UDR (UDR) 10-Q27 Apr 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 24, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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, par value $0.01
Trading Symbol	UDR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		329,172,797
Entity Central Index Key	0000074208
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate owned:
Real estate held for investment	$ 15,565,915	$ 15,365,928
Less: accumulated depreciation	(5,926,651)	(5,762,205)
Real estate held for investment, net	9,639,264	9,603,723
Real estate under development (net of accumulated depreciation of $0 and $296, respectively)	76,455	189,809
Real estate held for disposition (net of accumulated depreciation of $0 and $0, respectively)		14,039
Total real estate owned, net of accumulated depreciation	9,715,719	9,807,571
Cash and cash equivalents	1,172	1,193
Restricted cash	28,038	29,001
Notes receivable, net	71,125	54,707
Investment in and advances to unconsolidated joint ventures, net	751,387	754,446
Operating lease right-of-use assets	193,230	194,081
Other assets	207,029	197,471
Total assets	10,967,700	11,038,470
Liabilities:
Secured debt, net	1,051,000	1,052,281
Unsecured debt, net	4,525,963	4,435,022
Operating lease liabilities	188,402	189,238
Real estate taxes payable	35,052	37,681
Accrued interest payable	26,580	46,671
Security deposits and prepaid rent	57,738	51,999
Distributions payable	148,409	134,213
Accounts payable, accrued expenses, and other liabilities	111,795	153,220
Total liabilities	6,144,939	6,100,325
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	901,652	839,850
Equity:
Common stock, $0.01 par value; 450,000,000 shares authorized at March 31, 2023 and December 31, 2022: 329,173,125 and 328,993,088 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	3,292	3,290
Additional paid-in capital	7,494,042	7,493,423
Distributions in excess of net income	(3,627,873)	(3,451,587)
Accumulated other comprehensive income/(loss), net	6,823	8,344
Total stockholders' equity	3,920,899	4,098,085
Noncontrolling interests	210	210
Total equity	3,921,109	4,098,295
Total liabilities and equity	10,967,700	11,038,470
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at March 31, 2023 and December 31, 2022:	44,614	44,614
Series F
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at March 31, 2023 and December 31, 2022:	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Real estate owned:
Real estate under development accumulated depreciation	$ 0	$ 296
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	329,173,125	328,993,088
Common stock, shares outstanding	329,173,125	328,993,088
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, dividend rate percentage	8%	8%
Preferred stock, shares issued	2,686,308	2,686,308
Preferred stock, shares outstanding	2,686,308	2,686,308
Series F
Equity:
Preferred stock, shares issued	12,090,558	12,100,514
Preferred stock, shares outstanding	12,090,558	12,100,514

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES:
Rental income	$ 398,307	$ 356,181
Joint venture management and other fees	$ 1,242	$ 1,085
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total revenues	$ 399,549	$ 357,266
OPERATING EXPENSES:
Property operating and maintenance	64,834	58,484
Real estate taxes and insurance	57,970	53,764
Property management	12,945	11,576
Other operating expenses	3,032	4,712
Real estate depreciation and amortization	169,300	163,622
General and administrative	17,480	14,908
Casualty-related charges/(recoveries), net	4,156	(765)
Other depreciation and amortization	3,649	3,075
Total operating expenses	333,366	309,376
Gain/(loss) on sale of real estate owned	1	0
Operating income	66,184	47,890
Income/(loss) from unconsolidated entities	9,707	5,412
Interest expense	(43,742)	(35,916)
Interest income and other income/(expense), net	1,010	(2,440)
Income/(loss) before income taxes	33,159	14,946
Tax (provision)/benefit, net	(234)	(343)
Net income/(loss)	32,925	14,603
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(1,953)	(879)
Net income/(loss) attributable to noncontrolling interests	(8)	(19)
Net income/(loss) attributable to UDR, Inc.	30,964	13,705
Distributions to preferred stockholders - Series E (Convertible)	(1,183)	(1,092)
Net income/(loss) attributable to common stockholders	$ 29,781	$ 12,613
Income/(loss) per weighted average common share - basic	$ 0.09	$ 0.04
Income/(loss) per weighted average common share - diluted	$ 0.09	$ 0.04
Weighted average number of common shares outstanding - basic	328,789	318,009
Weighted average number of common shares outstanding - diluted	329,421	319,680

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net income/(loss)	$ 32,925	$ 14,603
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	(273)	7,193
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	(1,369)	387
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	(1,642)	7,580
Comprehensive income/(loss)	31,283	22,183
Comprehensive (income)/loss attributable to noncontrolling interests	(1,840)	(1,412)
Comprehensive income/(loss) attributable to UDR, Inc.	$ 29,443	$ 20,771

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Paid-in Capital	Distributions in Excess of Net Income	Accumulated Other Comprehensive Income/(Loss)	Noncontrolling Interest	Total
Beginning Balance at Dec. 31, 2021	$ 44,765	$ 3,181	$ 6,884,269	$ (3,485,080)	$ (4,261)	$ 31,430	$ 3,474,304
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				13,705			13,705
Long Term Incentive Plan Unit grants/(vestings), net						(31,220)	(31,220)
Other comprehensive income/(loss)					7,066		7,066
Issuance/(forfeiture) of common and restricted shares, net		1	(1,041)				(1,040)
Issuance of common shares through public offering, net			(99)				(99)
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		2	8,578				8,580
Common stock distributions declared				(121,068)			(121,068)
Preferred stock distributions declared-Series E				(1,092)			(1,092)
Adjustment to reflect redemption value of redeemable noncontrolling interests				43,747			43,747
Ending Balance at Mar. 31, 2022	44,765	3,184	6,891,707	(3,549,788)	2,805	210	3,392,883
Beginning 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
Net income/(loss) attributable to UDR, Inc.				30,964			30,964
Other comprehensive income/(loss)					(1,521)		(1,521)
Issuance/(forfeiture) of common and restricted shares, net		2	695				697
Issuance of common shares through public offering, net			(462)				(462)
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership			386				386
Common stock distributions declared				(138,318)			(138,318)
Preferred stock distributions declared-Series E				(1,183)			(1,183)
Adjustment to reflect redemption value of redeemable noncontrolling interests				(67,749)			(67,749)
Ending Balance at Mar. 31, 2023	$ 44,615	$ 3,292	$ 7,494,042	$ (3,627,873)	$ 6,823	$ 210	$ 3,921,109

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common stock distributions declared per share	$ 0.42	$ 0.38
8.00% Series E Cumulative Convertible Preferred Stock
Preferred stock distributions declared	$ 0.4548	$ 0.4114

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net income/(loss)	$ 32,925	$ 14,603
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	172,949	166,697
(Gain)/loss on sale of real estate owned	(1)	0
(Income)/loss from unconsolidated entities	(9,707)	(5,412)
Return on investment in unconsolidated joint ventures and partnerships	4,317	12,352
Amortization of share-based compensation	8,246	6,371
Other	7,690	6,422
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(7,119)	4,979
Increase/(decrease) in operating liabilities	(41,285)	(44,992)
Net cash provided by/(used in) operating activities	168,015	161,020
Investing Activities
Development of real estate assets	(42,498)	(56,755)
Capital expenditures and other major improvements - real estate assets	(54,353)	(34,615)
Capital expenditures - non-real estate assets	(4,532)	(9,677)
Investment in unconsolidated joint ventures and partnerships	(1,821)	(48,233)
Distributions received from unconsolidated joint ventures and partnerships	3,108	68,185
Purchase deposits on pending acquisitions	(743)	(6,000)
Repayment/(issuance) of notes receivable, net	(16,501)	284
Net cash provided by/(used in) investing activities	(117,340)	(86,811)
Financing Activities
Payments on secured debt	(292)	(280)
Net proceeds/(repayment) of commercial paper	105,000	60,000
Net proceeds/(repayment) of revolving bank debt	(14,244)	7,648
Proceeds from the issuance of common shares through public offering, net	(462)	(99)
Distributions paid to redeemable noncontrolling interests	(8,178)	(7,862)
Distributions paid to preferred stockholders	(1,097)	(1,050)
Distributions paid to common stockholders	(125,083)	(115,405)
Other	(7,303)	(18,652)
Net cash provided by/(used in) financing activities	(51,659)	(75,700)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(984)	(1,491)
Cash, cash equivalents, and restricted cash, beginning of year	30,194	28,418
Cash, cash equivalents, and restricted cash, end of period	29,210	26,927
Supplemental Information:
Interest paid during the period, net of amounts capitalized	64,707	55,126
Operating cash flows from operating leases	3,126	3,126
Cash paid/(refunds received) for income taxes	206	222
Non-cash transactions:
Redeemable long-term and short-term incentive plan units	6,989	37,383
Development costs and capital expenditures incurred, but not yet paid	35,524	43,571
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (9,957 shares and 142,984 shares, respectively)	386	8,580
Distribution of equity securities from unconsolidated real estate technology investments	7,749	6,508
Dividends declared, but not yet paid	$ 148,409	$ 130,369

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - CASH RECONCILIATION - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above:
Cash and cash equivalents	$ 1,172	$ 1,193	$ 895	$ 967
Restricted cash	28,038	29,001	26,032	27,451
Total cash, cash equivalents, and restricted cash as shown above	$ 29,210	$ 30,194	$ 26,927	$ 28,418

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Non-cash transactions:
Conversion of OP Units into common shares (in shares)	9,957	142,984

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2023
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Organization and Formation UDR, Inc. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities in targeted markets located in the United States. At March 31, 2023, our consolidated apartment portfolio consisted of 166 communities with a total of 55,159 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 , 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 March 31, 2023, there were 186.4 million units in the Operating Partnership (“OP Units”) outstanding, of which 176.3 million OP Units (including 0.1 million of general partnership units), or 94.6%, were owned by UDR and 10.1 million OP Units, or 5.4%, were owned by outside limited partners. As of March 31, 2023, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 21.1 million, or 65.1%, were owned by UDR and its subsidiaries and 11.3 million, or 34.9%, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The accompanying interim unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of our financial position as of March 31, 2023, and results of operations for the three months ended March 31, 2023 and 2022, have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of results that can be expected for a full year. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2022 appearing in UDR’s Annual Report on Form 10-K, filed with the SEC on February 13, 2023. The accompanying interim unaudited consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain or loss on consolidation of a property. Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with the Company’s other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible. Notes Receivable Notes receivable relate to financing arrangements which are typically secured by assets of the borrower that may include real estate assets. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a VIE, and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities of the existing loans. Additionally, we analyze each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by Accounting Standards Codification (“ASC”) 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The following table summarizes our Notes receivable, net dollars in thousands): Interest rate at Balance Outstanding March 31, March 31, December 31, 2023 2023 2022 Note due December 2023 (a) 10.00 % $ 31,675 $ 30,377 Note due December 2026 (b) 11.00 % 27,882 17,292 Note due December 2026 (c) 11.00 % 8,925 5,813 Notes due June 2027 (d) 18.00 % 3,000 1,500 Notes Receivable 71,482 54,982 Allowance for credit losses (357) (275) Total notes receivable, net $ 71,125 $ 54,707 (a) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $31.4 million, of which $29.2 million was funded as of March 31, 2023. Interest payments are due monthly, with the exception of payments from June 2022 to December 2023, which are accrued and added to the principal balance and will be due at maturity of the note. The additional amount accrued and added to the principal balance was $2.5 million as of March 31, 2023. 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. (b) The Company has 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 $10.6 million was funded during the three months ended March 31, 2023. 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. (c) The Company has 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 $3.1 million was funded during the three months ended March 31, 2023. 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) The Company and a syndicate of lenders previously entered into a $16.0 million secured credit facility with an unaffiliated third party. During the three months ended March 31, 2023, the secured credit facility was amended to provide a new term loan in the amount of $19.0 million, and increase the Company’s commitment from $1.5 million to $3.0 million, all of which has been funded. Interest payments will accrue and be due at maturity of the facility. The facility is secured by substantially all of the borrower’s assets and matures at the earliest of the following: (a) acceleration in the event of default; or (b) June 2027. The Company recognized $1.6 million and $0.7 million of interest income for the notes receivable described above during the three months ended March 31, 2023 and 2022, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three months ended March 31, 2023 and 2022, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of March 31, 2023 and December 31, 2022, UDR’s net deferred tax asset/(liability) was $(0.7) million and $(0.8) million, respectively, and are recorded in Accounts payable, accrued expenses and other liabilities GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes and evaluates its tax positions using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company invests in assets that qualify for federal investment tax credits (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities UDR had no material unrecognized tax benefit, accrued interest or penalties at March 31, 2023. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2019 through 2021 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net Forward Sales Agreements From time to time the Company utilizes forward sales agreements for the future issuance of its common stock. When the Company enters into a forward sales agreement, the contract requires the Company to sell its shares to a counterparty at a predetermined price at a future date. The net sales price and proceeds attained by the Company will be determined on the dates of settlement, with adjustments during the term of the contract for the Company’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. The Company accounts for the shares of common stock reserved for issuance upon settlement as equity in accordance with ASC 815-40, Contracts in Entity's Own Equity The guidance establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to the entity’s own stock, first, evaluating the instrument’s contingent exercise provisions and second, evaluating the instrument’s settlement provisions. When entering into forward sales agreements, we determined that (i) none of the agreement’s exercise contingencies are based on observable markets or indices besides those related to the market for our own stock price; and (ii) none of the settlement provisions preclude the agreements from being indexed to our own stock. Before the issuance of shares of common stock, upon physical or net share settlement of the forward sales agreements, the Company expects that the shares issuable upon settlement of the forward sales agreements will be reflected in its diluted income/(loss) per share calculations using the treasury stock method. Under this method, the number of shares of common stock used in calculating diluted income/(loss) per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward sales agreements over the number of shares of common stock that could be purchased by the Company in the open market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). When the Company physically or net share settles any forward sales agreement, the delivery of shares of common stock would result in an increase in the number of weighted average common shares outstanding and dilution to basic income/(loss) per share. (See Note 8, Income/(Loss) per Share Lease Receivables During the three months ended March 31, 2023, the Company performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables. 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 $6.1 million for multifamily tenant lease receivables and increased its reserve to approximately $4.4 million for retail tenant lease receivables for its wholly-owned communities and communities held by joint ventures. In aggregate, the reduction in reserve is reflected as a $2.3 million increase to Rental income and a $0.2 million increase to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the three months ended March 31, 2023.

REAL ESTATE OWNED

REAL ESTATE OWNED	3 Months Ended
REAL ESTATE OWNED	Mar. 31, 2023
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 March 31, 2023, the Company owned and consolidated 166 communities in 13 states plus the District of Columbia totaling 55,159 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of March 31, 2023 and December 31, 2022 (dollars in thousands): March 31, December 31, 2023 2022 Land $ 2,566,680 $ 2,539,499 Depreciable property — held and used: Land improvements 258,194 254,578 Building, improvements, and furniture, fixtures and equipment 12,691,028 12,521,838 Real estate intangible assets 50,013 50,013 Under development: Land and land improvements 16,576 43,711 Building, improvements, and furniture, fixtures and equipment 59,879 146,394 Real estate held for disposition: Building, improvements, and furniture, fixtures and equipment — 14,039 Real estate owned 15,642,370 15,570,072 Accumulated depreciation (a) (5,926,651) (5,762,501) Real estate owned, net $ 9,715,719 $ 9,807,571 (a) Accumulated depreciation is inclusive of $14.1 million and $13.1 million of accumulated amortization related to real estate intangible assets as of March 31, 2023 and December 31, 2022, respectively. Acquisitions The Company did not have any acquisitions during the three months ended March 31, 2023, Joint Ventures and Partnerships . 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. Other Activity Total real estate owned, net of accumulated depreciation completed and becomes available for lease-up, the Company ceases capitalization on the related portion of the costs and depreciation commences over the estimated useful life. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Our cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. Our estimates of fair value represent our best estimate based upon Level 3 inputs such as industry trends and reference to market rates and transactions. The Company did not recognize any impairments in the value of its long-lived assets during the three months ended March 31, 2023 and 2022. In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax-deferred Section 1031 exchange. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
VARIABLE INTEREST ENTITIES	Mar. 31, 2023
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	3 Months Ended
JOINT VENTURES AND PARTNERSHIPS	Mar. 31, 2023
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 previously held a preferred equity investment in a joint venture that owned a 136 apartment home community located in San Francisco, California. In 2022, the joint venture was deemed to be a VIE and the Company concluded that it was the primary beneficiary of the VIE, and therefore began consolidating the joint venture. In February 2023, the Company took title to the property pursuant to a foreclosure resulting in it being a wholly-owned community. 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 March 31, 2023 and December 31, 2022 (dollars in thousands) Number of Number of Operating Apartment UDR's Weighted Average Income/(loss) from investments Communities Homes Ownership Interest Investment at Three Months Ended March 31, March 31, March 31, December 31, March 31, December 31, March 31, Joint Ventures 2023 2023 2023 2022 2023 2022 2023 2022 Operating: UDR/MetLife (a) 13 2,837 50.1 % 50.1 % $ 241,183 $ 247,160 $ (1,350) $ (2,638) Number of Apartment Income/(loss) from investments Communities Homes Weighted Investment at Three Months Ended Developer Capital Program March 31, March 31, Average Years To UDR March 31, December 31, March 31, and Real Estate Technology Investments (b) 2023 2023 Rate Maturity Commitment (c) 2023 2022 2023 2022 Preferred equity investments: Operating 21 4,364 9.2 % 3.4 $ 277,287 333,942 329,369 $ 6,868 $ 4,588 Development 4 1,898 10.0 % 3.5 118,258 134,471 131,218 3,254 1,800 Total Preferred Equity Investments 25 6,262 9.4 % 3.4 395,545 468,413 460,587 10,122 6,388 Real estate technology investments: RETV I (d) N/A N/A N/A N/A 18,000 10,730 16,601 1,467 (10,111) RETV II N/A N/A N/A N/A 18,000 11,020 11,670 (285) (114) RETV III N/A N/A N/A N/A 15,000 — — — — RET Strategic Fund N/A N/A N/A N/A 25,000 9,166 8,078 (173) — RET ESG N/A N/A N/A N/A 10,000 2,824 2,898 (74) — Total Preferred Equity Investments and Real Estate Technology Investments 502,153 499,834 11,057 (3,837) Sold joint ventures and other investments — — — 11,887 Total Joint Ventures and Developer Capital Program and Real Estate Technology Investments, net (a) $ 743,336 $ 746,994 $ 9,707 $ 5,412 (a) As of March 31, 2023 and December 31, 2022, the Company’s negative investment in one UDR/MetLife community of $8.1 million and $7.5 million, respectively, is 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. At March 31, 2023, our preferred equity investment portfolio consisted of 25 communities located in various markets, consisting of 6,262 completed or under development homes. In addition, the Company’s preferred equity investments include six investments that receive a variable percentage of the value created from the project upon a capital or liquidating event. During the three months ended March 31, 2023, the Company did not enter into or fund any new preferred equity investments or redeem any preferred equity investments. (c) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (d) The Company recognized $1.5 million and $(10.1) million of investment income/(loss) from RETV I for the three months ended March 31, 2023 and 2022, respectively, which primarily related to unrealized gains/(losses) from one portfolio investment held by RETV I, SmartRent, Inc. (“SmartRent”). As of March 31, 2023 and December 31, 2022, the Company had deferred fees of $7.9 million and $8.1 million, respectively, which will be recognized through earnings over the weighted average life of the related properties, upon the disposition of the properties to a third party, or upon completion of certain development obligations. The Company recognized management fees of $1.2 million and $ 1.1 million for the three months ended March 31, 2023 and 2022, respectively, for management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We consider various factors to determine if a decrease in the value of our Investment in and advances to unconsolidated joint ventures, net Combined summary balance sheets relating to the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of March 31, 2023 and December 31, 2022 ( dollars in thousands March 31, December 31, 2023 2022 Total real estate, net $ 2,789,059 $ 2,739,784 Investments, at fair value 187,390 213,743 Cash and cash equivalents 46,810 38,999 Other assets 135,441 121,759 Total assets $ 3,158,700 $ 3,114,285 Third party debt, net $ 1,991,027 $ 1,937,329 Accounts payable and accrued liabilities 187,548 217,148 Total liabilities 2,178,575 2,154,477 Total equity $ 980,125 $ 959,808 Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three months ended March 31, 2023 and 2022 ( dollars in thousands : Three Months Ended March 31, 2023 2022 Total revenues $ 60,675 $ 37,169 Property operating expenses 28,033 17,930 Real estate depreciation and amortization 24,428 17,820 Gain/(loss) on sale of property — 127,542 Operating income/(loss) 8,214 128,961 Interest expense (23,951) (8,132) Net realized gain/(loss) on held investments 47,331 6,304 Net unrealized gain/(loss) on held investments (37,542) (21,492) Other income/(loss) 2,322 (224) Net income/(loss) $ (3,626) $ 105,417

LEASES

LEASES	3 Months Ended
LEASES	Mar. 31, 2023
LEASES
LEASES	6. LEASES Lessee - Ground Leases UDR has six communities that are subject to ground leases, under which UDR is the lessee, that expire between 2043 and 2103, inclusive of extension options we are reasonably certain will be exercised. All of these leases are classified as operating leases through the lease term expiration based on our election of the practical expedient provided by the leasing standard. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the remaining lease term. We currently do not hold any finance leases. The Company also elected the short-term lease exception provided by the leasing standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. No leases qualified for the short-term lease exception during the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022, 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 42.4 years and 42.6 years at March 31, 2023 and December 31, 2022, respectively, and the weighted average discount rate was 5.0% at both March 31, 2023 and December 31, 2022. Future minimum lease payments and total operating lease liabilities from our ground leases as of March 31, 2023 are as follows (dollars in thousands): Ground Leases 2023 $ 9,331 2024 12,442 2025 12,442 2026 12,442 2027 12,442 Thereafter 417,895 Total future minimum lease payments (undiscounted) 476,994 Difference between future undiscounted cash flows and discounted cash flows (288,592) Total operating lease liabilities (discounted) $ 188,402 For purposes of recognizing our ground lease contracts, the Company uses the minimum lease payments, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on a change in an index or a rate (i.e., changes in fair market rental rates or changes in the consumer price index) but that does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. If there is a contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, which is resolved such that those payments now meet the definition of lease payments, the Company will remeasure the right-of-use asset and lease liability on the reset date. The components of operating lease expenses were as follows (dollars in thousands) Three Months Ended March 31, 2023 2022 Lease expense: Contractual lease expense $ 3,292 $ 3,311 Variable lease expense (a) 28 26 Total operating lease expense (b)(c) $ 3,320 $ 3,337 (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 three months ended March 31, 2023, Operating lease right-of-use assets and Operating lease liabilities amortized by $0.8 million and $0.8 million, respectively. For the three months ended March 31, 2022, Operating lease right-of-use assets and Operating lease liabilities amortized by $0.9 million and $0.8 million, respectively. Due to the net impact of the amortization, the Company recorded less than $0.1 million and $0.1 million of total operating lease expense during the three months ended March 31, 2023 and 2022, 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 March 31, 2023, our apartment home leases generally have initial terms of 12 months or less. As of March 31, 2023, our retail and commercial space leases generally have initial terms of between 5 and 15 years and represent approximately 1% to 2% of our total lease revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our retail and commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and certain other conditions. (See Note 14, Reportable Segments Future minimum lease payments from our retail and commercial leases as of March 31, 2023 are as follows (dollars in thousands): Retail and Commercial Leases 2023 $ 19,681 2024 25,388 2025 22,216 2026 19,439 2027 15,486 Thereafter 67,034 Total future minimum lease payments (a) $ 169,244 (a) Certain of our leases with retail and commercial tenants provide for the payment by the lessee of additional variable rent based on a percentage of the tenant’s revenue. The amounts shown in the table above do not include these variable percentage rents. The Company recorded variable percentage rents of $0.7 million and $0.3 million during the three months ended March 31, 2023 and 2022, respectively.

SECURED AND UNSECURED DEBT, NET

SECURED AND UNSECURED DEBT, NET	3 Months Ended
SECURED AND UNSECURED DEBT, NET	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 ( dollars in thousands Principal Outstanding As of March 31, 2023 Weighted Weighted Average Average Number of March 31, December 31, Interest Years to Communities 2023 2022 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 1,005,332 $ 1,005,622 3.42 % 5.2 14 Deferred financing costs and other non-cash adjustments (b) 18,719 19,712 Total fixed rate secured debt, net 1,024,051 1,025,334 3.42 % 5.2 14 Variable Rate Debt Tax-exempt secured notes payable (c) 27,000 27,000 3.89 % 9.0 1 Deferred financing costs (51) (53) Total variable rate secured debt, net 26,949 26,947 3.89 % 9.0 1 Total Secured Debt, net 1,051,000 1,052,281 3.43 % 5.3 15 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2026 (d) (m) — — — % 2.8 Borrowings outstanding under unsecured commercial paper program due April 2023 (e) (m) 405,000 300,000 5.14 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2024 13,771 28,015 5.70 % 0.8 Term Loan due January 2027 (d) (m) — 175,000 — % 3.8 Fixed Rate Debt Term Loan due January 2027 (d) (m) 350,000 175,000 3.36 % 3.8 8.50% Debentures due September 2024 15,644 15,644 8.50 % 1.5 2.95% Medium-Term Notes due September 2026 (g) (m) 300,000 300,000 2.89 % 3.4 3.50% Medium-Term Notes due July 2027 (net of discounts of $300 and $317, respectively) (h) (m) 299,700 299,683 4.03 % 4.3 3.50% Medium-Term Notes due January 2028 (net of discounts of $568 and $598, respectively) (m) 299,432 299,402 3.50 % 4.8 4.40% Medium-Term Notes due January 2029 (net of discounts of $3 and $4, respectively) (i) (m) 299,997 299,996 4.27 % 5.8 3.20% Medium-Term Notes due January 2030 (net of premiums of $9,323 and $9,667, respectively) (j) (m) 609,323 609,667 3.32 % 6.8 3.00% Medium-Term Notes due August 2031 (net of premiums of $10,005 and $10,304, respectively) (k) (m) 610,005 610,304 3.01 % 8.4 2.10% Medium-Term Notes due August 2032 (net of discounts of $329 and $338, respectively) (m) 399,671 399,662 2.10 % 9.3 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,200 and $1,230, respectively) (m) 348,800 348,770 1.90 % 10.0 2.10% Medium-Term Notes due June 2033 (net of discounts of $1,016 and $1,041, respectively) (m) 298,984 298,959 2.10 % 10.2 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,022 and $1,045, respectively) (l) (m) 298,978 298,955 3.13 % 11.6 Other 4 5 Deferred financing costs (23,346) (24,040) Total Unsecured Debt, net 4,525,963 4,435,022 3.25 % 6.5 Total Debt, net $ 5,576,963 $ 5,487,303 3.25 % 6.3 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 March 31, 2023, secured debt encumbered 11% of UDR’s total real estate owned based upon gross book value (approximately 89% of UDR’s real estate owned based on gross book value is unencumbered). (a) The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par value to interest expense over the term of the underlying debt instrument. (b) Interest expense (c) (d) Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to Adjusted SOFR plus a margin of 75.5 basis points and a facility fee of 15 basis points, and the Term Loan has an interest rate equal to Adjusted SOFR plus a margin of 83.0 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 70 to 140 basis points, the facility fee ranges from 10 to 30 basis points, and the margin under the Term Loan ranges from 75 to 160 basis points. F 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 upon the Company receiving certain green building certifications, which is reflected in the margins noted above. In August 2021 and March 2023, the Company entered into five interest rate swaps totaling $350.0 million of notional value, which became effective in July 2022 and in March 2023, to hedge against interest rate risk on all or a portion of the Term Loan debt until July 2025. $350.0 million of the Term Loan debt has a weighted average interest rate, inclusive of the impact of the interest rate swaps, of 3.36% from March 2023 until January 2024, $262.5 million of the Term Loan debt has a weighted average interest rate, inclusive of the impact of interest rate swaps, of 2.68% from January 2024 until July 2024, and $175.0 million of the Term Loan debt has a weighted average interest rate, inclusive of the impact of interest rate swaps, of 1.43% from July 2024 until July 2025 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 March 31, 2023 and December 31, 2022 (dollars in thousands): March 31, December 31, 2023 2022 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 5,556 3,776 Maximum daily borrowings during the period ended 100,000 205,000 Weighted average interest rate during the period ended 5.4 % 3.9 % Interest rate at end of the period — % — % (1) Excludes $2.3 million and $2.6 million of letters of credit at March 31, 2023 and December 31, 2022, respectively . (e) The following is a summary of short-term bank borrowings under the unsecured commercial paper program at March 31, 2023 and December 31, 2022 (dollars in thousands): March 31, December 31, 2023 2022 Total unsecured commercial paper program $ 700,000 $ 700,000 Borrowings outstanding at end of period 405,000 300,000 Weighted average daily borrowings during the period ended 374,556 405,671 Maximum daily borrowings during the period ended 470,000 700,000 Weighted average interest rate during the period ended 4.9 % 2.3 % Interest rate at end of the period 5.1 % 4.7 % (f) The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at March 31, 2023 and December 31, 2022 (dollars in thousands): March 31, December 31, 2023 2022 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 13,771 28,015 Weighted average daily borrowings during the period ended 15,405 15,080 Maximum daily borrowings during the period ended 41,955 55,812 Weighted average interest rate during the period ended 5.3 % 3.0 % Interest rate at end of the period 5.7 % 5.2 % (g) (h) (i) (j) The all-in weighted average interest rate, inclusive of the impact of the forward starting swaps and treasury locks, was 3.32% . (k) (l) . (m) The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to March 31, 2023 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2023 $ 952 $ — $ 952 $ 405,000 (a) $ 405,952 2024 96,747 — 96,747 29,415 126,162 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 1,005,332 27,000 1,032,332 4,534,415 5,566,747 Non-cash (b) 18,719 (51) 18,668 (8,452) 10,216 Total $ 1,024,051 $ 26,949 $ 1,051,000 $ 4,525,963 $ 5,576,963 (a) All unsecured debt due in the remainder of 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 . The Company amortized $1.0 million and $0.9 million, respectively, during the three months ended March 31, 2023 and 2022, of deferred financing costs into Interest expense. We were in compliance with the covenants of our debt instruments at March 31, 2023.

INCOME_(LOSS) PER SHARE

INCOME/(LOSS) PER SHARE	3 Months Ended
INCOME/(LOSS) PER SHARE	Mar. 31, 2023
INCOME/(LOSS) PER SHARE
INCOME/(LOSS) PER SHARE	8. INCOME/(LOSS) PER SHARE The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): Three Months Ended March 31, 2023 2022 Numerator for income/(loss) per share: Net income/(loss) $ 32,925 $ 14,603 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (1,953) (879) Net (income)/loss attributable to noncontrolling interests (8) (19) Net income/(loss) attributable to UDR, Inc. 30,964 13,705 Distributions to preferred stockholders — Series E (Convertible) (1,183) (1,092) Income/(loss) attributable to common stockholders - basic and diluted $ 29,781 $ 12,613 Denominator for income/(loss) per share: Weighted average common shares outstanding 329,165 318,293 Non-vested restricted stock awards (376) (284) Denominator for basic income/(loss) per share 328,789 318,009 Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements 632 1,671 Denominator for diluted income/(loss) per share 329,421 319,680 Income/(loss) per weighted average common share: Basic $ 0.09 $ 0.04 Diluted $ 0.09 $ 0.04 Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per common share is computed based upon the weighted average number of common shares outstanding plus the common shares issuable from the assumed conversion of the OP Units and DownREIT Units, convertible preferred stock, stock options, unvested long-term incentive plan units (“LTIP Units”), performance units, unvested restricted stock and continuous equity program forward sales agreements. Only those instruments having a dilutive impact on our basic income/(loss) per share are included in diluted income/(loss) per share during the periods. For the three months ended March 31, 2023 and 2022, the effect of the conversion of the OP Units, DownREIT Units and the Company’s Series E preferred stock was not dilutive and therefore not included in the above calculation. In July 2021, the Company entered into an ATM sales agreement under which the Company may offer and sell up to 20.0 million shares of its common stock, from time to time, to or through its sales agents and may enter into separate forward sales agreements to or through its forward purchasers. Upon entering into the ATM sales agreement, the Company simultaneously terminated the sales agreement for its prior at-the-market equity offering program, which was entered into in July 2017. During the three months ended March 31, 2023, the Company did not sell any shares of common stock through its ATM program. As of March 31, 2023, 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. For the three months ended March 31, 2023, the Company did not enter into any forward purchase agreements under its continuous equity program. The following table sets forth the additional shares of common stock outstanding, by equity instrument, if converted to common stock for each of the three months ended March 31, 2023 and 2022 (in thousands) Three Months Ended March 31, 2023 2022 OP/DownREIT Units 21,323 21,534 Convertible preferred stock 2,909 2,918 Unvested LTIP Units and unvested restricted stock 632 1,671

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	3 Months Ended
NONCONTROLLING INTERESTS	Mar. 31, 2023
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	9. NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income attributable to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the following period ( dollars in thousands Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at December 31, 2022 $ 839,850 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 67,749 Conversion of OP Units/DownREIT Units to Common Stock or Cash (5,715) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 1,953 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (9,342) Redeemable Long-Term and Short-Term Incentive Plan Units 7,278 Allocation of other comprehensive income/(loss) (121) Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at March 31, 2023 $ 901,652 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	3 Months Ended
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	Mar. 31, 2023
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	10. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: ● Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. ● Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of March 31, 2023 and December 31, 2022, are summarized as follows (dollars in thousands) Fair Value at March 31, 2023, 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 March 31, March 31, Liabilities Inputs Inputs 2023 (a) 2023 (Level 1) (Level 2) (Level 3) Description: Notes receivable, net (b) $ 71,125 $ 73,915 $ — $ — $ 73,915 Equity securities (c) 17,371 17,371 17,371 — — Derivatives - Interest rate contracts (d) 13,257 13,257 — 13,257 — Total assets $ 101,753 $ 104,543 $ 17,371 $ 13,257 $ 73,915 Secured debt instruments - fixed rate: (e) Mortgage notes payable $ 1,026,764 $ 929,543 $ — $ — $ 929,543 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 13,771 13,771 — — 13,771 Commercial paper program 405,000 405,000 — — 405,000 Unsecured notes 4,130,538 3,575,763 — — 3,575,763 Total liabilities $ 5,603,073 $ 4,951,077 $ — $ — $ 4,951,077 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) $ 901,652 $ 901,652 $ — $ 901,652 $ — 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 $ — (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. The investment is valued at the market price on March 31, 2023 and December 31, 2022. The Company currently classifies the investment as Level 1 in the fair value hierarchy. During the three months ended March 31, 2023, the Company increased its direct investment in SmartRent due to stock distributions from its unconsolidated real estate technology investments. (d) See Note 11, Derivatives and Hedging Activity . (e) See Note 7, Secured and Unsecured Debt, Net . (f) See Note 9, Noncontrolling Interests. There were no transfers into or out of any of the levels of the fair value hierarchy during the three months ended March 31, 2023. 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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 and 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	3 Months Ended
DERIVATIVES AND HEDGING ACTIVITY	Mar. 31, 2023
DERIVATIVES AND HEDGING ACTIVITY
DERIVATIVES AND HEDGING ACTIVITY	11. DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in Accumulated other comprehensive income/(loss), net Amounts reported in Accumulated other comprehensive income/(loss), net Interest expense As of March 31, 2023, 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 6 $ 369,880 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 March 31, 2023, 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 March 31, 2023 and December 31, 2022 ( dollars in thousands Asset Derivatives Liability Derivatives (included in Other assets ) (included in Other liabilities ) Fair Value at: Fair Value at: March 31, December 31, March 31, December 31, 2023 2022 2023 2022 Derivatives designated as hedging instruments: Interest rate products $ 13,257 $ 15,270 $ — $ — Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 ( 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 2023 2022 2023 2022 2023 2022 Three Months Ended March 31, Interest rate products $ (273) $ 7,193 $ 1,369 $ (387) $ — $ — Three Months Ended March 31, 2023 2022 Total amount of Interest expense $ 43,742 $ 35,916 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 March 31, 2023 and December 31, 2022 (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 March 31, 2023 $ 13,257 $ — $ 13,257 $ — $ — $ 13,257 December 31, 2022 $ 15,270 $ — $ 15,270 $ — $ — $ 15,270 (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 March 31, 2023 $ — $ — $ — $ — $ — $ — December 31, 2022 $ — $ — $ — $ — $ — $ — (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
STOCK BASED COMPENSATION	Mar. 31, 2023
EMPLOYEE BENEFIT PLANS
STOCK BASED COMPENSATION	12. STOCK BASED COMPENSATION The Company recognized stock based compensation expense, inclusive of awards granted to our non-employee directors, net of capitalization, of $8.2 million and $6.4 million during the three months ended March 31, 2023 and 2022, respectively, which are included in General and Administrative

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Commitments The following summarizes the Company’s commitments at March 31, 2023 ( dollars in thousands Number UDR's UDR's Remaining Properties Investment (a) Commitment Real estate commitments Wholly-owned — under development 2 $ 76,455 $ 111,045 Wholly-owned — redevelopment (b) 7 31,311 57,289 Other unconsolidated investments: Real estate technology investments (c) - 40,548 51,922 Total $ 148,314 $ 220,256 (a) Represents UDR’s investment as of March 31, 2023. (b) Projects consist of unit additions, unit renovations and/or renovation of related common area amenities. (c) As of March 31, 2023, the investments were recorded in either Investment in and advances to unconsolidated joint ventures, net or Other Assets 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	3 Months Ended
REPORTABLE SEGMENTS	Mar. 31, 2023
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	14. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s Chief Operating Decision Maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs. UDR’s Chief Operating Decision Maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities Non-Mature Communities/Other ● Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2022 and held as of March 31, 2023. A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the community is not classified as held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. ● Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community Non-Mature Community/Other All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the three months ended March 31, 2023 and 2022. The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 842, Leases Lease revenue also includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. These services represent non-lease components in a contract as the Company transfers a service to the lessee other than the right to use the underlying asset. The Company has elected the practical expedient under the leasing standard to not separate lease and non-lease components from its resident and retail lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease. Other Revenue Other revenue is generated by services provided by the Company to its retail and residential tenants and other unrelated third parties. Revenue is measured based on consideration specified in contracts with customers. The Company recognizes when it satisfies a performance obligation by providing the services specified in a contract to the customer. Joint venture management and other fees The Joint venture management and other fees Joint venture management and other fees The following table details rental income and NOI for UDR’s reportable segments for the three months ended March 31, 2023 and 2022, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) Three Months Ended March 31, (a) 2023 2022 Reportable apartment home segment lease revenue Same-Store Communities (a) West Region $ 120,698 $ 113,100 Mid-Atlantic Region 78,012 73,332 Northeast Region 76,569 70,655 Southeast Region 55,820 49,227 Southwest Region 37,631 34,187 Non-Mature Communities/Other 18,287 5,206 Total segment and consolidated lease revenue $ 387,017 $ 345,707 Reportable apartment home segment other revenue Same-Store Communities (a) West Region $ 2,960 $ 3,016 Mid-Atlantic Region 2,613 2,516 Northeast Region 1,565 1,499 Southeast Region 2,133 1,998 Southwest Region 1,378 1,238 Non-Mature Communities/Other 641 207 Total segment and consolidated other revenue $ 11,290 $ 10,474 Total reportable apartment home segment rental income Same-Store Communities (a) West Region $ 123,658 $ 116,116 Mid-Atlantic Region 80,625 75,848 Northeast Region 78,134 72,154 Southeast Region 57,953 51,225 Southwest Region 39,009 35,425 Non-Mature Communities/Other 18,928 5,413 Total segment and consolidated rental income $ 398,307 $ 356,181 Reportable apartment home segment NOI Same-Store Communities (a) West Region $ 93,488 $ 86,605 Mid-Atlantic Region 56,275 52,171 Northeast Region 51,563 46,556 Southeast Region 39,810 34,626 Southwest Region 24,549 22,582 Non-Mature Communities/Other 9,818 1,393 Total segment and consolidated NOI 275,503 243,933 Reconciling items: Joint venture management and other fees 1,242 1,085 Property management (12,945) (11,576) Other operating expenses (3,032) (4,712) Real estate depreciation and amortization (169,300) (163,622) General and administrative (17,480) (14,908) Casualty-related (charges)/recoveries, net (4,156) 765 Other depreciation and amortization (3,649) (3,075) Gain/(loss) on sale of real estate owned 1 — Income/(loss) from unconsolidated entities 9,707 5,412 Interest expense (43,742) (35,916) Interest income and other income/(expense), net 1,010 (2,440) Tax (provision)/benefit, net (234) (343) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (1,953) (879) Net (income)/loss attributable to noncontrolling interests (8) (19) Net income/(loss) attributable to UDR, Inc. $ 30,964 $ 13,705 (a) Same-Store Community population consisted of 53,173 apartment homes. The following table details the assets of UDR’s reportable segments as of March 31, 2023 and December 31, 2022 (dollars in thousands) March 31, December 31, 2023 2022 Reportable apartment home segment assets: Same-Store Communities (a): West Region $ 4,512,879 $ 4,500,729 Mid-Atlantic Region 3,345,363 3,332,986 Northeast Region 3,722,522 3,717,327 Southeast Region 1,530,091 1,521,489 Southwest Region 1,294,958 1,287,332 Non-Mature Communities/Other 1,236,557 1,210,209 Total segment assets 15,642,370 15,570,072 Accumulated depreciation (5,926,651) (5,762,501) Total segment assets — net book value 9,715,719 9,807,571 Reconciling items: Cash and cash equivalents 1,172 1,193 Restricted cash 28,038 29,001 Notes receivable, net 71,125 54,707 Investment in and advances to unconsolidated joint ventures, net 751,387 754,446 Operating lease right-of-use assets 193,230 194,081 Other assets 207,029 197,471 Total consolidated assets $ 10,967,700 $ 11,038,470 (a) Same-Store Community population consisted of 53,173 apartment homes. Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C., Baltimore and Richmond iii. Northeast Region — Boston, New York and Philadelphia iv. Southeast Region — Tampa, Orlando, Nashville and Other Florida v. Southwest Region — Dallas, Austin and Denver

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain or loss on consolidation of a property.
Allowance for Credit Losses	Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with the Company’s other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible.
Notes Receivable	Notes Receivable Notes receivable relate to financing arrangements which are typically secured by assets of the borrower that may include real estate assets. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a VIE, and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities of the existing loans. Additionally, we analyze each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by Accounting Standards Codification (“ASC”) 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The following table summarizes our Notes receivable, net dollars in thousands): Interest rate at Balance Outstanding March 31, March 31, December 31, 2023 2023 2022 Note due December 2023 (a) 10.00 % $ 31,675 $ 30,377 Note due December 2026 (b) 11.00 % 27,882 17,292 Note due December 2026 (c) 11.00 % 8,925 5,813 Notes due June 2027 (d) 18.00 % 3,000 1,500 Notes Receivable 71,482 54,982 Allowance for credit losses (357) (275) Total notes receivable, net $ 71,125 $ 54,707 (a) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $31.4 million, of which $29.2 million was funded as of March 31, 2023. Interest payments are due monthly, with the exception of payments from June 2022 to December 2023, which are accrued and added to the principal balance and will be due at maturity of the note. The additional amount accrued and added to the principal balance was $2.5 million as of March 31, 2023. 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. (b) The Company has 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 $10.6 million was funded during the three months ended March 31, 2023. 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. (c) The Company has 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 $3.1 million was funded during the three months ended March 31, 2023. 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) The Company and a syndicate of lenders previously entered into a $16.0 million secured credit facility with an unaffiliated third party. During the three months ended March 31, 2023, the secured credit facility was amended to provide a new term loan in the amount of $19.0 million, and increase the Company’s commitment from $1.5 million to $3.0 million, all of which has been funded. Interest payments will accrue and be due at maturity of the facility. The facility is secured by substantially all of the borrower’s assets and matures at the earliest of the following: (a) acceleration in the event of default; or (b) June 2027. The Company recognized $1.6 million and $0.7 million of interest income for the notes receivable described above during the three months ended March 31, 2023 and 2022, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net
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 March 31, 2023 and December 31, 2022, UDR’s net deferred tax asset/(liability) was $(0.7) million and $(0.8) million, respectively, and are recorded in Accounts payable, accrued expenses and other liabilities GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes and evaluates its tax positions using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company invests in assets that qualify for federal investment tax credits (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities UDR had no material unrecognized tax benefit, accrued interest or penalties at March 31, 2023. 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 variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest.
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three months ended March 31, 2023 and 2022, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity,
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
Lease Receivables	Lease Receivables During the three months ended March 31, 2023, the Company performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables. 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 $6.1 million for multifamily tenant lease receivables and increased its reserve to approximately $4.4 million for retail tenant lease receivables for its wholly-owned communities and communities held by joint ventures. In aggregate, the reduction in reserve is reflected as a $2.3 million increase to Rental income and a $0.2 million increase to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the three months ended March 31, 2023.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Tables)	Mar. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Summary of notes receivable, net	The following table summarizes our Notes receivable, net dollars in thousands): Interest rate at Balance Outstanding March 31, March 31, December 31, 2023 2023 2022 Note due December 2023 (a) 10.00 % $ 31,675 $ 30,377 Note due December 2026 (b) 11.00 % 27,882 17,292 Note due December 2026 (c) 11.00 % 8,925 5,813 Notes due June 2027 (d) 18.00 % 3,000 1,500 Notes Receivable 71,482 54,982 Allowance for credit losses (357) (275) Total notes receivable, net $ 71,125 $ 54,707 (a) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $31.4 million, of which $29.2 million was funded as of March 31, 2023. Interest payments are due monthly, with the exception of payments from June 2022 to December 2023, which are accrued and added to the principal balance and will be due at maturity of the note. The additional amount accrued and added to the principal balance was $2.5 million as of March 31, 2023. 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. (b) The Company has 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 $10.6 million was funded during the three months ended March 31, 2023. 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. (c) The Company has 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 $3.1 million was funded during the three months ended March 31, 2023. 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) The Company and a syndicate of lenders previously entered into a $16.0 million secured credit facility with an unaffiliated third party. During the three months ended March 31, 2023, the secured credit facility was amended to provide a new term loan in the amount of $19.0 million, and increase the Company’s commitment from $1.5 million to $3.0 million, all of which has been funded. 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)	3 Months Ended
REAL ESTATE OWNED (Tables)	Mar. 31, 2023
REAL ESTATE OWNED
Summary of carrying amounts for real estate owned (at cost)	March 31, December 31, 2023 2022 Land $ 2,566,680 $ 2,539,499 Depreciable property — held and used: Land improvements 258,194 254,578 Building, improvements, and furniture, fixtures and equipment 12,691,028 12,521,838 Real estate intangible assets 50,013 50,013 Under development: Land and land improvements 16,576 43,711 Building, improvements, and furniture, fixtures and equipment 59,879 146,394 Real estate held for disposition: Building, improvements, and furniture, fixtures and equipment — 14,039 Real estate owned 15,642,370 15,570,072 Accumulated depreciation (a) (5,926,651) (5,762,501) Real estate owned, net $ 9,715,719 $ 9,807,571 (a) Accumulated depreciation is inclusive of $14.1 million and $13.1 million of accumulated amortization related to real estate intangible assets as of March 31, 2023 and December 31, 2022, respectively.

JOINT VENTURES AND PARTNERSHI_2

JOINT VENTURES AND PARTNERSHIPS (Tables)	3 Months Ended
JOINT VENTURES AND PARTNERSHIPS (Tables)	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (dollars in thousands) Number of Number of Operating Apartment UDR's Weighted Average Income/(loss) from investments Communities Homes Ownership Interest Investment at Three Months Ended March 31, March 31, March 31, December 31, March 31, December 31, March 31, Joint Ventures 2023 2023 2023 2022 2023 2022 2023 2022 Operating: UDR/MetLife (a) 13 2,837 50.1 % 50.1 % $ 241,183 $ 247,160 $ (1,350) $ (2,638) Number of Apartment Income/(loss) from investments Communities Homes Weighted Investment at Three Months Ended Developer Capital Program March 31, March 31, Average Years To UDR March 31, December 31, March 31, and Real Estate Technology Investments (b) 2023 2023 Rate Maturity Commitment (c) 2023 2022 2023 2022 Preferred equity investments: Operating 21 4,364 9.2 % 3.4 $ 277,287 333,942 329,369 $ 6,868 $ 4,588 Development 4 1,898 10.0 % 3.5 118,258 134,471 131,218 3,254 1,800 Total Preferred Equity Investments 25 6,262 9.4 % 3.4 395,545 468,413 460,587 10,122 6,388 Real estate technology investments: RETV I (d) N/A N/A N/A N/A 18,000 10,730 16,601 1,467 (10,111) RETV II N/A N/A N/A N/A 18,000 11,020 11,670 (285) (114) RETV III N/A N/A N/A N/A 15,000 — — — — RET Strategic Fund N/A N/A N/A N/A 25,000 9,166 8,078 (173) — RET ESG N/A N/A N/A N/A 10,000 2,824 2,898 (74) — Total Preferred Equity Investments and Real Estate Technology Investments 502,153 499,834 11,057 (3,837) Sold joint ventures and other investments — — — 11,887 Total Joint Ventures and Developer Capital Program and Real Estate Technology Investments, net (a) $ 743,336 $ 746,994 $ 9,707 $ 5,412 (a) As of March 31, 2023 and December 31, 2022, the Company’s negative investment in one UDR/MetLife community of $8.1 million and $7.5 million, respectively, is 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. At March 31, 2023, our preferred equity investment portfolio consisted of 25 communities located in various markets, consisting of 6,262 completed or under development homes. In addition, the Company’s preferred equity investments include six investments that receive a variable percentage of the value created from the project upon a capital or liquidating event. During the three months ended March 31, 2023, the Company did not enter into or fund any new preferred equity investments or redeem any preferred equity investments. (c) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (d) The Company recognized $1.5 million and $(10.1) million of investment income/(loss) from RETV I for the three months ended March 31, 2023 and 2022, respectively, which primarily related to unrealized gains/(losses) from one portfolio investment held by RETV I, SmartRent, Inc. (“SmartRent”).
Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships	Combined summary balance sheets relating to the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of March 31, 2023 and December 31, 2022 ( dollars in thousands March 31, December 31, 2023 2022 Total real estate, net $ 2,789,059 $ 2,739,784 Investments, at fair value 187,390 213,743 Cash and cash equivalents 46,810 38,999 Other assets 135,441 121,759 Total assets $ 3,158,700 $ 3,114,285 Third party debt, net $ 1,991,027 $ 1,937,329 Accounts payable and accrued liabilities 187,548 217,148 Total liabilities 2,178,575 2,154,477 Total equity $ 980,125 $ 959,808
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three months ended March 31, 2023 and 2022 ( dollars in thousands : Three Months Ended March 31, 2023 2022 Total revenues $ 60,675 $ 37,169 Property operating expenses 28,033 17,930 Real estate depreciation and amortization 24,428 17,820 Gain/(loss) on sale of property — 127,542 Operating income/(loss) 8,214 128,961 Interest expense (23,951) (8,132) Net realized gain/(loss) on held investments 47,331 6,304 Net unrealized gain/(loss) on held investments (37,542) (21,492) Other income/(loss) 2,322 (224) Net income/(loss) $ (3,626) $ 105,417

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Mar. 31, 2023
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 March 31, 2023 are as follows (dollars in thousands): Ground Leases 2023 $ 9,331 2024 12,442 2025 12,442 2026 12,442 2027 12,442 Thereafter 417,895 Total future minimum lease payments (undiscounted) 476,994 Difference between future undiscounted cash flows and discounted cash flows (288,592) Total operating lease liabilities (discounted) $ 188,402
Lessee - components of operating lease expenses	The components of operating lease expenses were as follows (dollars in thousands) Three Months Ended March 31, 2023 2022 Lease expense: Contractual lease expense $ 3,292 $ 3,311 Variable lease expense (a) 28 26 Total operating lease expense (b)(c) $ 3,320 $ 3,337 (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 three months ended March 31, 2023, Operating lease right-of-use assets and Operating lease liabilities amortized by $0.8 million and $0.8 million, respectively. For the three months ended March 31, 2022, Operating lease right-of-use assets and Operating lease liabilities amortized by $0.9 million and $0.8 million, respectively. Due to the net impact of the amortization, the Company recorded less than $0.1 million and $0.1 million of total operating lease expense during the three months ended March 31, 2023 and 2022, respectively.
Lessor - Future minimum lease payments	Future minimum lease payments from our retail and commercial leases as of March 31, 2023 are as follows (dollars in thousands): Retail and Commercial Leases 2023 $ 19,681 2024 25,388 2025 22,216 2026 19,439 2027 15,486 Thereafter 67,034 Total future minimum lease payments (a) $ 169,244 (a)

SECURED AND UNSECURED DEBT, N_2

SECURED AND UNSECURED DEBT, NET (Tables)	3 Months Ended
SECURED AND UNSECURED DEBT, NET (Tables)	Mar. 31, 2023
Unsecured Debt
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at March 31, 2023 and December 31, 2022 ( dollars in thousands Principal Outstanding As of March 31, 2023 Weighted Weighted Average Average Number of March 31, December 31, Interest Years to Communities 2023 2022 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 1,005,332 $ 1,005,622 3.42 % 5.2 14 Deferred financing costs and other non-cash adjustments (b) 18,719 19,712 Total fixed rate secured debt, net 1,024,051 1,025,334 3.42 % 5.2 14 Variable Rate Debt Tax-exempt secured notes payable (c) 27,000 27,000 3.89 % 9.0 1 Deferred financing costs (51) (53) Total variable rate secured debt, net 26,949 26,947 3.89 % 9.0 1 Total Secured Debt, net 1,051,000 1,052,281 3.43 % 5.3 15 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2026 (d) (m) — — — % 2.8 Borrowings outstanding under unsecured commercial paper program due April 2023 (e) (m) 405,000 300,000 5.14 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2024 13,771 28,015 5.70 % 0.8 Term Loan due January 2027 (d) (m) — 175,000 — % 3.8 Fixed Rate Debt Term Loan due January 2027 (d) (m) 350,000 175,000 3.36 % 3.8 8.50% Debentures due September 2024 15,644 15,644 8.50 % 1.5 2.95% Medium-Term Notes due September 2026 (g) (m) 300,000 300,000 2.89 % 3.4 3.50% Medium-Term Notes due July 2027 (net of discounts of $300 and $317, respectively) (h) (m) 299,700 299,683 4.03 % 4.3 3.50% Medium-Term Notes due January 2028 (net of discounts of $568 and $598, respectively) (m) 299,432 299,402 3.50 % 4.8 4.40% Medium-Term Notes due January 2029 (net of discounts of $3 and $4, respectively) (i) (m) 299,997 299,996 4.27 % 5.8 3.20% Medium-Term Notes due January 2030 (net of premiums of $9,323 and $9,667, respectively) (j) (m) 609,323 609,667 3.32 % 6.8 3.00% Medium-Term Notes due August 2031 (net of premiums of $10,005 and $10,304, respectively) (k) (m) 610,005 610,304 3.01 % 8.4 2.10% Medium-Term Notes due August 2032 (net of discounts of $329 and $338, respectively) (m) 399,671 399,662 2.10 % 9.3 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,200 and $1,230, respectively) (m) 348,800 348,770 1.90 % 10.0 2.10% Medium-Term Notes due June 2033 (net of discounts of $1,016 and $1,041, respectively) (m) 298,984 298,959 2.10 % 10.2 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,022 and $1,045, respectively) (l) (m) 298,978 298,955 3.13 % 11.6 Other 4 5 Deferred financing costs (23,346) (24,040) Total Unsecured Debt, net 4,525,963 4,435,022 3.25 % 6.5 Total Debt, net $ 5,576,963 $ 5,487,303 3.25 % 6.3
Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt	The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to March 31, 2023 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2023 $ 952 $ — $ 952 $ 405,000 (a) $ 405,952 2024 96,747 — 96,747 29,415 126,162 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 1,005,332 27,000 1,032,332 4,534,415 5,566,747 Non-cash (b) 18,719 (51) 18,668 (8,452) 10,216 Total $ 1,024,051 $ 26,949 $ 1,051,000 $ 4,525,963 $ 5,576,963 (a) All unsecured debt due in the remainder of 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 . The Company amortized $1.0 million and $0.9 million, respectively, during the three months ended March 31, 2023 and 2022, 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 March 31, 2023 and December 31, 2022 (dollars in thousands): March 31, December 31, 2023 2022 Total unsecured commercial paper program $ 700,000 $ 700,000 Borrowings outstanding at end of period 405,000 300,000 Weighted average daily borrowings during the period ended 374,556 405,671 Maximum daily borrowings during the period ended 470,000 700,000 Weighted average interest rate during the period ended 4.9 % 2.3 % Interest rate at end of the period 5.1 % 4.7 %
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 March 31, 2023 and December 31, 2022 (dollars in thousands): March 31, December 31, 2023 2022 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 5,556 3,776 Maximum daily borrowings during the period ended 100,000 205,000 Weighted average interest rate during the period ended 5.4 % 3.9 % Interest rate at end of the period — % — % (1) Excludes $2.3 million and $2.6 million of letters of credit at March 31, 2023 and December 31, 2022, respectively .
Working capital credit facility
Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at March 31, 2023 and December 31, 2022 (dollars in thousands): March 31, December 31, 2023 2022 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 13,771 28,015 Weighted average daily borrowings during the period ended 15,405 15,080 Maximum daily borrowings during the period ended 41,955 55,812 Weighted average interest rate during the period ended 5.3 % 3.0 % Interest rate at end of the period 5.7 % 5.2 %

INCOME_(LOSS) PER SHARE (Tables

INCOME/(LOSS) PER SHARE (Tables)	3 Months Ended
INCOME/(LOSS) PER SHARE (Tables)	Mar. 31, 2023
INCOME/(LOSS) PER SHARE
Computation of basic and diluted income/(loss) per share	The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): Three Months Ended March 31, 2023 2022 Numerator for income/(loss) per share: Net income/(loss) $ 32,925 $ 14,603 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (1,953) (879) Net (income)/loss attributable to noncontrolling interests (8) (19) Net income/(loss) attributable to UDR, Inc. 30,964 13,705 Distributions to preferred stockholders — Series E (Convertible) (1,183) (1,092) Income/(loss) attributable to common stockholders - basic and diluted $ 29,781 $ 12,613 Denominator for income/(loss) per share: Weighted average common shares outstanding 329,165 318,293 Non-vested restricted stock awards (376) (284) Denominator for basic income/(loss) per share 328,789 318,009 Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements 632 1,671 Denominator for diluted income/(loss) per share 329,421 319,680 Income/(loss) per weighted average common share: Basic $ 0.09 $ 0.04 Diluted $ 0.09 $ 0.04
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the additional shares of common stock outstanding, by equity instrument, if converted to common stock for each of the three months ended March 31, 2023 and 2022 (in thousands) Three Months Ended March 31, 2023 2022 OP/DownREIT Units 21,323 21,534 Convertible preferred stock 2,909 2,918 Unvested LTIP Units and unvested restricted stock 632 1,671

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	3 Months Ended
NONCONTROLLING INTERESTS (Tables)	Mar. 31, 2023
NONCONTROLLING INTERESTS
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the following period ( dollars in thousands Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at December 31, 2022 $ 839,850 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 67,749 Conversion of OP Units/DownREIT Units to Common Stock or Cash (5,715) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 1,953 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (9,342) Redeemable Long-Term and Short-Term Incentive Plan Units 7,278 Allocation of other comprehensive income/(loss) (121) Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at March 31, 2023 $ 901,652

FAIR VALUE OF DERIVATIVES AND_2

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, are summarized as follows (dollars in thousands) Fair Value at March 31, 2023, 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 March 31, March 31, Liabilities Inputs Inputs 2023 (a) 2023 (Level 1) (Level 2) (Level 3) Description: Notes receivable, net (b) $ 71,125 $ 73,915 $ — $ — $ 73,915 Equity securities (c) 17,371 17,371 17,371 — — Derivatives - Interest rate contracts (d) 13,257 13,257 — 13,257 — Total assets $ 101,753 $ 104,543 $ 17,371 $ 13,257 $ 73,915 Secured debt instruments - fixed rate: (e) Mortgage notes payable $ 1,026,764 $ 929,543 $ — $ — $ 929,543 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 13,771 13,771 — — 13,771 Commercial paper program 405,000 405,000 — — 405,000 Unsecured notes 4,130,538 3,575,763 — — 3,575,763 Total liabilities $ 5,603,073 $ 4,951,077 $ — $ — $ 4,951,077 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) $ 901,652 $ 901,652 $ — $ 901,652 $ — 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 $ — (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. The investment is valued at the market price on March 31, 2023 and December 31, 2022. The Company currently classifies the investment as Level 1 in the fair value hierarchy. During the three months ended March 31, 2023, the Company increased its direct investment in SmartRent due to stock distributions from its unconsolidated real estate technology investments. (d) See Note 11, Derivatives and Hedging Activity . (e) See Note 7, Secured and Unsecured Debt, Net . (f) See Note 9, Noncontrolling Interests.

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITY (Tables)	3 Months Ended
DERIVATIVES AND HEDGING ACTIVITY (Tables)	Mar. 31, 2023
DERIVATIVES AND HEDGING ACTIVITY
Schedule of outstanding interest rate derivatives	As of March 31, 2023, 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 6 $ 369,880
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 March 31, 2023 and December 31, 2022 ( dollars in thousands Asset Derivatives Liability Derivatives (included in Other assets ) (included in Other liabilities ) Fair Value at: Fair Value at: March 31, December 31, March 31, December 31, 2023 2022 2023 2022 Derivatives designated as hedging instruments: Interest rate products $ 13,257 $ 15,270 $ — $ —
Effect of Company's derivative financial instruments on Consolidated Statements of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 ( 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 2023 2022 2023 2022 2023 2022 Three Months Ended March 31, Interest rate products $ (273) $ 7,193 $ 1,369 $ (387) $ — $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	Three Months Ended March 31, 2023 2022 Total amount of Interest expense $ 43,742 $ 35,916
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 March 31, 2023 and December 31, 2022 (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 March 31, 2023 $ 13,257 $ — $ 13,257 $ — $ — $ 13,257 December 31, 2022 $ 15,270 $ — $ 15,270 $ — $ — $ 15,270 (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 March 31, 2023 $ — $ — $ — $ — $ — $ — December 31, 2022 $ — $ — $ — $ — $ — $ — (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)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Mar. 31, 2023
COMMITMENTS AND CONTINGENCIES
Summary of real estate commitments	Number UDR's UDR's Remaining Properties Investment (a) Commitment Real estate commitments Wholly-owned — under development 2 $ 76,455 $ 111,045 Wholly-owned — redevelopment (b) 7 31,311 57,289 Other unconsolidated investments: Real estate technology investments (c) - 40,548 51,922 Total $ 148,314 $ 220,256 (a) Represents UDR’s investment as of March 31, 2023. (b) Projects consist of unit additions, unit renovations and/or renovation of related common area amenities. (c) As of March 31, 2023, the investments were recorded in either Investment in and advances to unconsolidated joint ventures, net or Other Assets on the Consolidated Balance Sheets .

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	3 Months Ended
REPORTABLE SEGMENTS (Tables)	Mar. 31, 2023
REPORTABLE SEGMENTS
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to Net income/(loss)	The following table details rental income and NOI for UDR’s reportable segments for the three months ended March 31, 2023 and 2022, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) Three Months Ended March 31, (a) 2023 2022 Reportable apartment home segment lease revenue Same-Store Communities (a) West Region $ 120,698 $ 113,100 Mid-Atlantic Region 78,012 73,332 Northeast Region 76,569 70,655 Southeast Region 55,820 49,227 Southwest Region 37,631 34,187 Non-Mature Communities/Other 18,287 5,206 Total segment and consolidated lease revenue $ 387,017 $ 345,707 Reportable apartment home segment other revenue Same-Store Communities (a) West Region $ 2,960 $ 3,016 Mid-Atlantic Region 2,613 2,516 Northeast Region 1,565 1,499 Southeast Region 2,133 1,998 Southwest Region 1,378 1,238 Non-Mature Communities/Other 641 207 Total segment and consolidated other revenue $ 11,290 $ 10,474 Total reportable apartment home segment rental income Same-Store Communities (a) West Region $ 123,658 $ 116,116 Mid-Atlantic Region 80,625 75,848 Northeast Region 78,134 72,154 Southeast Region 57,953 51,225 Southwest Region 39,009 35,425 Non-Mature Communities/Other 18,928 5,413 Total segment and consolidated rental income $ 398,307 $ 356,181 Reportable apartment home segment NOI Same-Store Communities (a) West Region $ 93,488 $ 86,605 Mid-Atlantic Region 56,275 52,171 Northeast Region 51,563 46,556 Southeast Region 39,810 34,626 Southwest Region 24,549 22,582 Non-Mature Communities/Other 9,818 1,393 Total segment and consolidated NOI 275,503 243,933 Reconciling items: Joint venture management and other fees 1,242 1,085 Property management (12,945) (11,576) Other operating expenses (3,032) (4,712) Real estate depreciation and amortization (169,300) (163,622) General and administrative (17,480) (14,908) Casualty-related (charges)/recoveries, net (4,156) 765 Other depreciation and amortization (3,649) (3,075) Gain/(loss) on sale of real estate owned 1 — Income/(loss) from unconsolidated entities 9,707 5,412 Interest expense (43,742) (35,916) Interest income and other income/(expense), net 1,010 (2,440) Tax (provision)/benefit, net (234) (343) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (1,953) (879) Net (income)/loss attributable to noncontrolling interests (8) (19) Net income/(loss) attributable to UDR, Inc. $ 30,964 $ 13,705 (a) Same-Store Community population consisted of 53,173 apartment homes.
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of March 31, 2023 and December 31, 2022 (dollars in thousands) March 31, December 31, 2023 2022 Reportable apartment home segment assets: Same-Store Communities (a): West Region $ 4,512,879 $ 4,500,729 Mid-Atlantic Region 3,345,363 3,332,986 Northeast Region 3,722,522 3,717,327 Southeast Region 1,530,091 1,521,489 Southwest Region 1,294,958 1,287,332 Non-Mature Communities/Other 1,236,557 1,210,209 Total segment assets 15,642,370 15,570,072 Accumulated depreciation (5,926,651) (5,762,501) Total segment assets — net book value 9,715,719 9,807,571 Reconciling items: Cash and cash equivalents 1,172 1,193 Restricted cash 28,038 29,001 Notes receivable, net 71,125 54,707 Investment in and advances to unconsolidated joint ventures, net 751,387 754,446 Operating lease right-of-use assets 193,230 194,081 Other assets 207,029 197,471 Total consolidated assets $ 10,967,700 $ 11,038,470 (a) Same-Store Community population consisted of 53,173 apartment homes.

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) shares in Millions	3 Months Ended
BASIS OF PRESENTATION (Details) shares in Millions	Mar. 31, 2023 home community item shares
Consolidation And Basis Of Presentation
Number of Real Estate Properties \| community	166
Number of Markets Operating Within \| item	21
Number Of Apartment Homes Owned And Consolidated By Company \| home	55,159
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	186.4
United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	176.3
General Partnership units outstanding	0.1
General Partners' ownership (as a percent)	94.60%
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	10.1
Percentage of units outstanding in Partnership	5.40%
Non-affiliated Partners \| UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	11.3
Percentage of units outstanding in Partnership	34.90%
UDR, Inc.
Consolidation And Basis Of Presentation
General Partners' ownership (as a percent)	65.10%
Operating Partnership outstanding units	21.1

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Significant Accounting Policies
Note receivable interest income	$ 1,600	$ 700
Interest income, related party	0	0
Allocation of other comprehensive income/(loss)	(121)
Current income tax expense (benefit)	0
Net deferred tax assets/(liabilities)	(700)		$ (800)
Adjustment to rental income	2,300
Adjustment to income (loss)	200
Noncontrolling Interest
Significant Accounting Policies
Allocation of other comprehensive income/(loss)	(100)	500
Maximum
Significant Accounting Policies
Credit losses	(100)	$ 100
Multifamily tenant lease
Significant Accounting Policies
Allowance for lease receivables	6,100
Retail tenant lease
Significant Accounting Policies
Allowance for lease receivables	$ 4,400

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Notes Receivables (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) home item	Dec. 31, 2022 USD ($)
Accounting Policies [Line Items]
Notes receivable	$ 71,482	$ 54,982
Allowance for credit losses	(357)	(275)
Notes receivable, net	71,125	54,707
Total real estate, net	9,715,719	9,807,571
Unpaid accrued interest	26,580	46,671
Note due December 2023
Accounting Policies [Line Items]
Notes receivable	$ 31,675	30,377
Note Receivable Interest Rate	10%
Aggregate Commitment on Note Receivable	$ 31,400
Aggregate commitment funded on note receivable	29,200
Accrued interest added to principal balance	2,500
Note maturity public capital threshold	5,000
Note Due December 2026. \| Home Community, Riverside, California
Accounting Policies [Line Items]
Notes receivable	$ 27,882	17,292
Note Receivable Interest Rate	11%
Number of apartment homes \| home	482
Aggregate Commitment on Note Receivable	$ 59,700
Aggregate commitment funded on note receivable	$ 10,600
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
Aggregate Commitment on Note Receivable	$ 24,400
Aggregate commitment funded on note receivable	$ 3,100
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]
Notes receivable	$ 8,925	5,813
Note Receivable Interest Rate	11%
Note Due June 2027
Accounting Policies [Line Items]
Notes receivable	$ 3,000	1,500
Note Receivable Interest Rate	18%
Aggregate Commitment on Note Receivable	$ 3,000
Increase in Aggregate Commitment on Note Receivable	1,500
Total revolving credit facility	$ 19,000	$ 16,000

REAL ESTATE OWNED - Summarizes

REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate owned
Land	$ 2,566,680	$ 2,539,499
Depreciable property - held and used:
Land improvements	258,194	254,578
Building, improvements, and furniture, fixtures and equipment	12,691,028	12,521,838
Real estate intangible assets	50,013	50,013
Under development:
Real estate under development	76,455	189,809
Real estate owned	15,642,370	15,570,072
Accumulated depreciation	(5,926,651)	(5,762,501)
Total real estate owned, net of accumulated depreciation	9,715,719	9,807,571
Accumulated amortization	14,100	13,100
Land and land improvements
Under development:
Real estate under development	16,576	43,711
Building, improvements and furniture, fixtures and equipment
Under development:
Real estate under development	$ 59,879	146,394
Real estate assets held for sale		$ 14,039

REAL ESTATE OWNED - Additional

REAL ESTATE OWNED - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2023 USD ($)	Mar. 31, 2023 USD ($) home community state	Mar. 31, 2022 USD ($)
Real Estate Owned Disclosure
Number of real estate properties \| community		166
Number of states in which there are owned and consolidated communities \| state		13
Number of apartment homes owned and consolidated \| home		55,159
Gain/(loss) on sale of real estate owned		$ 1	$ 0
Development costs excluding direct costs and capitalized interest		4,500	5,400
Capitalized interest during period		$ 2,200	$ 3,200
Retail Component of Development Community Located in Washington D.C. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Real Estate Owned Disclosure
Proceeds from sale of real estate	$ 14,400
Maximum \| Retail Component of Development Community Located in Washington D.C. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Real Estate Owned Disclosure
Gain/(loss) on sale of real estate owned	$ 100
HQ
Real Estate Owned Disclosure
Number of apartment homes acquired \| home		136

JOINT VENTURES AND PARTNERSHI_3

JOINT VENTURES AND PARTNERSHIPS - Summary (Details)	3 Months Ended
JOINT VENTURES AND PARTNERSHIPS - Summary (Details)	Mar. 31, 2023 USD ($) community property item home	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Feb. 28, 2023 home	Dec. 31, 2022 USD ($)
Unconsolidated entities
Number of communities \| community	166
Total assets	$ 10,967,700,000					$ 11,038,470,000
Total liabilities	6,144,939,000					6,100,325,000
Investment in unconsolidated entities	743,336,000					746,994,000
Income/(loss) from investments	$ 9,707,000		$ 5,412,000
Sold joint ventures and other investments			11,887,000
UDR/MetLife
Unconsolidated entities
Number of communities \| property	13
Number of apartment homes \| home	2,837
Investment in unconsolidated entities	$ 241,183,000					$ 247,160,000
UDR's Ownership Interest	50.10%					50.10%
Income/(loss) from investments	$ (1,350,000)		(2,638,000)
Preferred Equity Investments
Unconsolidated entities
Number of communities \| community	25
Number of apartment homes	6,262
Weighted Average Rate	9.40%
Investment in unconsolidated entities	$ 468,413,000					$ 460,587,000
Income/(loss) from investments	$ 10,122,000		6,388,000
Years to Maturity	3 years 4 months 24 days
UDR Commitment	$ 395,545,000
Investments which receive a variable percentage of the value created from the project upon a capital or liquidating event \| item	6
Variable Interest Entity, Primary Beneficiary
Unconsolidated entities
Number of apartment homes \| home					136
Operating Community \| Preferred Equity Investments
Unconsolidated entities
Number of communities \| community	21
Number of apartment homes	4,364
Weighted Average Rate	9.20%
Investment in unconsolidated entities	$ 333,942,000					329,369,000
Income/(loss) from investments	$ 6,868,000		4,588,000
Years to Maturity	3 years 4 months 24 days
UDR Commitment	$ 277,287,000
Development Community \| Preferred Equity Investments
Unconsolidated entities
Number of communities \| community	4
Number of apartment homes	1,898
Weighted Average Rate	10%
Investment in unconsolidated entities	$ 134,471,000					131,218,000
Income/(loss) from investments	$ 3,254,000		1,800,000
Years to Maturity	3 years 6 months
UDR Commitment	$ 118,258,000
Development Community \| Real estate technology investments RETV I
Unconsolidated entities
Investment in unconsolidated entities	10,730,000					16,601,000
Income/(loss) from investments	1,467,000	$ 1,500,000	(10,111,000)	$ (10,100,000)
UDR Commitment	18,000,000
Development Community \| Real estate technology investments RETV II
Unconsolidated entities
Investment in unconsolidated entities	11,020,000					11,670,000
Income/(loss) from investments	(285,000)		(114,000)
UDR Commitment	18,000,000
Development Community \| Real estate technology investments RETV III
Unconsolidated entities
UDR Commitment	15,000,000
Development Community \| Real estate technology investments RET Strategic Fund
Unconsolidated entities
Investment in unconsolidated entities	9,166,000					8,078,000
Income/(loss) from investments	(173,000)
UDR Commitment	25,000,000
Development Community \| Real estate technology investments RET ESG
Unconsolidated entities
Investment in unconsolidated entities	2,824,000					2,898,000
Income/(loss) from investments	(74,000)
UDR Commitment	10,000,000
Development Community \| Preferred Equity Investments and Real Estate Technology Investments
Unconsolidated entities
Investment in unconsolidated entities	502,153,000					$ 499,834,000
Income/(loss) from investments	$ 11,057,000		$ (3,837,000)

JOINT VENTURES AND PARTNERSHI_4

JOINT VENTURES AND PARTNERSHIPS - Commitments (Details)	3 Months Ended
JOINT VENTURES AND PARTNERSHIPS - Commitments (Details)	Mar. 31, 2023 USD ($) item home	Mar. 31, 2022 USD ($)	Feb. 28, 2023 home	Dec. 31, 2022 USD ($)
Joint Ventures
Investment in unconsolidated entities	$ 743,336,000			$ 746,994,000
Number of Markets Operating Within \| item	21
Gain/(loss) on sale of real estate owned	$ 1,000	$ 0
Deferred fees from the sale of properties	7,900,000			8,100,000
Joint venture management and other fees	$ 1,242,000	$ 1,085,000
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Variable Interest Entity, Primary Beneficiary
Joint Ventures
Number of apartment homes \| home			136
Preferred Equity Investments
Joint Ventures
Investment in unconsolidated entities	$ 468,413,000			460,587,000
Number of apartment homes	6,262
Preferred return (as a percent)	9.40%
Commitment	$ 395,545,000
Investments which receive a variable percentage of the value created from the project upon a capital or liquidating event \| item	6
Preferred Equity Investments \| Operating Community
Joint Ventures
Investment in unconsolidated entities	$ 333,942,000			329,369,000
Number of apartment homes	4,364
Preferred return (as a percent)	9.20%
Commitment	$ 277,287,000
Preferred Equity Investments \| Development Community
Joint Ventures
Investment in unconsolidated entities	$ 134,471,000			131,218,000
Number of apartment homes	1,898
Preferred return (as a percent)	10%
Commitment	$ 118,258,000
Real estate technology investments RETV I \| Development Community
Joint Ventures
Investment in unconsolidated entities	10,730,000			16,601,000
Commitment	18,000,000
Real estate technology investments RETV II \| Development Community
Joint Ventures
Investment in unconsolidated entities	11,020,000			11,670,000
Commitment	18,000,000
Real estate technology investments RET ESG \| Development Community
Joint Ventures
Investment in unconsolidated entities	2,824,000			2,898,000
Commitment	10,000,000
Real estate technology investments RET Strategic Fund \| Development Community
Joint Ventures
Investment in unconsolidated entities	9,166,000			8,078,000
Commitment	25,000,000
Preferred Equity Investments and Real Estate Technology Investments \| Development Community
Joint Ventures
Investment in unconsolidated entities	502,153,000			499,834,000
Accounts Payable, Accrued Expenses and Other Liabilities \| 13th and Market Properties LLC
Joint Ventures
Investment in unconsolidated entities	$ (8,100,000)			$ (7,500,000)

JOINT VENTURES AND PARTNERSHI_5

JOINT VENTURES AND PARTNERSHIPS - Combined summary information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	$ 9,715,719		$ 9,807,571
Investments, at fair value	751,387		754,446
Cash and cash equivalents	1,172	$ 895	1,193	$ 967
Other Assets	207,029		197,471
Total assets	10,967,700		11,038,470
Accounts payable, accrued expenses, and other liabilities	111,795		153,220
Total liabilities	6,144,939		6,100,325
Total equity	3,921,109	3,392,883	4,098,295	$ 3,474,304
Financial information relating to unconsolidated joint ventures operations
Total revenues	399,549	357,266
Property operating expenses	64,834	58,484
Real estate depreciation and amortization	169,300	163,622
Gain/(loss) on sale of property	1	0
Operating income	66,184	47,890
Interest expense	(43,742)	(35,916)
Other income/(loss)	1,010	(2,440)
Net income/(loss)	32,925	14,603
Unconsolidated Joint Ventures and Partnerships
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	2,789,059		2,739,784
Investments, at fair value	187,390		213,743
Cash and cash equivalents	46,810		38,999
Other Assets	135,441		121,759
Total assets	3,158,700		3,114,285
Third party debt, net	1,991,027		1,937,329
Accounts payable, accrued expenses, and other liabilities	187,548		217,148
Total liabilities	2,178,575		2,154,477
Total equity	980,125		$ 959,808
Financial information relating to unconsolidated joint ventures operations
Total revenues	60,675	37,169
Property operating expenses	28,033	17,930
Real estate depreciation and amortization	24,428	17,820
Gain/(loss) on sale of property		127,542
Operating income	8,214	128,961
Interest expense	(23,951)	(8,132)
Net unrealized/realized gain/(loss) on held investments	47,331	6,304
Net realized gain/(loss) on held investments	(37,542)	(21,492)
Other income/(loss)	2,322	(224)
Net income/(loss)	$ (3,626)	$ 105,417

LEASES - Lessee Future Minimum

LEASES - Lessee Future Minimum Payments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) community	Dec. 31, 2022 USD ($)
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	$ 193,230	$ 194,081
Weighted average remaining lease term	42 years 4 months 24 days	42 years 7 months 6 days
Weighted average discount rate	5%	5%
Future minimum lease payments
Total operating lease liabilities (discounted)	$ 188,402	$ 189,238
LAND
Future minimum lease payments
2023	9,331
2024	12,442
2025	12,442
2026	12,442
2027	12,442
Thereafter	417,895
Total future minimum lease payments (undiscounted)	476,994
Difference between future undiscounted cash flows and discounted cash flows	(288,592)
Total operating lease liabilities (discounted)	$ 188,402

LEASES - Lessee Expenses (Detai

LEASES - Lessee Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Lessee Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Lease expense:
Contractual lease expense		$ 100
Variable lease expense	$ 700	300
Operating lease right-of-use asset amortization	800	900
Operating lease liabilities amortization	800	800
Maximum
Lease expense:
Contractual lease expense	100
LAND
Lease expense:
Contractual lease expense	3,292	3,311
Variable lease expense	28	26
LAND \| Other operating expense
Lease expense:
Total operating lease expense	$ 3,320	$ 3,337

LEASES - Lessor (Details)

LEASES - Lessor (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Lessor (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Future minimum lease payments
Variable lease expense	$ 700	$ 300
Minimum
Lessor leases
Percentage of lease revenue	1%
Maximum
Lessor leases
Percentage of lease revenue	2%
Apartment Homes
Lessor leases
Option to extend	true
Apartment Homes \| Maximum
Lessor leases
Lease terms	12 months
Retail and Commercial Spaces
Lessor leases
Option to extend	true
Future minimum lease payments
2023	$ 19,681
2024	25,388
2025	22,216
2026	19,439
2027	15,486
Thereafter	67,034
Total future minimum payments	$ 169,244
Retail and Commercial Spaces \| Minimum
Lessor leases
Lease terms	5 years
Retail and Commercial Spaces \| Maximum
Lessor leases
Lease terms	15 years

SECURED AND UNSECURED DEBT, N_3

SECURED AND UNSECURED DEBT, NET - Summary (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) community	Dec. 31, 2022 USD ($)
Secured debt instruments
Total Debt, net	$ 5,576,963	$ 5,487,303
Long-term Debt	$ 5,566,747
Weighted average interest rate (as a percent)	3.25%
Weighted Average
Secured debt instruments
Years to maturity	6 years 3 months 18 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	1,051,000	1,052,281
Long-term Debt	$ 1,032,332
Weighted average interest rate (as a percent)	3.43%
Number of Communities Encumbered \| community	15
Secured Debt \| Weighted Average
Secured debt instruments
Years to maturity	5 years 3 months 18 days
Unsecured Debt
Secured debt instruments
Total Debt, net	$ 4,525,963	4,435,022
Long-term Debt	$ 4,534,415
Weighted average interest rate (as a percent)	3.25%
Deferred finance costs, net	$ (23,346)	(24,040)
Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	6 years 6 months
Fixed Rate Debt \| Secured Debt
Secured debt instruments
Total Debt, net	$ 1,024,051
Long-term Debt	1,005,332
Fixed Rate Debt \| Secured Debt \| Mortgages Notes Payable
Secured debt instruments
Total Debt, net	1,005,332	1,005,622
Deferred financing costs and other non-cash adjustments	(18,719)	(19,712)
Long-term Debt	$ 1,024,051	1,025,334
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 2 months 12 days
Fixed Rate Debt \| Unsecured Debt \| Term Loan due January 2027
Secured debt instruments
Long-term Debt	$ 350,000	175,000
Weighted average interest rate (as a percent)	3.36%
Fixed Rate Debt \| Unsecured Debt \| Term Loan due January 2027 \| Weighted Average
Secured debt instruments
Years to maturity	3 years 9 months 18 days
Fixed Rate Debt \| Unsecured Debt \| 8.50% Debentures, Due September 2024
Secured debt instruments
Long-term Debt	$ 15,644	$ 15,644
Stated interest rate	8.50%	8.50%
Weighted average interest rate (as a percent)	8.50%
Fixed Rate Debt \| Unsecured Debt \| 8.50% Debentures, Due September 2024 \| Weighted Average
Secured debt instruments
Years to maturity	1 year 6 months
Fixed Rate Debt \| Unsecured Debt \| 2.95% Medium-Term Note due September 2026
Secured debt instruments
Long-term Debt	$ 300,000	$ 300,000
Stated interest rate	2.95%	2.95%
Weighted average interest rate (as a percent)	2.89%
Fixed Rate Debt \| Unsecured Debt \| 2.95% Medium-Term Note due September 2026 \| Weighted Average
Secured debt instruments
Years to maturity	3 years 4 months 24 days
Fixed Rate Debt \| Unsecured Debt \| 3.50 Medium-Term Note due July 2027
Secured debt instruments
Total Debt, net	$ 299,700	$ 299,683
Stated interest rate	3.50%	3.50%
Unamortized discount	$ 300	$ 317
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 3 months 18 days
Fixed Rate Debt \| Unsecured Debt \| 3.50% Medium-Term Notes Due January 2028
Secured debt instruments
Total Debt, net	$ 299,432	$ 299,402
Stated interest rate	3.50%	3.50%
Unamortized discount	$ 568	$ 598
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	4 years 9 months 18 days
Fixed Rate Debt \| Unsecured Debt \| 4.40% Medium-Term Notes due January 2029
Secured debt instruments
Total Debt, net	$ 299,997	$ 299,996
Stated interest rate	4.40%	4.40%
Unamortized discount	$ 3	$ 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	5 years 9 months 18 days
Fixed Rate Debt \| Unsecured Debt \| 3.20% Medium-Term Notes due January 2030
Secured debt instruments
Total Debt, net	$ 609,323	$ 609,667
Stated interest rate	3.20%	3.20%
Unamortized net premium	$ 9,323	$ 9,667
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	6 years 9 months 18 days
Fixed Rate Debt \| Unsecured Debt \| 3.00% Medium-Term Notes due August 2031
Secured debt instruments
Total Debt, net	$ 610,005	$ 610,304
Stated interest rate	3%	3%
Unamortized net premium	$ 10,005	$ 10,304
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 4 months 24 days
Fixed Rate Debt \| Unsecured Debt \| 2.10% Medium Term Note Due August 2032
Secured debt instruments
Total Debt, net	$ 399,671	399,662
Stated interest rate	2.10%
Unamortized discount	$ 329	338
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 3 months 18 days
Fixed Rate Debt \| Unsecured Debt \| 1.90% Medium-Term Notes due March 2033
Secured debt instruments
Total Debt, net	$ 348,800	$ 348,770
Stated interest rate	1.90%	1.90%
Unamortized discount	$ 1,200	$ 1,230
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
Fixed Rate Debt \| Unsecured Debt \| 2.10% Medium-Term Note due June 2033
Secured debt instruments
Total Debt, net	$ 298,984	$ 298,959
Stated interest rate	2.10%	2.10%
Unamortized discount	$ 1,016	$ 1,041
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 2 months 12 days
Fixed Rate Debt \| Unsecured Debt \| 3.10% Medium-Term Notes due November 2034
Secured debt instruments
Total Debt, net	$ 298,978	$ 298,955
Stated interest rate	3.10%	3.10%
Unamortized discount	$ 1,022	$ 1,045
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 7 months 6 days
Fixed Rate Debt \| Unsecured Debt \| Other [Member]
Secured debt instruments
Total Debt, net	$ 4	5
Variable Rate Debt \| Secured Debt
Secured debt instruments
Total Debt, net	26,949
Long-term Debt	27,000
Variable Rate Debt \| Secured Debt \| Tax-exempt notes payable
Secured debt instruments
Total Debt, net	26,949	26,947
Long-term Debt	$ 27,000	27,000
Weighted average interest rate (as a percent)	3.89%
Number of Communities Encumbered \| community	1
Deferred finance costs, net	$ (51)	(53)
Variable Rate Debt \| Secured Debt \| Tax-exempt notes payable \| Weighted Average
Secured debt instruments
Years to maturity	9 years
Variable Rate Debt \| Unsecured Debt \| Commercial Paper
Secured debt instruments
Borrowings outstanding	$ 405,000	300,000
Weighted average interest rate (as a percent)	5.14%
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	2 years 9 months 18 days
Variable Rate Debt \| Unsecured Debt \| Working capital credit facility
Secured debt instruments
Borrowings outstanding	$ 13,771	28,015
Weighted average interest rate (as a percent)	5.70%
Variable Rate Debt \| Unsecured Debt \| Working capital credit facility \| Weighted Average
Secured debt instruments
Years to maturity	9 months 18 days
Variable Rate Debt \| Unsecured Debt \| Term Loan due January 2027
Secured debt instruments
Long-term Debt		$ 175,000
Variable Rate Debt \| Unsecured Debt \| Term Loan due January 2027 \| Weighted Average
Secured debt instruments
Years to maturity	3 years 9 months 18 days

SECURED AND UNSECURED DEBT, N_4

SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan instrument	Sep. 30, 2022	Dec. 31, 2022 USD ($)
Revolving Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 1,300,000
Potential maximum available	$ 2,500,000
Number of Extensions of loan \| loan	2
Extension period of option on loan	6 months
Revolving credit facility due 2023 \| Letter of Credit
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding	$ 2,300		$ 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	0.755%
Commitment fee	0.15%
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	5,556		3,776
Maximum daily borrowings during the period ended	$ 100,000		$ 205,000
Weighted average interest rate during the period ended	5.40%		3.90%
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	0.83%
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	$ 350,000
Number of interest rate swaps \| instrument	5
March 2023 until January 2024 \| Term Loan Facility Due July 2025 \| Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding	$ 350,000
All-in weighted average interest rate	3.36%
January 2024 until July 2024 \| Term Loan Facility Due July 2025 \| Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding	$ 262,500
All-in weighted average interest rate	2.68%
July 2024 until July 2025 \| Term Loan Facility Due July 2025 \| Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding	$ 175,000
All-in weighted average interest rate	1.43%

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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
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	13,771	28,015
Weighted average daily borrowings during the period ended	15,405	15,080
Maximum daily borrowings during the period ended	$ 41,955	$ 55,812
Weighted average interest rate during the period ended	5.30%	3%
Interest rate at end of the period	5.70%	5.20%
Basis points added to to variable rate	0.775%
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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Unsecured Debt
Total unsecured commercial paper program	$ 700,000	$ 700,000
Borrowings outstanding at end of period	405,000	300,000
Weighted average daily borrowings during the period ended	374,556	405,671
Maximum daily borrowings during the period ended	$ 470,000	$ 700,000
Weighted average interest rate during the period ended	4.90%	2.30%
Interest rate at end of the period	5.10%	4.70%

SECURED AND UNSECURED DEBT, N_7

SECURED AND UNSECURED DEBT, NET - Unsecured Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Aggregate maturities of unsecured debt
2023	$ 405,952
2024	126,162
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	5,566,747
Non-cash	10,216
Total	5,576,963		$ 5,487,303
Interest expense
Aggregate maturities of unsecured debt
Amortization of financing costs	1,000	$ 900
Secured Debt
Aggregate maturities of unsecured debt
2023	952
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	1,032,332
Non-cash	18,668
Total	1,051,000		1,052,281
Secured Debt \| Fixed Rate Debt
Aggregate maturities of unsecured debt
2023	952
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	1,005,332
Non-cash	18,719
Total	1,024,051
Secured Debt \| Variable Rate Debt
Aggregate maturities of unsecured debt
2032	27,000
Subtotal	27,000
Non-cash	(51)
Total	26,949
Unsecured Debt
Aggregate maturities of unsecured debt
2023	405,000
2024	29,415
2025	0
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	4,534,415
Non-cash	(8,452)
Total	$ 4,525,963		$ 4,435,022

SECURED AND UNSECURED DEBT, N_8

SECURED AND UNSECURED DEBT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jul. 31, 2020
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	$ 5,566,747
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	$ 4,534,415
Secured Debt
Secured Debt
Long-term Debt	$ 1,032,332
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
Long-term Debt	$ 300,000		$ 300,000
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	$ 9,323		$ 9,667
Fixed Rate Debt \| Unsecured Debt \| 3.00% Medium-Term Notes due August 2031
Secured Debt
Stated interest rate	3%		3%
Unamortized net premium	$ 10,005		$ 10,304
Fixed Rate Debt \| Unsecured Debt \| 2.10% Medium Term Note Due August 2032
Secured Debt
Stated interest rate	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	$ 1,005,332
Fixed Rate Debt \| Secured Debt \| Mortgages Notes Payable
Secured Debt
Long-term Debt	1,024,051		$ 1,025,334
Fixed Rate Debt \| Debt Assumed As Part of Acquisition \| Mortgages Notes Payable
Secured Debt
Amortization of debt discount (Premium)	1,100	$ 1,100
Unamortized net premium	21,400		$ 22,500
Variable Rate Debt \| Secured Debt
Secured Debt
Long-term Debt	27,000
Variable Rate Debt \| Tax-exempt notes payable \| Mortgages Notes Payable
Secured Debt
Principal outstanding	$ 27,000
Variable Rate Debt \| Tax-exempt secured notes payable \| Mortgages Notes Payable
Secured Debt
Notes payable maximum interest rates range	3.89%

INCOME_(LOSS) PER SHARE (Detail

INCOME/(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jul. 31, 2021
Antidilutive securities
Net income/(loss)	$ 32,925	$ 14,603
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(1,953)	(879)
Net (income)/loss attributable to noncontrolling interests	(8)	(19)
Net income/(loss) attributable to UDR, Inc.	30,964	13,705
Distributions to preferred stockholders - Series E (Convertible)	(1,183)	(1,092)
Net income/(loss) attributable to common stockholders	29,781	12,613
Income/(loss) attributable to common stockholders - diluted	$ 29,781	$ 12,613
Denominator for income/(loss) per share:
Weighted average common shares outstanding	329,165,000	318,293,000
Non-vested restricted stock awards	(376,000)	(284,000)
Denominator for basic income/(loss) per share	328,789,000	318,009,000
Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements	632,000	1,671,000
Denominator for diluted income/(loss) per share	329,421,000	319,680,000
Income/(loss) per weighted average common share - basic	$ 0.09	$ 0.04
Income/(loss) per weighted average common share - diluted	$ 0.09	$ 0.04
Number of shares authorized	450,000,000		450,000,000
Aggregate net proceeds	$ (462)	$ (99)
Issuance of common shares through public offering, net	$ (462)	$ (99)
OP/DownREIT Units
Denominator for income/(loss) per share:
Antidilutive securities	21,323,000	21,534,000
Convertible Preferred Stock
Denominator for income/(loss) per share:
Antidilutive securities	2,909,000	2,918,000
Unvested LTIP Units and unvested restricted stock
Denominator for income/(loss) per share:
Antidilutive securities	632,000	1,671,000
ATM
Denominator for income/(loss) per share:
Number of shares authorized				20,000,000
Shares of common stock available for future issuance	14,000,000

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	3 Months Ended
NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
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	$ 839,850
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	67,749	$ (43,747)
Conversion of OP Units/DownREIT Units to Common Stock	5,715
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,953	879
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(9,342)
Redeemable Long-Term and Short-Term Incentive Plan Units	7,278
Allocation of other comprehensive income/(loss)	(121)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year	901,652
Net income/(loss) attributable to noncontrolling interests	(8)	(19)
Maximum
Redeemable noncontrolling interests in the Operating Partnership
Net income/(loss) attributable to noncontrolling interests	$ (100)	$ (100)

FAIR VALUE OF DERIVATIVES AND_3

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value
Notes receivable, net	$ 71,125	$ 54,707
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	901,652	839,850
Transfers between levels of fair value hierarchy	0
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	71,125	54,707
Total assets	101,753	79,684
Debt instruments - fair value
Total liabilities	5,603,073	5,514,231
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	901,652	839,850
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	13,257	15,270
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	17,371	9,707
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	73,915	55,514
Total assets	104,543	80,491
Debt instruments - fair value
Total liabilities	4,951,077	4,712,688
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	901,652	839,850
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	13,257	15,270
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	17,371	9,707
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	17,371	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	17,371	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	13,257	15,270
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	901,652	839,850
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	13,257	15,270
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	73,915	55,514
Total assets	73,915	55,514
Debt instruments - fair value
Total liabilities	4,951,077	4,712,688
Unsecured Debt \| Carrying (Reported) Amount, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,130,538	4,131,047
Unsecured Debt \| Estimate of Fair Value, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	3,575,763	3,448,632
Unsecured Debt \| Estimate of Fair Value, Fair Value Disclosure \| Level 3 \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	3,575,763	3,448,632
Unsecured Debt \| Working capital credit facility \| Carrying (Reported) Amount, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	13,771	28,015
Unsecured Debt \| Working capital credit facility \| Estimate of Fair Value, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	13,771	28,015
Unsecured Debt \| Working capital credit facility \| Estimate of Fair Value, Fair Value Disclosure \| Level 3 \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	13,771	28,015
Unsecured Debt \| Commercial Paper \| Carrying (Reported) Amount, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	405,000	300,000
Unsecured Debt \| Commercial Paper \| Estimate of Fair Value, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	405,000	300,000
Unsecured Debt \| Commercial Paper \| Estimate of Fair Value, Fair Value Disclosure \| Level 3 \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	405,000	300,000
Fixed Rate Debt \| Secured Debt \| Mortgages Notes Payable \| Carrying (Reported) Amount, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	1,026,764	1,028,169
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	929,543	909,041
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	929,543	909,041
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	Mar. 31, 2023 USD ($) instrument
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	6
Notional	$ 369,880
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	Mar. 31, 2023	Dec. 31, 2022
Interest rate contracts \| Other assets \| Designated as Hedging Instrument
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets
Derivative Asset Designated as Hedging Instrument, Fair Value	$ 13,257	$ 15,270

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	$ (273)	$ 7,193
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense	1,369	(387)
Interest rate contracts \| Interest expense \| Cash Flow Hedging
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	(273)	7,193
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense	$ 1,369	$ (387)

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITY - Effectiveness (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivatives and hedging activity
Total amount of Interest expense presented on the Consolidated Statements of Operations	$ 43,742	$ 35,916

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Offsetting derivative assets
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	$ 13,257	$ 15,270
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Net Amount	$ 13,257	$ 15,270

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended
STOCK BASED COMPENSATION (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
General and administrative expense
Stock based compensation
Stock based compensation expense	$ 8.2	$ 6.4

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2023 USD ($) community
Real estate properties
Number of communities \| community	166
Costs Incurred to Date	$ 148,314
UDR's Remaining Commitment	220,256
Real estate technology investments
Real estate properties
Costs Incurred to Date	40,548
UDR's Remaining Commitment	$ 51,922
Wholly owned - under development
Real estate properties
Number of communities \| community	2
Costs Incurred to Date	$ 76,455
UDR's Remaining Commitment	$ 111,045
Wholly owned - redevelopment
Real estate properties
Number of communities \| community	7
Costs Incurred to Date	$ 31,311
UDR's Remaining Commitment	$ 57,289

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Thousands	3 Months Ended
REPORTABLE SEGMENTS (Details) $ in Thousands	Mar. 31, 2023 USD ($) home segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segments
Same store communities \| home	53,173
Reportable Segments
Number of reportable segments \| segment	2
Condition for Community considered to have stabilized occupancy	90%
Time to maintain percent occupancy to be considered a community	3 months
Practical expedient, single lease component	true
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	$ 398,307	$ 356,181
Reconciling items:
Joint venture management and other fees	$ 1,242	$ 1,085
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Property management	$ (12,945)	$ (11,576)
Other operating expenses	(3,032)	(4,712)
Real estate depreciation and amortization	(169,300)	(163,622)
General and administrative	(17,480)	(14,908)
Casualty-related (charges)/recoveries, net	(4,156)	765
Other depreciation and amortization	(3,649)	(3,075)
Gain/(loss) on sale of real estate owned	1	0
Income/(loss) from unconsolidated entities	9,707	5,412
Interest expense	(43,742)	(35,916)
Interest income and other income/(expense), net	1,010	(2,440)
Tax (provision)/benefit, net	(234)	(343)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(1,953)	(879)
Net (income)/loss attributable to noncontrolling interests	(8)	(19)
Net income/(loss) attributable to UDR, Inc.	30,964	13,705
Reportable apartment home segment assets:
Total segment assets	15,642,370		$ 15,570,072
Accumulated depreciation	(5,926,651)		(5,762,501)
Total real estate owned, net of accumulated depreciation	9,715,719		9,807,571
Reconciling items:
Cash and cash equivalents	1,172	895	1,193	$ 967
Restricted cash	28,038	26,032	29,001	$ 27,451
Notes receivable, net	71,125		54,707
Investment in and advances to unconsolidated joint ventures, net	751,387		754,446
Operating lease right-of-use assets	193,230		194,081
Other assets	207,029		197,471
Total consolidated assets	10,967,700		11,038,470
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	120,698	113,100
Other revenue	2,960	3,016
Rental income	123,658	116,116
Reportable apartment home segment NOI	93,488	86,605
Reportable apartment home segment assets:
Total segment assets	4,512,879		4,500,729
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	78,012	73,332
Other revenue	2,613	2,516
Rental income	80,625	75,848
Reportable apartment home segment NOI	56,275	52,171
Reportable apartment home segment assets:
Total segment assets	3,345,363		3,332,986
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	76,569	70,655
Other revenue	1,565	1,499
Rental income	78,134	72,154
Reportable apartment home segment NOI	51,563	46,556
Reportable apartment home segment assets:
Total segment assets	3,722,522		3,717,327
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	55,820	49,227
Other revenue	2,133	1,998
Rental income	57,953	51,225
Reportable apartment home segment NOI	39,810	34,626
Reportable apartment home segment assets:
Total segment assets	1,530,091		1,521,489
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	37,631	34,187
Other revenue	1,378	1,238
Rental income	39,009	35,425
Reportable apartment home segment NOI	24,549	22,582
Reportable apartment home segment assets:
Total segment assets	1,294,958		1,287,332
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	18,287	5,206
Other revenue	641	207
Rental income	18,928	5,413
Reportable apartment home segment NOI	9,818	1,393
Reportable apartment home segment assets:
Total segment assets	1,236,557		$ 1,210,209
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	387,017	345,707
Other revenue	11,290	10,474
Rental income	398,307	356,181
Reportable apartment home segment NOI	$ 275,503	$ 243,933
Taxable REIT Subsidiaries
Reportable Segments
Management fee (as a percent)	3.25%