreciation on sales	(9,019)	(52,498)	(86,863)
Balance at end of year	$ 5,762,501	$ 5,137,096	$ 4,605,366
Minimum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	30 years
Maximum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	55 years
REAL ESTATE UNDER DEVELOPMENT
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	$ 43,667
Initial Costs, Buildings and Improvements	776
Total Initial Acquisition Costs	44,443
Costs of Improvements Capitalized Subsequent to Acquisition Costs	145,662
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	43,711
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	146,394
Total Carrying Value	190,105
Accumulated Depreciation	296
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	190,105
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	296
REAL ESTATE UNDER DEVELOPMENT | The MO
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,135
Total Initial Acquisition Costs	27,135
Costs of Improvements Capitalized Subsequent to Acquisition Costs	108,328
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	27,136
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	108,327
Total Carrying Value	135,463
Accumulated Depreciation	296
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	135,463
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	296
REAL ESTATE UNDER DEVELOPMENT | Villas at Fiori
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,921
Initial Costs, Buildings and Improvements	776
Total Initial Acquisition Costs	10,697
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,035
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,964
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	7,768
Total Carrying Value	17,732
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,732
REAL ESTATE UNDER DEVELOPMENT | Meridian
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,611
Total Initial Acquisition Costs	6,611
Costs of Improvements Capitalized Subsequent to Acquisition Costs	30,299
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,611
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	30,299
Total Carrying Value	36,910
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,910
LAND
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	172,516
Initial Costs, Buildings and Improvements	1,467
Total Initial Acquisition Costs	173,983
Costs of Improvements Capitalized Subsequent to Acquisition Costs	32,035
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	180,262
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	25,756
Total Carrying Value	206,018
Accumulated Depreciation	660
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	206,018
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	660
LAND | Vitruvian Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,547
Initial Costs, Buildings and Improvements	1,467
Total Initial Acquisition Costs	24,014
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,937
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,293
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	4,658
Total Carrying Value	34,951
Accumulated Depreciation	660
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,951
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	660
LAND | Alameda Point Block 11
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	25,006
Total Initial Acquisition Costs	25,006
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,609
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	25,006
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	5,609
Total Carrying Value	30,615
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,615
LAND | Newport Village II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,237
Total Initial Acquisition Costs	5,237
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,287
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,237
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	10,287
Total Carrying Value	15,524
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,524
LAND | 2727 Turtle Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	90,205
Total Initial Acquisition Costs	90,205
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,302
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	90,205
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	2,302
Total Carrying Value	92,507
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	92,507
LAND | 488 Riverwalk
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,053
Total Initial Acquisition Costs	16,053
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,817
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,053
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,817
Total Carrying Value	17,870
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,870
LAND | 3001 Iowa Ave
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,468
Total Initial Acquisition Costs	13,468
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,083
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,468
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,083
Total Carrying Value	14,551
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,551
HELD FOR DISPOSITION
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,039
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	14,039
Total Carrying Value	14,039
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,039
HELD FOR DISPOSITION | The MO - Retail
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,039
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	14,039
Total Carrying Value	14,039
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,039
COMMERCIAL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,882
Initial Costs, Buildings and Improvements	4,861
Total Initial Acquisition Costs	14,743
Costs of Improvements Capitalized Subsequent to Acquisition Costs	30,242
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,675
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	27,310
Total Carrying Value	44,985
Accumulated Depreciation	15,534
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,985
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,534
COMMERCIAL | Brookhaven Shopping Center
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs	30,241
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,793
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,448
Total Carrying Value	30,241
Accumulated Depreciation	15,354
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,241
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,354
COMMERCIAL | 3001 Iowa Ave Commercial
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,882
Initial Costs, Buildings and Improvements	4,861
Total Initial Acquisition Costs	14,743
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,882
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	4,862
Total Carrying Value	14,744
Accumulated Depreciation	180
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,744
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	180
CORPORATE
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,034
Initial Costs, Buildings and Improvements	20,534
Total Initial Acquisition Costs	23,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	25,480
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,159
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	45,889
Total Carrying Value	49,048
Accumulated Depreciation	6,971
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,048
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,971
CORPORATE | Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,241
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	78
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	21,163
Total Carrying Value	21,241
Accumulated Depreciation	581
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,241
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	581
CORPORATE | 1745 Shea Center I
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,034
Initial Costs, Buildings and Improvements	20,534
Total Initial Acquisition Costs	23,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,239
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,081
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	24,726
Total Carrying Value	27,807
Accumulated Depreciation	6,390
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,807
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,390
TOTAL COMMERCIAL & CORPORATE
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,916
Initial Costs, Buildings and Improvements	25,395
Total Initial Acquisition Costs	38,311
Costs of Improvements Capitalized Subsequent to Acquisition Costs	55,722
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	20,834
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	73,199
Total Carrying Value	94,033
Accumulated Depreciation	22,505
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	94,033
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,505
TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances	1,032,623
Initial Costs, Land and Land Improvements	2,328,978
Initial Costs, Buildings and Improvements	8,594,166
Total Initial Acquisition Costs	10,923,144
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,142,733
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,592,981
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	12,472,896
Total Carrying Value	15,065,877
Accumulated Depreciation	5,739,040
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,065,877
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,739,040
WEST REGION
Real Estate and Accumulated Depreciation
Encumbrances	27,000
Initial Costs, Land and Land Improvements	917,381
Initial Costs, Buildings and Improvements	2,073,660
Total Initial Acquisition Costs	2,991,041
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,732,355
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,012,535
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	3,710,861
Total Carrying Value	4,723,396
Accumulated Depreciation	2,047,307
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	4,723,396
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,047,307
ORANGE COUNTY, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	382,651
Initial Costs, Buildings and Improvements	271,946
Total Initial Acquisition Costs	654,597
Costs of Improvements Capitalized Subsequent to Acquisition Costs	785,433
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	425,403
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,014,627
Total Carrying Value	1,440,030
Accumulated Depreciation	607,541
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,440,030
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	607,541
ORANGE COUNTY, CA | Harbor at Mesa Verde
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	20,476
Initial Costs, Buildings and Improvements	28,538
Total Initial Acquisition Costs	49,014
Costs of Improvements Capitalized Subsequent to Acquisition Costs	26,231
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	22,654
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	52,591
Total Carrying Value	75,245
Accumulated Depreciation	42,182
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	75,245
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	42,182
ORANGE COUNTY, CA | 27 Seventy Five Mesa Verde
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	99,329
Initial Costs, Buildings and Improvements	110,644
Total Initial Acquisition Costs	209,973
Costs of Improvements Capitalized Subsequent to Acquisition Costs	110,936
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	117,060
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	203,849
Total Carrying Value	320,909
Accumulated Depreciation	167,309
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	320,909
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	167,309
ORANGE COUNTY, CA | Huntington Vista
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,055
Initial Costs, Buildings and Improvements	22,486
Total Initial Acquisition Costs	30,541
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,824
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,519
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	37,846
Total Carrying Value	47,365
Accumulated Depreciation	29,670
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	47,365
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,670
ORANGE COUNTY, CA | Missions at Back Bay
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	229
Initial Costs, Buildings and Improvements	14,129
Total Initial Acquisition Costs	14,358
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,756
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,141
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	7,973
Total Carrying Value	19,114
Accumulated Depreciation	6,524
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	19,114
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,524
ORANGE COUNTY, CA | Eight 80 Newport Beach - North
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	62,516
Initial Costs, Buildings and Improvements	46,082
Total Initial Acquisition Costs	108,598
Costs of Improvements Capitalized Subsequent to Acquisition Costs	53,501
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	69,464
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	92,635
Total Carrying Value	162,099
Accumulated Depreciation	72,382
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	162,099
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	72,382
ORANGE COUNTY, CA | Eight 80 Newport Beach - South
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	58,785
Initial Costs, Buildings and Improvements	50,067
Total Initial Acquisition Costs	108,852
Costs of Improvements Capitalized Subsequent to Acquisition Costs	49,901
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	61,042
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	97,711
Total Carrying Value	158,753
Accumulated Depreciation	66,872
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	158,753
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	66,872
ORANGE COUNTY, CA | Beach & Ocean
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,878
Total Initial Acquisition Costs	12,878
Costs of Improvements Capitalized Subsequent to Acquisition Costs	40,711
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,391
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	40,198
Total Carrying Value	53,589
Accumulated Depreciation	19,638
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	53,589
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,638
ORANGE COUNTY, CA | The Residences at Bella Terra
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	25,000
Total Initial Acquisition Costs	25,000
Costs of Improvements Capitalized Subsequent to Acquisition Costs	131,109
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	25,854
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	130,255
Total Carrying Value	156,109
Accumulated Depreciation	72,928
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	156,109
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	72,928
ORANGE COUNTY, CA | Los Alisos at Mission Viejo
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,298
Total Initial Acquisition Costs	17,298
Costs of Improvements Capitalized Subsequent to Acquisition Costs	72,370
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,797
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	72,871
Total Carrying Value	89,668
Accumulated Depreciation	39,174
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	89,668
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,174
ORANGE COUNTY, CA | The Residences at Pacific City
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	78,085
Total Initial Acquisition Costs	78,085
Costs of Improvements Capitalized Subsequent to Acquisition Costs	279,094
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	78,481
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	278,698
Total Carrying Value	357,179
Accumulated Depreciation	90,862
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	357,179
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	90,862
SAN FRANCISCO, CA
Real Estate and Accumulated Depreciation
Encumbrances	27,000
Initial Costs, Land and Land Improvements	174,525
Initial Costs, Buildings and Improvements	480,056
Total Initial Acquisition Costs	654,581
Costs of Improvements Capitalized Subsequent to Acquisition Costs	473,718
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	183,048
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	945,251
Total Carrying Value	1,128,299
Accumulated Depreciation	510,311
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,128,299
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	510,311
SAN FRANCISCO, CA | 2000 Post Street
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,861
Initial Costs, Buildings and Improvements	44,578
Total Initial Acquisition Costs	54,439
Costs of Improvements Capitalized Subsequent to Acquisition Costs	45,591
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,623
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	85,407
Total Carrying Value	100,030
Accumulated Depreciation	52,577
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	100,030
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	52,577
SAN FRANCISCO, CA | Birch Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,365
Initial Costs, Buildings and Improvements	16,696
Total Initial Acquisition Costs	21,061
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,502
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,481
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	31,082
Total Carrying Value	32,563
Accumulated Depreciation	20,938
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	32,563
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,938
SAN FRANCISCO, CA | Highlands Of Marin
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,996
Initial Costs, Buildings and Improvements	24,868
Total Initial Acquisition Costs	30,864
Costs of Improvements Capitalized Subsequent to Acquisition Costs	30,277
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,231
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	52,910
Total Carrying Value	61,141
Accumulated Depreciation	42,172
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	61,141
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	42,172
SAN FRANCISCO, CA | Marina Playa
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,224
Initial Costs, Buildings and Improvements	23,916
Total Initial Acquisition Costs	30,140
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,627
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,532
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	44,235
Total Carrying Value	45,767
Accumulated Depreciation	28,953
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,767
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,953
SAN FRANCISCO, CA | River Terrace
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,161
Initial Costs, Buildings and Improvements	40,137
Total Initial Acquisition Costs	62,298
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,515
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	23,025
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	49,788
Total Carrying Value	72,813
Accumulated Depreciation	37,683
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,813
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,683
SAN FRANCISCO, CA | CitySouth
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,031
Initial Costs, Buildings and Improvements	30,537
Total Initial Acquisition Costs	44,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	41,554
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,811
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	69,311
Total Carrying Value	86,122
Accumulated Depreciation	56,314
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	86,122
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	56,314
SAN FRANCISCO, CA | Bay Terrace
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,545
Initial Costs, Buildings and Improvements	14,458
Total Initial Acquisition Costs	23,003
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,867
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,693
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	20,177
Total Carrying Value	31,870
Accumulated Depreciation	14,418
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,870
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,418
SAN FRANCISCO, CA | Highlands of Marin Phase II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,353
Initial Costs, Buildings and Improvements	18,559
Total Initial Acquisition Costs	23,912
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,685
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,782
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	29,815
Total Carrying Value	35,597
Accumulated Depreciation	22,422
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,597
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,422
SAN FRANCISCO, CA | Edgewater
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	30,657
Initial Costs, Buildings and Improvements	83,872
Total Initial Acquisition Costs	114,529
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,847
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,833
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	97,543
Total Carrying Value	128,376
Accumulated Depreciation	67,597
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	128,376
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	67,597
SAN FRANCISCO, CA | Almaden Lake Village
Real Estate and Accumulated Depreciation
Encumbrances	27,000
Initial Costs, Land and Land Improvements	594
Initial Costs, Buildings and Improvements	42,515
Total Initial Acquisition Costs	43,109
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,506
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,064
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	54,551
Total Carrying Value	55,615
Accumulated Depreciation	37,382
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	55,615
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,382
SAN FRANCISCO, CA | 388 Beale
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,253
Initial Costs, Buildings and Improvements	74,104
Total Initial Acquisition Costs	88,357
Costs of Improvements Capitalized Subsequent to Acquisition Costs	22,388
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,693
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	96,052
Total Carrying Value	110,745
Accumulated Depreciation	55,485
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	110,745
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	55,485
SAN FRANCISCO, CA | Channel @ Mission Bay
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	23,625
Total Initial Acquisition Costs	23,625
Costs of Improvements Capitalized Subsequent to Acquisition Costs	133,685
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,420
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	132,890
Total Carrying Value	157,310
Accumulated Depreciation	71,366
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	157,310
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	71,366
SAN FRANCISCO, CA | 5421 at Dublin Station
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,922
Total Initial Acquisition Costs	8,922
Costs of Improvements Capitalized Subsequent to Acquisition Costs	115,674
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,922
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	115,674
Total Carrying Value	124,596
Accumulated Depreciation	1,690
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	124,596
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,690
SAN FRANCISCO, CA | 1532 Harrison
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	19,938
Initial Costs, Buildings and Improvements	65,816
Total Initial Acquisition Costs	85,754
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	19,938
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	65,816
Total Carrying Value	85,754
Accumulated Depreciation	1,314
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	85,754
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,314
SEATTLE, WA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	144,136
Initial Costs, Buildings and Improvements	897,984
Total Initial Acquisition Costs	1,042,120
Costs of Improvements Capitalized Subsequent to Acquisition Costs	104,269
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	151,148
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	995,241
Total Carrying Value	1,146,389
Accumulated Depreciation	456,859
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,146,389
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	456,859
SEATTLE, WA | Crowne Pointe
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,486
Initial Costs, Buildings and Improvements	6,437
Total Initial Acquisition Costs	8,923
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,118
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,280
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	16,761
Total Carrying Value	20,041
Accumulated Depreciation	13,234
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,041
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,234
SEATTLE, WA | Hilltop
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,174
Initial Costs, Buildings and Improvements	7,408
Total Initial Acquisition Costs	9,582
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,596
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,129
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	14,049
Total Carrying Value	17,178
Accumulated Depreciation	11,070
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,178
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,070
SEATTLE, WA | The Hawthorne
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,474
Initial Costs, Buildings and Improvements	30,226
Total Initial Acquisition Costs	36,700
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,909
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,234
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	40,375
Total Carrying Value	47,609
Accumulated Depreciation	30,940
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	47,609
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,940
SEATTLE, WA | The Kennedy
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,179
Initial Costs, Buildings and Improvements	22,307
Total Initial Acquisition Costs	28,486
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,048
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,371
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	28,163
Total Carrying Value	34,534
Accumulated Depreciation	19,972
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,534
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,972
SEATTLE, WA | Hearthstone at Merrill Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,848
Initial Costs, Buildings and Improvements	30,922
Total Initial Acquisition Costs	37,770
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,838
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,349
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	41,259
Total Carrying Value	48,608
Accumulated Depreciation	27,789
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,608
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,789
SEATTLE, WA | Island Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,284
Initial Costs, Buildings and Improvements	89,389
Total Initial Acquisition Costs	110,673
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,605
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,745
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	98,533
Total Carrying Value	120,278
Accumulated Depreciation	67,055
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	120,278
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	67,055
SEATTLE, WA | elements too
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,468
Initial Costs, Buildings and Improvements	72,036
Total Initial Acquisition Costs	99,504
Costs of Improvements Capitalized Subsequent to Acquisition Costs	23,278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,362
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	92,420
Total Carrying Value	122,782
Accumulated Depreciation	74,433
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	122,782
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	74,433
SEATTLE, WA | 989elements
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,541
Initial Costs, Buildings and Improvements	45,990
Total Initial Acquisition Costs	54,531
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,629
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,703
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	53,457
Total Carrying Value	62,160
Accumulated Depreciation	33,755
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,160
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,755
SEATTLE, WA | Lightbox
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,449
Initial Costs, Buildings and Improvements	38,884
Total Initial Acquisition Costs	45,333
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,620
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,488
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	40,465
Total Carrying Value	46,953
Accumulated Depreciation	20,508
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	46,953
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,508
SEATTLE, WA | Ashton Bellevue
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,287
Initial Costs, Buildings and Improvements	124,939
Total Initial Acquisition Costs	133,226
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,075
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,384
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	129,917
Total Carrying Value	138,301
Accumulated Depreciation	43,738
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	138,301
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,738
SEATTLE, WA | TEN20
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,247
Initial Costs, Buildings and Improvements	76,587
Total Initial Acquisition Costs	81,834
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,793
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,308
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	82,319
Total Carrying Value	87,627
Accumulated Depreciation	27,893
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,627
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,893
SEATTLE, WA | Milehouse
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,976
Initial Costs, Buildings and Improvements	63,041
Total Initial Acquisition Costs	69,017
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,507
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,043
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	64,481
Total Carrying Value	70,524
Accumulated Depreciation	24,707
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,524
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,707
SEATTLE, WA | CityLine
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,220
Initial Costs, Buildings and Improvements	85,787
Total Initial Acquisition Costs	97,007
Costs of Improvements Capitalized Subsequent to Acquisition Costs	759
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,229
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	86,537
Total Carrying Value	97,766
Accumulated Depreciation	32,194
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	97,766
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,194
SEATTLE, WA | CityLine II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,723
Initial Costs, Buildings and Improvements	56,843
Total Initial Acquisition Costs	60,566
Costs of Improvements Capitalized Subsequent to Acquisition Costs	545
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,723
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,388
Total Carrying Value	61,111
Accumulated Depreciation	16,339
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	61,111
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,339
SEATTLE, WA | Brio
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,780
Initial Costs, Buildings and Improvements	147,188
Total Initial Acquisition Costs	168,968
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,949
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,800
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	149,117
Total Carrying Value	170,917
Accumulated Depreciation	13,232
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	170,917
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,232
LOS ANGELES, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	151,833
Initial Costs, Buildings and Improvements	156,492
Total Initial Acquisition Costs	308,325
Costs of Improvements Capitalized Subsequent to Acquisition Costs	164,105
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	161,979
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	310,451
Total Carrying Value	472,430
Accumulated Depreciation	221,358
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	472,430
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	221,358
LOS ANGELES, CA | Rosebeach
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,414
Initial Costs, Buildings and Improvements	17,449
Total Initial Acquisition Costs	25,863
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,102
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,019
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	24,946
Total Carrying Value	33,965
Accumulated Depreciation	19,586
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,965
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,586
LOS ANGELES, CA | Tierra Del Rey
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	39,586
Initial Costs, Buildings and Improvements	36,679
Total Initial Acquisition Costs	76,265
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,714
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	40,081
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	46,898
Total Carrying Value	86,979
Accumulated Depreciation	32,631
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	86,979
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,631
LOS ANGELES, CA | The Westerly
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	48,182
Initial Costs, Buildings and Improvements	102,364
Total Initial Acquisition Costs	150,546
Costs of Improvements Capitalized Subsequent to Acquisition Costs	47,632
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,152
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	147,026
Total Carrying Value	198,178
Accumulated Depreciation	101,385
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	198,178
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	101,385
LOS ANGELES, CA | Jefferson at Marina del Rey
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	55,651
Total Initial Acquisition Costs	55,651
Costs of Improvements Capitalized Subsequent to Acquisition Costs	97,657
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	61,727
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	91,581
Total Carrying Value	153,308
Accumulated Depreciation	67,756
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	153,308
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	67,756
MONTEREY PENINSULA, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,938
Initial Costs, Buildings and Improvements	68,384
Total Initial Acquisition Costs	85,322
Costs of Improvements Capitalized Subsequent to Acquisition Costs	106,977
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,068
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	162,231
Total Carrying Value	192,299
Accumulated Depreciation	114,704
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	192,299
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	114,704
MONTEREY PENINSULA, CA | Boronda Manor
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,946
Initial Costs, Buildings and Improvements	8,982
Total Initial Acquisition Costs	10,928
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,816
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,467
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	20,277
Total Carrying Value	23,744
Accumulated Depreciation	13,932
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,744
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,932
MONTEREY PENINSULA, CA | Garden Court
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	888
Initial Costs, Buildings and Improvements	4,188
Total Initial Acquisition Costs	5,076
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,396
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,684
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	10,788
Total Carrying Value	12,472
Accumulated Depreciation	7,535
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	12,472
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,535
MONTEREY PENINSULA, CA | Cambridge Court
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,039
Initial Costs, Buildings and Improvements	12,883
Total Initial Acquisition Costs	15,922
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,028
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,857
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	30,093
Total Carrying Value	35,950
Accumulated Depreciation	21,818
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,950
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,818
MONTEREY PENINSULA, CA | Laurel Tree
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,304
Initial Costs, Buildings and Improvements	5,115
Total Initial Acquisition Costs	6,419
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,405
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,475
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	12,349
Total Carrying Value	14,824
Accumulated Depreciation	8,981
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,824
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,981
MONTEREY PENINSULA, CA | The Pointe At Harden Ranch
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,388
Initial Costs, Buildings and Improvements	23,854
Total Initial Acquisition Costs	30,242
Costs of Improvements Capitalized Subsequent to Acquisition Costs	35,869
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,487
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	55,624
Total Carrying Value	66,111
Accumulated Depreciation	39,229
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,111
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,229
MONTEREY PENINSULA, CA | The Pointe At Northridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,044
Initial Costs, Buildings and Improvements	8,028
Total Initial Acquisition Costs	10,072
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,463
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,700
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,835
Total Carrying Value	23,535
Accumulated Depreciation	14,098
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,535
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,098
MONTEREY PENINSULA, CA | The Pointe At Westlake
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,329
Initial Costs, Buildings and Improvements	5,334
Total Initial Acquisition Costs	6,663
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,000
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,398
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	13,265
Total Carrying Value	15,663
Accumulated Depreciation	9,111
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,663
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,111
OTHER SOUTHERN CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	33,645
Initial Costs, Buildings and Improvements	111,337
Total Initial Acquisition Costs	144,982
Costs of Improvements Capitalized Subsequent to Acquisition Costs	76,111
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	45,378
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	175,715
Total Carrying Value	221,093
Accumulated Depreciation	88,994
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	221,093
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	88,994
OTHER SOUTHERN CA | Verano at Rancho Cucamonga Town Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,557
Initial Costs, Buildings and Improvements	3,645
Total Initial Acquisition Costs	17,202
Costs of Improvements Capitalized Subsequent to Acquisition Costs	63,847
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,630
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	56,419
Total Carrying Value	81,049
Accumulated Depreciation	49,104
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	81,049
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	49,104
OTHER SOUTHERN CA | Windemere at Sycamore Highland
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,810
Initial Costs, Buildings and Improvements	23,450
Total Initial Acquisition Costs	29,260
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,138
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,408
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	32,990
Total Carrying Value	39,398
Accumulated Depreciation	24,710
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	39,398
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,710
OTHER SOUTHERN CA | Strata
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,278
Initial Costs, Buildings and Improvements	84,242
Total Initial Acquisition Costs	98,520
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,126
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,340
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	86,306
Total Carrying Value	100,646
Accumulated Depreciation	15,180
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	100,646
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,180
PORTLAND, OR
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,653
Initial Costs, Buildings and Improvements	87,461
Total Initial Acquisition Costs	101,114
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,742
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,511
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	107,345
Total Carrying Value	122,856
Accumulated Depreciation	47,540
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	122,856
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,540
PORTLAND, OR | Tualatin Heights
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,273
Initial Costs, Buildings and Improvements	9,134
Total Initial Acquisition Costs	12,407
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,320
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,468
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,259
Total Carrying Value	23,727
Accumulated Depreciation	15,061
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,727
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,061
PORTLAND, OR | Hunt Club
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,014
Initial Costs, Buildings and Improvements	14,870
Total Initial Acquisition Costs	20,884
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,867
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,659
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	24,092
Total Carrying Value	30,751
Accumulated Depreciation	19,727
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,751
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,727
PORTLAND, OR | The Arbory
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,366
Initial Costs, Buildings and Improvements	63,457
Total Initial Acquisition Costs	67,823
Costs of Improvements Capitalized Subsequent to Acquisition Costs	555
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,384
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	63,994
Total Carrying Value	68,378
Accumulated Depreciation	12,752
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,378
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,752
MID-ATLANTIC REGION
Real Estate and Accumulated Depreciation
Encumbrances	347,130
Initial Costs, Land and Land Improvements	486,688
Initial Costs, Buildings and Improvements	2,192,039
Total Initial Acquisition Costs	2,678,727
Costs of Improvements Capitalized Subsequent to Acquisition Costs	672,717
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	563,037
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	2,788,407
Total Carrying Value	3,351,444
Accumulated Depreciation	1,304,720
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,351,444
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,304,720
METROPOLITAN, D.C.
Real Estate and Accumulated Depreciation
Encumbrances	288,530
Initial Costs, Land and Land Improvements	408,829
Initial Costs, Buildings and Improvements	1,720,723
Total Initial Acquisition Costs	2,129,552
Costs of Improvements Capitalized Subsequent to Acquisition Costs	520,458
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	470,508
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	2,179,502
Total Carrying Value	2,650,010
Accumulated Depreciation	1,024,590
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,650,010
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,024,590
METROPOLITAN, D.C. | Dominion Middle Ridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,311
Initial Costs, Buildings and Improvements	13,283
Total Initial Acquisition Costs	16,594
Costs of Improvements Capitalized Subsequent to Acquisition Costs	18,130
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,682
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	30,042
Total Carrying Value	34,724
Accumulated Depreciation	20,914
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,724
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,914
METROPOLITAN, D.C. | Dominion Lake Ridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,366
Initial Costs, Buildings and Improvements	8,387
Total Initial Acquisition Costs	10,753
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,483
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,273
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	18,963
Total Carrying Value	22,236
Accumulated Depreciation	15,087
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,236
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,087
METROPOLITAN, D.C. | Presidential Greens
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,238
Initial Costs, Buildings and Improvements	18,790
Total Initial Acquisition Costs	30,028
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,517
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,912
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	35,633
Total Carrying Value	47,545
Accumulated Depreciation	28,184
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	47,545
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,184
METROPOLITAN, D.C. | The Whitmore
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,418
Initial Costs, Buildings and Improvements	13,411
Total Initial Acquisition Costs	19,829
Costs of Improvements Capitalized Subsequent to Acquisition Costs	27,018
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,841
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	39,006
Total Carrying Value	46,847
Accumulated Depreciation	32,719
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	46,847
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,719
METROPOLITAN, D.C. | Ridgewood - apts side
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,612
Initial Costs, Buildings and Improvements	20,086
Total Initial Acquisition Costs	25,698
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,600
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,675
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	35,623
Total Carrying Value	42,298
Accumulated Depreciation	28,054
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,298
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,054
METROPOLITAN, D.C. | Waterside Towers
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,001
Initial Costs, Buildings and Improvements	49,657
Total Initial Acquisition Costs	62,658
Costs of Improvements Capitalized Subsequent to Acquisition Costs	37,604
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	50,967
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	49,295
Total Carrying Value	100,262
Accumulated Depreciation	37,095
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	100,262
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,095
METROPOLITAN, D.C. | Wellington Place at Olde Town
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,753
Initial Costs, Buildings and Improvements	36,059
Total Initial Acquisition Costs	49,812
Costs of Improvements Capitalized Subsequent to Acquisition Costs	23,383
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,132
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	58,063
Total Carrying Value	73,195
Accumulated Depreciation	47,012
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	73,195
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,012
METROPOLITAN, D.C. | Andover House
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	183
Initial Costs, Buildings and Improvements	59,948
Total Initial Acquisition Costs	60,131
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,094
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	355
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	67,870
Total Carrying Value	68,225
Accumulated Depreciation	45,961
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,225
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,961
METROPOLITAN, D.C. | Sullivan Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,137
Initial Costs, Buildings and Improvements	103,676
Total Initial Acquisition Costs	104,813
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,649
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,005
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	122,457
Total Carrying Value	124,462
Accumulated Depreciation	84,903
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	124,462
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	84,903
METROPOLITAN, D.C. | Delancey at Shirlington
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,606
Initial Costs, Buildings and Improvements	66,765
Total Initial Acquisition Costs	88,371
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,444
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,713
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	77,102
Total Carrying Value	98,815
Accumulated Depreciation	51,635
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	98,815
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	51,635
METROPOLITAN, D.C. | View 14
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,710
Initial Costs, Buildings and Improvements	97,941
Total Initial Acquisition Costs	103,651
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,752
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,787
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	105,616
Total Carrying Value	111,403
Accumulated Depreciation	63,299
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	111,403
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	63,299
METROPOLITAN, D.C. | Signal Hill Apartments
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,290
Total Initial Acquisition Costs	13,290
Costs of Improvements Capitalized Subsequent to Acquisition Costs	74,400
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	25,673
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	62,017
Total Carrying Value	87,690
Accumulated Depreciation	49,067
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,690
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	49,067
METROPOLITAN, D.C. | Capitol View on 14th
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	31,393
Total Initial Acquisition Costs	31,393
Costs of Improvements Capitalized Subsequent to Acquisition Costs	98,738
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	31,505
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	98,626
Total Carrying Value	130,131
Accumulated Depreciation	57,682
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	130,131
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	57,682
METROPOLITAN, D.C. | Domain College Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,300
Total Initial Acquisition Costs	7,300
Costs of Improvements Capitalized Subsequent to Acquisition Costs	62,319
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,549
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	62,070
Total Carrying Value	69,619
Accumulated Depreciation	33,812
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,619
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,812
METROPOLITAN, D.C. | 1200 East West
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,748
Initial Costs, Buildings and Improvements	68,022
Total Initial Acquisition Costs	77,770
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,420
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,947
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	73,243
Total Carrying Value	83,190
Accumulated Depreciation	28,323
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,190
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,323
METROPOLITAN, D.C. | Courts at Huntington Station
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,749
Initial Costs, Buildings and Improvements	111,878
Total Initial Acquisition Costs	139,627
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,189
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	28,190
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	118,626
Total Carrying Value	146,816
Accumulated Depreciation	52,985
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	146,816
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	52,985
METROPOLITAN, D.C. | Eleven55 Ripley
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,566
Initial Costs, Buildings and Improvements	107,539
Total Initial Acquisition Costs	123,105
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,608
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,935
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	114,778
Total Carrying Value	130,713
Accumulated Depreciation	43,742
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	130,713
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,742
METROPOLITAN, D.C. | Arbor Park of Alexandria
Real Estate and Accumulated Depreciation
Encumbrances	160,930
Initial Costs, Land and Land Improvements	50,881
Initial Costs, Buildings and Improvements	159,728
Total Initial Acquisition Costs	210,609
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,098
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,684
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	169,023
Total Carrying Value	220,707
Accumulated Depreciation	74,960
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	220,707
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	74,960
METROPOLITAN, D.C. | Courts at Dulles
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,697
Initial Costs, Buildings and Improvements	83,834
Total Initial Acquisition Costs	98,531
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,171
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,880
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	96,822
Total Carrying Value	111,702
Accumulated Depreciation	45,627
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	111,702
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,627
METROPOLITAN, D.C. | Newport Village
Real Estate and Accumulated Depreciation
Encumbrances	127,600
Initial Costs, Land and Land Improvements	50,046
Initial Costs, Buildings and Improvements	177,454
Total Initial Acquisition Costs	227,500
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,238
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	50,866
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	196,872
Total Carrying Value	247,738
Accumulated Depreciation	90,904
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	247,738
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	90,904
METROPOLITAN, D.C. | 1301 Thomas Circle
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,836
Initial Costs, Buildings and Improvements	128,191
Total Initial Acquisition Costs	156,027
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,864
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	27,860
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	132,031
Total Carrying Value	159,891
Accumulated Depreciation	29,502
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	159,891
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,502
METROPOLITAN, D.C. | Crescent Falls Church
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,687
Initial Costs, Buildings and Improvements	88,692
Total Initial Acquisition Costs	102,379
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,751
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,732
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	91,398
Total Carrying Value	105,130
Accumulated Depreciation	18,772
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	105,130
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,772
METROPOLITAN, D.C. | Station on Silver
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,661
Initial Costs, Buildings and Improvements	109,198
Total Initial Acquisition Costs	125,859
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,350
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,684
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	110,525
Total Carrying Value	127,209
Accumulated Depreciation	15,946
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,209
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,946
METROPOLITAN, D.C. | Seneca Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,184
Initial Costs, Buildings and Improvements	98,173
Total Initial Acquisition Costs	119,357
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,669
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,189
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	105,837
Total Carrying Value	127,026
Accumulated Depreciation	16,205
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,026
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,205
METROPOLITAN, D.C. | Canterbury Apartments
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	24,456
Initial Costs, Buildings and Improvements	100,011
Total Initial Acquisition Costs	124,467
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,969
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,472
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	107,964
Total Carrying Value	132,436
Accumulated Depreciation	12,200
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	132,436
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,200
BALTIMORE, MD
Real Estate and Accumulated Depreciation
Encumbrances	58,600
Initial Costs, Land and Land Improvements	72,736
Initial Costs, Buildings and Improvements	410,408
Total Initial Acquisition Costs	483,144
Costs of Improvements Capitalized Subsequent to Acquisition Costs	58,025
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	75,313
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	465,856
Total Carrying Value	541,169
Accumulated Depreciation	153,273
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	541,169
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	153,273
BALTIMORE, MD | Calvert's Walk
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,408
Initial Costs, Buildings and Improvements	24,692
Total Initial Acquisition Costs	29,100
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,566
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,432
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	36,234
Total Carrying Value	41,666
Accumulated Depreciation	28,604
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,666
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,604
BALTIMORE, MD | 20 Lambourne
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,750
Initial Costs, Buildings and Improvements	45,590
Total Initial Acquisition Costs	57,340
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,545
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,492
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	60,393
Total Carrying Value	72,885
Accumulated Depreciation	41,143
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,885
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,143
BALTIMORE, MD | Domain Brewers Hill
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,669
Initial Costs, Buildings and Improvements	40,630
Total Initial Acquisition Costs	45,299
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,922
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,076
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	44,145
Total Carrying Value	49,221
Accumulated Depreciation	27,374
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,221
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,374
BALTIMORE, MD | Rodgers Forge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,392
Initial Costs, Buildings and Improvements	67,958
Total Initial Acquisition Costs	83,350
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,006
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,607
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	75,749
Total Carrying Value	91,356
Accumulated Depreciation	19,775
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	91,356
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,775
BALTIMORE, MD | Towson Promenade
Real Estate and Accumulated Depreciation
Encumbrances	58,600
Initial Costs, Land and Land Improvements	12,599
Initial Costs, Buildings and Improvements	78,847
Total Initial Acquisition Costs	91,446
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,968
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,772
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	82,642
Total Carrying Value	95,414
Accumulated Depreciation	17,033
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	95,414
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,033
BALTIMORE, MD | 1274 at Towson
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,807
Initial Costs, Buildings and Improvements	46,238
Total Initial Acquisition Costs	54,045
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,390
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,823
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	49,612
Total Carrying Value	57,435
Accumulated Depreciation	4,630
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	57,435
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,630
BALTIMORE, MD | Quarters at Towson Town Center
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,111
Initial Costs, Buildings and Improvements	106,453
Total Initial Acquisition Costs	122,564
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,628
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,111
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	117,081
Total Carrying Value	133,192
Accumulated Depreciation	14,714
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	133,192
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,714
RICHMOND, VA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,123
Initial Costs, Buildings and Improvements	60,908
Total Initial Acquisition Costs	66,031
Costs of Improvements Capitalized Subsequent to Acquisition Costs	94,234
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,216
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	143,049
Total Carrying Value	160,265
Accumulated Depreciation	126,857
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	160,265
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	126,857
RICHMOND, VA | Gayton Pointe Townhomes
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	826
Initial Costs, Buildings and Improvements	5,148
Total Initial Acquisition Costs	5,974
Costs of Improvements Capitalized Subsequent to Acquisition Costs	32,633
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,735
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	34,872
Total Carrying Value	38,607
Accumulated Depreciation	33,213
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,607
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,213
RICHMOND, VA | Waterside At Ironbridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,844
Initial Costs, Buildings and Improvements	13,239
Total Initial Acquisition Costs	15,083
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,834
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,932
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,985
Total Carrying Value	26,917
Accumulated Depreciation	19,221
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,917
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,221
RICHMOND, VA | Carriage Homes at Wyndham
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	474
Initial Costs, Buildings and Improvements	30,997
Total Initial Acquisition Costs	31,471
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,294
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,465
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	39,300
Total Carrying Value	43,765
Accumulated Depreciation	32,375
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,765
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,375
RICHMOND, VA | Legacy at Mayland
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,979
Initial Costs, Buildings and Improvements	11,524
Total Initial Acquisition Costs	13,503
Costs of Improvements Capitalized Subsequent to Acquisition Costs	37,473
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,084
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	44,892
Total Carrying Value	50,976
Accumulated Depreciation	42,048
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,976
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	42,048
NORTHEAST REGION
Real Estate and Accumulated Depreciation
Encumbrances	323,350
Initial Costs, Land and Land Improvements	587,049
Initial Costs, Buildings and Improvements	2,510,106
Total Initial Acquisition Costs	3,097,155
Costs of Improvements Capitalized Subsequent to Acquisition Costs	910,356
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	604,162
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	3,403,349
Total Carrying Value	4,007,511
Accumulated Depreciation	1,265,233
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	4,007,511
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,265,233
BOSTON, MA
Real Estate and Accumulated Depreciation
Encumbrances	323,350
Initial Costs, Land and Land Improvements	234,940
Initial Costs, Buildings and Improvements	1,107,516
Total Initial Acquisition Costs	1,342,456
Costs of Improvements Capitalized Subsequent to Acquisition Costs	659,797
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	248,795
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,753,458
Total Carrying Value	2,002,253
Accumulated Depreciation	534,773
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,002,253
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	534,773
BOSTON, MA | Garrison Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,475
Initial Costs, Buildings and Improvements	91,027
Total Initial Acquisition Costs	97,502
Costs of Improvements Capitalized Subsequent to Acquisition Costs	29,803
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,773
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	120,532
Total Carrying Value	127,305
Accumulated Depreciation	70,255
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,305
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	70,255
BOSTON, MA | Ridge at Blue Hills
Real Estate and Accumulated Depreciation
Encumbrances	25,000
Initial Costs, Land and Land Improvements	6,039
Initial Costs, Buildings and Improvements	34,869
Total Initial Acquisition Costs	40,908
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,736
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,490
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	42,154
Total Carrying Value	48,644
Accumulated Depreciation	26,443
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,644
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,443
BOSTON, MA | Inwood West
Real Estate and Accumulated Depreciation
Encumbrances	80,000
Initial Costs, Land and Land Improvements	20,778
Initial Costs, Buildings and Improvements	88,096
Total Initial Acquisition Costs	108,874
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,583
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	20,005
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	106,452
Total Carrying Value	126,457
Accumulated Depreciation	67,473
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	126,457
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	67,473
BOSTON, MA | 14 North
Real Estate and Accumulated Depreciation
Encumbrances	72,500
Initial Costs, Land and Land Improvements	10,961
Initial Costs, Buildings and Improvements	51,175
Total Initial Acquisition Costs	62,136
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,917
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,759
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	68,294
Total Carrying Value	80,053
Accumulated Depreciation	44,403
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	80,053
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	44,403
BOSTON, MA | 100 Pier 4
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	24,584
Total Initial Acquisition Costs	24,584
Costs of Improvements Capitalized Subsequent to Acquisition Costs	205,399
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,854
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	205,129
Total Carrying Value	229,983
Accumulated Depreciation	81,254
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	229,983
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	81,254
BOSTON, MA | 345 Harrison
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	32,938
Total Initial Acquisition Costs	32,938
Costs of Improvements Capitalized Subsequent to Acquisition Costs	331,065
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	44,940
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	319,063
Total Carrying Value	364,003
Accumulated Depreciation	80,819
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	364,003
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	80,819
BOSTON, MA | Currents on the Charles
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,580
Initial Costs, Buildings and Improvements	70,149
Total Initial Acquisition Costs	82,729
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,495
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,784
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	72,440
Total Carrying Value	85,224
Accumulated Depreciation	17,463
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	85,224
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,463
BOSTON, MA | The Commons at Windsor Gardens
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	34,609
Initial Costs, Buildings and Improvements	225,515
Total Initial Acquisition Costs	260,124
Costs of Improvements Capitalized Subsequent to Acquisition Costs	23,963
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	34,710
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	249,377
Total Carrying Value	284,087
Accumulated Depreciation	64,326
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	284,087
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	64,326
BOSTON, MA | Charles River Landing
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,068
Initial Costs, Buildings and Improvements	112,777
Total Initial Acquisition Costs	129,845
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,763
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,132
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	115,476
Total Carrying Value	132,608
Accumulated Depreciation	23,596
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	132,608
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,596
BOSTON, MA | Lenox Farms
Real Estate and Accumulated Depreciation
Encumbrances	94,050
Initial Costs, Land and Land Improvements	17,692
Initial Costs, Buildings and Improvements	115,899
Total Initial Acquisition Costs	133,591
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,125
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,878
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	123,838
Total Carrying Value	141,716
Accumulated Depreciation	25,400
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,716
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,400
BOSTON, MA | Lodge at Ames Pond
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,645
Initial Costs, Buildings and Improvements	70,653
Total Initial Acquisition Costs	83,298
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,003
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,848
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	75,453
Total Carrying Value	88,301
Accumulated Depreciation	16,003
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	88,301
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,003
BOSTON, MA | Union Place
Real Estate and Accumulated Depreciation
Encumbrances	51,800
Initial Costs, Land and Land Improvements	9,902
Initial Costs, Buildings and Improvements	72,242
Total Initial Acquisition Costs	82,144
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,992
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,946
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	78,190
Total Carrying Value	88,136
Accumulated Depreciation	10,312
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	88,136
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,312
BOSTON, MA | Bradlee Danvers
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	28,669
Initial Costs, Buildings and Improvements	175,114
Total Initial Acquisition Costs	203,783
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,953
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	28,676
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	177,060
Total Carrying Value	205,736
Accumulated Depreciation	7,026
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	205,736
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,026
NEW YORK, NY
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	294,310
Initial Costs, Buildings and Improvements	1,086,043
Total Initial Acquisition Costs	1,380,353
Costs of Improvements Capitalized Subsequent to Acquisition Costs	189,575
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	297,369
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,272,559
Total Carrying Value	1,569,928
Accumulated Depreciation	682,326
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,569,928
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	682,326
NEW YORK, NY | 10 Hanover Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	41,432
Initial Costs, Buildings and Improvements	218,983
Total Initial Acquisition Costs	260,415
Costs of Improvements Capitalized Subsequent to Acquisition Costs	34,167
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	41,879
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	252,703
Total Carrying Value	294,582
Accumulated Depreciation	133,654
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	294,582
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	133,654
NEW YORK, NY | 21 Chelsea
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	36,399
Initial Costs, Buildings and Improvements	107,154
Total Initial Acquisition Costs	143,553
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,009
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	36,531
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	124,031
Total Carrying Value	160,562
Accumulated Depreciation	70,621
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	160,562
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	70,621
NEW YORK, NY | View 34
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	114,410
Initial Costs, Buildings and Improvements	324,920
Total Initial Acquisition Costs	439,330
Costs of Improvements Capitalized Subsequent to Acquisition Costs	120,038
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	116,094
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	443,274
Total Carrying Value	559,368
Accumulated Depreciation	261,302
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	559,368
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	261,302
NEW YORK, NY | 95 Wall Street
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	57,637
Initial Costs, Buildings and Improvements	266,255
Total Initial Acquisition Costs	323,892
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,379
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	58,309
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	279,962
Total Carrying Value	338,271
Accumulated Depreciation	174,747
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	338,271
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	174,747
NEW YORK, NY | Leonard Pointe
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	38,010
Initial Costs, Buildings and Improvements	93,204
Total Initial Acquisition Costs	131,214
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,186
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	38,078
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	95,322
Total Carrying Value	133,400
Accumulated Depreciation	24,738
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	133,400
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,738
NEW YORK, NY | One William
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,422
Initial Costs, Buildings and Improvements	75,527
Total Initial Acquisition Costs	81,949
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,796
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,478
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	77,267
Total Carrying Value	83,745
Accumulated Depreciation	17,264
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,745
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,264
PHILADELPHIA, PA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	57,799
Initial Costs, Buildings and Improvements	316,547
Total Initial Acquisition Costs	374,346
Costs of Improvements Capitalized Subsequent to Acquisition Costs	60,984
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	57,998
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	377,332
Total Carrying Value	435,330
Accumulated Depreciation	48,134
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	435,330
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,134
PHILADELPHIA, PA | Park Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,365
Initial Costs, Buildings and Improvements	96,050
Total Initial Acquisition Costs	106,415
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,048
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,533
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	97,930
Total Carrying Value	108,463
Accumulated Depreciation	25,021
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	108,463
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,021
PHILADELPHIA, PA | The Smith Valley Forge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,853
Initial Costs, Buildings and Improvements	95,973
Total Initial Acquisition Costs	113,826
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,240
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,861
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	97,205
Total Carrying Value	115,066
Accumulated Depreciation	8,880
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	115,066
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,880
PHILADELPHIA, PA | 322 on North Broad
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,240
Initial Costs, Buildings and Improvements	124,524
Total Initial Acquisition Costs	136,764
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,776
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,255
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	133,285
Total Carrying Value	145,540
Accumulated Depreciation	12,283
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	145,540
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,283
PHILADELPHIA, PA | The George Apartments
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,341
Total Initial Acquisition Costs	17,341
Costs of Improvements Capitalized Subsequent to Acquisition Costs	48,920
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,349
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	48,912
Total Carrying Value	66,261
Accumulated Depreciation	1,950
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,261
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,950
SOUTHEAST REGION
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	144,024
Initial Costs, Buildings and Improvements	922,014
Total Initial Acquisition Costs	1,066,038
Costs of Improvements Capitalized Subsequent to Acquisition Costs	455,463
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	192,797
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,328,704
Total Carrying Value	1,521,501
Accumulated Depreciation	709,632
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,521,501
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	709,632
TAMPA, FL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	65,002
Initial Costs, Buildings and Improvements	436,674
Total Initial Acquisition Costs	501,676
Costs of Improvements Capitalized Subsequent to Acquisition Costs	151,126
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	88,099
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	564,703
Total Carrying Value	652,802
Accumulated Depreciation	268,012
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	652,802
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	268,012
TAMPA, FL | Summit West
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,176
Initial Costs, Buildings and Improvements	4,710
Total Initial Acquisition Costs	6,886
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,054
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,134
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	17,806
Total Carrying Value	21,940
Accumulated Depreciation	15,827
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,940
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,827
TAMPA, FL | The Breyley
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,780
Initial Costs, Buildings and Improvements	2,458
Total Initial Acquisition Costs	4,238
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,263
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,297
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	21,204
Total Carrying Value	25,501
Accumulated Depreciation	20,749
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,501
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,749
TAMPA, FL | Lakewood Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,395
Initial Costs, Buildings and Improvements	10,647
Total Initial Acquisition Costs	12,042
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,415
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,285
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	24,172
Total Carrying Value	27,457
Accumulated Depreciation	20,984
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,457
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,984
TAMPA, FL | Cambridge Woods
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,791
Initial Costs, Buildings and Improvements	7,166
Total Initial Acquisition Costs	8,957
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,666
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,635
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,988
Total Carrying Value	23,623
Accumulated Depreciation	16,801
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,623
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,801
TAMPA, FL | Inlet Bay
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,702
Initial Costs, Buildings and Improvements	23,150
Total Initial Acquisition Costs	30,852
Costs of Improvements Capitalized Subsequent to Acquisition Costs	24,590
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,889
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	44,553
Total Carrying Value	55,442
Accumulated Depreciation	38,111
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	55,442
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,111
TAMPA, FL | MacAlpine Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,869
Initial Costs, Buildings and Improvements	36,858
Total Initial Acquisition Costs	47,727
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,847
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,785
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	51,789
Total Carrying Value	64,574
Accumulated Depreciation	41,298
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	64,574
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,298
TAMPA, FL | The Vintage Lofts at West End
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,611
Initial Costs, Buildings and Improvements	37,663
Total Initial Acquisition Costs	44,274
Costs of Improvements Capitalized Subsequent to Acquisition Costs	24,858
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,005
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	53,127
Total Carrying Value	69,132
Accumulated Depreciation	40,741
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,132
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,741
TAMPA, FL | Peridot Palms
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,293
Initial Costs, Buildings and Improvements	89,752
Total Initial Acquisition Costs	96,045
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,786
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,434
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	92,397
Total Carrying Value	98,831
Accumulated Depreciation	24,996
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	98,831
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,996
TAMPA, FL | The Preserve at Gateway
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,467
Initial Costs, Buildings and Improvements	43,723
Total Initial Acquisition Costs	48,190
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,160
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,523
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	45,827
Total Carrying Value	50,350
Accumulated Depreciation	11,654
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,350
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,654
TAMPA, FL | The Slade at Channelside
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,216
Initial Costs, Buildings and Improvements	72,786
Total Initial Acquisition Costs	83,002
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,112
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,394
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	77,720
Total Carrying Value	88,114
Accumulated Depreciation	15,637
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	88,114
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,637
TAMPA, FL | Andover Place at Cross Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,702
Initial Costs, Buildings and Improvements	107,761
Total Initial Acquisition Costs	119,463
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,375
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,718
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	116,120
Total Carrying Value	127,838
Accumulated Depreciation	21,214
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,838
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,214
ORLANDO, FL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	47,621
Initial Costs, Buildings and Improvements	341,331
Total Initial Acquisition Costs	388,952
Costs of Improvements Capitalized Subsequent to Acquisition Costs	151,657
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	60,656
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	479,953
Total Carrying Value	540,609
Accumulated Depreciation	213,742
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	540,609
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	213,742
ORLANDO, FL | Seabrook
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,846
Initial Costs, Buildings and Improvements	4,155
Total Initial Acquisition Costs	6,001
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,621
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,260
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	14,362
Total Carrying Value	17,622
Accumulated Depreciation	12,981
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,622
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,981
ORLANDO, FL | Altamira Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,533
Initial Costs, Buildings and Improvements	11,076
Total Initial Acquisition Costs	12,609
Costs of Improvements Capitalized Subsequent to Acquisition Costs	24,496
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,060
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	33,045
Total Carrying Value	37,105
Accumulated Depreciation	31,722
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,105
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,722
ORLANDO, FL | Regatta Shore
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	757
Initial Costs, Buildings and Improvements	6,608
Total Initial Acquisition Costs	7,365
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,579
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,633
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	25,311
Total Carrying Value	27,944
Accumulated Depreciation	22,814
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,944
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,814
ORLANDO, FL | Alafaya Woods
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,653
Initial Costs, Buildings and Improvements	9,042
Total Initial Acquisition Costs	10,695
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,550
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,946
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,299
Total Carrying Value	25,245
Accumulated Depreciation	19,120
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,245
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,120
ORLANDO, FL | Los Altos
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,804
Initial Costs, Buildings and Improvements	12,349
Total Initial Acquisition Costs	15,153
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,732
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,644
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	26,241
Total Carrying Value	30,885
Accumulated Depreciation	22,407
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,885
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,407
ORLANDO, FL | Lotus Landing
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,185
Initial Costs, Buildings and Improvements	8,639
Total Initial Acquisition Costs	10,824
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,297
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,399
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,722
Total Carrying Value	26,121
Accumulated Depreciation	17,771
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,121
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,771
ORLANDO, FL | Seville On The Green
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,282
Initial Costs, Buildings and Improvements	6,498
Total Initial Acquisition Costs	7,780
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,455
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,966
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	16,269
Total Carrying Value	18,235
Accumulated Depreciation	12,783
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,235
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,783
ORLANDO, FL | Ashton @ Waterford
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,872
Initial Costs, Buildings and Improvements	17,538
Total Initial Acquisition Costs	21,410
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,724
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,680
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	25,454
Total Carrying Value	30,134
Accumulated Depreciation	19,847
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,134
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,847
ORLANDO, FL | Arbors at Lee Vista
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,692
Initial Costs, Buildings and Improvements	12,860
Total Initial Acquisition Costs	19,552
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,134
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,053
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	30,633
Total Carrying Value	38,686
Accumulated Depreciation	23,493
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,686
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,493
ORLANDO, FL | Arbors at Maitland Summit
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,929
Initial Costs, Buildings and Improvements	158,079
Total Initial Acquisition Costs	174,008
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,363
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,940
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	168,431
Total Carrying Value	184,371
Accumulated Depreciation	22,624
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	184,371
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,624
ORLANDO, FL | Essex Luxe
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,068
Initial Costs, Buildings and Improvements	94,487
Total Initial Acquisition Costs	103,555
Costs of Improvements Capitalized Subsequent to Acquisition Costs	706
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,075
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	95,186
Total Carrying Value	104,261
Accumulated Depreciation	8,180
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	104,261
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,180
NASHVILLE, TN
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,433
Initial Costs, Buildings and Improvements	87,608
Total Initial Acquisition Costs	103,041
Costs of Improvements Capitalized Subsequent to Acquisition Costs	131,257
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	26,895
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	207,403
Total Carrying Value	234,298
Accumulated Depreciation	169,689
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	234,298
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	169,689
NASHVILLE, TN | Legacy Hill
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,148
Initial Costs, Buildings and Improvements	5,867
Total Initial Acquisition Costs	7,015
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,524
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,165
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	17,374
Total Carrying Value	19,539
Accumulated Depreciation	15,107
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	19,539
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,107
NASHVILLE, TN | Hickory Run
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,469
Initial Costs, Buildings and Improvements	11,584
Total Initial Acquisition Costs	13,053
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,215
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,877
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	27,391
Total Carrying Value	30,268
Accumulated Depreciation	20,713
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,268
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,713
NASHVILLE, TN | Carrington Hills
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,117
Total Initial Acquisition Costs	2,117
Costs of Improvements Capitalized Subsequent to Acquisition Costs	41,053
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,043
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	38,127
Total Carrying Value	43,170
Accumulated Depreciation	31,283
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,170
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,283
NASHVILLE, TN | Brookridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	708
Initial Costs, Buildings and Improvements	5,461
Total Initial Acquisition Costs	6,169
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,700
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,604
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	13,265
Total Carrying Value	14,869
Accumulated Depreciation	11,117
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,869
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,117
NASHVILLE, TN | Breckenridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	766
Initial Costs, Buildings and Improvements	7,714
Total Initial Acquisition Costs	8,480
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,449
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,862
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	15,067
Total Carrying Value	16,929
Accumulated Depreciation	12,167
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	16,929
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,167
NASHVILLE, TN | Colonnade
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,460
Initial Costs, Buildings and Improvements	16,015
Total Initial Acquisition Costs	17,475
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,397
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,620
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	25,252
Total Carrying Value	27,872
Accumulated Depreciation	19,750
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,872
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,750
NASHVILLE, TN | The Preserve at Brentwood
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,182
Initial Costs, Buildings and Improvements	24,674
Total Initial Acquisition Costs	27,856
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,329
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,327
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	36,858
Total Carrying Value	41,185
Accumulated Depreciation	30,439
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,185
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,439
NASHVILLE, TN | Polo Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,583
Initial Costs, Buildings and Improvements	16,293
Total Initial Acquisition Costs	20,876
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,590
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,397
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	34,069
Total Carrying Value	40,466
Accumulated Depreciation	29,113
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	40,466
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,113
OTHER FLORIDA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,968
Initial Costs, Buildings and Improvements	56,401
Total Initial Acquisition Costs	72,369
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,423
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,147
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	76,645
Total Carrying Value	93,792
Accumulated Depreciation	58,189
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	93,792
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	58,189
OTHER FLORIDA | The Reserve and Park at Riverbridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,968
Initial Costs, Buildings and Improvements	56,401
Total Initial Acquisition Costs	72,369
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,423
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,147
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	76,645
Total Carrying Value	93,792
Accumulated Depreciation	58,189
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	93,792
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	58,189
SOUTHWEST REGION
Real Estate and Accumulated Depreciation
Encumbrances	335,143
Initial Costs, Land and Land Improvements	193,836
Initial Costs, Buildings and Improvements	896,347
Total Initial Acquisition Costs	1,090,183
Costs of Improvements Capitalized Subsequent to Acquisition Costs	371,842
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	220,450
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,241,575
Total Carrying Value	1,462,025
Accumulated Depreciation	412,148
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,462,025
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	412,148
DALLAS, TX
Real Estate and Accumulated Depreciation
Encumbrances	335,143
Initial Costs, Land and Land Improvements	154,980
Initial Costs, Buildings and Improvements	661,907
Total Initial Acquisition Costs	816,887
Costs of Improvements Capitalized Subsequent to Acquisition Costs	215,438
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	176,738
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	855,587
Total Carrying Value	1,032,325
Accumulated Depreciation	252,697
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,032,325
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	252,697
DALLAS, TX | Thirty377
Real Estate and Accumulated Depreciation
Encumbrances	25,000
Initial Costs, Land and Land Improvements	24,036
Initial Costs, Buildings and Improvements	32,951
Total Initial Acquisition Costs	56,987
Costs of Improvements Capitalized Subsequent to Acquisition Costs	22,898
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	26,447
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	53,438
Total Carrying Value	79,885
Accumulated Depreciation	41,315
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	79,885
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,315
DALLAS, TX | Legacy Village
Real Estate and Accumulated Depreciation
Encumbrances	90,000
Initial Costs, Land and Land Improvements	16,882
Initial Costs, Buildings and Improvements	100,102
Total Initial Acquisition Costs	116,984
Costs of Improvements Capitalized Subsequent to Acquisition Costs	30,307
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	23,285
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	124,006
Total Carrying Value	147,291
Accumulated Depreciation	88,321
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	147,291
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	88,321
DALLAS, TX | Addison Apts at The Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,041
Initial Costs, Buildings and Improvements	11,228
Total Initial Acquisition Costs	33,269
Costs of Improvements Capitalized Subsequent to Acquisition Costs	18,527
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	31,613
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	20,183
Total Carrying Value	51,796
Accumulated Depreciation	14,351
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	51,796
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,351
DALLAS, TX | Addison Apts at The Park I
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,903
Initial Costs, Buildings and Improvements	554
Total Initial Acquisition Costs	8,457
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,666
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,058
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	6,065
Total Carrying Value	17,123
Accumulated Depreciation	4,630
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,123
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,630
DALLAS, TX | Addison Apts at The Park II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,440
Initial Costs, Buildings and Improvements	634
Total Initial Acquisition Costs	11,074
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,513
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,458
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	5,129
Total Carrying Value	13,587
Accumulated Depreciation	3,785
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,587
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,785
DALLAS, TX | Savoye
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,432
Initial Costs, Buildings and Improvements	50,483
Total Initial Acquisition Costs	58,915
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,483
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,934
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	54,464
Total Carrying Value	63,398
Accumulated Depreciation	10,795
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	63,398
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,795
DALLAS, TX | Savoye 2
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,451
Initial Costs, Buildings and Improvements	56,615
Total Initial Acquisition Costs	63,066
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,156
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,942
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	59,280
Total Carrying Value	66,222
Accumulated Depreciation	11,991
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,222
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,991
DALLAS, TX | Fiori on Vitruvian Park
Real Estate and Accumulated Depreciation
Encumbrances	47,316
Initial Costs, Land and Land Improvements	7,934
Initial Costs, Buildings and Improvements	78,575
Total Initial Acquisition Costs	86,509
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,202
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,423
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	82,288
Total Carrying Value	90,711
Accumulated Depreciation	16,822
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	90,711
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,822
DALLAS, TX | Vitruvian West Phase I
Real Estate and Accumulated Depreciation
Encumbrances	41,317
Initial Costs, Land and Land Improvements	6,273
Initial Costs, Buildings and Improvements	61,418
Total Initial Acquisition Costs	67,691
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,801
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,533
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	63,959
Total Carrying Value	70,492
Accumulated Depreciation	13,244
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,492
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,244
DALLAS, TX | Vitruvian West Phase II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,451
Initial Costs, Buildings and Improvements	15,798
Total Initial Acquisition Costs	22,249
Costs of Improvements Capitalized Subsequent to Acquisition Costs	39,832
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,649
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	55,432
Total Carrying Value	62,081
Accumulated Depreciation	8,019
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,081
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,019
DALLAS, TX | Vitruvian West Phase III
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,141
Initial Costs, Buildings and Improvements	2,754
Total Initial Acquisition Costs	9,895
Costs of Improvements Capitalized Subsequent to Acquisition Costs	63,231
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,342
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	65,784
Total Carrying Value	73,126
Accumulated Depreciation	3,202
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	73,126
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,202
DALLAS, TX | The Canal
Real Estate and Accumulated Depreciation
Encumbrances	42,000
Initial Costs, Land and Land Improvements	12,671
Initial Costs, Buildings and Improvements	98,813
Total Initial Acquisition Costs	111,484
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,716
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	102,046
Total Carrying Value	114,762
Accumulated Depreciation	12,295
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	114,762
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,295
DALLAS, TX | Cool Springs at Frisco Bridges
Real Estate and Accumulated Depreciation
Encumbrances	89,510
Initial Costs, Land and Land Improvements	18,325
Initial Costs, Buildings and Improvements	151,982
Total Initial Acquisition Costs	170,307
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,544
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	18,338
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	163,513
Total Carrying Value	181,851
Accumulated Depreciation	23,927
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	181,851
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,927
AUSTIN, TX
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,417
Initial Costs, Buildings and Improvements	104,040
Total Initial Acquisition Costs	120,457
Costs of Improvements Capitalized Subsequent to Acquisition Costs	61,020
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,069
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	160,408
Total Carrying Value	181,477
Accumulated Depreciation	114,835
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	181,477
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	114,835
AUSTIN, TX | Barton Creek Landing
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,151
Initial Costs, Buildings and Improvements	14,269
Total Initial Acquisition Costs	17,420
Costs of Improvements Capitalized Subsequent to Acquisition Costs	26,292
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,603
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	38,109
Total Carrying Value	43,712
Accumulated Depreciation	33,360
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,712
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,360
AUSTIN, TX | Residences at the Domain
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,034
Initial Costs, Buildings and Improvements	55,256
Total Initial Acquisition Costs	59,290
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,784
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,901
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	71,173
Total Carrying Value	76,074
Accumulated Depreciation	49,658
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	76,074
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	49,658
AUSTIN, TX | Red Stone Ranch
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,084
Initial Costs, Buildings and Improvements	17,646
Total Initial Acquisition Costs	22,730
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,804
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	27,204
Total Carrying Value	33,008
Accumulated Depreciation	16,955
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,008
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,955
AUSTIN, TX | Lakeline Villas
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,148
Initial Costs, Buildings and Improvements	16,869
Total Initial Acquisition Costs	21,017
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,666
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,761
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,922
Total Carrying Value	28,683
Accumulated Depreciation	14,862
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,683
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,862
DENVER, CO
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,439
Initial Costs, Buildings and Improvements	130,400
Total Initial Acquisition Costs	152,839
Costs of Improvements Capitalized Subsequent to Acquisition Costs	95,384
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	22,643
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	225,580
Total Carrying Value	248,223
Accumulated Depreciation	44,616
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	248,223
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	44,616
DENVER, CO | Steele Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,586
Initial Costs, Buildings and Improvements	130,400
Total Initial Acquisition Costs	138,986
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,793
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,789
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	137,990
Total Carrying Value	146,779
Accumulated Depreciation	41,118
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	146,779
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,118
DENVER, CO | Cirrus
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,853
Total Initial Acquisition Costs	13,853
Costs of Improvements Capitalized Subsequent to Acquisition Costs	87,591
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,854
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	87,590
Total Carrying Value	101,444
Accumulated Depreciation	3,498
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	101,444
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,498
Secured Debt
Real Estate and Accumulated Depreciation
Deferred Financing Costs and Other Non-Cash Adjustments	$ 19,658