UDR (UDR) 10-K20 Feb 242023 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 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, $0.01 par value
Trading Symbol	UDR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 5.5
Entity Common Stock, Shares Outstanding		329,224,105
Auditor Name	Ernst & Young LLP
Auditor Location	Denver Colorado
Auditor Firm ID	42
Entity Central Index Key	0000074208
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate owned:
Real estate held for investment	$ 15,757,456	$ 15,365,928
Less: accumulated depreciation	(6,242,686)	(5,762,205)
Real estate held for investment, net	9,514,770	9,603,723
Real estate under development (net of accumulated depreciation of $184 and $296, respectively)	160,220	189,809
Real estate held for disposition (net of accumulated depreciation of $24,960 and $0, respectively)	81,039	14,039
Total real estate owned, net of accumulated depreciation	9,756,029	9,807,571
Cash and cash equivalents	2,922	1,193
Restricted cash	31,944	29,001
Notes receivable, net	228,825	54,707
Investment in and advances to unconsolidated joint ventures, net	952,934	754,446
Operating lease right-of-use assets	190,619	194,081
Other assets	209,969	197,471
Total assets	11,373,242	11,038,470
Liabilities:
Secured debt, net	1,277,713	1,052,281
Unsecured debt, net	4,520,996	4,435,022
Operating lease liabilities	185,836	189,238
Real estate taxes payable	47,107	37,681
Accrued interest payable	47,710	46,671
Security deposits and prepaid rent	50,528	51,999
Distributions payable	149,600	134,213
Accounts payable, accrued expenses, and other liabilities	141,311	153,220
Total liabilities	6,420,801	6,100,325
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	961,087	839,850
Equity:
Common stock, $0.01 par value; 450,000,000 shares authorized at December 31, 2023 and December 31, 2022: 329,014,512 and 328,993,088 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	3,290	3,290
Additional paid-in capital	7,493,217	7,493,423
Distributions in excess of net income	(3,554,892)	(3,451,587)
Accumulated other comprehensive income/(loss), net	4,914	8,344
Total stockholders' equity	3,991,144	4,098,085
Noncontrolling interests	210	210
Total equity	3,991,354	4,098,295
Total liabilities and equity	11,373,242	11,038,470
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2023 and December 31, 2022:	44,614	44,614
Series F
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2023 and December 31, 2022:	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Real estate owned:
Real estate under development accumulated depreciation	$ 184	$ 296
Real estate held for disposition accumulated depreciation	$ 24,960	$ 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	329,014,512	328,993,088
Common stock, shares outstanding	329,014,512	328,993,088
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value	$ 0	$ 0
Preferred stock, dividend rate percentage	8%	8%
Preferred stock, shares issued	2,686,308	2,686,308
Preferred stock, shares outstanding	2,686,308	2,686,308
Series F
Equity:
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	11,867,730	12,100,514
Preferred stock, shares outstanding	11,867,730	12,100,514

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES:
Rental income	$ 1,620,658	$ 1,512,364	$ 1,284,665
Joint venture management and other fees	$ 6,843	$ 5,022	$ 6,102
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total revenues	$ 1,627,501	$ 1,517,386	$ 1,290,767
OPERATING EXPENSES:
Property operating and maintenance	273,736	250,310	218,094
Real estate taxes and insurance	232,152	221,662	199,446
Property management	52,671	49,152	38,540
Other operating expenses	20,222	17,493	21,649
Real estate depreciation and amortization	676,419	665,228	606,648
General and administrative	69,929	64,144	57,541
Casualty-related charges/(recoveries), net	3,138	9,733	3,748
Other depreciation and amortization	15,419	14,344	13,185
Total operating expenses	1,343,686	1,292,066	1,158,851
Gain/(loss) on sale of real estate owned	351,193	25,494	136,052
Operating income	635,008	250,814	267,968
Income/(loss) from unconsolidated entities	4,693	4,947	65,646
Interest expense	(180,866)	(155,900)	(186,267)
Interest income and other income/(expense), net	17,759	(6,933)	15,085
Income/(loss) before income taxes	476,594	92,928	162,432
Tax (provision)/benefit, net	(2,106)	(349)	(1,439)
Net income/(loss)	474,488	92,579	160,993
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(30,104)	(5,613)	(10,873)
Net (income)/loss attributable to noncontrolling interests	(31)	(42)	(104)
Net income/(loss) attributable to UDR, Inc.	444,353	86,924	150,016
Distributions to preferred stockholders - Series E (Convertible)	(4,848)	(4,412)	(4,229)
Net income/(loss) attributable to common stockholders	$ 439,505	$ 82,512	$ 145,787
Income/(loss) per weighted average common share - basic	$ 1.34	$ 0.26	$ 0.49
Income/(loss) per weighted average common share - diluted	$ 1.34	$ 0.26	$ 0.48
Weighted average number of common shares outstanding - basic	328,765	321,671	300,326
Weighted average number of common shares outstanding - diluted	329,104	322,700	301,703

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net income/(loss)	$ 474,488	$ 92,579	$ 160,993
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	3,872	14,489	3,502
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	(7,533)	(998)	1,755
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	(3,661)	13,491	5,257
Comprehensive income/(loss)	470,827	106,070	166,250
Comprehensive (income)/loss attributable to noncontrolling interests	(29,904)	(6,541)	(11,351)
Comprehensive income/(loss) attributable to UDR, Inc.	$ 440,923	$ 99,529	$ 154,899

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Paid - in Capital	Distributions in Excess of Net Income	Accumulated Other Comprehensive Income/(Loss)	Noncontrolling Interest	Total
Beginning Balance at Dec. 31, 2020	$ 44,765	$ 2,966	$ 5,881,383	$ (2,685,770)	$ (9,144)	$ 24,391	$ 3,258,591
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				150,016			150,016
Net income/(loss) attributable to noncontrolling interests						80	80
Redemption of noncontrolling interests in consolidated real estate						(125)	(125)
Long Term Incentive Plan Unit grants/(vestings), net						7,084	7,084
Other comprehensive income/(loss)					4,883		4,883
Issuance/(forfeiture) of common and restricted shares, net		1	4,115				4,116
Issuance of common shares through public offering, net		195	898,858				899,053
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		19	99,913				99,932
Common stock distributions declared				(442,329)			(442,329)
Preferred stock distributions declared-Series E				(4,229)			(4,229)
Adjustment to reflect redemption value of redeemable noncontrolling interests				(502,768)			(502,768)
Ending Balance at Dec. 31, 2021	44,765	3,181	6,884,269	(3,485,080)	(4,261)	31,430	3,474,304
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				86,924			86,924
Long Term Incentive Plan Unit grants/(vestings), net						(31,220)	(31,220)
Other comprehensive income/(loss)					12,605		12,605
Issuance/(forfeiture) of common and restricted shares, net		1	4,847				4,848
Issuance of common shares through public offering, net		115	629,437				629,552
Conversion of Series E Cumulative Convertible shares	(150)	1	149
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		4	23,737				23,741
Common stock distributions declared				(493,312)			(493,312)
Repurchase of common shares		(12)	(49,016)				(49,028)
Preferred stock distributions declared-Series E				(4,412)			(4,412)
Adjustment to reflect redemption value of redeemable noncontrolling interests				444,293			444,293
Ending Balance at Dec. 31, 2022	44,615	3,290	7,493,423	(3,451,587)	8,344	210	4,098,295
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				444,353			444,353
Other comprehensive income/(loss)					(3,430)		(3,430)
Issuance/(forfeiture) of common and restricted shares, net		2	6,558				6,560
Issuance of common shares through public offering, net			(551)				(551)
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		4	18,790				18,794
Common stock distributions declared				(553,021)			(553,021)
Repurchase of common shares		(6)	(25,003)				(25,009)
Preferred stock distributions declared-Series E				(4,848)			(4,848)
Adjustment to reflect redemption value of redeemable noncontrolling interests				10,211			10,211
Ending Balance at Dec. 31, 2023	$ 44,615	$ 3,290	$ 7,493,217	$ (3,554,892)	$ 4,914	$ 210	$ 3,991,354

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Common stock distributions declared per share	$ 1.68	$ 1.52	$ 1.45
Preferred stock distributions in arrears	$ 1.8192	$ 1.6456	$ 1.570

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income/(loss)	$ 474,488	$ 92,579	$ 160,993
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	691,838	679,572	619,833
(Gain)/loss on sale of real estate owned	(351,193)	(25,494)	(136,052)
(Income)/loss from unconsolidated entities	(4,693)	(4,947)	(65,646)
Return on investment in unconsolidated joint ventures and partnerships	15,944	22,369	23,269
Amortization of share-based compensation	32,896	27,505	22,052
Loss on extinguishment of debt, net			42,336
Other	9,791	31,835	19,182
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(33,579)	9,792	(33,454)
Increase/(decrease) in operating liabilities	(2,828)	(13,140)	11,447
Net cash provided by/(used in) operating activities	832,664	820,071	663,960
Investing Activities
Acquisition of real estate assets	(17,848)	(341,149)	(1,244,508)
Proceeds from sales of real estate investments, net	325,767	40,808	280,077
Development of real estate assets	(155,875)	(198,022)	(178,029)
Capital expenditures and other major improvements - real estate assets	(295,440)	(214,833)	(156,384)
Capital expenditures - non-real estate assets	(16,907)	(21,180)	(10,140)
Investment in unconsolidated joint ventures and partnerships	(71,395)	(201,412)	(112,321)
Distributions received from unconsolidated joint ventures and partnerships	14,399	81,443	37,362
Proceeds from sale of equity securities	14,471
Purchase deposits on pending acquisitions	(1,000)
Repayment/(issuance) of notes receivable, net	(85,310)	(75,183)	111,690
Net cash provided by/(used in) investing activities	(289,138)	(929,528)	(1,272,253)
Financing Activities
Payments on secured debt	(1,244)	(1,141)	(1,096)
Payments on unsecured debt			(300,000)
Net proceeds from the issuance of unsecured debt			511,552
Net proceeds/(repayment) of commercial paper	108,075	80,000	30,000
Net proceeds/(repayment) of revolving bank debt	(23,425)	(1,531)	1,522
Proceeds from the issuance of common shares through public offering, net	(551)	629,552	899,053
Repurchase of common shares	(25,009)	(49,028)
Distributions paid to redeemable noncontrolling interests	(35,582)	(34,255)	(33,663)
Distributions paid to preferred stockholders	(4,770)	(4,381)	(4,225)
Distributions paid to common stockholders	(539,852)	(483,624)	(433,780)
Payment of prepayment and extinguishment costs			(40,769)
Other	(16,496)	(24,359)	(16,054)
Net cash provided by/(used in) financing activities	(538,854)	111,233	612,540
Net increase/(decrease) in cash, cash equivalents, and restricted cash	4,672	1,776	4,247
Cash, cash equivalents, and restricted cash, beginning of year	30,194	28,418	24,171
Cash, cash equivalents, and restricted cash, end of year	34,866	30,194	28,418
Supplemental Information:
Interest paid during the period, net of amounts capitalized	184,201	154,911	136,978
Operating cash flows from operating leases	12,502	12,502	12,502
Cash paid/(refunds received) for income taxes	1,911	1,145	4,778
Non-cash transactions:
Secured debt assumed upon acquisition of real estate assets	191,737		201,296
Acquisition of land parcel pursuant to a deed in lieu of foreclosure			25,000
Cancellation of secured note receivable pursuant to a deed in lieu of foreclosure			24,869
Transfer of investment in and advances to unconsolidated joint ventures to real estate owned			16,425
OP Units issued for real estate, net	141,359		48,533
Redeemable long-term and short-term incentive plan units	28,507	56,568	14,578
Development costs and capital expenditures incurred, but not yet paid	39,080	56,336	39,856
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (470,800 shares; 502,868 shares; and 1,916,613 shares)	18,794	23,741	99,932
Distribution of equity securities from unconsolidated real estate technology investments	7,749	18,018
Contribution of operating properties to unconsolidated joint venture	258,056
Transfer of preferred equity investment to note receivable	73,453
Dividends declared, but not yet paid	$ 149,600	$ 134,213	$ 124,729

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - CASH RECONCILIATION - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above:
Cash and cash equivalents	$ 2,922	$ 1,193	$ 967	$ 1,409
Restricted cash	31,944	29,001	27,451	22,762
Total cash, cash equivalents, and restricted cash as shown above	$ 34,866	$ 30,194	$ 28,418	$ 24,171

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-cash transactions:
Conversion of OP Units into common shares (in shares)	470,800	502,868	1,916,613

CONSOLIDATION AND BASIS OF PRES

CONSOLIDATION AND BASIS OF PRESENTATION	12 Months Ended
CONSOLIDATION AND BASIS OF PRESENTATION	Dec. 31, 2023
CONSOLIDATION AND BASIS OF PRESENTATION
CONSOLIDATION AND BASIS OF PRESENTATION	1. CONSOLIDATION AND BASIS OF PRESENTATION Organization and Formation UDR, Inc. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities in targeted markets located in the United States. At December 31, 2023, our consolidated apartment portfolio consisted of 168 communities with a total of 55,550 apartment homes located in 21 markets. In addition, the Company has an ownership interest in 10,045 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 5,618 apartment homes owned by entities in which we hold preferred equity investments. Basis of Presentation The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see Note 4, Variable Interest Entities and Note 5 , Joint Ventures and Partnerships The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of December 31, 2023 and 2022, there were 189.9 million and 186.1 million units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 176.4 million, or 92.9% and 176.3 million, or 94.7%, respectively, were owned by UDR and 13.5 million, or 7.1% and 9.8 million, or 5.3%, respectively, were owned by outside limited partners. As of December 31, 2023 and 2022, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 21.4 million, or 66.0% and 21.1 million, or 65.1%, respectively, were owned by UDR and its subsidiaries and 11.0 million, or 34.0% and 11.3 million, or 34.9%, respectively, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those in Note 3, Real Estate Owned Joint Ventures and Partnerships

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures , The Company is currently evaluating the effect that the ASU will have on the consolidated financial statements and related disclosures In November 2023, , Segment Reporting (Topic 280) – Improvements to Reportable Segments Disclosures ASU 2023-07 requires expanded disclosures of a public entity’s reportable segments, and requires more enhanced information regarding a reportable segment’s expenses on an interim and annual basis. The ASU is effective for the Company for the year ended December 31, 2024, and interim periods commencing in 2025. Early adoption is permitted. The Company is currently evaluating the effect that the ASU will have on the consolidated financial statements and related disclosures Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are capitalized as incurred if the acquisition does not meet the definition of a business. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. If a real estate property has indicators of impairment, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. For the years ended December 31, 2023, 2022 and 2021, we did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation 2022, and 2021, total interest capitalized was $10.1 million, $13.4 million and $9.7 million, respectively. As each home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion and depreciation commences over the estimated useful life. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not been transferred by the Company, 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 Operations. Recoveries of financial assets previously written off are recorded when received. For the years ended December 31, 2023, 2022 and 2021, the Company recorded net credit recoveries/(losses) of $(0.7) million, $(0.1) million and $0.6 million, respectively, on the Consolidated Statements of Operations. The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible. Notes Receivable Notes receivable relate to financing arrangements which are typically secured by assets of the borrower that may include real estate assets. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a variable interest entity (“VIE”), and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities of the existing loans. Additionally, we analyze each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The following table summarizes our Notes receivable, net as of December 31, 2023 and 2022 ( dollars in thousands Interest rate at Balance Outstanding (a) December 31, December 31, December 31, 2023 2023 2022 Notes due October 2024 (b) 10.50 % $ 98,271 $ — Note due December 2024 (c) 12.00 % 37,022 30,377 Note due December 2026 (d) 11.00 % 64,608 17,292 Note due December 2026 (e) 11.00 % 26,164 5,813 Notes due June 2027 (f) 18.00 % 3,737 1,500 Notes receivable 229,802 54,982 Allowance for credit losses (977) (275) Total notes receivable, net $ 228,825 $ 54,707 (a) Outstanding note amounts include any accrued and unpaid interest, as applicable. (b) In June 2023, the Company amended the agreement for a preferred equity investment in a joint venture that owns a 471 apartment home operating community located in Philadelphia, Pennsylvania, which resulted in the Company’s investment, inclusive of accrued preferred return, being classified as a note receivable. In connection with the amendment, the Company also advanced $20.0 million to the joint venture, which is also classified as a note receivable (collectively the “Notes”) and was used to pay down the senior construction loan in connection with an extension of the maturity date of the senior construction loan to January 2024. Furthermore, the contractual interest rate on the Notes increased to 9.5% (previously 8.5% ) in exchange for eliminating the Company’s upside participation in the joint venture. Interest payments accrue monthly and are due at maturity, but can be paid earlier. The Notes had an original scheduled maturity date in October 2023, with three one-year extension options. In September 2023, the developer extended the maturity date to October 2024. Commencing in October 2023, the contractual interest rate on the Notes increased to 10.5% when the developer exercised its option to extend the maturity date of the Notes. (See Note 5, Joint Ventures and Partnerships for further discussion.) In January 2024, the joint venture extended the senior construction loan from January 2024 to April 2024. (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $32.5 million, of which $31.5 million was funded as of December 31, 2023. During 2023, the terms of this secured note were amended to increase the aggregate commitment from $31.4 million to $32.5 million and to increase the interest rate from 10.0% to 12.0% . Interest payments are due monthly, with the exception of payments from June 2022 to December 2024, 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 $5.5 million as of December 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 2024. (d) 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 (exclusive of accrued interest), of which $42.4 million was funded during the year ended December 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. (e) 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 (exclusive of accrued interest), of which $18.6 million was funded during the year ended December 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. (f) The Company and a syndicate of lenders previously entered into a $16.0 million secured credit facility with an unaffiliated third party. During the year ended December 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 (exclusive of accrued interest) , 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 $14.5 million, $3.5 million, and $5.3 million of interest income for the notes receivable described above during the years ended December 31, 2023, 2022, and 2021, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as VIEs where we are not the primary beneficiary and other entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a VIE, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2023, the Company held one investment in a joint venture that qualified as a VIE where we were determined to be the primary beneficiary (See Note 5, Joint Ventures and Partnerships, for further discussion) We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of December 31, 2023 and 2022, UDR’s net deferred tax asset/(liability) was ($0.8) million and $(0.8) million, respectively, and are recorded in Accounts payable, accrued expenses and other liabilities GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes and evaluates its tax positions using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company invests in assets that qualify for federal investment tax credits (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 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 2020 through 2022 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a VIE. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost as stock-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. For performance based awards, the Company remeasures the fair value based on the estimated achievement of the performance criteria each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. Stock-based compensation expense is only recognized for performance based awards that we expect to vest, which we estimate based upon an assessment of the probability that the performance criteria will be achieved. Stock-based compensation expense associated with awards is updated for actual forfeitures. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation and the fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For further discussion, see Note 10, Employee Benefit Plans. Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2023, 2022, and 2021, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, Forward Sales Agreements From time to time the Company utilizes forward sales agreements for the future issuance of its common stock. When the Company enters into a forward sales agreement, the contract requires the Company to sell its shares to a counterparty at a predetermined price at a future date. The net sales price and proceeds attained by the Company will be determined on the dates of settlement, with adjustments during the term of the contract for the Company’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. The Company accounts for the shares of common stock reserved for issuance upon settlement as equity in accordance with ASC 815-40, Contracts in Entity's Own Equity considered indexed to the entity’s own stock and the contract requires or permits the issuing entity to settle the contract in shares (either physically or net in shares). The guidance establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to the ent

REAL ESTATE OWNED

REAL ESTATE OWNED	12 Months Ended
REAL ESTATE OWNED	Dec. 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 December 31, 2023, the Company owned and consolidated 168 communities in 13 states plus the District of Columbia totaling 55,550 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2023 and 2022 (dollars in thousands): December 31, December 31, 2023 2022 Land $ 2,549,716 $ 2,539,499 Depreciable property — held and used: Land improvements 255,706 254,578 Building, improvements, and furniture, fixtures and equipment 12,902,021 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 143,828 146,394 Real estate held for disposition: Land and land improvements 13,734 — Building, improvements, and furniture, fixtures and equipment 92,265 14,039 Real estate owned 16,023,859 15,570,072 Accumulated depreciation (a) (6,267,830) (5,762,501) Real estate owned, net $ 9,756,029 $ 9,807,571 (a) Accumulated depreciation is inclusive of $17.2 million and $13.1 million of accumulated amortization related to real estate intangible assets as of December 31, 2023 and 2022, respectively. Acquisitions In February 2023, the Company took Joint Ventures and Partnerships . In August 2023, the Company acquired a portfolio of six operating communities totaling 1,753 apartment homes, which included four operating communities in Dallas, Texas and two operating communities in Austin, Texas, for a purchase price of $354.6 million. The Company acquired the portfolio with a combination of cash, the assumption of six mortgage loans and the issuance of 3.6 million OP Units to the seller valued at $141.4 million. The OP Units were valued based on the closing price per share of UDR’s common stock on the date of acquisition in accordance with GAAP. In January 2024, the Company acquired its joint venture partner’s common Joint Ventures and Partnerships . In April 2022, the Company acquired a to-be-developed parcel of land located in Fort Lauderdale, Florida for approximately $16.0 million. In June 2022, the Company acquired a 433 apartment home operating community located in Danvers, Massachusetts for approximately $207.5 million. The Company increased its real estate assets owned by approximately $203.7 million and recorded $3.8 million of in-place lease intangibles. In June 2022, the Company acquired three contiguous to-be-developed parcels of land located in Dallas, Texas for approximately $90.2 million. In June 2022, the Company acquired a to-be-developed parcel of land, which included two operating retail components, located in Riverside, California for approximately $29.0 million. The Company increased its real estate assets owned by approximately $28.2 million and recorded $0.8 million of in-place lease intangibles. In January 2021, the Company acquired a 300 apartment home operating community located in Franklin, Massachusetts, for approximately $77.4 million. In connection with the acquisition, the Company assumed an above-market mortgage note payable secured by the community with an outstanding balance of approximately $51.8 million. The Company increased its real estate assets owned by approximately $82.0 million, recorded $2.0 million of in-place lease intangibles, and recorded a $6.6 million debt premium in connection with the above-market debt assumed. In April 2021, the Company acquired a 636 apartment home operating community located in Farmers Branch, Texas, for approximately $110.2 million. In connection with the acquisition, the Company assumed an above-market mortgage note payable secured by the community with an outstanding balance of approximately $42.0 million. The Company increased its real estate assets owned by approximately $111.5 million, recorded $3.0 million of in-place lease intangibles, and recorded a $4.3 million debt premium in connection with the above-market debt assumed. The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million. The note was secured by a parcel of land and related land improvements located in Alameda, California. In September 2020, the developer defaulted on the loan. As a result of the default, in April 2021, the Company took title to the property pursuant to a deed in lieu of foreclosure. The Company increased its real estate assets owned by approximately $25.0 million, the fair market value of the property on the date of the title transfer, and recorded a $0.1 million gain on extinguishment of the secured note to Interest income and other income/(expense), net on the Consolidated Statements of Operations. In May 2021, the Company acquired a to-be-developed parcel of land located in Tampa, Florida, for approximately $6.6 million. In May 2021, the Company acquired a 945 apartment home operating community located in Frisco, Texas, for approximately $166.9 million. In connection with the acquisition, the Company assumed an above-market mortgage note payable secured by the community with an outstanding balance of approximately $89.5 million. The Company increased its real estate assets owned by approximately $169.9 million, recorded $4.1 million of in-place lease intangibles, and recorded a $7.1 million debt premium in connection with the above-market debt assumed. In June 2021, the Company acquired a 468 apartment home operating community located in Germantown, Maryland, for approximately $121.9 million. The Company increased its real estate assets owned by approximately $119.3 million and recorded $2.6 million of in-place lease intangibles. In July 2021, the Company acquired a 259 apartment home operating community located in Bellevue, Washington, for approximately $171.9 million. The Company previously had a $115.0 million secured note receivable associated with this operating community. The Company increased its real estate assets owned by approximately $169.1 million and recorded $2.8 million of in-place lease intangibles. In connection with the acquisition of this community, the note and the unpaid accrued interest were paid in full. In August 2021, the Company acquired a 544 apartment home operating community located in Germantown, Maryland, for approximately $127.2 million. The Company increased its real estate assets owned by approximately $124.4 million and recorded $2.8 million of in-place lease intangibles. In September 2021, the Company acquired a 320 apartment home operating community located in King of Prussia, Pennsylvania, for approximately $116.2 million. The Company increased its real estate assets owned by approximately $113.8 million and recorded $2.4 million of in-place lease intangibles. In September 2021, the Company acquired a 192 apartment home operating community located in Towson, Maryland, for approximately $57.6 million. The Company increased its real estate assets owned by approximately $54.0 million and recorded $2.4 million of real estate tax intangibles and $1.2 million of in-place lease intangibles. In September 2021, the Company acquired a 339 apartment home operating community located in Philadelphia, Pennsylvania, for approximately $147.0 million. The Company increased its real estate assets owned by approximately $136.7 million and recorded $7.1 million of real estate tax intangibles and $3.2 million of in-place lease intangibles. In October 2021, the Company acquired its joint venture partner’s common equity interest in a 330 apartment home operating community located in Orlando, Florida, for a total purchase price of approximately $106.0 million. The Company paid for the community by issuing approximately 0.9 million OP Units (valued at $53.00 per unit per the agreement) to the seller, which equaled $47.9 million. As a result, in October 2021, the Company increased its ownership interest to 100% and consolidated the operating community In October 2021, the Company acquired a 663 apartment home operating community located in Orlando, Florida, for approximately $177.8 million. The Company increased its real estate assets owned by approximately $174.1 million and recorded and $3.7 million of in-place lease intangibles. In November 2021, the Company acquired a 430 apartment home operating community located in Towson, Maryland, for approximately $125.3 million. The Company increased its real estate assets owned by approximately $122.6 million and recorded and $2.7 million of in-place lease intangibles. Dispositions In January 2023, the Company sold the retail component of a development community located in Washington D.C. for gross proceeds of approximately $14.4 million, resulting in a gain of less than $0.1 million. The gross proceeds were received ratably throughout the development of the community and are reflected as a reduction of capital expenditures. In June 2023, the Company contributed four wholly owned operating communities, totaling 1,328 apartment homes located in various markets, to a newly formed joint venture in exchange for a 51.0% interest in the venture. The contribution resulted in the Company no longer retaining a controlling interest in the communities, and the Company deconsolidated the operating communities. The Company received approximately $247.9 million in cash proceeds from our joint venture partner at formation. The transaction was accounted for as a partial sale and resulted in a gain of approximately $325.9 million, which was recorded in Gain/(loss) on sale of real estate owned Joint Ventures and Partnerships In December 2023, the Company sold an operating community located in Hillsboro, Oregon with a total of 276 apartment homes for gross proceeds of $78.6 million, resulting in a gain of approximately $25.3 million. In February 2024, the Company sold an operating community located in Arlington, Virginia with a total of 214 apartment homes for gross proceeds of $100.0 million, resulting in a gain of approximately $17.3 million. This operating community was classified as held for disposition as of December 31, 2023. In November 2022, the Company sold an operating community located in Orange County, California with a total of 90 apartment homes for gross proceeds of $41.5 million, resulting in a gain of approximately $25.5 million. In February 2021, the Company sold an operating community located in Anaheim, California, with a total of 386 apartment homes for gross proceeds of $156.0 million, resulting in a gain of approximately $50.8 million. In October 2021, the Company sold an operating community located in Anaheim, California, with a total of 265 apartment homes for a sales price of $126.0 million, resulting in a gain of approximately $85.2 million. Developments At December 31, 2023, the Company was developing two wholly-owned communities totaling 415 homes, of which 56 have been completed, in which we have an investment of $160.4 million. The communities are estimated to be completed in the second quarter of 2024. Other Activity In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax deferred Section 1031 exchange. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions. Amortization of Intangible Assets The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter ( in thousands ): Unamortized Balance as of December 31, 2023 2024 2025 2026 2027 2028 Thereafter Real estate intangible assets, net (a) $ 32,770 $ 3,995 $ 3,858 $ 3,723 $ 3,590 $ 2,436 $ 15,168 In-place lease intangible assets, net (b) 13,104 8,997 626 519 450 326 2,186 Total $ 45,874 $ 12,992 $ 4,484 $ 4,242 $ 4,040 $ 2,762 $ 17,354 (a) Real estate intangible assets, net is recorded net of accumulated amortization of $17.2 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the years ended December 31, 2023 and 2022, $4.2 million and $4.3 million, respectively, of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations. (b) In-place lease intangible assets, net is recorded net of accumulated amortization of $9.5 million in Other assets on the Consolidated Balance Sheets. For the years ended December 31, 2023 and 2022, $7.3 million and $22.5 million, respectively, was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
VARIABLE INTEREST ENTITIES	Dec. 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	12 Months Ended
JOINT VENTURES AND PARTNERSHIPS	Dec. 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. The Company has a preferred equity investment in a joint venture that owns a 173 apartment home community located in Oakland, California. In December 2023, the developer informed the Company that it would not fund its share of a capital call and subsequently entered into an agreement to transfer its equity interest in the joint venture to the Company for $1.4 million. As a result, the joint venture was deemed to be a VIE. The Company concluded that it is the primary beneficiary of the VIE, and therefore began consolidating the joint venture, resulting in a $24.3 million loss on consolidation which is recorded in Income/(loss) from unconsolidated entities Real Estate Owned . Unconsolidated joint ventures and partnerships The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services for the communities held by the unconsolidated joint ventures and partnerships. The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of December 31, 2023 and 2022 (dollars in thousands) Number of Number of Operating Apartment UDR's Weighted Average Communities Homes Ownership Interest Investment at Income/(loss) from investments December 31, December 31, December 31, December 31, December 31, December 31, Year Ended December 31, Joint Ventures 2023 2023 2023 2022 2023 2022 2023 2022 2021 Operating: UDR/MetLife (a) 13 2,837 50.1 % 50.1 % $ 225,195 $ 247,160 $ (5,378) $ (7,604) $ (17,785) UDR/LaSalle (b) 5 1,590 51.0 % — % 286,723 — (3,660) — — Total Joint Ventures 18 4,427 $ 511,918 $ 247,160 $ (9,038) $ (7,604) $ (17,785) Number of Apartment Communities Homes Weighted Investment at Income/(loss) from investments Developer Capital Program December 31, December 31, Average Years To UDR December 31, December 31, Year Ended December 31, and Real Estate Technology Investments (c) 2023 2023 Rate Maturity Commitment (d) 2023 2022 2023 2022 2021 Preferred equity investments: Operating (e) 21 4,545 9.3 % 3.3 $ 252,889 304,699 282,766 $ 27,260 $ 20,202 $ 10,928 Development 2 1,073 10.7 % 3.2 68,207 83,072 74,648 8,425 6,172 92 Total Preferred Equity Investments 23 5,618 9.6 % 3.3 321,096 387,771 357,414 35,685 26,374 11,020 Real estate technology and sustainability investments: RETV I (f) N/A N/A N/A N/A 18,000 10,062 16,601 (614) (35,507) 50,795 RETV II N/A N/A N/A N/A 18,000 15,371 11,670 1,364 (265) 1,101 RETV III N/A N/A N/A N/A 15,000 1,329 — (212) — — RET Strategic Fund N/A N/A N/A N/A 25,000 13,980 8,078 (174) 496 — RET ESG N/A N/A N/A N/A 10,000 3,640 2,898 (260) (153) — Total Preferred Equity Investments and Real Estate Technology Investments 432,153 396,661 35,789 (9,055) 62,916 Sold joint ventures and other investments (g) — 103,173 (22,058) 21,606 20,515 Total Joint Ventures, Developer Capital Program and Real Estate Technology Investments, net (a) $ 944,071 $ 746,994 $ 4,693 $ 4,947 $ 65,646 (a) As of December 31, 2023 and 2022, the Company’s negative investment in one UDR/MetLife community of $8.9 million and $7.5 million, respectively, is recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets. (b) In June 2023, the Company formed a new real estate joint venture, UDR/LaSalle, with LaSalle Investment Management on behalf of an institutional client (“LaSalle”). Four operating communities, located in various markets, were contributed by the Company. The joint venture partner paid the Company approximately $247.9 million at formation of the joint venture. The Company will have the potential to earn a promoted return should certain return hurdles be achieved . Our initial investment was $258.2 million and consisted solely of our equity in the four operating communities contributed to the joint venture. In December 2023, the joint venture acquired an operating community with 262 apartment homes, located in Norwood, Massachusetts, for approximately $114.3 million. (c) The Developer Capital Program is the program through which the Company makes investments, including preferred equity investments, mezzanine loans or other structured investments that may receive a fixed yield on the investment and may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property. At December 31, 2023, our preferred equity investment portfolio consisted of 23 communities located in various markets, consisting of 5,618 completed or under development homes. In addition, the Company’s preferred equity investments include four investments that receive a variable percentage of the value created from the project upon a capital or liquidating event. During the year ended December 31, 2023, the Company did not enter into or fund any new preferred equity investments and no preferred equity investments were redeemed. (d) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (e) In June 2023, two preferred equity investment agreements were amended. In connection with the amendments, the Company funded an incremental $17.0 million to one joint venture, which was used to pay down the senior construction loan in connection with an extension of the maturity date of the senior construction loan to April 2025, and funded an incremental $3.8 million to the other joint venture, which was used to pay down the senior construction loan in connection with an extension of the maturity date of the senior construction loan to June 2025. (f) The Company recognized $(0.6) million, $(35.5) million and $50.8 million of investment income/(loss) from RETV I for the years ended December 31, 2023, 2022 and 2021, respectively, which primarily related to unrealized gains/(losses) from one portfolio investment held by RETV I, SmartRent, Inc. (“SmartRent”). (g) In June 2023, the agreement for one preferred equity investment was amended, resulting in the Company’s investment, inclusive of accrued preferred return, being classified as a note receivable on the Consolidated Balance Sheet as of December 31, 2023. (See Note 2, Significant Accounting Policies for further discussion .) As disclosed above, the Company began consolidating one preferred investment in December 2023, resulting in a $24.3 million loss on consolidation classified in Income/(loss) from unconsolidated entities As of December 31, 2023 and 2022, the Company had deferred fees of $7.6 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 $6.8 million, $5.0 million, and $6.1 million during the years ended December 31, 2023, 2022, and 2021, respectively, for management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We consider various factors to determine if a decrease in the value of our Investment in and advances to unconsolidated joint ventures, net Condensed summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the years ended December 31, 2023, 2022, and 2021 ( dollars in thousands): Developer Capital Program As of and For the UDR/ UDR/ and Other Year Ended December 31, 2023 MetLife LaSalle RETV I Investments Total Condensed Statements of Operations: Total revenues $ 139,073 $ 20,514 $ 28 $ 109,725 $ 269,340 Property operating expenses 58,298 6,896 1,396 53,046 119,636 Real estate depreciation and amortization 54,895 21,182 — 43,407 119,484 Operating income/(loss) 25,880 (7,564) (1,368) 13,272 30,220 Interest expense (32,720) (126) (103) (53,282) (86,231) Other income/(loss) — — — 537 537 Net realized gain/(loss) on held investments — — 33,941 2,113 36,054 Net unrealized gain/(loss) on held investments — — (29,346) 16,695 (12,651) Net income/(loss) $ (6,840) $ (7,690) $ 3,124 $ (20,665) $ (32,071) Condensed Balance Sheets: Total real estate, net $ 1,214,525 $ 595,976 $ — $ 1,347,556 $ 3,158,057 Investments, at fair value — — 57,700 200,132 257,832 Cash and cash equivalents 14,826 4,809 260 41,775 61,670 Other assets 16,406 9,986 22 120,562 146,976 Total assets 1,245,757 610,771 57,982 1,710,025 3,624,535 Third party debt, net 855,050 45,126 — 1,112,640 2,012,816 Accounts payable and accrued liabilities 14,856 5,510 118 151,018 171,502 Total liabilities 869,906 50,636 118 1,263,658 2,184,318 Total equity $ 375,851 $ 560,135 $ 57,864 $ 446,367 $ 1,440,217 Developer Capital Program As of and For the UDR/ and Other Year Ended December 31, 2022 MetLife RETV I Investments Total Condensed Statements of Operations: Total revenues $ 130,229 $ 42 $ 38,145 $ 168,416 Property operating expenses 55,262 1,596 23,622 80,480 Real estate depreciation and amortization 55,580 — 20,064 75,644 Gain/(loss) on sale of real estate — — 127,542 127,542 Operating income/(loss) 19,387 (1,554) 122,001 139,834 Interest expense (30,510) (21) (16,383) (46,914) Other income/(loss) — — (90) (90) Net realized gain/(loss) on held investments (a) — 101,954 3,601 105,555 Net unrealized gain/(loss) on held investments (a) — (308,202) (569) (308,771) Net income/(loss) $ (11,123) $ (207,823) $ 108,560 $ (110,386) Condensed Balance Sheets: Total real estate, net $ 1,257,952 $ — $ 1,481,832 $ 2,739,784 Investments, at fair value — 96,118 117,625 213,743 Cash and cash equivalents 15,554 1,160 22,285 38,999 Other assets 14,420 52 107,287 121,759 Total assets 1,287,926 97,330 1,729,029 3,114,285 Third party debt, net 857,909 — 1,079,420 1,937,329 Accounts payable and accrued liabilities 14,155 70 202,923 217,148 Total liabilities 872,064 70 1,282,343 2,154,477 Total equity $ 415,862 $ 97,260 $ 446,686 $ 959,808 (a) Net unrealized and realized gain/(loss) on held investments related to RETV I primarily related to unrealized and realized gains from SmartRent. For the year ended December 31, 2022, the Company recorded its share of net losses related to RETV I of $(35.5) million. Of that amount, $(37.2) million related to an unrealized loss on SmartRent, which is recorded in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations. Developer West Coast Capital Program For the UDR/ Development and Other Year Ended December 31, 2021 MetLife Joint Ventures RETV I Investments Total Condensed Statements of Operations: Total revenues $ 114,124 $ 184 $ 6 $ 18,509 $ 132,823 Property operating expenses 51,761 333 1,445 15,626 69,165 Real estate depreciation and amortization 58,486 — — 8,429 66,915 Gain/(loss) on sale of real estate — 34,757 — — 34,757 Operating income/(loss) 3,877 34,608 (1,439) (5,546) 31,500 Interest expense (32,307) (41) (17) (11,161) (43,526) Other income/(loss) — (1,238) — (623) (1,861) Net realized gain/(loss) on held investments — — 12,341 — 12,341 Net unrealized gain/(loss) on held investments (a) — — 285,155 16,276 301,431 Net income/(loss) $ (28,430) $ 33,329 $ 296,040 $ (1,054) $ 299,885 (a) Net unrealized gain/(loss) on held investments primarily related to unrealized gains from SmartRent, which became a public company in 2021. For the year ended December 31, 2021, the Company recorded its share of the net unrealized gain/(loss) on held investments of $49.9 million, of which $48.9 million related to SmartRent, in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations.

LEASES

LEASES	12 Months Ended
LEASES	Dec. 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 years ended December 31, 2023 and 2022. As of December 31, 2023 and 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 42.0 years and 42.6 years at December 31, 2023 and 2022, respectively, and the weighted average discount rate was 5.0% at both December 31, 2023 and 2022. Future minimum lease payments and total operating lease liabilities from our ground leases as of December 31, 2023 are as follows (dollars in thousands): Ground Leases 2024 $ 12,442 2025 12,442 2026 12,442 2027 12,442 2028 12,442 Thereafter 405,452 Total future minimum lease payments (undiscounted) 467,662 Difference between future undiscounted cash flows and discounted cash flows (281,826) Total operating lease liabilities (discounted) $ 185,836 For purposes of recognizing our ground lease contracts, the Company uses the minimum lease payments, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on a change in an index or a rate (i.e., changes in fair market rental rates or changes in the consumer price index) but that does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. If there is a contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, which is resolved such that those payments now meet the definition of lease payments, the Company will remeasure the right-of-use asset and lease liability on the reset date. The components of operating lease expenses were as follows (dollars in thousands) Year Ended December 31, 2023 2022 2021 Lease expense: Contractual lease expense $ 13,173 $ 12,991 $ 12,924 Variable lease expense (a) 155 112 78 Total operating lease expense (b)(c) $ 13,328 $ 13,103 $ 13,002 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of a community’s revenue. (b) Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the year ended December 31, 2023, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.5 million and $3.4 million, respectively, for the year ended December 31, 2022, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.4 million and $3.3 million, respectively, and for the year ended December 31, 2021, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.5 million and $3.1 million, respectively. Due to the net impact of the amortization, the Company recorded $0.1 million, $0.1 million and $0.3 million of total operating lease expense during the years ended December 31, 2023, 2022 and 2021, respectively. Lessor - Apartment Home, Retail and Commercial Space Leases UDR’s communities and retail and commercial space are leased to tenants under operating leases. As of December 31, 2023, our apartment home leases generally have initial terms of 12 months or less. As of December 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 16, Reportable Segments Future minimum lease payments from our retail and commercial leases as of December 31, 2023 are as follows (dollars in thousands): Retail and Commercial Leases 2024 $ 26,807 2025 24,432 2026 21,735 2027 18,121 2028 15,191 Thereafter 58,166 Total future minimum lease payments (a) $ 164,452 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less. Certain of our leases with retail and commercial tenants provide for the payment by the lessee of additional variable rent based on a percentage of the tenant’s revenue. The amounts shown in the table above do not include these variable percentage rents. The Company recorded variable percentage rents of $1.1 million, $0.8 million and $0.4 million during the years ended December 31, 2023, 2022 and 2021, respectively.

SECURED AND UNSECURED DEBT, NET

SECURED AND UNSECURED DEBT, NET	12 Months Ended
SECURED AND UNSECURED DEBT, NET	Dec. 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 December 31, 2023 and 2022 ( dollars in thousands): Principal Outstanding As of December 31, 2023 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2023 2022 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 1,213,751 $ 1,005,622 3.48 % 4.7 20 Deferred financing costs and other non-cash adjustments (b) (3,009) 19,712 Total fixed rate secured debt, net 1,210,742 1,025,334 3.48 % 4.7 20 Variable Rate Debt Mortgage notes payable (c) 40,017 — 8.33 % 1.3 1 Tax-exempt secured notes payable (d) 27,000 27,000 4.08 % 8.2 1 Deferred financing costs (46) (53) Total variable rate secured debt, net 66,971 26,947 6.61 % 4.1 2 Total Secured Debt, net 1,277,713 1,052,281 3.64 % 4.7 22 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2026 (e) (n) — — — % 2.1 Borrowings outstanding under unsecured commercial paper program due January 2024 (f) (n) 408,075 300,000 5.67 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2025 4,593 28,015 6.28 % 1.0 Term Loan due January 2027 (e) (n) — 175,000 — % 3.1 Fixed Rate Debt Term Loan due January 2027 (e) (n) 350,000 175,000 3.36 % 3.1 8.50% Debentures due September 2024 15,644 15,644 8.50 % 0.7 2.95% Medium-Term Notes due September 2026 (h) (n) 300,000 300,000 2.89 % 2.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $247 and $317, respectively) (i) (n) 299,753 299,683 4.03 % 3.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $479 and $598, respectively) (n) 299,521 299,402 3.50 % 4.0 4.40% Medium-Term Notes due January 2029 (net of discounts of $3 and $4, respectively) (j) (n) 299,997 299,996 4.27 % 5.1 3.20% Medium-Term Notes due January 2030 (net of premiums of $8,294 and $9,667, respectively) (k) (n) 608,294 609,667 3.32 % 6.0 3.00% Medium-Term Notes due August 2031 (net of premiums of $9,109 and $10,304, respectively) (l) (n) 609,109 610,304 3.01 % 7.6 2.10% Medium-Term Notes due August 2032 (net of discounts of $303 and $338, respectively) (n) 399,697 399,662 2.10 % 8.6 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,110 and $1,230, respectively) (n) 348,890 348,770 1.90 % 9.2 2.10% Medium-Term Notes due June 2033 (net of discounts of $941 and $1,041, respectively) (n) 299,059 298,959 2.10 % 9.5 3.10% Medium-Term Notes due November 2034 (net of discounts of $956 and $1,045, respectively) (m) (n) 299,044 298,955 3.13 % 10.8 Other 2 5 Deferred financing costs (20,682) (24,040) Total Unsecured Debt, net 4,520,996 4,435,022 3.30 % 5.9 Total Debt, net $ 5,798,709 $ 5,487,303 3.40 % 5.6 For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of December 31, 2023, secured debt encumbered approximately 14% of UDR’s total real estate owned based upon gross book value (approximately 86% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2023, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from July 2024 through February 2031 and carry interest rates ranging from 2.62% to 4.39%. 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. In August 2023, the Company assumed secured fixed rate mortgage notes payable with an outstanding balance of $209.4 million and a fair value of $191.7 million in connection with the acquisition of six operating communities. The six mortgages had outstanding balances ranging from $28.0 million to $40.0 million and carry interest rates from 3.24% to 4.12% (see Note 3, Real Estate Owned ). (b) During the years ended December 31, 2023, 2022, and 2021, the Company had $3.4 million, $4.5 million, and $3.9 million, respectively, of amortization of the fair market adjustment of debt assumed in the acquisition of properties inclusive of its fixed rate mortgage notes payable, which was included in Interest expense (c) In December 2023, the Company began consolidating a preferred equity investment which included a secured variable rate senior construction loan with an outstanding balance of $40.0 million. The senior construction loan had an interest rate of 8.33% as of December 31, 2023 (see Note 5, Joint Ventures and Partnerships ) (d) The variable rate mortgage note payable secures a tax-exempt housing bond issue that matures in March 2032. Interest on this note is payable in monthly installments. As of December 31, 2023, the variable interest rate on the mortgage note was 4.08%. (e) The Company has a $1.3 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan (the “Term Loan”). The credit agreement for these facilities ( the “Credit Agreement”) allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan to be increased to an aggregate maximum amount of up to $2.5 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2026, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of January 31, 2027. 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 a $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 December 31, 2023 and 2022 (dollars in thousands): December 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 2,055 3,776 Maximum daily borrowings during the period ended 250,000 205,000 Weighted average interest rate during the period ended 5.6 % 3.9 % Interest rate at end of the period — % — % (1) Excludes $2.3 million and $2.6 million of letters of credit at December 31, 2023 and 2022, respectively. (f) The Company has an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $700.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2023 and 2022 (dollars in thousands): December 31, December 31, 2023 2022 Total unsecured commercial paper program $ 700,000 $ 700,000 Borrowings outstanding at end of period 408,075 300,000 Weighted average daily borrowings during the period ended 384,068 405,671 Maximum daily borrowings during the period ended 505,000 700,000 Weighted average interest rate during the period ended 5.4 % 2.3 % Interest rate at end of the period 5.7 % 4.7 % (g) The Company has a working capital credit facility, which provides for a $75.0 million unsecured revolving credit facility (the “Working Capital Credit Facility”) with a scheduled maturity date of January 12, 2025. In November 2023, the Company amended the Working Capital Credit Facility to extend the maturity date from January 12, 2024 to January 12, 2025, plus a one-year extension option. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to Adjusted SOFR plus a margin of 77.5 basis points. Depending on the Company’s credit rating, the margin ranges from 70 to 140 basis points. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2023 and 2022 (dollars in thousands): December 31, December 31, 2023 2022 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 4,593 28,015 Weighted average daily borrowings during the period ended 15,829 15,080 Maximum daily borrowings during the period ended 57,107 55,812 Weighted average interest rate during the period ended 5.9 % 3.0 % Interest rate at end of the period 6.3 % 5.2 % (h) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $100.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 2.89%. (i) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.03%. (j) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $150.0 million of the initial $300.0 million issued. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.27%. (k) The Company previously entered into forward starting interest rate swaps and treasury lock to hedge against the interest rate risk of this debt. The all-in weighted average interest rate, inclusive of the impact of the forward starting swaps and treasury locks, was 3.32% . (l) (m) . (n) The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 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 2024 $ 97,578 $ — $ 97,578 $ 423,719 $ 521,297 2025 178,568 40,017 218,585 4,593 223,178 2026 56,665 — 56,665 300,000 356,665 2027 6,931 — 6,931 650,000 656,931 2028 166,518 — 166,518 300,000 466,518 2029 315,802 — 315,802 300,000 615,802 2030 230,759 — 230,759 600,000 830,759 2031 160,930 — 160,930 600,000 760,930 2032 — 27,000 27,000 400,000 427,000 2033 — — 650,000 650,000 Thereafter — — — 300,000 300,000 Subtotal 1,213,751 67,017 1,280,768 4,528,312 5,809,080 Non-cash (a) (3,009) (46) (3,055) (7,316) (10,371) Total $ 1,210,742 $ 66,971 $ 1,277,713 $ 4,520,996 $ 5,798,709 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2023 and 2022, the Company amortized $4.7 million and $3.8 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2023.

INCOME_(LOSS) PER SHARE

INCOME/(LOSS) PER SHARE	12 Months Ended
INCOME/(LOSS) PER SHARE	Dec. 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): Year Ended December 31, 2023 2022 2021 Numerator for income/(loss) per share: Net income/(loss) $ 474,488 $ 92,579 $ 160,993 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (30,104) (5,613) (10,873) Net (income)/loss attributable to noncontrolling interests (31) (42) (104) Net income/(loss) attributable to UDR, Inc. 444,353 86,924 150,016 Distributions to preferred stockholders — Series E (Convertible) (4,848) (4,412) (4,229) Income/(loss) attributable to common stockholders - basic and diluted $ 439,505 $ 82,512 $ 145,787 Denominator for income/(loss) per share: Weighted average common shares outstanding 329,136 321,949 300,579 Non-vested restricted stock awards (371) (278) (253) Denominator for basic income/(loss) per share 328,765 321,671 300,326 Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements 339 1,029 1,377 Denominator for diluted income/(loss) per share 329,104 322,700 301,703 Income/(loss) per weighted average common share: Basic $ 1.34 $ 0.26 $ 0.49 Diluted $ 1.34 $ 0.26 $ 0.48 Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per common share is computed based upon the weighted average number of common shares outstanding plus the common shares issuable from the assumed conversion of the OP Units and DownREIT Units, convertible preferred stock, stock options, unvested long-term incentive plan units (“LTIP Units”), performance units, unvested restricted stock and continuous equity program forward sales agreements. Only those instruments having a dilutive impact on our basic income/(loss) per share are included in diluted income/(loss) per share during the periods. For the years ended December 31, 2023, 2022, and 2021, the effect of the conversion of the OP Units, DownREIT Units and the Company’s Series E preferred stock was not dilutive and therefore not included in the above calculation. In July 2021, the Company entered into an ATM sales agreement under which the Company may offer and sell up to 20.0 million shares of its common stock, from time to time, to or through its sales agents and may enter into separate forward sales agreements to or through its forward purchasers. Upon entering into the ATM sales agreement, the Company simultaneously terminated the sales agreement for its prior at-the-market equity offering program, which was entered into in July 2017. During the year ended December 31, 2023, the Company did not sell any shares of common stock through its ATM program. As of December 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. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. The Company currently expects to fully physically settle each forward sales agreement with the relevant forward purchaser on one or more dates specified by the Company on or prior to the maturity date of that particular forward sales agreement, in which case the Company expects to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward sales agreement multiplied by the relevant forward sale price. However, subject to certain exceptions, the Company may also elect, in its discretion, to cash settle or net share settle a particular forward sales agreement, in which case the Company may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and the Company may owe cash (in the case of cash settlement) or shares of UDR common stock (in the case of net share settlement) to the relevant forward purchaser. During the year ended December 31, 2023, the Company did not enter into any forward purchase agreements under its continuous equity program. In June 2022, the Company settled all million shares under the outstanding forward sales agreements under its ATM program at a weighted average forward price per share of $ , which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of UDR common stock over the term of the agreements and commissions paid to sales agents of approximately $ million, for net proceeds of $ million. In March 2022, in connection with an underwritten public offering, the Company entered into forward sales agreements to sell 7.0 million shares of its common stock at an initial forward price per share of $57.565. The actual forward price per share received by the Company upon settlement was determined on the applicable settlement dates based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the forward sales agreements. During the year ended December 31, 2022, the Company settled all 7.0 million shares under the forward sales agreements at a weighted average forward price per share of $57.07, which is inclusive of adjustments made to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock, for net proceeds of $399.5 million. As described above, during the year ended December 31, 2022, the Company settled all 11.4 million shares in aggregate under previously announced forward sales agreements, including under the ATM program, for net proceeds of $630.4 million. Aggregate net proceeds from such forward sales, after deducting related expenses, were $629.6 million. During the year ended December 31, 2023, the Company repurchased 0.6 million shares of its common stock at an average price of $40.13 per share for total consideration of approximately $25.0 million under its share repurchase program. During the year ended December 31, 2022, the Company repurchased 1.2 million shares of its common stock at an average price of $41.14 per share for total consideration of approximately $49.0 million under its share repurchase program. The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the years ended December 31, 2023, 2022, and 2021 (in thousands) Year Ended December 31, 2023 2022 2021 OP/DownREIT Units 22,410 21,478 22,418 Convertible preferred stock 2,908 2,916 2,918 Unvested LTIP Units and unvested restricted stock 339 1,029 1,377

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2023
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	9. STOCKHOLDERS’ EQUITY UDR has an effective registration statement that allows the Company to sell an undetermined number of debt and equity securities as defined in the prospectus. The Company’s authorized capital was 450.0 million shares of common stock and 50.0 million shares of preferred stock as of December 31, 2023. The following table presents the changes in the Company’s issued and outstanding shares of common and preferred stock for the years ended December 31, 2023, 2022 and 2021: Common Preferred Stock Stock Series E Series F Balance at December 31, 2020 296,612 2,695 14,441 Issuance/(forfeiture) of common and restricted shares, net 97 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) 19,517 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 44 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,880 — — Conversion of Series E Cumulative Convertible shares — — — Balance at December 31, 2021 318,150 2,695 12,583 Issuance/(forfeiture) of common and restricted shares, net 120 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) 11,402 — — Repurchase of common shares (1,192) — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 4 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 499 — — Conversion of Series E Cumulative Convertible shares 10 (9) — Forfeiture of Series F shares — — (482) Balance at December 31, 2022 328,993 2,686 12,101 Issuance/(forfeiture) of common and restricted shares, net 174 — — Repurchase of common shares (623) — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 148 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 323 — — Forfeiture of Series F shares — — (233) Balance at December 31, 2023 329,015 2,686 11,868 Common Stock In July 2021, the Company entered into an ATM sales agreement under which the Company may offer and sell up to 20.0 million shares of its common stock, from time to time, to or through its sales agents and may enter into separate forward sales agreements to or through its forward purchasers. Upon entering into the ATM sales agreement, the Company simultaneously terminated the sales agreement for its prior at-the-market equity offering program, which was entered into in July 2017. During the year ended December 31, 2023, the Company entered into the following equity transactions for our common stock: ● Repurchased 0.6 million shares of common stock at a weighted average price per share of $40.13 , for total consideration of approximately $25.0 million. ● Issued 0.2 million shares, net of forfeitures, of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”); and ● Issued 0.5 million shares of common stock upon redemption of OP Units and DownREIT Units, resulting in the forfeiture of 0.2 million Series F Preferred shares. Distributions are subject to the approval of the Board of Directors and are dependent upon our strategy, financial condition and operating results. UDR’s common distributions for the years ended December 31, 2023, 2022, and 2021 totaled $1.68, $1.52, and $1.45 per share, respectively. Preferred Stock The Series E Cumulative Convertible Preferred Stock (“Series E”) has no stated par value and a liquidation preference of $16.61 per share. Subject to certain adjustments and conditions, each share of the Series E is convertible at any time at the holder’s option into one share of our common stock prior to a “Special Dividend” declared in 2008 (1.083 shares after the Special Dividend). The holders of the Series E are entitled to vote on an as-converted basis as a single class in combination with the holders of common stock at any meeting of our stockholders for the election of directors or for any other purpose on which the holders of common stock are entitled to vote. The Series E has no stated maturity and is not subject to any sinking fund or any mandatory redemption. Distributions declared on the Series E for the years ended December 31, 2023, 2022, and 2021 were $1.82, $1.65, and $1.57 per share, respectively. The Series E is not listed on any exchange. At December 31, 2023 and 2022, a total of 2.7 million and 2.7 million, respectively, shares of the Series E were outstanding. UDR is authorized to issue up to 20.0 million shares of the Series F Preferred Stock (“Series F”). The Series F may be purchased by certain holders of OP Units and DownREIT Units, at a purchase price of $0.0001 per share. OP/DownREIT Unitholders are entitled to subscribe for and purchase one share of UDR’s Series F for each OP/DownREIT Unit held. During the years ended December 31, 2023 and 2022, 0.2 million and 0.5 million of the Series F shares were forfeited upon the conversion of OP Units and DownREIT Units into Company common stock, respectively. At December 31, 2023 and 2022, a total of 11.9 million and 12.1 million shares, respectively, of the Series F were outstanding with an aggregate purchase value of $1,187 and $1,210, respectively. Holders of the Series F are entitled to one vote for each share of the Series F they hold, voting together with the holders of our common stock, on each matter submitted to a vote of security holders at a meeting of our stockholders. The Series F does not entitle its holders to dividends or any other rights, privileges or preferences. Distribution Reinvestment and Stock Purchase Plan UDR’s Distribution Reinvestment and Stock Purchase Plan allows common and preferred stockholders the opportunity to purchase, through the reinvestment of cash dividends and by making additional cash payments, additional shares of UDR’s common stock. During the year ended December 31, 2023, all shares issued with respect to the plan were acquired through the open market.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2023
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	In May 2022, the stockholders of UDR approved an amendment and restatement to the LTIP. The LTIP authorizes the granting of awards which may take the form of options to purchase shares of common stock, stock appreciation rights, restricted stock, dividend equivalents, partnership interests in the Operating Partnership designated as LTIP Units, performance partnership interests in the Operating Partnership designated as Performance Units, other stock-based awards, and any other right or interest relating to common stock or cash incentive awards to Company directors, employees and outside trustees to promote the success of the Company by linking individual’s compensation via grants of share based payment. LTIP Units and Performance Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes, meaning that initially they are not economically equivalent in value to a share of our common stock, but over time can increase in value to one-for-one parity with common stock by operation of special tax rules applicable to profits interests. Until and unless such parity is reached, the value that an executive will realize for a given number of vested LTIP Units or Performance Units is less than the value of an equal number of shares of our common stock. As of December 31, 2023, 35.0 million shares were reserved on an unadjusted basis for issuance upon the grant or exercise of awards under the LTIP. As of December 31, 2023, there were 10.6 million common shares available for issuance under the LTIP. The LTIP contains double trigger change of control provisions allowing for the vesting of an award when certain conditions are met upon qualifying events such as a merger where UDR is not the surviving entity. Upon the death or disability of an award recipient, all outstanding instruments will vest and all restrictions will lapse. The LTIP specifies that in the event of a capital transaction, which includes but is not limited to stock dividends, stock splits, extraordinary cash dividends and spin-offs, the number of shares available for grant in totality or to a single individual is to be adjusted proportionately. The LTIP specifies that when a capital transaction occurs that would dilute the holder of the stock award, prior grants are to be adjusted such that the recipient is no worse as a result of the capital transaction. A summary of UDR’s Performance Units, LTIP Units, restricted stock and option activities during the year ended December 31, 2023 is as follows ( shares in thousands Unvested Performance Units Outstanding Performance Units Exercisable Unvested Stock Options Outstanding Stock Options Exercisable LTIP Units Restricted Stock Weighted Weighted Weighted Weighted Weighted Weighted Average Fair Average Average Average Average Average Fair Value Per Number of Exercise Number of Exercise Number of Exercise Number of Exercise Number of Value Per Number Restricted Units Price Units Price Options Price Options Price LTIP Units LTIP Unit of shares Stock Balance, December 31, 2022 2,749 $ 44.66 1,823 $ 36.85 1,225 $ 45.91 — $ — 491 $ 53.69 273 $ 48.77 Granted 2,207 38.59 — — 133 38.59 — — 232 50.11 224 41.21 Exercised — — — — — — — — — — — — Vested (455) 40.28 455 40.28 (19) 59.90 19 59.90 (411) 54.09 (125) 47.84 Forfeited (a) (784) 46.28 — — — — — — — — (7) 47.03 Balance, December 31, 2023 3,717 $ 41.25 2,278 $ 37.53 1,339 $ 44.99 19 $ 59.90 312 $ 50.51 365 $ 44.53 (a) During the year ended December 31, 2023, UDR recorded a $4.1 million expense related to the cancellation of 0.8 million of unvested Performance Unit awards, which is included in General and administrative on the Consolidated Statements of Operations. As of December 31, 2023, the Company had granted 6.9 million shares of restricted stock, 3.0 million LTIP Units, 6.0 million Performance Units, and 1.4 million stock options under the LTIP. Stock Option Awards UDR has granted stock options to our employees and Company directors. Subject to certain conditions, each stock option is exercisable into one share of UDR common stock. The total remaining compensation cost on unvested stock options was $2.9 million as of December 31, 2023. During the year ended December 31, 2023, no stock options were exercised. The weighted average remaining contractual life on all stock options outstanding as of December 31, 2023 is 8.6 years and such options have a weighted average exercise price of $44.99. During the years ended December 31, 2023 and 2022, we recognized $0.6 million and $0.7 million, respectively, of net compensation expense related to outstanding stock options. No compensation expense related to outstanding stock options was recognized during the year ended December 31, 2021. Restricted Stock Awards Restricted stock awards are granted to our employees and Company directors. The restricted stock awards are valued based upon the closing sales price of UDR common stock on the date of grant. Compensation expense is recorded under either the straight-line method or graded vesting method over the vesting period, which is generally one one Unit Awards one one Performance Unit Awards UDR has granted Performance Units to our employees and Company directors. Subject to certain conditions, each Performance Unit is exercisable into one Operating Partnership common unit. Compensation expense is recorded under either the straight-line method or graded vesting method over the vesting period, which is generally one one The total remaining compensation cost on unvested Performance Units was $11.6 million as of December 31, 2023. During the year ended December 31, 2023, no Performance Units were exercised. The weighted average remaining contractual life on all Performance Units outstanding as of December 31, 2023 is 8.1 years and such Performance Units have a weighted average exercise price of $41.25. During the years ended December 31, 2023, 2022 and 2021, we recognized $19.8 million, $5.2 million and $11.7 million, respectively, of net compensation expense related to outstanding Performance Units. Short-Term Incentive Compensation Compensation - Stock Compensation share of UDR common stock. The restricted stock awards, STI Unit awards, and STI Performance Unit awards are primarily based on the Company’s performance and are subject to adjustment based on performance against predefined metrics during the one-year performance period. In January 2022, certain officers of the Company were awarded STI Unit grants under the 2022 Long-Term Incentive Program (“2022 LTI”). The STI Unit awards represent short-term incentive compensation for the officers and were valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant in accordance with ASC 718, Compensation - Stock Compensation Compensation - Stock Compensation Long-Term Incentive Compensation In January 2023, certain officers of the Company were awarded either a restricted stock grant, an LTIP Unit grant, or an LTIP Performance Unit grant, or a combination of all three, under the 2023 LTI. For all three restricted stock grants, LTIP Unit grants and Performance Unit grants, thirty percent of the 2023 LTI award is based upon FFO as Adjusted over a one-year period and will vest fifty percent on the one-year anniversary and fifty percent on the two-year anniversary. Fifteen percent of the 2023 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2023 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby all three will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $38.59 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $17.58 per unit on the grant date, inclusive of an 8.9% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $18.45 per unit on the grant date, inclusive of a 4.4% discount. Because LTIP Performance Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Performance Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Performance Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $4.12 per unit on the grant date, inclusive of an 8.9% discount, a volatility factor of 29.0%, an expected life of 5.5 years, an annualized risk-free rate of 4.09%, and an annual dividend yield of 3.3%, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $4.29 per unit on the grant date, inclusive of a 4.4% discount, a volatility factor of 27.0%, an expected life of 6.5 years, an annualized risk-free rate of 4.08%, and an annual dividend yield of 3.3%. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $44.85 per share for the comparable apartment REITs component and $43.30 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 36.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $21.62 per unit, inclusive of a 4.4% discount, for the comparable apartment REITs component and $20.89 per unit, inclusive of a 4.4% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 36.0%. The portion of the LTIP Performance Unit grant based upon relative TSR was valued for compensation expense purposes at $6.02 per unit, inclusive of a 4.4% discount, for the comparable apartment REITs component and $5.86 per unit, inclusive of a 4.4% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 16.0%, an expected life of 6.5 years, an annualized risk-free rate of 4.08%, and an annual dividend yield of 3.2%. In January 2022, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2022 LTI. For both restricted stock grants and LTIP Unit grants, thirty percent of the 2022 LTI award is based upon FFO as Adjusted over an approximately one-year period and will vest fifty percent on the one-year anniversary and fifty percent on the two-year anniversary. Fifteen percent of the 2022 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2022 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby both will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $59.90 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $27.04 per unit on the grant date, inclusive of a 9.7% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $28.72 per unit on the grant date, inclusive of a 4.1% discount. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $66.83 per share for the comparable apartment REITs component and $68.02 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 33.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $31.95 per unit, inclusive of a 4.1% discount, for the comparable apartment REITs component and $32.85 per unit, inclusive of a 4.1% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 33.0%. In January 2021, certain officers of the Company were awarded either a restricted stock grant, an LTIP Unit grant, or an LTIP Performance Unit grant, or a combination of all three, under the 2021 LTI. For all three restricted stock grants, LTIP Unit grants and Performance Unit grants, thirty percent of the 2021 LTI award is based upon FFO as Adjusted over an approximately one-year period and will vest fifty percent on the one-year anniversary and fifty percent on the two-year anniversary. Fifteen percent of the 2021 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2021 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby all three will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $36.85 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $16.69 per unit on the grant date, inclusive of a 9.4% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $17.71 per unit on the grant date, inclusive of a 3.9% discount. Because LTIP Performance Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Performance Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Performance Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $2.67 per unit on the grant date, inclusive of a 9.4% discount, a volatility factor of 27.0%, an expected life of 5.5 years, an annualized risk-free rate of 0.49%, and an annual dividend yield of 3.4%, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $2.85 per unit on the grant date, inclusive of a 3.9% discount, a volatility factor of 26.0%, an expected life of 6.5 years, an annualized risk-free rate of 0.57%, and an annual dividend yield of 3.4%. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $40.09 per share for the comparable apartment REITs component and $39.95 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 33.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $19.43 per unit, inclusive of a 3.9% discount, for the comparable apartment REITs component and $19.37 per unit, inclusive of a 3.9% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 33.0%. The portion of the LTIP Performance Unit grant based upon relative TSR was valued for compensation expense purposes at $3.59 per unit, inclusive of a 3.9% discount, for the comparable apartment REITs component and $3.70 per unit, inclusive of a 3.9% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 33.0%, an expected life of 6.5 years, an annualized risk-free rate of 0.16%, and an annual dividend yield of 3.5%. Profit Sharing Plan Our profit sharing plan (the “Plan”) is a defined contribution plan covering all eligible full-time employees. Under the Plan, UDR makes discretionary profit sharing and matching contributions to the Plan as determined by the Compensation Committee of the Board of Directors. Aggregate provisions for contributions, both matching and discretionary, which are included in General and administrative

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	11. INCOME TAXES For 2023, 2022, and 2021, UDR believes that we have complied with the REIT requirements specified in the Code. As such, the REIT would generally not be subject to federal income taxes. For income tax purposes, distributions paid to common stockholders may consist of ordinary income, qualified dividends, capital gains, unrecaptured section 1250 gains, return of capital, or a combination thereof. Distributions that exceed our current and accumulated earnings and profits constitute a return of capital rather than taxable income and reduce the stockholder’s basis in their common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholder’s basis in the common shares, it generally will be treated as a gain from the sale or exchange of that stockholder’s common shares. Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2023, 2022 and 2021 ( unaudited Year Ended December 31, 2023 2022 2021 Ordinary income $ 1.4384 $ 1.3329 $ 0.9798 Qualified ordinary income 0.0001 0.0001 0.0405 Long-term capital gain 0.1697 0.1521 0.3577 Unrecaptured section 1250 gain 0.0318 0.0174 0.0695 Total $ 1.6400 $ 1.5025 $ 1.4475 We have a TRS that is subject to federal and state income taxes. A TRS is a C-corporation which has not elected REIT status and as such is subject to United States federal and state income tax. The components of the provision for income taxes are as follows for the years ended December 31, 2023, 2022, and 2021 (dollars in thousands) Year Ended December 31, 2023 2022 2021 Income tax (benefit)/provision Current Federal $ 69 $ — $ 2,693 State 2,036 440 1,236 Total current 2,105 440 3,929 Deferred Federal 26 (27) (1,770) State 23 (16) (672) Investment tax credit (48) (48) (48) Total deferred 1 (91) (2,490) Total income tax (benefit)/provision $ 2,106 $ 349 $ 1,439 Deferred income taxes are provided for the change in temporary differences between the basis of certain assets and liabilities for financial reporting purposes and income tax reporting purposes. The expected future tax rates are based upon enacted tax laws. The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2023, 2022, and 2021 (dollars in thousands): Year Ended December 31, 2023 2022 2021 Deferred tax assets: Federal and state tax attributes $ 28 $ 157 $ 60 Other 153 64 102 Total deferred tax assets 181 221 162 Valuation allowance (27) (33) (32) Net deferred tax assets 154 188 130 Deferred tax liabilities: Book/tax depreciation and basis (881) (876) (860) Other (76) (67) (68) Total deferred tax liabilities (957) (943) (928) Net deferred tax assets/(liabilities) $ (803) $ (755) $ (798) Income tax provision/(benefit), net from our TRS differed from the amounts computed by applying the U.S. statutory rate of 21% to pretax income/(loss) for the years ended December 31, 2023, 2022, and 2021 as follows (dollars in thousands): Year Ended December 31, 2023 2022 2021 Income tax provision/(benefit) U.S. federal income tax provision/(benefit) $ 105 $ (109) $ 1,058 State income tax provision 2,054 914 664 Other items — (409) (246) Solar credit amortization (48) (48) (48) ITC basis adjustment — — 2 Valuation allowance (5) 1 9 Total income tax provision/(benefit) $ 2,106 $ 349 $ 1,439 As of December 31, 2023, the Company had federal net operating loss carryovers (“NOL”) of $23.9 million expiring in 2032 through 2035 and state NOLs of $65.4 million expiring in 2023 through 2032. A portion of these attributes are still available to the subsidiary REITs, but are carried at a zero effective tax rate. The Company’s Tax benefit/(provision), net The Company evaluates our tax position using a two-step process. First, we determine whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company will then determine the amount of benefit to recognize and record the amount of the benefit that is more likely than not to be realized upon ultimate settlement. As of December 31, 2023 and 2022, UDR has no material unrecognized income tax benefits/(provisions), net. The Company files income tax returns in federal and various state and local jurisdictions. The tax years 2020 through 2022 remain open to examination by the major taxing jurisdictions to which the Company is subject .

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
NONCONTROLLING INTERESTS	Dec. 31, 2023
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income attributable to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the years ended December 31, 2023 and 2022 ( dollars in thousands Year Ended December 31, 2023 2022 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at beginning of year $ 839,850 $ 1,299,442 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,211) (444,293) OP Units issued for real estate, net 141,359 — Conversion of OP Units/DownREIT Units to Common Stock or Cash (30,569) (44,346) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 30,104 5,613 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (39,072) (34,020) Redeemable Long-Term and Short-Term Incentive Plan Units 29,857 56,568 Allocation of other comprehensive income/(loss) (231) 886 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at end of year $ 961,087 $ 839,850 Noncontrolling Interests Noncontrolling interests represent interests of unrelated partners in certain consolidated affiliates, and are presented as part of equity on the Consolidated Balance Sheets since these interests are not redeemable. Net (income)/loss attributable to noncontrolling interests

FAIR VALUE OF DERIVATIVES AND F

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	12 Months Ended
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	Dec. 31, 2023
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	13. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: ● Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. ● Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2023 and 2022 are summarized as follows (dollars in thousands) Fair Value at December 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 December 31, December 31, Liabilities Inputs Inputs 2023 (a) 2023 (Level 1) (Level 2) (Level 3) Description: Notes receivable, net (b) $ 228,825 $ 222,755 $ — $ — $ 222,755 Equity securities (c) 7,210 7,210 7,210 — — Derivatives - Interest rate contracts (d) 10,103 10,103 — 10,103 — Total assets $ 246,138 $ 240,068 $ 7,210 $ 10,103 $ 222,755 Secured debt instruments - fixed rate: (e) Mortgage notes payable $ 1,215,228 $ 1,124,140 $ — $ — $ 1,124,140 Secured debt instruments - variable rate: (e) Mortgage notes payable 40,017 40,017 — — 40,017 Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Unsecured debt instruments: (e) Working capital credit facility 4,593 4,593 — — 4,593 Commercial paper program 408,075 408,075 — — 408,075 Unsecured notes 4,129,010 3,611,697 — — 3,611,697 Total liabilities $ 5,823,923 $ 5,215,522 $ — $ — $ 5,215,522 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) $ 961,087 $ 961,087 $ — $ 961,087 $ — 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 December 31, 2023 and 2022. The Company currently classifies the investment as Level 1 in the fair value hierarchy. During the years ended December 31, 2023 and 2022, the Company increased its direct investment in SmartRent due to stock distributions from its unconsolidated real estate technology investments. During the year ended December 31, 2023, the Company sold 4.6 million shares of SmartRent at an average price per share of $3.18 for net proceeds of $14.4 million and recognized a net realized/unrealized gain on sale of $2.5 million recorded in Interest income and other income/(expense), net on the Consolidated Statement of Operations. During the year ended December 31, 2022, the Company did not sell any shares of SmartRent. (d) See Note 14, Derivatives and Hedging Activity . (e) See Note 7, Secured and Unsecured Debt, Net . (f) See Note 12, Noncontrolling Interests . There were no transfers into or out of any of the levels of the fair value hierarchy during the year ended December 31, 2023 and 2022. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate swaps and caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2023 and 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 December 31, 2023, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaids, real estate taxes payable, accrued interest payable, security deposits and prepaid rent, distributions payable and accounts payable approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments, which includes notes receivable and debt instruments, are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITY	12 Months Ended
DERIVATIVES AND HEDGING ACTIVITY	Dec. 31, 2023
DERIVATIVES AND HEDGING ACTIVITY
DERIVATIVES AND HEDGING ACTIVITY	14. DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in Accumulated other comprehensive income/(loss), net Amounts reported in Accumulated other comprehensive income/(loss), net Interest expense As of December 31, 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 December 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 December 31, 2023 and 2022 ( dollars in thousands Asset Derivatives Liability Derivatives (included in Other assets ) (included in Other liabilities ) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, 2023 2022 2023 2022 Derivatives designated as hedging instruments: Interest rate products $ 10,103 $ 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 years ended December 31, 2023, 2022, and 2021 ( dollars in thousands Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2023 2022 2021 2023 2022 2021 2023 2022 2021 Interest rate products $ 3,872 $ 14,489 $ 3,502 $ 7,533 $ 998 $ (1,755) $ — $ — $ — Year Ended December 31, 2023 2022 2021 Total amount of Interest expense $ 180,866 $ 155,900 $ 186,267 Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement. Tabular Disclosure of Offsetting Derivatives The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2023 and 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 December 31, 2023 $ 10,103 $ — $ 10,103 $ — $ — $ 10,103 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 December 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	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES Commitments The following summarizes the Company’s commitments at December 31, 2023 ( dollars in thousands Number UDR's UDR's Remaining Properties Investment (a) Commitment Real estate commitments Wholly-owned — under development 2 $ 160,404 $ 27,096 Wholly-owned — redevelopment (b) 14 73,869 123,030 Other unconsolidated investments: Real estate technology and sustainability investments (c) - 55,948 40,052 Total $ 290,221 $ 190,178 (a) Represents UDR’s investment as of December 31, 2023. (b) Projects consist of unit renovations and/or renovation of related common area amenities. (c) As of December 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	12 Months Ended
REPORTABLE SEGMENTS	Dec. 31, 2023
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	16. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s Chief Operating Decision Maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs. UDR’s Chief Operating Decision Maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities Non-Mature Communities/Other ● Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2022 and held as of December 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 year, there is no plan to conduct substantial redevelopment activities, and the community is not classified as held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. ● Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community Non-Mature Community/Other All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the years ended December 31, 2023, 2022, and 2021. The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 842, Leases Lease revenue also includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. These services represent non-lease components in a contract as the Company transfers a service to the lessee other than the right to use the underlying asset. The Company has elected the practical expedient under the leasing standard to not separate lease and non-lease components from its resident and retail lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease. Other Revenue Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. Joint venture management and other fees The Joint venture management and other fees Joint venture management and other fees The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2023, 2022, and 2021, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) Year Ended December 31, 2023 2022 2021 Reportable apartment home segment lease revenue Same-Store Communities West Region $ 463,119 $ 443,435 $ 399,692 Mid-Atlantic Region 301,785 286,825 249,455 Northeast Region 302,568 282,744 239,301 Southeast Region 226,352 210,156 166,800 Southwest Region 150,818 144,031 118,316 Non-Mature Communities/Other 125,868 97,643 72,323 Total segment and consolidated lease revenue $ 1,570,510 $ 1,464,834 $ 1,245,887 Reportable apartment home segment other revenue Same-Store Communities West Region $ 11,672 $ 11,899 $ 10,214 Mid-Atlantic Region 11,772 10,868 8,490 Northeast Region 7,005 6,895 5,241 Southeast Region 9,413 8,822 7,275 Southwest Region 6,333 5,820 4,924 Non-Mature Communities/Other 3,953 3,226 2,634 Total segment and consolidated other revenue $ 50,148 $ 47,530 $ 38,778 Total reportable apartment home segment rental income Same-Store Communities West Region $ 474,791 $ 455,334 $ 409,906 Mid-Atlantic Region 313,557 297,693 257,945 Northeast Region 309,573 289,639 244,542 Southeast Region 235,765 218,978 174,075 Southwest Region 157,151 149,851 123,240 Non-Mature Communities/Other 129,821 100,869 74,957 Total segment and consolidated rental income $ 1,620,658 $ 1,512,364 $ 1,284,665 Reportable apartment home segment NOI Same-Store Communities West Region $ 354,320 $ 339,954 $ 300,828 Mid-Atlantic Region 216,379 204,923 177,339 Northeast Region 204,247 189,922 151,521 Southeast Region 162,090 149,132 116,239 Southwest Region 100,657 94,934 75,993 Non-Mature Communities/Other 77,077 61,527 45,205 Total segment and consolidated NOI 1,114,770 1,040,392 867,125 Reconciling items: Joint venture management and other fees 6,843 5,022 6,102 Property management (52,671) (49,152) (38,540) Other operating expenses (20,222) (17,493) (21,649) Real estate depreciation and amortization (676,419) (665,228) (606,648) General and administrative (69,929) (64,144) (57,541) Casualty-related (charges)/recoveries, net (3,138) (9,733) (3,748) Other depreciation and amortization (15,419) (14,344) (13,185) Gain/(loss) on sale of real estate owned 351,193 25,494 136,052 Income/(loss) from unconsolidated entities 4,693 4,947 65,646 Interest expense (180,866) (155,900) (186,267) Interest income and other income/(expense), net 17,759 (6,933) 15,085 Tax (provision)/benefit, net (2,106) (349) (1,439) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (30,104) (5,613) (10,873) Net (income)/loss attributable to noncontrolling interests (31) (42) (104) Net income/(loss) attributable to UDR, Inc. $ 444,353 $ 86,924 $ 150,016 (a) Same-Store Community population consisted of 51,368 apartment homes. The following table details the assets of UDR’s reportable segments as of December 31, 2023 and 2022 (dollars in thousands) December 31, December 31, 2023 2022 Reportable apartment home segment assets: Same-Store Communities (a): West Region $ 4,360,532 $ 4,295,073 Mid-Atlantic Region 3,201,640 3,140,167 Northeast Region 3,669,538 3,629,026 Southeast Region 1,579,201 1,521,489 Southwest Region 1,324,942 1,287,332 Non-Mature Communities/Other 1,888,006 1,696,985 Total segment assets 16,023,859 15,570,072 Accumulated depreciation (6,267,830) (5,762,501) Total segment assets — net book value 9,756,029 9,807,571 Reconciling items: Cash and cash equivalents 2,922 1,193 Restricted cash 31,944 29,001 Notes receivable, net 228,825 54,707 Investment in and advances to unconsolidated joint ventures, net 952,934 754,446 Operating lease right-of-use assets 190,619 194,081 Other assets 209,969 197,471 Total consolidated assets $ 11,373,242 $ 11,038,470 (a) Same-Store Community population consisted of 51,368 apartment homes. Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C., Baltimore and Richmond iii. Northeast Region — Boston, New York and Philadelphia iv. Southeast Region — Tampa, Orlando, Nashville and Other Florida v. Southwest Region — Dallas, Austin and Denver

SCHEDULE III - REAL ESTATE OWNE

SCHEDULE III - REAL ESTATE OWNED	12 Months Ended
SCHEDULE III - REAL ESTATE OWNED	Dec. 31, 2023
Schedule III - Real Estate Owned
Schedule III - Real Estate Owned	UDR, INC. SCHEDULE III — REAL ESTATE OWNED DECEMBER 31, 2023 (In thousands) Gross Amount at Which Initial Costs Carried at Close of Period Costs of Improvements Capitalized Land and Buildings Total Initial Subsequent Land and Buildings & Total Land and Acquisition to Acquisition Land Buildings Carrying Accumulated Date of Date Encumbrances Improvements Improvements Costs Costs Improvements Improvements Value Depreciation Construction(a) Acquired WEST REGION Harbor at Mesa Verde $ — $ 20,476 $ 28,538 $ 49,014 $ 28,532 $ 22,789 $ 54,757 $ 77,546 $ 44,469 1965/2003 Jun-03 27 Seventy Five Mesa Verde — 99,329 110,644 209,973 114,805 117,402 207,376 324,778 175,675 1979/2013 Oct-04 Huntington Vista — 8,055 22,486 30,541 17,674 9,534 38,681 48,215 31,045 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 5,298 11,141 8,515 19,656 6,858 1969 Dec-03 Eight 80 Newport Beach - North — 62,516 46,082 108,598 58,082 71,036 95,644 166,680 76,215 1968/2000/2016 Oct-04 Eight 80 Newport Beach - South — 58,785 50,067 108,852 54,549 63,849 99,552 163,401 71,564 1968/2000/2016 Mar-05 Beach & Ocean — 12,878 — 12,878 41,282 13,408 40,752 54,160 22,049 2014 Aug-11 The Residences at Bella Terra — 25,000 — 25,000 132,737 25,988 131,749 157,737 78,988 2013 Oct-11 The Residences at Pacific City — 78,085 — 78,085 281,051 79,025 280,111 359,136 106,653 2018 Jan-14 ORANGE COUNTY, CA — 365,353 271,946 637,299 734,010 414,172 957,137 1,371,309 613,516 2000 Post Street — 9,861 44,578 54,439 46,869 14,640 86,668 101,308 56,181 1987/2016 Dec-98 Birch Creek — 4,365 16,696 21,061 12,350 1,657 31,754 33,411 22,030 1968 Dec-98 Highlands Of Marin — 5,996 24,868 30,864 31,919 8,352 54,431 62,783 43,701 1991/2010 Dec-98 Marina Playa — 6,224 23,916 30,140 16,822 1,541 45,421 46,962 30,318 1971 Dec-98 River Terrace — 22,161 40,137 62,298 10,955 23,027 50,226 73,253 39,624 2005 Aug-05 CitySouth — 14,031 30,537 44,568 42,885 16,839 70,614 87,453 58,321 1972/2012 Nov-05 Bay Terrace — 8,545 14,458 23,003 9,849 11,718 21,134 32,852 15,228 1962 Oct-05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,848 5,783 29,977 35,760 23,105 1968/2010 Oct-07 Edgewater — 30,657 83,872 114,529 14,226 30,843 97,912 128,755 70,402 2007 Mar-08 Almaden Lake Village 27,000 594 42,515 43,109 14,003 1,138 55,974 57,112 39,285 1999 Jul-08 388 Beale — 14,253 74,104 88,357 23,393 14,712 97,038 111,750 59,184 1999 Apr-11 Channel Mission Bay — 23,625 — 23,625 135,225 24,459 134,391 158,850 79,183 2014 Sep-10 5421 at Dublin Station — 8,922 — 8,922 118,105 8,931 118,096 127,027 9,118 2022 Sep-16 HQ — 19,938 65,816 85,754 657 19,938 66,473 86,411 5,248 2021 Sep-22 Residences at Lake Merritt 40,017 8,664 56,876 65,540 — 8,664 56,876 65,540 9 2023 Dec-23 SAN FRANCISCO, CA 67,017 183,189 536,932 720,121 489,106 192,242 1,016,985 1,209,227 550,937 Crowne Pointe — 2,486 6,437 8,923 11,598 3,293 17,228 20,521 13,719 1987 Dec-98 Hilltop — 2,174 7,408 9,582 7,917 3,145 14,354 17,499 11,648 1985 Dec-98 The Kennedy — 6,179 22,307 28,486 6,826 6,440 28,872 35,312 21,185 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 11,324 7,373 41,721 49,094 29,318 2000 May-08 Island Square — 21,284 89,389 110,673 11,121 21,753 100,041 121,794 69,982 2007 Jul-08 elements too — 27,468 72,036 99,504 25,300 30,381 94,423 124,804 77,695 2010 Feb-10 989elements — 8,541 45,990 54,531 8,485 8,703 54,313 63,016 35,723 2006 Dec-09 Lightbox — 6,449 38,884 45,333 1,818 6,490 40,661 47,151 22,778 2014 Aug-14 Ashton Bellevue — 8,287 124,939 133,226 6,296 8,395 131,127 139,522 49,989 2009 Oct-16 TEN20 — 5,247 76,587 81,834 6,880 5,309 83,405 88,714 32,097 2009 Oct-16 Milehouse — 5,976 63,041 69,017 2,001 6,058 64,960 71,018 28,356 2016 Nov-16 CityLine — 11,220 85,787 97,007 1,627 11,249 87,385 98,634 37,002 2016 Jan-17 CityLine II — 3,723 56,843 60,566 596 3,724 57,438 61,162 20,469 2018 Jan-19 Brio — 21,780 147,188 168,968 3,973 21,802 151,139 172,941 22,342 2020 Jul-21 SEATTLE, WA — 137,662 867,758 1,005,420 105,762 144,115 967,067 1,111,182 472,303 Boronda Manor — 1,946 8,982 10,928 13,564 3,499 20,993 24,492 14,708 1979 Dec-98 Garden Court — 888 4,188 5,076 7,963 1,831 11,208 13,039 7,938 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 20,972 5,961 30,933 36,894 22,925 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 8,850 2,549 12,720 15,269 9,532 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 37,173 10,516 56,899 67,415 41,266 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 14,254 3,790 20,536 24,326 14,832 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 9,463 2,408 13,718 16,126 9,667 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 112,239 30,554 167,007 197,561 120,868 Rosebeach — 8,414 17,449 25,863 8,996 9,029 25,830 34,859 20,545 1970 Sep-04 Tierra Del Rey — 39,586 36,679 76,265 11,580 40,094 47,751 87,845 34,397 1998 Dec-07 The Westerly — 48,182 102,364 150,546 49,562 51,276 148,832 200,108 105,696 1993/2013 Sep-10 Jefferson at Marina del Rey — 55,651 — 55,651 104,482 62,662 97,471 160,133 72,963 2008 Sep-07 LOS ANGELES, CA — 151,833 156,492 308,325 174,620 163,061 319,884 482,945 233,601 Verano at Rancho Cucamonga Town Square — 13,557 3,645 17,202 65,582 24,699 58,085 82,784 51,712 2006 Oct-02 Windemere at Sycamore Highland — 5,810 23,450 29,260 11,498 6,524 34,234 40,758 26,115 2001 Nov-02 Gross Amount at Which Initial Costs Carried at Close of Period Costs of Improvements Capitalized Land and Buildings Total Initial Subsequent Land and Buildings & Total Land and Acquisition to Acquisition Land Buildings Carrying Accumulated Date of Date Encumbrances Improvements Improvements Costs Costs Improvements Improvements Value Depreciation Construction(a) Acquired Strata — 14,278 84,242 98,520 2,780 14,439 86,861 101,300 20,265 2010 Nov-19 OTHER SOUTHERN CA — 33,645 111,337 144,982 79,860 45,662 179,180 224,842 98,092 Tualatin Heights — 3,273 9,134 12,407 12,035 4,526 19,916 24,442 15,900 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 10,729 6,806 24,807 31,613 20,539 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 22,764 11,332 44,723 56,055 36,439 TOTAL WEST REGION 67,017 897,907 2,036,853 2,934,760 1,718,361 1,001,138 3,651,983 4,653,121 2,125,756 MID-ATLANTIC REGION Dominion Middle Ridge — 3,311 13,283 16,594 18,932 4,695 30,831 35,526 22,740 1990 Jun-96 Dominion Lake Ridge — 2,366 8,387 10,753 11,905 3,283 19,375 22,658 15,951 1987 Feb-96 Presidential Greens — 11,238 18,790 30,028 19,387 11,924 37,491 49,415 29,612 1938 May-02 The Whitmore — 6,418 13,411 19,829 27,977 7,846 39,960 47,806 34,052 1962/2008 Apr-02 Ridgewood -apts side — 5,612 20,086 25,698 17,819 6,688 36,829 43,517 29,519 1988 Aug-02 Waterside Towers — 13,001 49,657 62,658 39,976 51,284 51,350 102,634 39,970 1971 Dec-03 Wellington Place at Olde Town — 13,753 36,059 49,812 24,224 15,157 58,879 74,036 48,790 1987/2008 Sep-05 Andover House — 183 59,948 60,131 8,588 356 68,363 68,719 48,044 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 21,760 2,069 124,504 126,573 89,499 2007 Dec-07 Delancey at Shirlington — 21,606 66,765 88,371 11,279 21,714 77,936 99,650 54,376 2006/2007 Mar-08 View 14 — 5,710 97,941 103,651 8,977 5,788 106,840 112,628 66,547 2009 Jun-11 Capitol View on 14th — 31,393 — 31,393 99,186 31,505 99,074 130,579 61,086 2013 Sep-07 Domain College Park — 7,300 — 7,300 63,157 7,574 62,883 70,457 37,166 2014 Jun-11 1200 East West — 9,748 68,022 77,770 6,274 10,003 74,041 84,044 32,093 2010 Oct-15 Courts at Huntington Station — 27,749 111,878 139,627 8,532 28,230 119,929 148,159 59,972 2011 Oct-15 Eleven55 Ripley — 15,566 107,539 123,105 9,413 15,984 116,534 132,518 49,554 2014 Oct-15 Arbor Park of Alexandria 160,930 50,881 159,728 210,609 13,063 51,798 171,874 223,672 85,235 1969/2015 Oct-15 Courts at Dulles — 14,697 83,834 98,531 14,878 14,895 98,514 113,409 51,253 2000 Oct-15 Newport Village 127,600 50,046 177,454 227,500 23,888 50,912 200,476 251,388 102,925 1968 Oct-15 1301 Thomas Circle — 27,836 128,191 156,027 4,896 27,885 133,038 160,923 38,762 2006 Aug-19 Station on Silver — 16,661 109,198 125,859 1,904 16,759 111,004 127,763 23,720 2018 Dec-20 Seneca Place — 21,184 98,173 119,357 10,778 21,201 108,934 130,135 23,787 1985 Jun-21 Canterbury Apartments — 24,456 100,011 124,467 11,769 24,474 111,762 136,236 22,198 1986 Aug-21 The MO — 27,135 — 27,135 114,283 27,135 114,283 141,418 6,332 2023 Jan-19 METROPOLITAN, D.C. 288,530 408,987 1,632,031 2,041,018 592,845 459,159 2,174,704 2,633,863 1,073,183 Calvert's Walk — 4,408 24,692 29,100 14,247 5,434 37,913 43,347 30,123 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 19,759 12,518 64,581 77,099 43,729 2003 Mar-08 Domain Brewers Hill — 4,669 40,630 45,299 4,860 5,084 45,075 50,159 28,686 2009 Aug-10 Rodgers Forge — 15,392 67,958 83,350 9,943 15,621 77,672 93,293 25,538 1945 Apr-19 Towson Promenade 58,600 12,599 78,847 91,446 9,223 12,780 87,889 100,669 23,089 2009 Nov-19 1274 at Towson — 7,807 46,238 54,045 4,065 7,823 50,287 58,110 8,220 2020 Sep-21 Quarters at Towson Town Center — 16,111 106,453 122,564 16,834 16,107 123,291 139,398 29,330 2008 Nov-21 BALTIMORE, MD 58,600 72,736 410,408 483,144 78,931 75,367 486,708 562,075 188,715 Gayton Pointe Townhomes — 826 5,148 5,974 33,838 3,767 36,045 39,812 34,084 1973/2007 Sep-95 Waterside At Ironbridge — 1,844 13,239 15,083 13,553 3,172 25,464 28,636 20,208 1987 Sep-97 Carriage Homes at Wyndham — 474 30,997 31,471 13,168 4,523 40,116 44,639 33,610 1998 Nov-03 Legacy at Mayland — 1,979 11,524 13,503 39,423 6,318 46,608 52,926 43,764 1973/2007 Dec-91 RICHMOND, VA — 5,123 60,908 66,031 99,982 17,780 148,233 166,013 131,666 TOTAL MID-ATLANTIC REGION 347,130 486,846 2,103,347 2,590,193 771,758 552,306 2,809,645 3,361,951 1,393,564 NORTHEAST REGION Garrison Square — 6,475 91,027 97,502 30,493 6,819 121,176 127,995 75,144 1887/1990 Sep-10 Ridge at Blue Hills 25,000 6,039 34,869 40,908 8,906 6,646 43,168 49,814 28,124 2007 Sep-10 Inwood West 80,000 20,778 88,096 108,874 19,287 20,257 107,904 128,161 71,094 2006 Apr-11 14 North 72,500 10,961 51,175 62,136 21,501 11,902 71,735 83,637 47,016 2005 Apr-11 100 Pier 4 — 24,584 — 24,584 206,485 24,857 206,212 231,069 91,084 2015 Dec-15 345 Harrison — 32,938 — 32,938 332,575 44,982 320,531 365,513 98,041 2018 Nov-11 Currents on the Charles — 12,580 70,149 82,729 3,372 12,790 73,311 86,101 22,586 2015 Jun-19 The Commons at Windsor Gardens — 34,609 225,515 260,124 27,950 34,852 253,222 288,074 81,193 1969 Aug-19 Gross Amount at Which Initial Costs Carried at Close of Period Costs of Improvements Capitalized Land and Buildings Total Initial Subsequent Land and Buildings & Total Land and Acquisition to Acquisition Land Buildings Carrying Accumulated Date of Date Encumbrances Improvements Improvements Costs Costs Improvements Improvements Value Depreciation Construction(a) Acquired Charles River Landing — 17,068 112,777 129,845 4,424 17,367 116,902 134,269 31,498 2010 Nov-19 Lenox Farms 94,050 17,692 115,899 133,591 13,857 17,911 129,537 147,448 34,277 2009 Nov-19 Union Place 51,800 9,902 72,242 82,144 7,291 10,027 79,408 89,435 16,313 2005 Jan-21 Bradlee Danvers — 28,669 175,114 203,783 11,937 28,689 187,031 215,720 20,090 1874/2008 Jun-22 BOSTON, MA 323,350 222,295 1,036,863 1,259,158 688,078 237,099 1,710,137 1,947,236 616,460 10 Hanover Square — 41,432 218,983 260,415 36,689 41,917 255,187 297,104 141,638 2005/2020 Apr-11 21 Chelsea — 36,399 107,154 143,553 17,825 36,531 124,847 161,378 73,869 2001 Aug-11 View 34 — 114,410 324,920 439,330 126,178 116,145 449,363 565,508 273,754 1985/2013 Jul-11 95 Wall Street — 57,637 266,255 323,892 18,381 58,718 283,555 342,273 180,171 2008 Aug-11 Leonard Pointe — 38,010 93,204 131,214 2,537 38,078 95,673 133,751 31,102 2015 Feb-19 One William — 6,422 75,527 81,949 2,312 6,478 77,783 84,261 22,787 2018 Aug-19 NEW YORK, NY — 294,310 1,086,043 1,380,353 203,922 297,867 1,286,408 1,584,275 723,321 Park Square — 10,365 96,050 106,415 2,646 10,615 98,446 109,061 31,893 2018 May-19 The Smith Valley Forge — 17,853 95,973 113,826 2,198 17,861 98,163 116,024 15,740 2019 Sep-21 322 on North Broad — 12,240 124,524 136,764 10,168 12,259 134,673 146,932 22,482 2018 Sep-21 The George Apartments — 17,341 — 17,341 49,107 17,350 49,098 66,448 5,108 2022 Aug-20 PHILADELPHIA, PA — 57,799 316,547 374,346 64,119 58,085 380,380 438,465 75,223 TOTAL NORTHEAST REGION 323,350 574,404 2,439,453 3,013,857 956,119 593,051 3,376,925 3,969,976 1,415,004 SOUTHEAST REGION Summit West — 2,176 4,710 6,886 18,886 4,366 21,406 25,772 16,811 1972 Dec-92 The Breyley — 1,780 2,458 4,238 22,178 4,432 21,984 26,416 21,465 1977/2007 Sep-93 Lakewood Place — 1,395 10,647 12,042 17,428 3,312 26,158 29,470 22,144 1986 Mar-94 Cambridge Woods — 1,791 7,166 8,957 16,314 3,811 21,460 25,271 17,819 1985 Jun-97 Inlet Bay — 7,702 23,150 30,852 27,124 11,059 46,917 57,976 40,006 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 20,413 12,818 55,322 68,140 43,583 2001 Dec-04 The Vintage Lofts at West End — 6,611 37,663 44,274 26,103 16,061 54,316 70,377 43,176 2009 Jul-09 Peridot Palms — 6,293 89,752 96,045 4,081 6,490 93,636 100,126 31,756 2017 Feb-19 The Preserve at Gateway — 4,467 43,723 48,190 2,852 4,534 46,508 51,042 14,871 2013 May-19 The Slade at Channelside — 10,216 72,786 83,002 6,573 10,440 79,135 89,575 21,437 2009 Jan-20 Andover Place at Cross Creek — 11,702 107,761 119,463 10,314 11,742 118,035 129,777 29,407 1997/1999 Nov-20 TAMPA, FL — 65,002 436,674 501,676 172,266 89,065 584,877 673,942 302,475 Seabrook — 1,846 4,155 6,001 12,292 3,367 14,926 18,293 13,514 1984/2004 Feb-96 Altamira Place — 1,533 11,076 12,609 26,314 4,115 34,808 38,923 32,713 1984/2007 Apr-94 Regatta Shore — 757 6,608 7,365 21,453 2,766 26,052 28,818 23,655 1988/2007 Jun-94 Alafaya Woods — 1,653 9,042 10,695 15,523 2,996 23,222 26,218 20,063 1989/2006 Oct-94 Los Altos — 2,804 12,349 15,153 16,585 4,705 27,033 31,738 23,434 1990/2004 Oct-96 Lotus Landing — 2,185 8,639 10,824 16,378 3,401 23,801 27,202 18,739 1985/2006 Jul-97 Seville On The Green — 1,282 6,498 7,780 11,686 1,981 17,485 19,466 13,430 1986/2004 Oct-97 Ashton Waterford — 3,872 17,538 21,410 9,727 4,894 26,243 31,137 20,825 2000 May-98 Arbors at Lee Vista — 6,692 12,860 19,552 20,450 8,090 31,912 40,002 24,231 1992/2007 Aug-06 Arbors at Maitland Summit — 15,929 158,079 174,008 19,614 15,977 177,645 193,622 40,338 1998 Oct-21 Essex Luxe — 9,068 94,487 103,555 982 9,087 95,450 104,537 14,841 2020 Oct-21 ORLANDO, FL — 47,621 341,331 388,952 171,004 61,379 498,577 559,956 245,783 Legacy Hill — 1,148 5,867 7,015 13,107 2,192 17,930 20,122 15,790 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 18,525 2,910 28,668 31,578 22,077 1989 Dec-95 Carrington Hills — 2,117 — 2,117 46,333 5,100 43,350 48,450 32,673 1999 Dec-95 Brookridge — 708 5,461 6,169 9,556 1,643 14,082 15,725 11,695 1986 Mar-96 Breckenridge — 766 7,714 8,480 9,240 1,895 15,825 17,720 12,855 1986 Mar-97 Colonnade — 1,460 16,015 17,475 11,468 2,839 26,104 28,943 20,416 1998 Jan-99 The Preserve at Brentwood — 3,182 24,674 27,856 17,700 4,437 41,119 45,556 31,814 1998 Jun-04 Polo Park — 4,583 16,293 20,876 20,735 6,416 35,195 41,611 30,254 1987/2008 May-06 NASHVILLE, TN — 15,433 87,608 103,041 146,664 27,432 222,273 249,705 177,574 The Reserve and Park at Riverbridge — 15,968 56,401 72,369 23,429 17,229 78,569 95,798 61,221 1999/2001 Dec-04 OTHER FLORIDA — 15,968 56,401 72,369 23,429 17,229 78,569 95,798 61,221 TOTAL SOUTHEAST REGION — 144,024 922,014 1,066,038 513,363 195,105 1,384,296 1,579,401 787,053 Gross Amount at Which Initial Costs Carried at Close of Period Costs of Improvements Capitalized Land and Buildings Total Initial Subsequent Land and Buildings & Total Land and Acquisition to Acquisition Land Buildings Carrying Accumulated Date of Date Encumbrances Improvements Improvements Costs Costs Improvements Improvements Value Depreciation Construction(a) Acquired SOUTHWEST REGION Thirty377 25,000 24,036 32,951 56,987 24,444 26,513 54,918 81,431 43,340 1999/2007 Aug-06 Legacy Village 90,000 16,882 100,102 116,984 34,852 23,814 128,022 151,836 93,415 2005/06/07 Mar-08 Addison Apts at The Park — 22,041 11,228 33,269 21,406 31,798 22,877 54,675 16,244 1977/78/79 May-07 Addison Apts at The Park I — 7,903 554 8,457 9,087 11,058 6,486 17,544 5,162 1970 May-07 Addison Apts at The Park II — 10,440 634 11,074 2,869 8,458 5,485 13,943 4,208 1975 May-07 Savoye — 8,432 50,483 58,915 6,024 8,976 55,963 64,939 14,891 2009 Nov-19 Savoye 2 — 6,451 56,615 63,066 4,266 7,021 60,311 67,332 16,234 2011 Nov-19 Fiori on Vitruvian Park 46,133 7,934 78,575 86,509 5,383 8,513 83,379 91,892 22,831 2013 Nov-19 Vitruvian West Phase I 41,317 6,273 61,418 67,691 3,316 6,576 64,431 71,007 17,875 2018 Nov-19 Vitruvian West Phase II — 6,451 15,798 22,249 40,069 6,656 55,662 62,318 11,714 2021 Nov-19 Vitruvian West Phase III — 7,141 2,754 9,895 64,013 7,371 66,537 73,908 7,550 2022 Nov-19 The Canal 41,941 12,671 98,813 111,484 4,584 12,719 103,349 116,068 19,654 2017 Apr-21 Cool Springs at Frisco Bridges 89,510 18,325 151,982 170,307 20,793 18,346 172,754 191,100 36,533 2012 May-21 Central Square at Frisco 37,700 7,661 52,455 60,116 878 7,662 53,332 60,994 1,387 2018 Aug-23 Villiaggio 32,500 6,186 41,813 47,999 1,110 6,186 42,923 49,109 1,124 2016 Aug-23 Lofts at Palisades 39,996 8,198 56,143 64,341 743 8,198 56,886 65,084 1,479 2018 Aug-23 Flats at Palisades 32,130 5,546 43,854 49,400 1,390 5,548 45,242 50,790 1,193 2017 Aug-23 DALLAS, TX 476,227 182,571 856,172 1,038,743 245,227 205,413 1,078,557 1,283,970 314,834 Barton Creek Landing — 3,151 14,269 17,420 27,791 5,931 39,280 45,211 34,318 1986/2012 Mar-02 Residences at the Domain — 4,034 55,256 59,290 18,543 4,999 72,834 77,833 51,904 2007 Aug-08 Red Stone Ranch — 5,084 17,646 22,730 14,926 5,804 31,852 37,656 18,799 2000 Apr-12 Lakeline Villas — 4,148 16,869 21,017 12,193 4,870 28,340 33,210 16,291 2002 Apr-12 Estancia Villas 28,020 6,384 52,946 59,330 932 6,384 53,878 60,262 1,390 2018 Aug-23 Palo Villas 39,024 5,975 57,880 63,855 764 5,975 58,644 64,619 1,487 2019 Aug-23 AUSTIN, TX 67,044 28,776 214,866 243,642 75,149 33,963 284,828 318,791 124,189 Steele Creek — 8,586 130,400 138,986 8,586 8,888 138,684 147,572 47,925 2015 Oct-17 Cirrus — 13,853 — 13,853 88,228 13,858 88,223 102,081 9,140 2022 Feb-19 DENVER, CO — 22,439 130,400 152,839 96,814 22,746 226,907 249,653 57,065 TOTAL SOUTHWEST REGION 543,271 233,786 1,201,438 1,435,224 417,190 262,122 1,590,292 1,852,414 496,088 TOTAL OPERATING COMMUNITIES 1,280,768 2,336,967 8,703,105 11,040,072 4,376,791 2,603,722 12,813,141 15,416,863 6,217,465 REAL ESTATE UNDER DEVELOPMENT Villas at Fiori — 9,921 776 10,697 38,805 9,964 39,538 49,502 184 Meridian — 6,611 — 6,611 104,291 6,611 104,291 110,902 — TOTAL REAL ESTATE UNDER DEVELOPMENT — 16,532 776 17,308 143,096 16,575 143,829 160,404 184 LAND Vitruvian Park® — 22,547 1,467 24,014 13,198 30,297 6,915 37,212 751 Alameda Point Block 11 — 25,006 — 25,006 6,994 25,006 6,994 32,000 — Newport Village II — 5,237 — 5,237 14,562 5,237 14,562 19,799 — 2727 Turtle Creek — 90,205 — 90,205 8,942 90,205 8,942 99,147 — 488 Riverwalk — 16,053 — 16,053 6,299 16,053 6,299 22,352 — 3001 Iowa Ave — 13,468 — 13,468 8,387 13,468 8,387 21,855 — TOTAL LAND — 172,516 1,467 173,983 58,382 180,266 52,099 232,365 751 HELD FOR DISPOSITION Crescent Falls Church — 13,687 88,692 102,379 3,620 13,733 92,266 105,999 24,960 TOTAL HELD FOR DISPOSITION — 13,687 88,692 102,379 3,620 13,733 92,266 105,999 24,960 COMMERCIAL Brookhaven Shopping Center — — — — 30,900 7,793 23,107 30,900 15,741 3001 Iowa Ave Commercial — 9,882 4,861 14,743 1 9,882 4,862 14,744 492 TOTAL COMMERCIAL — 9,882 4,861 14,743 30,901 17,675 27,969 45,644 16,233 Other (b) — — — — 33,221 136 33,085 33,221 758 1745 Shea Center I — 3,034 20,534 23,568 5,795 3,081 26,282 29,363 7,479 TOTAL CORPORATE — 3,034 20,534 23,568 39,016 3,217 59,367 62,584 8,237 TOTAL COMMERCIAL & CORPORATE — 12,916 25,395 38,311 69,917 20,892 87,336 108,228 24,470 Deferred Financing Costs and Other Non-Cash Adjustments (3,055) Gross Amount at Which Initial Costs Carried at Close of Period Costs of Improvements Capitalized Land and Buildings Total Initial Subsequent Land and Buildings & Total Land and Acquisition to Acquisition Land Buildings Carrying Accumulated Date of Date Encumbrances Improvements Improvements Costs Costs Improvements Improvements Value Depreciation Construction(a) Acquired TOTAL REAL ESTATE OWNED $ 1,277,713 $ 2,552,618 $ 8,819,435 $ 11,372,053 $ 4,651,806 $ 2,835,188 $ 13,188,671 $ 16,023,859 $ 6,267,830 (a) Date of original construction/date of last major renovation, if applicable. (b) Includes unallocated accruals and capital expenditures. The aggregate cost for federal income tax purposes was approximately $15.2 billion at December 31, 2023 ( unaudited The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 30 to 55 years. 3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION The following is a reconciliation of the carrying amount of total real estate owned at December 31, ( in thousands) 2023 2022 2021 Balance at beginning of the year $ 15,570,072 $ 14,740,803 $ 13,071,472 Real estate acquired (including joint venture consolidation) 410,581 409,263 1,513,106 Capital expenditures and development 441,606 444,009 346,365 Real estate sold (398,400) (24,003) (190,140) Balance at end of the year $ 16,023,859 $ 15,570,072 $ 14,740,803 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands 2023 2022 2021 Balance at beginning of the year $ 5,762,501 $ 5,137,096 $ 4,605,366 Depreciation expense for the year 668,899 634,424 584,228 Accumulated depreciation on sales (163,570) (9,019) (52,498) Balance at end of year $ 6,267,830 $ 5,762,501 $ 5,137,096

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures , The Company is currently evaluating the effect that the ASU will have on the consolidated financial statements and related disclosures In November 2023, , Segment Reporting (Topic 280) – Improvements to Reportable Segments Disclosures ASU 2023-07 requires expanded disclosures of a public entity’s reportable segments, and requires more enhanced information regarding a reportable segment’s expenses on an interim and annual basis. The ASU is effective for the Company for the year ended December 31, 2024, and interim periods commencing in 2025. Early adoption is permitted. The Company is currently evaluating the effect that the ASU will have on the consolidated financial statements and related disclosures
Real Estate	Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are capitalized as incurred if the acquisition does not meet the definition of a business. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. If a real estate property has indicators of impairment, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. For the years ended December 31, 2023, 2022 and 2021, we did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation 2022, and 2021, total interest capitalized was $10.1 million, $13.4 million and $9.7 million, respectively. As each home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion and depreciation commences over the estimated useful life.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks.
Restricted Cash	Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not been transferred by the Company, 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 Operations. Recoveries of financial assets previously written off are recorded when received. For the years ended December 31, 2023, 2022 and 2021, the Company recorded net credit recoveries/(losses) of $(0.7) million, $(0.1) million and $0.6 million, respectively, on the Consolidated Statements of Operations. The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible.
Notes Receivable	Notes Receivable Notes receivable relate to financing arrangements which are typically secured by assets of the borrower that may include real estate assets. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a variable interest entity (“VIE”), and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities of the existing loans. Additionally, we analyze each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The following table summarizes our Notes receivable, net as of December 31, 2023 and 2022 ( dollars in thousands Interest rate at Balance Outstanding (a) December 31, December 31, December 31, 2023 2023 2022 Notes due October 2024 (b) 10.50 % $ 98,271 $ — Note due December 2024 (c) 12.00 % 37,022 30,377 Note due December 2026 (d) 11.00 % 64,608 17,292 Note due December 2026 (e) 11.00 % 26,164 5,813 Notes due June 2027 (f) 18.00 % 3,737 1,500 Notes receivable 229,802 54,982 Allowance for credit losses (977) (275) Total notes receivable, net $ 228,825 $ 54,707 (a) Outstanding note amounts include any accrued and unpaid interest, as applicable. (b) In June 2023, the Company amended the agreement for a preferred equity investment in a joint venture that owns a 471 apartment home operating community located in Philadelphia, Pennsylvania, which resulted in the Company’s investment, inclusive of accrued preferred return, being classified as a note receivable. In connection with the amendment, the Company also advanced $20.0 million to the joint venture, which is also classified as a note receivable (collectively the “Notes”) and was used to pay down the senior construction loan in connection with an extension of the maturity date of the senior construction loan to January 2024. Furthermore, the contractual interest rate on the Notes increased to 9.5% (previously 8.5% ) in exchange for eliminating the Company’s upside participation in the joint venture. Interest payments accrue monthly and are due at maturity, but can be paid earlier. The Notes had an original scheduled maturity date in October 2023, with three one-year extension options. In September 2023, the developer extended the maturity date to October 2024. Commencing in October 2023, the contractual interest rate on the Notes increased to 10.5% when the developer exercised its option to extend the maturity date of the Notes. (See Note 5, Joint Ventures and Partnerships for further discussion.) In January 2024, the joint venture extended the senior construction loan from January 2024 to April 2024. (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $32.5 million, of which $31.5 million was funded as of December 31, 2023. During 2023, the terms of this secured note were amended to increase the aggregate commitment from $31.4 million to $32.5 million and to increase the interest rate from 10.0% to 12.0% . Interest payments are due monthly, with the exception of payments from June 2022 to December 2024, 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 $5.5 million as of December 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 2024. (d) 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 (exclusive of accrued interest), of which $42.4 million was funded during the year ended December 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. (e) 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 (exclusive of accrued interest), of which $18.6 million was funded during the year ended December 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. (f) The Company and a syndicate of lenders previously entered into a $16.0 million secured credit facility with an unaffiliated third party. During the year ended December 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 (exclusive of accrued interest) , 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 $14.5 million, $3.5 million, and $5.3 million of interest income for the notes receivable described above during the years ended December 31, 2023, 2022, and 2021, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net
Investment in Joint Ventures and Partnerships	Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as VIEs where we are not the primary beneficiary and other entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a VIE, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2023, the Company held one investment in a joint venture that qualified as a VIE where we were determined to be the primary beneficiary (See Note 5, Joint Ventures and Partnerships, for further discussion) We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements.
Derivative Financial Instruments	Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings.
Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership	Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date.
Income Taxes	Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of December 31, 2023 and 2022, UDR’s net deferred tax asset/(liability) was ($0.8) million and $(0.8) million, respectively, and are recorded in Accounts payable, accrued expenses and other liabilities GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes and evaluates its tax positions using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company invests in assets that qualify for federal investment tax credits (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 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 2020 through 2022 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a VIE. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest.
Discontinued Operations	Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned
Stock-Based Employee Compensation Plans	Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost as stock-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. For performance based awards, the Company remeasures the fair value based on the estimated achievement of the performance criteria each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. Stock-based compensation expense is only recognized for performance based awards that we expect to vest, which we estimate based upon an assessment of the probability that the performance criteria will be achieved. Stock-based compensation expense associated with awards is updated for actual forfeitures. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation and the fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For further discussion, see Note 10, Employee Benefit Plans.
Advertising Costs	Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance
Cost of Raising Capital	Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt.
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2023, 2022, and 2021, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity,
Forward Sales Agreements	Forward Sales Agreements From time to time the Company utilizes forward sales agreements for the future issuance of its common stock. When the Company enters into a forward sales agreement, the contract requires the Company to sell its shares to a counterparty at a predetermined price at a future date. The net sales price and proceeds attained by the Company will be determined on the dates of settlement, with adjustments during the term of the contract for the Company’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. The Company accounts for the shares of common stock reserved for issuance upon settlement as equity in accordance with ASC 815-40, Contracts in Entity's Own Equity considered indexed to the entity’s own stock and the contract requires or permits the issuing entity to settle the contract in shares (either physically or net in shares). 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 years ended December 31, 2023 and 2022, 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 of December 31, 2023, the Company’s multifamily tenant lease receivables balance, net of its reserve, was approximately $9.0 million, including its share from unconsolidated joint ventures. The Company’s retail tenant lease receivables balance (exclusive of straight-line rent receivables), net of its reserve, was approximately $0.3 million, including its share from unconsolidated joint ventures, as of December 31, 2023. As of December 31, 2022, the Company’s multifamily tenant lease receivables balance, net of its reserve, was approximately $8.7 million, including its share from unconsolidated joint ventures. The Company’s retail tenant lease receivables balance (exclusive of straight-line rent receivables), net of its reserve, was approximately $4.3 million, including its share from unconsolidated joint ventures, as of December 31, 2022.
Use of Estimates	Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates.
Market Concentration Risk	Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2023, the Company held greater than 10% of the carrying value of its real estate portfolio in each of the Metropolitan D.C. and Boston, Massachusetts markets.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Summary of notes receivable, net	The following table summarizes our Notes receivable, net as of December 31, 2023 and 2022 ( dollars in thousands Interest rate at Balance Outstanding (a) December 31, December 31, December 31, 2023 2023 2022 Notes due October 2024 (b) 10.50 % $ 98,271 $ — Note due December 2024 (c) 12.00 % 37,022 30,377 Note due December 2026 (d) 11.00 % 64,608 17,292 Note due December 2026 (e) 11.00 % 26,164 5,813 Notes due June 2027 (f) 18.00 % 3,737 1,500 Notes receivable 229,802 54,982 Allowance for credit losses (977) (275) Total notes receivable, net $ 228,825 $ 54,707 (a) Outstanding note amounts include any accrued and unpaid interest, as applicable. (b) In June 2023, the Company amended the agreement for a preferred equity investment in a joint venture that owns a 471 apartment home operating community located in Philadelphia, Pennsylvania, which resulted in the Company’s investment, inclusive of accrued preferred return, being classified as a note receivable. In connection with the amendment, the Company also advanced $20.0 million to the joint venture, which is also classified as a note receivable (collectively the “Notes”) and was used to pay down the senior construction loan in connection with an extension of the maturity date of the senior construction loan to January 2024. Furthermore, the contractual interest rate on the Notes increased to 9.5% (previously 8.5% ) in exchange for eliminating the Company’s upside participation in the joint venture. Interest payments accrue monthly and are due at maturity, but can be paid earlier. The Notes had an original scheduled maturity date in October 2023, with three one-year extension options. In September 2023, the developer extended the maturity date to October 2024. Commencing in October 2023, the contractual interest rate on the Notes increased to 10.5% when the developer exercised its option to extend the maturity date of the Notes. (See Note 5, Joint Ventures and Partnerships for further discussion.) In January 2024, the joint venture extended the senior construction loan from January 2024 to April 2024. (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $32.5 million, of which $31.5 million was funded as of December 31, 2023. During 2023, the terms of this secured note were amended to increase the aggregate commitment from $31.4 million to $32.5 million and to increase the interest rate from 10.0% to 12.0% . Interest payments are due monthly, with the exception of payments from June 2022 to December 2024, 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 $5.5 million as of December 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 2024. (d) 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 (exclusive of accrued interest), of which $42.4 million was funded during the year ended December 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. (e) 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 (exclusive of accrued interest), of which $18.6 million was funded during the year ended December 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. (f) The Company and a syndicate of lenders previously entered into a $16.0 million secured credit facility with an unaffiliated third party. During the year ended December 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 (exclusive of accrued interest) , 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)	12 Months Ended
REAL ESTATE OWNED (Tables)	Dec. 31, 2023
REAL ESTATE OWNED
Summary of carrying amounts for real estate owned (at cost)	The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2023 and 2022 (dollars in thousands): December 31, December 31, 2023 2022 Land $ 2,549,716 $ 2,539,499 Depreciable property — held and used: Land improvements 255,706 254,578 Building, improvements, and furniture, fixtures and equipment 12,902,021 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 143,828 146,394 Real estate held for disposition: Land and land improvements 13,734 — Building, improvements, and furniture, fixtures and equipment 92,265 14,039 Real estate owned 16,023,859 15,570,072 Accumulated depreciation (a) (6,267,830) (5,762,501) Real estate owned, net $ 9,756,029 $ 9,807,571 (a) Accumulated depreciation is inclusive of $17.2 million and $13.1 million of accumulated amortization related to real estate intangible assets as of December 31, 2023 and 2022, respectively.
Schedule of future amortization	The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter ( in thousands ): Unamortized Balance as of December 31, 2023 2024 2025 2026 2027 2028 Thereafter Real estate intangible assets, net (a) $ 32,770 $ 3,995 $ 3,858 $ 3,723 $ 3,590 $ 2,436 $ 15,168 In-place lease intangible assets, net (b) 13,104 8,997 626 519 450 326 2,186 Total $ 45,874 $ 12,992 $ 4,484 $ 4,242 $ 4,040 $ 2,762 $ 17,354 (a) Real estate intangible assets, net is recorded net of accumulated amortization of $17.2 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the years ended December 31, 2023 and 2022, $4.2 million and $4.3 million, respectively, of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations. (b) In-place lease intangible assets, net is recorded net of accumulated amortization of $9.5 million in Other assets on the Consolidated Balance Sheets. For the years ended December 31, 2023 and 2022, $7.3 million and $22.5 million, respectively, was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations.

JOINT VENTURES AND PARTNERSHI_2

JOINT VENTURES AND PARTNERSHIPS (Tables)	12 Months Ended
JOINT VENTURES AND PARTNERSHIPS (Tables)	Dec. 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 December 31, 2023 and 2022 (dollars in thousands) Number of Number of Operating Apartment UDR's Weighted Average Communities Homes Ownership Interest Investment at Income/(loss) from investments December 31, December 31, December 31, December 31, December 31, December 31, Year Ended December 31, Joint Ventures 2023 2023 2023 2022 2023 2022 2023 2022 2021 Operating: UDR/MetLife (a) 13 2,837 50.1 % 50.1 % $ 225,195 $ 247,160 $ (5,378) $ (7,604) $ (17,785) UDR/LaSalle (b) 5 1,590 51.0 % — % 286,723 — (3,660) — — Total Joint Ventures 18 4,427 $ 511,918 $ 247,160 $ (9,038) $ (7,604) $ (17,785) Number of Apartment Communities Homes Weighted Investment at Income/(loss) from investments Developer Capital Program December 31, December 31, Average Years To UDR December 31, December 31, Year Ended December 31, and Real Estate Technology Investments (c) 2023 2023 Rate Maturity Commitment (d) 2023 2022 2023 2022 2021 Preferred equity investments: Operating (e) 21 4,545 9.3 % 3.3 $ 252,889 304,699 282,766 $ 27,260 $ 20,202 $ 10,928 Development 2 1,073 10.7 % 3.2 68,207 83,072 74,648 8,425 6,172 92 Total Preferred Equity Investments 23 5,618 9.6 % 3.3 321,096 387,771 357,414 35,685 26,374 11,020 Real estate technology and sustainability investments: RETV I (f) N/A N/A N/A N/A 18,000 10,062 16,601 (614) (35,507) 50,795 RETV II N/A N/A N/A N/A 18,000 15,371 11,670 1,364 (265) 1,101 RETV III N/A N/A N/A N/A 15,000 1,329 — (212) — — RET Strategic Fund N/A N/A N/A N/A 25,000 13,980 8,078 (174) 496 — RET ESG N/A N/A N/A N/A 10,000 3,640 2,898 (260) (153) — Total Preferred Equity Investments and Real Estate Technology Investments 432,153 396,661 35,789 (9,055) 62,916 Sold joint ventures and other investments (g) — 103,173 (22,058) 21,606 20,515 Total Joint Ventures, Developer Capital Program and Real Estate Technology Investments, net (a) $ 944,071 $ 746,994 $ 4,693 $ 4,947 $ 65,646 (a) As of December 31, 2023 and 2022, the Company’s negative investment in one UDR/MetLife community of $8.9 million and $7.5 million, respectively, is recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets. (b) In June 2023, the Company formed a new real estate joint venture, UDR/LaSalle, with LaSalle Investment Management on behalf of an institutional client (“LaSalle”). Four operating communities, located in various markets, were contributed by the Company. The joint venture partner paid the Company approximately $247.9 million at formation of the joint venture. The Company will have the potential to earn a promoted return should certain return hurdles be achieved . Our initial investment was $258.2 million and consisted solely of our equity in the four operating communities contributed to the joint venture. In December 2023, the joint venture acquired an operating community with 262 apartment homes, located in Norwood, Massachusetts, for approximately $114.3 million. (c) The Developer Capital Program is the program through which the Company makes investments, including preferred equity investments, mezzanine loans or other structured investments that may receive a fixed yield on the investment and may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property. At December 31, 2023, our preferred equity investment portfolio consisted of 23 communities located in various markets, consisting of 5,618 completed or under development homes. In addition, the Company’s preferred equity investments include four investments that receive a variable percentage of the value created from the project upon a capital or liquidating event. During the year ended December 31, 2023, the Company did not enter into or fund any new preferred equity investments and no preferred equity investments were redeemed. (d) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (e) In June 2023, two preferred equity investment agreements were amended. In connection with the amendments, the Company funded an incremental $17.0 million to one joint venture, which was used to pay down the senior construction loan in connection with an extension of the maturity date of the senior construction loan to April 2025, and funded an incremental $3.8 million to the other joint venture, which was used to pay down the senior construction loan in connection with an extension of the maturity date of the senior construction loan to June 2025. (f) The Company recognized $(0.6) million, $(35.5) million and $50.8 million of investment income/(loss) from RETV I for the years ended December 31, 2023, 2022 and 2021, respectively, which primarily related to unrealized gains/(losses) from one portfolio investment held by RETV I, SmartRent, Inc. (“SmartRent”). (g) In June 2023, the agreement for one preferred equity investment was amended, resulting in the Company’s investment, inclusive of accrued preferred return, being classified as a note receivable on the Consolidated Balance Sheet as of December 31, 2023. (See Note 2, Significant Accounting Policies for further discussion .)
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	Condensed summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the years ended December 31, 2023, 2022, and 2021 ( dollars in thousands): Developer Capital Program As of and For the UDR/ UDR/ and Other Year Ended December 31, 2023 MetLife LaSalle RETV I Investments Total Condensed Statements of Operations: Total revenues $ 139,073 $ 20,514 $ 28 $ 109,725 $ 269,340 Property operating expenses 58,298 6,896 1,396 53,046 119,636 Real estate depreciation and amortization 54,895 21,182 — 43,407 119,484 Operating income/(loss) 25,880 (7,564) (1,368) 13,272 30,220 Interest expense (32,720) (126) (103) (53,282) (86,231) Other income/(loss) — — — 537 537 Net realized gain/(loss) on held investments — — 33,941 2,113 36,054 Net unrealized gain/(loss) on held investments — — (29,346) 16,695 (12,651) Net income/(loss) $ (6,840) $ (7,690) $ 3,124 $ (20,665) $ (32,071) Condensed Balance Sheets: Total real estate, net $ 1,214,525 $ 595,976 $ — $ 1,347,556 $ 3,158,057 Investments, at fair value — — 57,700 200,132 257,832 Cash and cash equivalents 14,826 4,809 260 41,775 61,670 Other assets 16,406 9,986 22 120,562 146,976 Total assets 1,245,757 610,771 57,982 1,710,025 3,624,535 Third party debt, net 855,050 45,126 — 1,112,640 2,012,816 Accounts payable and accrued liabilities 14,856 5,510 118 151,018 171,502 Total liabilities 869,906 50,636 118 1,263,658 2,184,318 Total equity $ 375,851 $ 560,135 $ 57,864 $ 446,367 $ 1,440,217 Developer Capital Program As of and For the UDR/ and Other Year Ended December 31, 2022 MetLife RETV I Investments Total Condensed Statements of Operations: Total revenues $ 130,229 $ 42 $ 38,145 $ 168,416 Property operating expenses 55,262 1,596 23,622 80,480 Real estate depreciation and amortization 55,580 — 20,064 75,644 Gain/(loss) on sale of real estate — — 127,542 127,542 Operating income/(loss) 19,387 (1,554) 122,001 139,834 Interest expense (30,510) (21) (16,383) (46,914) Other income/(loss) — — (90) (90) Net realized gain/(loss) on held investments (a) — 101,954 3,601 105,555 Net unrealized gain/(loss) on held investments (a) — (308,202) (569) (308,771) Net income/(loss) $ (11,123) $ (207,823) $ 108,560 $ (110,386) Condensed Balance Sheets: Total real estate, net $ 1,257,952 $ — $ 1,481,832 $ 2,739,784 Investments, at fair value — 96,118 117,625 213,743 Cash and cash equivalents 15,554 1,160 22,285 38,999 Other assets 14,420 52 107,287 121,759 Total assets 1,287,926 97,330 1,729,029 3,114,285 Third party debt, net 857,909 — 1,079,420 1,937,329 Accounts payable and accrued liabilities 14,155 70 202,923 217,148 Total liabilities 872,064 70 1,282,343 2,154,477 Total equity $ 415,862 $ 97,260 $ 446,686 $ 959,808 (a) Net unrealized and realized gain/(loss) on held investments related to RETV I primarily related to unrealized and realized gains from SmartRent. For the year ended December 31, 2022, the Company recorded its share of net losses related to RETV I of $(35.5) million. Of that amount, $(37.2) million related to an unrealized loss on SmartRent, which is recorded in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations. Developer West Coast Capital Program For the UDR/ Development and Other Year Ended December 31, 2021 MetLife Joint Ventures RETV I Investments Total Condensed Statements of Operations: Total revenues $ 114,124 $ 184 $ 6 $ 18,509 $ 132,823 Property operating expenses 51,761 333 1,445 15,626 69,165 Real estate depreciation and amortization 58,486 — — 8,429 66,915 Gain/(loss) on sale of real estate — 34,757 — — 34,757 Operating income/(loss) 3,877 34,608 (1,439) (5,546) 31,500 Interest expense (32,307) (41) (17) (11,161) (43,526) Other income/(loss) — (1,238) — (623) (1,861) Net realized gain/(loss) on held investments — — 12,341 — 12,341 Net unrealized gain/(loss) on held investments (a) — — 285,155 16,276 301,431 Net income/(loss) $ (28,430) $ 33,329 $ 296,040 $ (1,054) $ 299,885 (a) Net unrealized gain/(loss) on held investments primarily related to unrealized gains from SmartRent, which became a public company in 2021. For the year ended December 31, 2021, the Company recorded its share of the net unrealized gain/(loss) on held investments of $49.9 million, of which $48.9 million related to SmartRent, in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Dec. 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 December 31, 2023 are as follows (dollars in thousands): Ground Leases 2024 $ 12,442 2025 12,442 2026 12,442 2027 12,442 2028 12,442 Thereafter 405,452 Total future minimum lease payments (undiscounted) 467,662 Difference between future undiscounted cash flows and discounted cash flows (281,826) Total operating lease liabilities (discounted) $ 185,836
Lessee - components of operating lease expenses	The components of operating lease expenses were as follows (dollars in thousands) Year Ended December 31, 2023 2022 2021 Lease expense: Contractual lease expense $ 13,173 $ 12,991 $ 12,924 Variable lease expense (a) 155 112 78 Total operating lease expense (b)(c) $ 13,328 $ 13,103 $ 13,002 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of a community’s revenue. (b) Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the year ended December 31, 2023, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.5 million and $3.4 million, respectively, for the year ended December 31, 2022, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.4 million and $3.3 million, respectively, and for the year ended December 31, 2021, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.5 million and $3.1 million, respectively. Due to the net impact of the amortization, the Company recorded $0.1 million, $0.1 million and $0.3 million of total operating lease expense during the years ended December 31, 2023, 2022 and 2021, respectively.
Lessor - Future minimum lease payments	Future minimum lease payments from our retail and commercial leases as of December 31, 2023 are as follows (dollars in thousands): Retail and Commercial Leases 2024 $ 26,807 2025 24,432 2026 21,735 2027 18,121 2028 15,191 Thereafter 58,166 Total future minimum lease payments (a) $ 164,452 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less.

SECURED AND UNSECURED DEBT, N_2

SECURED AND UNSECURED DEBT, NET (Tables)	12 Months Ended
SECURED AND UNSECURED DEBT, NET (Tables)	Dec. 31, 2023
Secured and Unsecured Debt
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at December 31, 2023 and 2022 ( dollars in thousands): Principal Outstanding As of December 31, 2023 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2023 2022 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 1,213,751 $ 1,005,622 3.48 % 4.7 20 Deferred financing costs and other non-cash adjustments (b) (3,009) 19,712 Total fixed rate secured debt, net 1,210,742 1,025,334 3.48 % 4.7 20 Variable Rate Debt Mortgage notes payable (c) 40,017 — 8.33 % 1.3 1 Tax-exempt secured notes payable (d) 27,000 27,000 4.08 % 8.2 1 Deferred financing costs (46) (53) Total variable rate secured debt, net 66,971 26,947 6.61 % 4.1 2 Total Secured Debt, net 1,277,713 1,052,281 3.64 % 4.7 22 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2026 (e) (n) — — — % 2.1 Borrowings outstanding under unsecured commercial paper program due January 2024 (f) (n) 408,075 300,000 5.67 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2025 4,593 28,015 6.28 % 1.0 Term Loan due January 2027 (e) (n) — 175,000 — % 3.1 Fixed Rate Debt Term Loan due January 2027 (e) (n) 350,000 175,000 3.36 % 3.1 8.50% Debentures due September 2024 15,644 15,644 8.50 % 0.7 2.95% Medium-Term Notes due September 2026 (h) (n) 300,000 300,000 2.89 % 2.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $247 and $317, respectively) (i) (n) 299,753 299,683 4.03 % 3.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $479 and $598, respectively) (n) 299,521 299,402 3.50 % 4.0 4.40% Medium-Term Notes due January 2029 (net of discounts of $3 and $4, respectively) (j) (n) 299,997 299,996 4.27 % 5.1 3.20% Medium-Term Notes due January 2030 (net of premiums of $8,294 and $9,667, respectively) (k) (n) 608,294 609,667 3.32 % 6.0 3.00% Medium-Term Notes due August 2031 (net of premiums of $9,109 and $10,304, respectively) (l) (n) 609,109 610,304 3.01 % 7.6 2.10% Medium-Term Notes due August 2032 (net of discounts of $303 and $338, respectively) (n) 399,697 399,662 2.10 % 8.6 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,110 and $1,230, respectively) (n) 348,890 348,770 1.90 % 9.2 2.10% Medium-Term Notes due June 2033 (net of discounts of $941 and $1,041, respectively) (n) 299,059 298,959 2.10 % 9.5 3.10% Medium-Term Notes due November 2034 (net of discounts of $956 and $1,045, respectively) (m) (n) 299,044 298,955 3.13 % 10.8 Other 2 5 Deferred financing costs (20,682) (24,040) Total Unsecured Debt, net 4,520,996 4,435,022 3.30 % 5.9 Total Debt, net $ 5,798,709 $ 5,487,303 3.40 % 5.6
Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt	The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2023 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2024 $ 97,578 $ — $ 97,578 $ 423,719 $ 521,297 2025 178,568 40,017 218,585 4,593 223,178 2026 56,665 — 56,665 300,000 356,665 2027 6,931 — 6,931 650,000 656,931 2028 166,518 — 166,518 300,000 466,518 2029 315,802 — 315,802 300,000 615,802 2030 230,759 — 230,759 600,000 830,759 2031 160,930 — 160,930 600,000 760,930 2032 — 27,000 27,000 400,000 427,000 2033 — — 650,000 650,000 Thereafter — — — 300,000 300,000 Subtotal 1,213,751 67,017 1,280,768 4,528,312 5,809,080 Non-cash (a) (3,009) (46) (3,055) (7,316) (10,371) Total $ 1,210,742 $ 66,971 $ 1,277,713 $ 4,520,996 $ 5,798,709 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2023 and 2022, the Company amortized $4.7 million and $3.8 million, respectively, of deferred financing costs into Interest expense .
Commercial Paper
Secured and Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2023 and 2022 (dollars in thousands): December 31, December 31, 2023 2022 Total unsecured commercial paper program $ 700,000 $ 700,000 Borrowings outstanding at end of period 408,075 300,000 Weighted average daily borrowings during the period ended 384,068 405,671 Maximum daily borrowings during the period ended 505,000 700,000 Weighted average interest rate during the period ended 5.4 % 2.3 % Interest rate at end of the period 5.7 % 4.7 %
Revolving Credit Facility
Secured and Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2023 and 2022 (dollars in thousands): December 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 2,055 3,776 Maximum daily borrowings during the period ended 250,000 205,000 Weighted average interest rate during the period ended 5.6 % 3.9 % Interest rate at end of the period — % — % (1) Excludes $2.3 million and $2.6 million of letters of credit at December 31, 2023 and 2022, respectively.
Working capital credit facility
Secured and Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2023 and 2022 (dollars in thousands): December 31, December 31, 2023 2022 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 4,593 28,015 Weighted average daily borrowings during the period ended 15,829 15,080 Maximum daily borrowings during the period ended 57,107 55,812 Weighted average interest rate during the period ended 5.9 % 3.0 % Interest rate at end of the period 6.3 % 5.2 %

INCOME_(LOSS) PER SHARE (Tables

INCOME/(LOSS) PER SHARE (Tables)	12 Months Ended
INCOME/(LOSS) PER SHARE (Tables)	Dec. 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): Year Ended December 31, 2023 2022 2021 Numerator for income/(loss) per share: Net income/(loss) $ 474,488 $ 92,579 $ 160,993 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (30,104) (5,613) (10,873) Net (income)/loss attributable to noncontrolling interests (31) (42) (104) Net income/(loss) attributable to UDR, Inc. 444,353 86,924 150,016 Distributions to preferred stockholders — Series E (Convertible) (4,848) (4,412) (4,229) Income/(loss) attributable to common stockholders - basic and diluted $ 439,505 $ 82,512 $ 145,787 Denominator for income/(loss) per share: Weighted average common shares outstanding 329,136 321,949 300,579 Non-vested restricted stock awards (371) (278) (253) Denominator for basic income/(loss) per share 328,765 321,671 300,326 Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements 339 1,029 1,377 Denominator for diluted income/(loss) per share 329,104 322,700 301,703 Income/(loss) per weighted average common share: Basic $ 1.34 $ 0.26 $ 0.49 Diluted $ 1.34 $ 0.26 $ 0.48
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the years ended December 31, 2023, 2022, and 2021 (in thousands) Year Ended December 31, 2023 2022 2021 OP/DownREIT Units 22,410 21,478 22,418 Convertible preferred stock 2,908 2,916 2,918 Unvested LTIP Units and unvested restricted stock 339 1,029 1,377

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Dec. 31, 2023
STOCKHOLDERS' EQUITY
Schedule of changes in issued and outstanding common and preferred stock	The following table presents the changes in the Company’s issued and outstanding shares of common and preferred stock for the years ended December 31, 2023, 2022 and 2021: Common Preferred Stock Stock Series E Series F Balance at December 31, 2020 296,612 2,695 14,441 Issuance/(forfeiture) of common and restricted shares, net 97 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) 19,517 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 44 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,880 — — Conversion of Series E Cumulative Convertible shares — — — Balance at December 31, 2021 318,150 2,695 12,583 Issuance/(forfeiture) of common and restricted shares, net 120 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) 11,402 — — Repurchase of common shares (1,192) — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 4 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 499 — — Conversion of Series E Cumulative Convertible shares 10 (9) — Forfeiture of Series F shares — — (482) Balance at December 31, 2022 328,993 2,686 12,101 Issuance/(forfeiture) of common and restricted shares, net 174 — — Repurchase of common shares (623) — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 148 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 323 — — Forfeiture of Series F shares — — (233) Balance at December 31, 2023 329,015 2,686 11,868

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
EMPLOYEE BENEFIT PLANS (Tables)	Dec. 31, 2023
EMPLOYEE BENEFIT PLANS
Summary of LTIP Units and restricted stock activities	A summary of UDR’s Performance Units, LTIP Units, restricted stock and option activities during the year ended December 31, 2023 is as follows ( shares in thousands Unvested Performance Units Outstanding Performance Units Exercisable Unvested Stock Options Outstanding Stock Options Exercisable LTIP Units Restricted Stock Weighted Weighted Weighted Weighted Weighted Weighted Average Fair Average Average Average Average Average Fair Value Per Number of Exercise Number of Exercise Number of Exercise Number of Exercise Number of Value Per Number Restricted Units Price Units Price Options Price Options Price LTIP Units LTIP Unit of shares Stock Balance, December 31, 2022 2,749 $ 44.66 1,823 $ 36.85 1,225 $ 45.91 — $ — 491 $ 53.69 273 $ 48.77 Granted 2,207 38.59 — — 133 38.59 — — 232 50.11 224 41.21 Exercised — — — — — — — — — — — — Vested (455) 40.28 455 40.28 (19) 59.90 19 59.90 (411) 54.09 (125) 47.84 Forfeited (a) (784) 46.28 — — — — — — — — (7) 47.03 Balance, December 31, 2023 3,717 $ 41.25 2,278 $ 37.53 1,339 $ 44.99 19 $ 59.90 312 $ 50.51 365 $ 44.53 (a) During the year ended December 31, 2023, UDR recorded a $4.1 million expense related to the cancellation of 0.8 million of unvested Performance Unit awards, which is included in General and administrative on the Consolidated Statements of Operations.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2023
INCOME TAXES
Schedule of taxable distributions paid per common share	Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2023, 2022 and 2021 ( unaudited Year Ended December 31, 2023 2022 2021 Ordinary income $ 1.4384 $ 1.3329 $ 0.9798 Qualified ordinary income 0.0001 0.0001 0.0405 Long-term capital gain 0.1697 0.1521 0.3577 Unrecaptured section 1250 gain 0.0318 0.0174 0.0695 Total $ 1.6400 $ 1.5025 $ 1.4475
Schedule of components of the provision for income taxes	The components of the provision for income taxes are as follows for the years ended December 31, 2023, 2022, and 2021 (dollars in thousands) Year Ended December 31, 2023 2022 2021 Income tax (benefit)/provision Current Federal $ 69 $ — $ 2,693 State 2,036 440 1,236 Total current 2,105 440 3,929 Deferred Federal 26 (27) (1,770) State 23 (16) (672) Investment tax credit (48) (48) (48) Total deferred 1 (91) (2,490) Total income tax (benefit)/provision $ 2,106 $ 349 $ 1,439
Schedule of components of TRS deferred tax assets and liabilities	The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2023, 2022, and 2021 (dollars in thousands): Year Ended December 31, 2023 2022 2021 Deferred tax assets: Federal and state tax attributes $ 28 $ 157 $ 60 Other 153 64 102 Total deferred tax assets 181 221 162 Valuation allowance (27) (33) (32) Net deferred tax assets 154 188 130 Deferred tax liabilities: Book/tax depreciation and basis (881) (876) (860) Other (76) (67) (68) Total deferred tax liabilities (957) (943) (928) Net deferred tax assets/(liabilities) $ (803) $ (755) $ (798)
Schedule of effective income tax rate reconciliation	Income tax provision/(benefit), net from our TRS differed from the amounts computed by applying the U.S. statutory rate of 21% to pretax income/(loss) for the years ended December 31, 2023, 2022, and 2021 as follows (dollars in thousands): Year Ended December 31, 2023 2022 2021 Income tax provision/(benefit) U.S. federal income tax provision/(benefit) $ 105 $ (109) $ 1,058 State income tax provision 2,054 914 664 Other items — (409) (246) Solar credit amortization (48) (48) (48) ITC basis adjustment — — 2 Valuation allowance (5) 1 9 Total income tax provision/(benefit) $ 2,106 $ 349 $ 1,439

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
NONCONTROLLING INTERESTS (Tables)	Dec. 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 years ended December 31, 2023 and 2022 ( dollars in thousands Year Ended December 31, 2023 2022 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at beginning of year $ 839,850 $ 1,299,442 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,211) (444,293) OP Units issued for real estate, net 141,359 — Conversion of OP Units/DownREIT Units to Common Stock or Cash (30,569) (44,346) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 30,104 5,613 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (39,072) (34,020) Redeemable Long-Term and Short-Term Incentive Plan Units 29,857 56,568 Allocation of other comprehensive income/(loss) (231) 886 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at end of year $ 961,087 $ 839,850

FAIR VALUE OF DERIVATIVES AND_2

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 and 2022 are summarized as follows (dollars in thousands) Fair Value at December 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 December 31, December 31, Liabilities Inputs Inputs 2023 (a) 2023 (Level 1) (Level 2) (Level 3) Description: Notes receivable, net (b) $ 228,825 $ 222,755 $ — $ — $ 222,755 Equity securities (c) 7,210 7,210 7,210 — — Derivatives - Interest rate contracts (d) 10,103 10,103 — 10,103 — Total assets $ 246,138 $ 240,068 $ 7,210 $ 10,103 $ 222,755 Secured debt instruments - fixed rate: (e) Mortgage notes payable $ 1,215,228 $ 1,124,140 $ — $ — $ 1,124,140 Secured debt instruments - variable rate: (e) Mortgage notes payable 40,017 40,017 — — 40,017 Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Unsecured debt instruments: (e) Working capital credit facility 4,593 4,593 — — 4,593 Commercial paper program 408,075 408,075 — — 408,075 Unsecured notes 4,129,010 3,611,697 — — 3,611,697 Total liabilities $ 5,823,923 $ 5,215,522 $ — $ — $ 5,215,522 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) $ 961,087 $ 961,087 $ — $ 961,087 $ — 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 December 31, 2023 and 2022. The Company currently classifies the investment as Level 1 in the fair value hierarchy. During the years ended December 31, 2023 and 2022, the Company increased its direct investment in SmartRent due to stock distributions from its unconsolidated real estate technology investments. During the year ended December 31, 2023, the Company sold 4.6 million shares of SmartRent at an average price per share of $3.18 for net proceeds of $14.4 million and recognized a net realized/unrealized gain on sale of $2.5 million recorded in Interest income and other income/(expense), net on the Consolidated Statement of Operations. During the year ended December 31, 2022, the Company did not sell any shares of SmartRent. (d) See Note 14, Derivatives and Hedging Activity . (e) See Note 7, Secured and Unsecured Debt, Net . (f) See Note 12, Noncontrolling Interests . There were no transfers into or out of any of the levels of the fair value hierarchy during the year ended December 31, 2023 and 2022.

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITY (Tables)	12 Months Ended
DERIVATIVES AND HEDGING ACTIVITY (Tables)	Dec. 31, 2023
DERIVATIVES AND HEDGING ACTIVITY
Schedule of outstanding interest rate derivatives	As of December 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 December 31, 2023 and 2022 ( dollars in thousands Asset Derivatives Liability Derivatives (included in Other assets ) (included in Other liabilities ) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, 2023 2022 2023 2022 Derivatives designated as hedging instruments: Interest rate products $ 10,103 $ 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 years ended December 31, 2023, 2022, and 2021 ( dollars in thousands Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2023 2022 2021 2023 2022 2021 2023 2022 2021 Interest rate products $ 3,872 $ 14,489 $ 3,502 $ 7,533 $ 998 $ (1,755) $ — $ — $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	Year Ended December 31, 2023 2022 2021 Total amount of Interest expense $ 180,866 $ 155,900 $ 186,267
Offsetting of Derivative Assets	The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2023 and 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 December 31, 2023 $ 10,103 $ — $ 10,103 $ — $ — $ 10,103 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 December 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)	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Summary of real estate commitments	The following summarizes the Company’s commitments at December 31, 2023 ( dollars in thousands Number UDR's UDR's Remaining Properties Investment (a) Commitment Real estate commitments Wholly-owned — under development 2 $ 160,404 $ 27,096 Wholly-owned — redevelopment (b) 14 73,869 123,030 Other unconsolidated investments: Real estate technology and sustainability investments (c) - 55,948 40,052 Total $ 290,221 $ 190,178 (a) Represents UDR’s investment as of December 31, 2023. (b) Projects consist of unit renovations and/or renovation of related common area amenities. (c) As of December 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)	12 Months Ended
REPORTABLE SEGMENTS (Tables)	Dec. 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 years ended December 31, 2023, 2022, and 2021, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) Year Ended December 31, 2023 2022 2021 Reportable apartment home segment lease revenue Same-Store Communities West Region $ 463,119 $ 443,435 $ 399,692 Mid-Atlantic Region 301,785 286,825 249,455 Northeast Region 302,568 282,744 239,301 Southeast Region 226,352 210,156 166,800 Southwest Region 150,818 144,031 118,316 Non-Mature Communities/Other 125,868 97,643 72,323 Total segment and consolidated lease revenue $ 1,570,510 $ 1,464,834 $ 1,245,887 Reportable apartment home segment other revenue Same-Store Communities West Region $ 11,672 $ 11,899 $ 10,214 Mid-Atlantic Region 11,772 10,868 8,490 Northeast Region 7,005 6,895 5,241 Southeast Region 9,413 8,822 7,275 Southwest Region 6,333 5,820 4,924 Non-Mature Communities/Other 3,953 3,226 2,634 Total segment and consolidated other revenue $ 50,148 $ 47,530 $ 38,778 Total reportable apartment home segment rental income Same-Store Communities West Region $ 474,791 $ 455,334 $ 409,906 Mid-Atlantic Region 313,557 297,693 257,945 Northeast Region 309,573 289,639 244,542 Southeast Region 235,765 218,978 174,075 Southwest Region 157,151 149,851 123,240 Non-Mature Communities/Other 129,821 100,869 74,957 Total segment and consolidated rental income $ 1,620,658 $ 1,512,364 $ 1,284,665 Reportable apartment home segment NOI Same-Store Communities West Region $ 354,320 $ 339,954 $ 300,828 Mid-Atlantic Region 216,379 204,923 177,339 Northeast Region 204,247 189,922 151,521 Southeast Region 162,090 149,132 116,239 Southwest Region 100,657 94,934 75,993 Non-Mature Communities/Other 77,077 61,527 45,205 Total segment and consolidated NOI 1,114,770 1,040,392 867,125 Reconciling items: Joint venture management and other fees 6,843 5,022 6,102 Property management (52,671) (49,152) (38,540) Other operating expenses (20,222) (17,493) (21,649) Real estate depreciation and amortization (676,419) (665,228) (606,648) General and administrative (69,929) (64,144) (57,541) Casualty-related (charges)/recoveries, net (3,138) (9,733) (3,748) Other depreciation and amortization (15,419) (14,344) (13,185) Gain/(loss) on sale of real estate owned 351,193 25,494 136,052 Income/(loss) from unconsolidated entities 4,693 4,947 65,646 Interest expense (180,866) (155,900) (186,267) Interest income and other income/(expense), net 17,759 (6,933) 15,085 Tax (provision)/benefit, net (2,106) (349) (1,439) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (30,104) (5,613) (10,873) Net (income)/loss attributable to noncontrolling interests (31) (42) (104) Net income/(loss) attributable to UDR, Inc. $ 444,353 $ 86,924 $ 150,016 (a) Same-Store Community population consisted of 51,368 apartment homes.
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of December 31, 2023 and 2022 (dollars in thousands) December 31, December 31, 2023 2022 Reportable apartment home segment assets: Same-Store Communities (a): West Region $ 4,360,532 $ 4,295,073 Mid-Atlantic Region 3,201,640 3,140,167 Northeast Region 3,669,538 3,629,026 Southeast Region 1,579,201 1,521,489 Southwest Region 1,324,942 1,287,332 Non-Mature Communities/Other 1,888,006 1,696,985 Total segment assets 16,023,859 15,570,072 Accumulated depreciation (6,267,830) (5,762,501) Total segment assets — net book value 9,756,029 9,807,571 Reconciling items: Cash and cash equivalents 2,922 1,193 Restricted cash 31,944 29,001 Notes receivable, net 228,825 54,707 Investment in and advances to unconsolidated joint ventures, net 952,934 754,446 Operating lease right-of-use assets 190,619 194,081 Other assets 209,969 197,471 Total consolidated assets $ 11,373,242 $ 11,038,470 (a) Same-Store Community population consisted of 51,368 apartment homes.

CONSOLIDATION AND BASIS OF PR_2

CONSOLIDATION AND BASIS OF PRESENTATION (Details) shares in Millions	12 Months Ended
	Dec. 31, 2023 home community item shares	Dec. 31, 2022 shares
Consolidation And Basis Of Presentation
Number of real estate properties \| community	168
Number of markets operating within \| item	21
Number of apartment homes owned and consolidated \| home	55,550
Joint venture, number of completed or to be completed homes in communities \| home	10,045
Preferred equity investment,, number of apartment homes \| home	5,618
Operating partnership outstanding units	189.9	186.1
United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	176.4	176.3
Percentage of units outstanding in Partnership	92.90%	94.70%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
General Partners' ownership (as a percent)		65.10%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating partnership outstanding units	32.4
Non-affiliated Partners
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	13.5
Operating partnership outstanding units	11	9.8
Percentage of units outstanding in Partnership	7.10%	5.30%
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%	34.90%
UDR, Inc.
Consolidation And Basis Of Presentation
General Partners' ownership (as a percent)	66%
Operating partnership outstanding units	21.4	21.1

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting policies
Credit losses	$ (700)	$ 100	$ (600)
Significant Accounting Policies
Allocation of other comprehensive income/(loss)	(231)	886
Current income tax expense (benefit)	0
Net deferred tax assets/(liabilities)	$ (800)	(800)
Minimum period units are outstanding prior to redemption (in years)	1 year
Unrecognized tax benefit, accrued interest or penalties due to examination	$ 0
Advertising expense	9,200	8,700	8,300
Development costs excluding direct costs and capitalized interest	13,100	17,900	11,300
Interest capitalized during period	$ 10,100	13,400	9,700
Minimum percentage of carrying value of real estate portfolio	10%
Minimum \| Joint Venture and Partnership Investment
Significant Accounting Policies
Ownership (as a percent)	100%
Buildings \| Minimum
Significant Accounting Policies
Estimated useful lives	30 years
Buildings \| Maximum
Significant Accounting Policies
Estimated useful lives	55 years
Building improvements \| Minimum
Significant Accounting Policies
Estimated useful lives	10 years
Building improvements \| Maximum
Significant Accounting Policies
Estimated useful lives	35 years
Furniture, fixtures, equipment, and other assets \| Minimum
Significant Accounting Policies
Estimated useful lives	3 years
Furniture, fixtures, equipment, and other assets \| Maximum
Significant Accounting Policies
Estimated useful lives	10 years
Non-related party
Significant Accounting Policies
Interest income	$ 14,500	3,500	5,300
Related party
Significant Accounting Policies
Interest income	0	0	0
Multifamily tenant lease
Significant Accounting Policies
Tenant leases receivable, net	9,000	8,700
Retail tenant lease
Significant Accounting Policies
Tenant leases receivable, net	300	4,300
Noncontrollings Interest
Significant Accounting Policies
Allocation of other comprehensive income/(loss)	$ (200)	$ 900	$ 400

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Notes Receivables (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) home item	Dec. 31, 2023 USD ($) home item	Oct. 31, 2023	Sep. 30, 2023 USD ($)	May 31, 2023	Dec. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)	Apr. 30, 2021 USD ($)
Accounting Policies [Line Items]
Notes receivable		$ 229,802				$ 54,982
Allowance for credit losses		(977)				(275)
Total notes receivable, net		228,825				54,707
Bellevue, WA 259 Home Community
Accounting Policies [Line Items]
Aggregate commitment on note receivable							$ 115,000
Note due May 2022, One
Accounting Policies [Line Items]
Notes receivable								$ 20,000
Note due October 2024
Accounting Policies [Line Items]
Notes receivable		$ 98,271
Note receivable interest rate	9.50%	10.50%	10.50%		8.50%
Number of apartment homes \| home	471
Aggregate commitment funded on note receivable	$ 20,000
Number of extension options \| item	3
Term of notes receivable extension options	1 year
Note due December 2024
Accounting Policies [Line Items]
Notes receivable		$ 37,022				$ 30,377
Note receivable interest rate		12%				10%
Aggregate commitment on note receivable		$ 32,500				$ 31,400
Aggregate commitment funded on note receivable		31,500
Accrued interest added to principal balance		5,500
Note maturity public capital threshold		5,000
Note due December 2026. \| Home Community, Riverside, California
Accounting Policies [Line Items]
Notes receivable		$ 64,608				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		$ 42,400
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		$ 18,600
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]
Notes receivable		$ 26,164				5,813
Note receivable interest rate		11%
Note due June 2027
Accounting Policies [Line Items]
Notes receivable		$ 3,737				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	Dec. 31, 2023	Dec. 31, 2022
Real estate owned
Land	$ 2,549,716	$ 2,539,499
Depreciable property - held and used:
Land improvements	255,706	254,578
Building, improvements, and furniture, fixtures and equipment	12,902,021	12,521,838
Real estate intangible assets	50,013	50,013
Under development:
Real estate under development	160,220	189,809
Real estate owned	16,023,859	15,570,072
Accumulated depreciation	(6,267,830)	(5,762,501)
Total real estate owned, net of accumulated depreciation	9,756,029	9,807,571
Accumulated amortization	17,200	13,100
Land and land improvements
Under development:
Real estate under development	16,576	43,711
Real estate assets held for sale	13,734
Building, improvements and furniture, fixtures and equipment
Under development:
Real estate under development	143,828	146,394
Real estate assets held for sale	$ 92,265	$ 14,039

REAL ESTATE OWNED - Additional

REAL ESTATE OWNED - Additional Information (Details) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended																			12 Months Ended
	Feb. 20, 2024 USD ($) home	Jan. 31, 2024 USD ($) home	Dec. 31, 2023 USD ($) home state community	Aug. 31, 2023 USD ($) community loan home shares	Jun. 30, 2023 USD ($) community home	Jan. 31, 2023 USD ($)	Nov. 30, 2022 USD ($) home	Jun. 30, 2022 USD ($) item home	Apr. 30, 2022 USD ($)	Nov. 30, 2021 USD ($) home	Oct. 31, 2021 USD ($) home $ / shares shares	Sep. 30, 2021 USD ($) home	Aug. 31, 2021 USD ($) home	Jul. 31, 2021 USD ($) home	Jun. 30, 2021 USD ($)	May 31, 2021 USD ($) home	Apr. 30, 2021 USD ($) home	Feb. 28, 2021 USD ($) home	Jan. 31, 2021 USD ($) home	Dec. 31, 2023 USD ($) home state community	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate Owned Disclosure
Number of real estate properties \| community			168																	168
Number of states in which there are owned and consolidated communities \| state			13																	13
Number of apartment homes owned and consolidated \| home			55,550																	55,550
Long-term Debt			$ 5,809,080																	$ 5,809,080
Gain/(loss) on sale of real estate owned																				351,193	$ 25,494	$ 136,052
Development costs excluding direct costs and capitalized interest																				13,100	17,900	11,300
Capitalized interest during period																				$ 10,100	13,400	9,700
Number of communities under development \| community			2																	2
Number of homes under development \| home			415																	415
Number of Homes Completed \| home																				56
Investment			$ 160,400																	$ 160,400
Real estate intangible assets			50,013																	50,013	50,013
Investment in unconsolidated entities			944,071																	944,071	746,994
Gain on extinguishment of debt																						$ (42,336)
Total real estate owned, net of accumulated depreciation			9,756,029																	$ 9,756,029	$ 9,807,571
Home Community, Riverside, California
Real Estate Owned Disclosure
Real estate acquired								$ 28,200
Number of acquired operating retail components \| item								2
Payment to acquire real estate								$ 29,000
Real estate intangible assets								800
214 Home Operating Community located in Arlington
Real Estate Owned Disclosure
Proceeds from sale of real estate	$ 100,000
Gain/(loss) on sale of real estate owned	$ 17,300
Number of apartment homes sold \| home	214
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
276 Home Operating Community located in Hillsboro
Real Estate Owned Disclosure
Proceeds from sale of real estate			78,600
Gain/(loss) on sale of real estate owned			$ 25,300
Number of apartment homes sold \| home			276
386 Home Operating Community In Anaheim
Real Estate Owned Disclosure
Proceeds from sale of real estate																		$ 156,000
Gain/(loss) on sale of real estate owned																		$ 50,800
Number of apartment homes sold \| home																		386
Operating Community 265 Homes in Anaheim
Real Estate Owned Disclosure
Proceeds from sale of real estate											$ 126,000
Gain/(loss) on sale of real estate owned											$ 85,200
Number of apartment homes sold \| home											265
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
Note due May 2022, One
Real Estate Owned Disclosure
Notes receivable																	$ 20,000
Gain on extinguishment of debt																	100
Total real estate owned, net of accumulated depreciation																	$ 25,000
Four Wholly-Owned Operating Communities
Real Estate Owned Disclosure
UDR's Ownership Interest					51%
HQ
Real Estate Owned Disclosure
Number of apartment homes acquired \| home	136
Texas Operating Communities
Real Estate Owned Disclosure
Number of apartment homes acquired \| home				1,753
Number of communities acquired \| community				6
Real estate acquired, Purchase price				$ 354,600
Number of mortgage loans acquired \| loan				6
Number of community issued (in shares) \| shares				3.6
Number of valued				$ 141,400
Increase from acquisition				344,800
Real estate in-place lease intangibles				9,800
Debt discount				$ 17,600
Texas Operating Communities \| Mortgages loans
Real Estate Owned Disclosure
Number of communities acquired \| community				6
Number of mortgage loans acquired \| loan				6
Long-term Debt				$ 209,400
Long term debt fair value				191,700
Texas Operating Communities \| Mortgages loans \| Minimum
Real Estate Owned Disclosure
Long-term Debt				28,000
Texas Operating Communities \| Mortgages loans \| Maximum
Real Estate Owned Disclosure
Long-term Debt				$ 40,000
Property in Dallas, Texas
Real Estate Owned Disclosure
Number of communities acquired \| community				4
Property in Austin, Texas
Real Estate Owned Disclosure
Number of communities acquired \| community				2
173 Home Operating Community in Oakland, California
Real Estate Owned Disclosure
Number of apartment homes acquired \| home		173
Real estate acquired, Purchase price		$ 1,400
300 Home Operating Community in Franklin
Real Estate Owned Disclosure
Number of apartment homes acquired \| home																			300
Long-term Debt																			$ 51,800
Real estate acquired																			82,000
Payment to acquire real estate																			77,400
Real estate intangible assets																			2,000
Debt premium																			$ 6,600
636 Home Operating Community in Farmers Branch, Texas
Real Estate Owned Disclosure
Number of apartment homes acquired \| home																	636
Long-term Debt																	$ 42,000
Real estate acquired																	111,500
Payment to acquire real estate																	110,200
Real estate intangible assets																	3,000
Debt premium																	$ 4,300
945 Home Operating Community in Frisco, Texas
Real Estate Owned Disclosure
Number of apartment homes acquired \| home																945
Long-term Debt																$ 89,500
Real estate acquired																166,900
Payment to acquire real estate																169,900
Real estate intangible assets																4,100
Debt premium																7,100
Bellevue, WA 259 Home Community
Real Estate Owned Disclosure
Number of apartment homes acquired \| home														259
Real estate acquired														$ 169,100
Payment to acquire real estate														171,900
Aggregate Commitment on Note Receivable														115,000
Real estate intangible assets														$ 2,800
468 Home Operating Community in Germantown, Maryland
Real Estate Owned Disclosure
Number of apartment homes acquired															468,000
Real estate acquired															$ 119,300
Payment to acquire real estate															121,900
Real estate intangible assets															$ 2,600
Operating Community 544 Apartment Home Germantown Maryland [Member]
Real Estate Owned Disclosure
Number of apartment homes acquired \| home													544
Real estate acquired													$ 124,400
Payment to acquire real estate													127,200
Real estate intangible assets													$ 2,800
Operating Community 330 Apartment Home Orlando Florida [Member]
Real Estate Owned Disclosure
Number of apartment homes acquired \| home											330
Number of community issued (in shares) \| shares											0.9
Number of valued											$ 47,900
Gain or loss on consolidation											0
Real estate acquired											103,600
Payment to acquire real estate											$ 106,000
Number of valued (per unit) \| $ / shares											$ 53
Repayment of construction loan											$ 39,600
Real estate intangible assets											$ 2,400
Investment in unconsolidated entities												$ 16,400
Operating Community 330 Apartment Home Orlando Florida [Member] \| UDR/MetLife operating communities
Real Estate Owned Disclosure
UDR's Ownership Interest											100%
Operating Community 663 Apartment Home Orlando Florida
Real Estate Owned Disclosure
Number of apartment homes acquired \| home											663
Real estate acquired											$ 174,100
Payment to acquire real estate											177,800
Real estate intangible assets											$ 3,700
430 Home Operating Community in Towson, Maryland
Real Estate Owned Disclosure
Number of apartment homes acquired \| home										430
Real estate acquired										$ 122,600
Payment to acquire real estate										125,300
Real estate intangible assets										$ 2,700
Operating community in Philadelphia, PA
Real Estate Owned Disclosure
Number of apartment homes acquired \| home												339
Real estate acquired												$ 136,700
Payment to acquire real estate												147,000
Real estate intangibles												7,100
Real estate intangible assets												$ 3,200
Operating Community in Orange Country California
Real Estate Owned Disclosure
Proceeds from sale of real estate							$ 41,500
Gain/(loss) on sale of real estate owned							$ 25,500
Number of apartment homes sold \| home							90
To Be Developed Parcel Of Land In Tampa, Florida
Real Estate Owned Disclosure
Payment to acquire real estate									$ 16,000							$ 6,600
Operating Community In Towson Maryland
Real Estate Owned Disclosure
Number of apartment homes acquired \| home												192
Real estate acquired												$ 54,000
Payment to acquire real estate												57,600
Real estate intangibles												2,400
Real estate intangible assets												$ 1,200
Operating Community In King Of Prussia Pennsylvania
Real Estate Owned Disclosure
Number of apartment homes acquired \| home												320
Real estate acquired												$ 113,800
Payment to acquire real estate												116,200
Real estate intangible assets												$ 2,400
Land Contiguous To Be Developed, Dallas, Texas
Real Estate Owned Disclosure
Acquisition of real estate assets								$ 90,200
Number of parcels of lands acquired \| item								3
Four Wholly-Owned Operating Communities
Real Estate Owned Disclosure
Number of apartment homes acquired \| home					1,328
Proceeds from sale of real estate					$ 247,900
Number of wholly owned communities contributed \| community					4
Gain/(loss) on sale of real estate owned					$ 325,900
Home Operating Community, Danvers \| Operating Community
Real Estate Owned Disclosure
Number of apartment homes acquired \| home								433
Real estate acquired								$ 203,700
Payment to acquire real estate								207,500
Real estate intangible assets								$ 3,800

REAL ESTATE OWNED - Amortizatio

REAL ESTATE OWNED - Amortization of intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Intangible assets, net
Balance as of December 31, 2023	$ 45,874
2024	12,992
2025	4,484
2026	4,242
2027	4,040
2028	2,762
Thereafter	17,354
Accumulated depreciation	6,242,686	$ 5,762,205
Real estate
Intangible assets, net
Balance as of December 31, 2023	32,770
2024	3,995
2025	3,858
2026	3,723
2027	3,590
2028	2,436
Thereafter	15,168
Accumulated depreciation	17,200
Amortization expense	4,200	4,300
In-place lease
Intangible assets, net
Balance as of December 31, 2023	13,104
2024	8,997
2025	626
2026	519
2027	450
2028	326
Thereafter	2,186
Accumulated depreciation	9,500
Amortization expense	$ 7,300	$ 22,500

JOINT VENTURES AND PARTNERSHI_3

JOINT VENTURES AND PARTNERSHIPS - Summary (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) community agreement	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) home	Dec. 31, 2021 USD ($)	Dec. 31, 2023 community	Dec. 31, 2023 home	Dec. 31, 2023	Dec. 31, 2023 property
Unconsolidated entities
Number of communities \| community					168
Assets		$ 11,373,242	$ 11,038,470
Liabilities		6,420,801	6,100,325
Total assets		11,373,242	11,038,470
Total liabilities		6,420,801	6,100,325
Investment in unconsolidated entities		944,071	746,994
Sold joint ventures and other investments - Investment			103,173
Income/(loss) from investments		4,693	4,947	$ 65,646
Equity method investment amount sold			103,173
Sold joint ventures and other investments		(22,058)	21,606	20,515
Number of preferred equity investment agreement amended to be inclusive of accrued preferred return \| agreement	1
UDR/MetLife
Unconsolidated entities
Number of communities \| property								13
Number of apartment homes \| home						2,837
Investment in unconsolidated entities		225,195	$ 247,160
UDR's Ownership Interest			50.10%				50.10%
Income/(loss) from investments		(5,378)	$ (7,604)	(17,785)
UDR/LaSalle
Unconsolidated entities
Number of communities \| property								5
Number of apartment homes \| home						1,590
Number of wholly owned communities contributed \| community	4
Proceeds from Sale of Real Estate	$ 247,900
Investment in unconsolidated entities	$ 258,200	286,723
UDR's Ownership Interest							51%
Income/(loss) from investments		(3,660)
Preferred Equity Investments
Unconsolidated entities
Number of communities \| community					23
Number of apartment homes						5,618	5,618
Weighted Average Rate							9.60%
Investment in unconsolidated entities		387,771	357,414
Income/(loss) from investments		$ 35,685	26,374	11,020
Years to Maturity		3 years 3 months 18 days
UDR Commitment		$ 321,096
Number of investments which receive a variable percentage of the value created from the project upon a capital or liquidating event \| item		4
Unconsolidated Joint Ventures
Unconsolidated entities
Number of communities \| property								18
Number of apartment homes \| home						4,427
Investment in unconsolidated entities		$ 511,918	247,160
Income/(loss) from investments		(9,038)	$ (7,604)	(17,785)
Variable Interest Entity, Primary Beneficiary
Unconsolidated entities
Number of apartment homes \| home			136			173
Proceeds from transfer of joint venture		1,400
Assets		68,000
Liabilities		42,500
Total assets		68,000
Total liabilities		42,500
VIE Consolidation gain/(loss)		(24,300)
Operating Community \| Preferred Equity Investments
Unconsolidated entities
Number of communities \| community					21
Number of apartment homes							4,545
Weighted Average Rate							9.30%
Investment in unconsolidated entities		304,699	$ 282,766
Income/(loss) from investments		$ 27,260	20,202	10,928
Years to Maturity		3 years 3 months 18 days
UDR Commitment		$ 252,889
Number of preferred equity investment agreements amended \| agreement	2
Operating Community \| Joint venture one
Unconsolidated entities
Incremental funded amount	$ 17,000
Operating Community \| Joint venture two
Unconsolidated entities
Incremental funded amount	$ 3,800
Development Community \| Preferred Equity Investments
Unconsolidated entities
Number of communities \| community					2
Number of apartment homes							1,073
Weighted Average Rate							10.70%
Investment in unconsolidated entities		83,072	74,648
Income/(loss) from investments		$ 8,425	6,172	92
Years to Maturity		3 years 2 months 12 days
UDR Commitment		$ 68,207
Development Community \| Real estate technology investments RETV I
Unconsolidated entities
Investment in unconsolidated entities		10,062	16,601
Income/(loss) from investments		(614)	(35,507)	50,795
UDR Commitment		18,000
Development Community \| Real estate technology investments RETV II
Unconsolidated entities
Investment in unconsolidated entities		15,371	11,670
Income/(loss) from investments		1,364	(265)	1,101
UDR Commitment		18,000
Development Community \| Real estate technology investments RETV III
Unconsolidated entities
Investment in unconsolidated entities		1,329
Income/(loss) from investments		(212)
UDR Commitment		15,000
Development Community \| Real estate technology investments RET Strategic Fund
Unconsolidated entities
Investment in unconsolidated entities		13,980	8,078
Income/(loss) from investments		(174)	496
UDR Commitment		25,000
Development Community \| Real estate technology investments RET ESG
Unconsolidated entities
Investment in unconsolidated entities		3,640	2,898
Income/(loss) from investments		(260)	(153)
UDR Commitment		10,000
Development Community \| Preferred Equity Investments and Real Estate Technology Investments
Unconsolidated entities
Investment in unconsolidated entities		432,153	396,661
Income/(loss) from investments		$ 35,789	$ (9,055)	$ 62,916
Four Wholly-Owned Operating Communities
Unconsolidated entities
Number of wholly owned communities contributed \| community	4
Proceeds from Sale of Real Estate	$ 247,900

JOINT VENTURES AND PARTNERSHI_4

JOINT VENTURES AND PARTNERSHIPS - Commitments (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) home	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Joint Ventures
Investment in unconsolidated entities	$ 944,071	$ 944,071	$ 746,994
Deferred fees from the sale of properties	7,600	7,600	8,100
Gain/(loss) on sale of real estate owned		351,193	25,494	$ 136,052
Joint venture management and other fees		$ 6,843	$ 5,022	$ 6,102
Type of revenue		udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Equity method investment amount sold			$ 103,173
Management Service
Joint Ventures
Joint venture management and other fees		$ 6,800	5,000	$ 6,100
13th and Market Properties LLC \| Accounts Payable, Accrued Expenses and Other Liabilities
Joint Ventures
Investment in unconsolidated entities	$ (8,900)	$ (8,900)	$ (7,500)
262 Home Operating Community in Norwood, Massachusetts
Joint Ventures
Number of apartment homes acquired \| home	262
Payment to acquire real estate	$ 114,300

JOINT VENTURES AND PARTNERSHI_5

JOINT VENTURES AND PARTNERSHIPS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial information relating to unconsolidated joint ventures operations
Total revenues	$ 1,627,501	$ 1,517,386	$ 1,290,767
Property operating expenses	273,736	250,310	218,094
Real estate depreciation and amortization	676,419	665,228	606,648
Gain/(loss) on sale of real estate owned	351,193	25,494	136,052
Operating income	635,008	250,814	267,968
Interest expense	(180,866)	(155,900)	(186,267)
Other income/(loss)	17,759	(6,933)	15,085
Net unrealized gain/(loss) on held investments			49,900
Net income/(loss)	474,488	92,579	160,993
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	9,756,029	9,807,571
Investments, at fair value	952,934	754,446
Cash and cash equivalents	2,922	1,193	967	$ 1,409
Other assets	209,969	197,471
Total assets	11,373,242	11,038,470
Accounts payable and accrued liabilities	141,311	153,220
Total liabilities	6,420,801	6,100,325
Total equity	3,991,354	4,098,295	3,474,304	$ 3,258,591
Real estate technology investments RETV I
Financial information relating to unconsolidated joint ventures operations
Net unrealized gain/(loss) on held investments		(35,500)
SmartRent, Inc.
Financial information relating to unconsolidated joint ventures operations
Net unrealized gain/(loss) on held investments		(37,200)	48,900
UDR/MetLife
Financial information relating to unconsolidated joint ventures operations
Total revenues	139,073	130,229	114,124
Property operating expenses	58,298	55,262	51,761
Real estate depreciation and amortization	54,895	55,580	58,486
Operating income	25,880	19,387	3,877
Interest expense	(32,720)	(30,510)	(32,307)
Net income/(loss)	(6,840)	(11,123)	(28,430)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	1,214,525	1,257,952
Cash and cash equivalents	14,826	15,554
Other assets	16,406	14,420
Total assets	1,245,757	1,287,926
Third party debt, net	855,050	857,909
Accounts payable and accrued liabilities	14,856	14,155
Total liabilities	869,906	872,064
Total equity	375,851	415,862
UDR/LaSalle
Financial information relating to unconsolidated joint ventures operations
Total revenues	20,514
Property operating expenses	6,896
Real estate depreciation and amortization	21,182
Operating income	(7,564)
Interest expense	(126)
Net income/(loss)	(7,690)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	595,976
Cash and cash equivalents	4,809
Other assets	9,986
Total assets	610,771
Third party debt, net	45,126
Accounts payable and accrued liabilities	5,510
Total liabilities	50,636
Total equity	560,135
Real estate technology investments RETV I
Financial information relating to unconsolidated joint ventures operations
Total revenues	28	42	6
Property operating expenses	1,396	1,596	1,445
Operating income	(1,368)	(1,554)	(1,439)
Interest expense	(103)	(21)	(17)
Net realized gain/(loss) on held investments	33,941	101,954	12,341
Net unrealized gain/(loss) on held investments	(29,346)	(308,202)	285,155
Net income/(loss)	3,124	(207,823)	296,040
Combined summary of balance sheets relating to unconsolidated joint ventures
Investments, at fair value	57,700	96,118
Cash and cash equivalents	260	1,160
Other assets	22	52
Total assets	57,982	97,330
Accounts payable and accrued liabilities	118	70
Total liabilities	118	70
Total equity	57,864	97,260
Developer Capital Program and Other Investments
Financial information relating to unconsolidated joint ventures operations
Total revenues	109,725	38,145	18,509
Property operating expenses	53,046	23,622	15,626
Real estate depreciation and amortization	43,407	20,064	8,429
Gain/(loss) on sale of real estate owned		127,542
Operating income	13,272	122,001	(5,546)
Interest expense	(53,282)	(16,383)	(11,161)
Other income/(loss)	537	(90)	(623)
Net realized gain/(loss) on held investments	2,113	3,601
Net unrealized gain/(loss) on held investments	16,695	(569)	16,276
Net income/(loss)	(20,665)	108,560	(1,054)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	1,347,556	1,481,832
Investments, at fair value	200,132	117,625
Cash and cash equivalents	41,775	22,285
Other assets	120,562	107,287
Total assets	1,710,025	1,729,029
Third party debt, net	1,112,640	1,079,420
Accounts payable and accrued liabilities	151,018	202,923
Total liabilities	1,263,658	1,282,343
Total equity	446,367	446,686
Preferred Equity Investment West Coast Development JV
Financial information relating to unconsolidated joint ventures operations
Total revenues			184
Property operating expenses			333
Gain/(loss) on sale of real estate owned			34,757
Operating income			34,608
Interest expense			(41)
Other income/(loss)			(1,238)
Net income/(loss)			33,329
Unconsolidated Joint Ventures and Partnerships
Financial information relating to unconsolidated joint ventures operations
Total revenues	269,340	168,416	132,823
Property operating expenses	119,636	80,480	69,165
Real estate depreciation and amortization	119,484	75,644	66,915
Gain/(loss) on sale of real estate owned		127,542	34,757
Operating income	30,220	139,834	31,500
Interest expense	(86,231)	(46,914)	(43,526)
Other income/(loss)	537	(90)	(1,861)
Net realized gain/(loss) on held investments	36,054	105,555	12,341
Net unrealized gain/(loss) on held investments	(12,651)	(308,771)	301,431
Net income/(loss)	(32,071)	(110,386)	$ 299,885
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	3,158,057	2,739,784
Investments, at fair value	257,832	213,743
Cash and cash equivalents	61,670	38,999
Other assets	146,976	121,759
Total assets	3,624,535	3,114,285
Third party debt, net	2,012,816	1,937,329
Accounts payable and accrued liabilities	171,502	217,148
Total liabilities	2,184,318	2,154,477
Total equity	$ 1,440,217	$ 959,808

LEASES - Lessee Future Minimum

LEASES - Lessee Future Minimum Payments (Details) $ in Thousands	12 Months Ended
	Dec. 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	$ 190,619	$ 194,081
Weighted average remaining lease term	42 years	42 years 7 months 6 days
Weighted average discount rate	5%	5%
Future minimum lease payments
Total operating lease liabilities (discounted)	$ 185,836	$ 189,238
Ground Leases
Future minimum lease payments
2024	12,442
2025	12,442
2026	12,442
2027	12,442
2028	12,442
Thereafter	405,452
Total future minimum lease payments (undiscounted)	467,662
Difference between future undiscounted cash flows and discounted cash flows	(281,826)
Total operating lease liabilities (discounted)	$ 185,836

LEASES - Lessee Expenses (Detai

LEASES - Lessee Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lessee Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease expense:
Contractual lease expense	$ 100	$ 100	$ 300
Variable lease expense	1,100	800	400
Operating lease right-of-use asset amortization	3,500	3,400	3,500
Operating lease liabilities amortization	3,400	3,300	3,100
Ground Leases
Lease expense:
Contractual lease expense	13,173	12,991	12,924
Variable lease expense	155	112	78
Ground Leases \| Other operating expense
Lease expense:
Total operating lease expense	$ 13,328	$ 13,103	$ 13,002

LEASES - Lessor (Details)

LEASES - Lessor (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lessor (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Future minimum lease payments
2024	$ 26,807
2025	24,432
2026	21,735
2027	18,121
2028	15,191
Thereafter	58,166
Total future minimum lease payments	164,452
Variable lease expense	$ 1,100	$ 800	$ 400
Apartment Homes
Lessor leases
Option to extend	true
Apartment Homes \| Maximum
Lessor leases
Lease terms	12 months
Retail and Commercial Spaces
Lessor leases
Option to extend	true
Retail and Commercial Spaces \| Minimum
Lessor leases
Lease terms	5 years
Percentage of lease revenue	1%
Retail and Commercial Spaces \| Maximum
Lessor leases
Lease terms	15 years
Percentage of lease revenue	2%

SECURED AND UNSECURED DEBT, N_3

SECURED AND UNSECURED DEBT, NET - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) community	Dec. 31, 2022 USD ($)
Secured debt instruments
Total Debt, net	$ 5,798,709	$ 5,487,303
Long-term Debt	$ 5,809,080
Weighted average interest rate (as a percent)	3.40%
Weighted Average
Secured debt instruments
Years to maturity	5 years 7 months 6 days
Secured Debt
Secured debt instruments
Total Debt, net	$ 1,277,713	1,052,281
Long-term Debt	$ 1,280,768
Weighted average interest rate (as a percent)	3.64%
Number of Communities Encumbered \| community	22
Secured Debt \| Weighted Average
Secured debt instruments
Years to maturity	4 years 8 months 12 days
Unsecured Debt
Secured debt instruments
Total Debt, net	$ 4,520,996	4,435,022
Long-term Debt	$ 4,528,312
Weighted average interest rate (as a percent)	3.30%
Deferred finance costs, net	$ (20,682)	(24,040)
Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	5 years 10 months 24 days
Fixed Rate Debt \| Secured Debt
Secured debt instruments
Total Debt, net	$ 1,210,742
Long-term Debt	1,213,751
Variable Rate Debt \| Secured Debt
Secured debt instruments
Total Debt, net	66,971	26,947
Long-term Debt	$ 67,017
Weighted average interest rate (as a percent)	6.61%
Number of Communities Encumbered \| community	2
Deferred finance costs, net	$ (46)	(53)
Variable Rate Debt \| Secured Debt \| Weighted Average
Secured debt instruments
Years to maturity	4 years 1 month 6 days
Mortgages Notes Payable \| Fixed Rate Debt \| Secured Debt
Secured debt instruments
Total Debt, net	$ 1,213,751	1,005,622
Deferred financing costs and other non-cash adjustments	3,009	(19,712)
Long-term Debt	$ 1,210,742	1,025,334
Weighted average interest rate (as a percent)	3.48%
Number of Communities Encumbered \| community	20
Mortgages Notes Payable \| Fixed Rate Debt \| Secured Debt \| Weighted Average
Secured debt instruments
Years to maturity	4 years 8 months 12 days
Mortgages Notes Payable \| Variable Rate Debt \| Secured Debt
Secured debt instruments
Total Debt, net	$ 40,000
Long-term Debt	$ 40,017
Weighted average interest rate (as a percent)	8.33%
Number of Communities Encumbered \| community	1
Mortgages Notes Payable \| Variable Rate Debt \| Secured Debt \| Weighted Average
Secured debt instruments
Years to maturity	1 year 3 months 18 days
Tax-exempt notes payable \| Variable Rate Debt \| Secured Debt
Secured debt instruments
Long-term Debt	$ 27,000	27,000
Weighted average interest rate (as a percent)	4.08%
Number of Communities Encumbered \| community	1
Tax-exempt notes payable \| Variable Rate Debt \| Secured Debt \| Weighted Average
Secured debt instruments
Years to maturity	8 years 2 months 12 days
Unsecured Revolving Credit Facility Due January 2026 \| Variable Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	2 years 1 month 6 days
Commercial Paper \| Variable Rate Debt \| Unsecured Debt
Secured debt instruments
Borrowings outstanding	$ 408,075	300,000
Weighted average interest rate (as a percent)	5.67%
Commercial Paper \| Variable Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	1 month 6 days
Working capital credit facility \| Variable Rate Debt \| Unsecured Debt
Secured debt instruments
Borrowings outstanding	$ 4,593	28,015
Weighted average interest rate (as a percent)	6.28%
Working capital credit facility \| Variable Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	1 year
Term Loan due January 2027 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Long-term Debt	$ 350,000	175,000
Weighted average interest rate (as a percent)	3.36%
Term Loan due January 2027 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	3 years 1 month 6 days
Term Loan due January 2027 \| Variable Rate Debt \| Unsecured Debt
Secured debt instruments
Long-term Debt		175,000
Term Loan due January 2027 \| Variable Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	3 years 1 month 6 days
8.50% Debentures, Due September 2024 \| Fixed Rate Debt \| Unsecured Debt
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%
8.50% Debentures, Due September 2024 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	8 months 12 days
2.95% Medium-Term Note due September 2026 \| Fixed Rate Debt \| Unsecured Debt
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%
2.95% Medium-Term Note due September 2026 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	2 years 8 months 12 days
3.50 Medium-Term Note due July 2027 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,753	$ 299,683
Stated interest rate	3.50%	3.50%
Unamortized discount	$ 247	$ 317
Weighted average interest rate (as a percent)	4.03%
3.50 Medium-Term Note due July 2027 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	3 years 6 months
3.50% Medium-Term Notes Due January 2028 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,521	$ 299,402
Stated interest rate	3.50%	3.50%
Unamortized discount	$ 479	$ 598
Weighted average interest rate (as a percent)	3.50%
3.50% Medium-Term Notes Due January 2028 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	4 years
4.40% Medium-Term Notes due January 2029 \| Fixed Rate Debt \| Unsecured Debt
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%
4.40% Medium-Term Notes due January 2029 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	5 years 1 month 6 days
3.20% Medium-Term Notes due January 2030 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 608,294	$ 609,667
Stated interest rate	3.20%	3.20%
Unamortized net premium	$ 8,294	$ 9,667
Weighted average interest rate (as a percent)	3.32%
3.20% Medium-Term Notes due January 2030 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	6 years
3.00% Medium-Term Notes due August 2031
Secured debt instruments
Long-term Debt	$ 600,000
3.00% Medium-Term Notes due August 2031 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 609,109	$ 610,304
Stated interest rate	3%	3%
Unamortized discount	$ 9,109	$ 10,304
Weighted average interest rate (as a percent)	3.01%
3.00% Medium-Term Notes due August 2031 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	7 years 7 months 6 days
2.10% Medium Term Note Due August 2032 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 399,697	$ 399,662
Stated interest rate	2.10%	2.10%
Unamortized discount	$ 303	$ 338
Weighted average interest rate (as a percent)	2.10%
2.10% Medium Term Note Due August 2032 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	8 years 7 months 6 days
1.90% Medium-Term Notes due March 2033 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 348,890	$ 348,770
Stated interest rate	1.90%	1.90%
Unamortized discount	$ 1,110	$ 1,230
Weighted average interest rate (as a percent)	1.90%
1.90% Medium-Term Notes due March 2033 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	9 years 2 months 12 days
2.10% Medium-Term Note due June 2033 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,059	$ 298,959
Stated interest rate	2.10%	2.10%
Unamortized discount	$ 941	$ 1,041
Weighted average interest rate (as a percent)	2.10%
2.10% Medium-Term Note due June 2033 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	9 years 6 months
3.10% Medium-Term Notes due November 2034 \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,044	$ 298,955
Stated interest rate	3.10%	3.10%
Unamortized discount	$ 956	$ 1,045
Weighted average interest rate (as a percent)	3.13%
3.10% Medium-Term Notes due November 2034 \| Fixed Rate Debt \| Unsecured Debt \| Weighted Average
Secured debt instruments
Years to maturity	10 years 9 months 18 days
Other [Member] \| Fixed Rate Debt \| Unsecured Debt
Secured debt instruments
Total Debt, net	$ 2	$ 5

SECURED AND UNSECURED DEBT, N_4

SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) instrument
Revolving Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 1,300,000
Potential maximum available	$ 2,500,000
Number of Extensions of loan \| loan	2
Extension period of option on loan	6 months
Revolving credit facility due 2023 \| Letter of Credit
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding	$ 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	2,055	3,776
Maximum daily borrowings during the period ended	$ 250,000	$ 205,000
Weighted average interest rate during the period ended	5.60%	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	12 Months Ended
	Dec. 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	4,593	28,015
Weighted average daily borrowings during the period ended	15,829	15,080
Maximum daily borrowings during the period ended	$ 57,107	$ 55,812
Weighted average interest rate during the period ended	5.90%	3%
Interest rate at end of the period	6.30%	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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Secured and Unsecured Debt
Total unsecured commercial paper program	$ 700,000	$ 700,000
Borrowings outstanding at end of period	408,075	300,000
Weighted average daily borrowings during the period ended	384,068	405,671
Maximum daily borrowings during the period ended	$ 505,000	$ 700,000
Weighted average interest rate during the period ended	5.40%	2.30%
Interest rate at end of the period	5.70%	4.70%

SECURED AND UNSECURED DEBT, N_7

SECURED AND UNSECURED DEBT, NET - Unsecured Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Aggregate maturities of unsecured debt
2024	$ 521,297
2025	223,178
2026	356,665
2027	656,931
2028	466,518
2029	615,802
2030	830,759
2031	760,930
2032	427,000
2033	650,000
Thereafter	300,000
Subtotal	5,809,080
Non-cash	(10,371)
Total	5,798,709	$ 5,487,303
Interest expense
Aggregate maturities of unsecured debt
Amortization of financing costs	4,700	3,800
Secured Debt
Aggregate maturities of unsecured debt
2024	97,578
2025	218,585
2026	56,665
2027	6,931
2028	166,518
2029	315,802
2030	230,759
2031	160,930
2032	27,000
Subtotal	1,280,768
Non-cash	(3,055)
Total	1,277,713	1,052,281
Secured Debt \| Fixed Rate Debt
Aggregate maturities of unsecured debt
2024	97,578
2025	178,568
2026	56,665
2027	6,931
2028	166,518
2029	315,802
2030	230,759
2031	160,930
Subtotal	1,213,751
Non-cash	(3,009)
Total	1,210,742
Secured Debt \| Variable Rate Debt
Aggregate maturities of unsecured debt
2025	40,017
2032	27,000
Subtotal	67,017
Non-cash	(46)
Total	66,971	26,947
Unsecured Debt
Aggregate maturities of unsecured debt
2024	423,719
2025	4,593
2026	300,000
2027	650,000
2028	300,000
2029	300,000
2030	600,000
2031	600,000
2032	400,000
2033	650,000
Thereafter	300,000
Subtotal	4,528,312
Non-cash	(7,316)
Total	$ 4,520,996	$ 4,435,022

SECURED AND UNSECURED DEBT, N_8

SECURED AND UNSECURED DEBT, NET - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2023 USD ($) community loan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Secured Debt
Percentage of secured debt which encumbers real estate owned based upon book value		14%
Percentage of secured debt of real estate owned which is unencumbered		86%
Long-term Debt		$ 5,798,709	$ 5,487,303
Outstanding balances		5,809,080
Extinguishment of debt costs				$ 40,769
Texas Operating Communities
Secured Debt
Number of communities acquired \| community	6
Number of mortgage loans acquired \| loan	6
Mortgages Notes Payable \| Texas Operating Communities
Secured Debt
Long-term Debt	$ 209,400
Long term debt fair value	$ 191,700
Number of communities acquired \| community	6
Number of mortgage loans acquired \| loan	6
Outstanding balances	$ 209,400
Mortgages Notes Payable \| Texas Operating Communities \| Minimum
Secured Debt
Notes payable maximum interest rates range	3.24%
Outstanding balances	$ 28,000
Mortgages Notes Payable \| Texas Operating Communities \| Maximum
Secured Debt
Notes payable maximum interest rates range	4.12%
Outstanding balances	$ 40,000
3.00% Medium-Term Notes due August 2031
Secured Debt
Outstanding balances		600,000
Interest rate risk		$ 250,000
All-in weighted average interest rate		3.01%
Unsecured Debt
Secured Debt
Long-term Debt		$ 4,520,996	4,435,022
Outstanding balances		4,528,312
Secured Debt
Secured Debt
Long-term Debt		1,277,713	1,052,281
Outstanding balances		$ 1,280,768
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
Outstanding balances		$ 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
Long-term Debt		$ 299,753	$ 299,683
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
Long-term Debt		$ 299,997	$ 299,996
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
Long-term Debt		$ 608,294	$ 609,667
Stated interest rate		3.20%	3.20%
All-in weighted average interest rate		3.32%
Unamortized net premium		$ 8,294	$ 9,667
Fixed Rate Debt \| Unsecured Debt \| 3.00% Medium-Term Notes due August 2031
Secured Debt
Long-term Debt		$ 609,109	$ 610,304
Stated interest rate		3%	3%
Fixed Rate Debt \| Unsecured Debt \| 2.10% Medium Term Note Due August 2032
Secured Debt
Long-term Debt		$ 399,697	$ 399,662
Stated interest rate		2.10%	2.10%
Fixed Rate Debt \| Unsecured Debt \| 2.10% Medium-Term Note due June 2033
Secured Debt
Long-term Debt		$ 299,059	$ 298,959
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
Long-term Debt		$ 348,890	$ 348,770
Stated interest rate		1.90%	1.90%
Fixed Rate Debt \| Secured Debt
Secured Debt
Long-term Debt		$ 1,210,742
Outstanding balances		1,213,751
Fixed Rate Debt \| Secured Debt \| Mortgages Notes Payable
Secured Debt
Long-term Debt		1,213,751	$ 1,005,622
Outstanding balances		1,210,742	1,025,334
Fixed Rate Debt \| Debt Assumed As Part of Acquisition \| Mortgages Notes Payable
Secured Debt
Amortization of debt discount (Premium)		3,400	4,500	$ 3,900
Unamortized net premium		1,500	22,500
Variable Rate Debt \| Secured Debt
Secured Debt
Long-term Debt		66,971	26,947
Outstanding balances		$ 67,017
Variable Rate Debt \| Secured Debt \| Mortgages Notes Payable
Secured Debt
Notes payable maximum interest rates range		8.33%
Long-term Debt		$ 40,000
Outstanding balances		$ 40,017
Variable Rate Debt \| Secured Debt \| Tax-exempt notes payable
Secured Debt
Notes payable maximum interest rates range		4.08%
Outstanding balances		$ 27,000	$ 27,000

INCOME_(LOSS) PER SHARE (Detail

INCOME/(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2021
Antidilutive securities
Net income/(loss)			$ 474,488	$ 92,579	$ 160,993
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership			(30,104)	(5,613)	(10,873)
Net (income)/loss attributable to noncontrolling interests			(31)	(42)	(104)
Net income/(loss) attributable to UDR, Inc.			444,353	86,924	150,016
Distributions to preferred stockholders - Series E (Convertible)			(4,848)	(4,412)	(4,229)
Net income/(loss) attributable to common stockholders			439,505	82,512	145,787
Income/(loss) attributable to common stockholders - diluted			$ 439,505	$ 82,512	$ 145,787
Denominator for income/(loss) per share:
Weighted average common shares outstanding			329,136,000	321,949,000	300,579,000
Non-vested restricted stock awards			(371,000)	(278,000)	(253,000)
Denominator for basic income/(loss) per share			328,765,000	321,671,000	300,326,000
Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements			339,000	1,029,000	1,377,000
Denominator for diluted income/(loss) per share			329,104,000	322,700,000	301,703,000
Income/(loss) per weighted average common share - basic			$ 1.34	$ 0.26	$ 0.49
Income/(loss) per weighted average common share - diluted			$ 1.34	$ 0.26	$ 0.48
Number of shares authorized			450,000,000	450,000,000
Aggregate net proceeds			$ (551)	$ 629,552	$ 899,053
Number of shares agreed to repurchase (in shares)			600,000	1,200,000
Average price of shares repurchased (dollar per share)			$ 40.13	$ 41.14
Repurchase of common shares			$ 25,009	$ 49,028
Issuance of common shares through public offering, net			$ (551)	$ 629,552	$ 899,053
OP/DownREIT Units
Denominator for income/(loss) per share:
Antidilutive securities			22,410,000	21,478,000	22,418,000
Convertible Preferred Stock
Denominator for income/(loss) per share:
Antidilutive securities			2,908,000	2,916,000	2,918,000
Unvested LTIP Units and unvested restricted stock
Denominator for income/(loss) per share:
Antidilutive securities			339,000	1,029,000	1,377,000
ATM
Denominator for income/(loss) per share:
Number of shares authorized						20,000,000
Net proceeds				$ 630,400
Aggregate net proceeds				$ 629,600
Shares of common stock available for future issuance			14,000,000	14,000,000
Shares settled				11,400,000
Forward Sales Agreement
Denominator for income/(loss) per share:
Commissions paid to sales agents	$ 7,500
Net proceeds	$ 230,900			$ 399,500
Forward price	$ 52.46	$ 57.565		$ 57.07
Shares of common stock available for future issuance		7,000,000
Shares settled	4,400,000			7,000,000

STOCKHOLDERS' EQUITY - Shares R

STOCKHOLDERS' EQUITY - Shares Rollforward (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Repurchase of common shares	(600)
Common Stock
Shares issued, beginning of period	328,993	318,150	296,612
Issuance/(forfeiture) of common and restricted shares, net	174	120	97
Issuance of common shares through forward sales public offering, net (forward sales agreement)		11,402	19,517
Repurchase of common shares	(623)	(1,192)
Conversion of Series E Cumulative Convertible shares		10
Shares issued, end of period	329,015	328,993	318,150
8.00% Series E Cumulative Convertible Preferred Stock
Shares issued, beginning of period	2,686	2,695	2,695
Conversion of Series E Cumulative Convertible shares		(9)
Shares issued, end of period	2,686	2,686	2,695
Series F
Shares issued, beginning of period	12,101	12,583	14,441
Forfeiture of Series F shares	(233)	(482)
Shares issued, end of period	11,868	12,101	12,583
Series F \| Maximum
Forfeiture of Series F shares		(500)
United Dominion Reality L.P. \| Common Stock
Adjustment for conversion of non-controlling interest of unitholders	148	4	44
UDR Lighthouse DownREIT L.P. \| Common Stock
Adjustment for conversion of non-controlling interest of unitholders	323	499	1,880
UDR Lighthouse DownREIT L.P. and United Dominion Reality L.P. \| Common Stock
Adjustment for conversion of non-controlling interest of unitholders	500
UDR Lighthouse DownREIT L.P. and United Dominion Reality L.P. \| Series F
Forfeiture of Series F shares	200

STOCKHOLDERS' EQUITY - Other in

STOCKHOLDERS' EQUITY - Other information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2021	Dec. 31, 2008
Stockholders' equity
Preferred stock, no par value			$ 0	$ 0
Common stock, shares authorized			450,000,000	450,000,000
Proceeds from the issuance of common shares through public offering, net			$ (551)	$ 629,552	$ 899,053
Preferred stock, shares authorized			50,000,000	50,000,000
Common distributions declared per share			$ 1.68	$ 1.52	$ 1.45
Repurchase of common shares			600,000
Weighted average price per share			$ 40.13
Repurchase of common shares in total consideration			$ 25,009	$ 49,028
8.00% Series E Cumulative Convertible Preferred Stock
Stockholders' equity
Preferred stock, no par value			$ 0	$ 0
Preferred stock, liquidation preference per share			$ 16.61
Number of common stock shares each preferred shares can be converted to							1
Number of common stock shares to which each preferred share is convertible after special dividend			1.083
Declared preferred stock dividend			$ 1.82	$ 1.65	$ 1.57
Preferred Stock, Shares Issued			2,686,308	2,686,308
Series F
Stockholders' equity
Preferred stock, shares authorized			20,000,000	20,000,000
Share Price			$ 0.0001
Preferred stock, value, issued			$ 1,187	$ 1,210
Preferred Stock, Shares Issued			11,867,730	12,100,514
Common Stock
Stockholders' equity
Repurchase of common shares in total consideration			$ 6	$ 12
Restricted Stock
Stockholders' equity
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period Net of Forfeitures			200,000
ATM
Stockholders' equity
Common stock, shares authorized						20,000,000
Shares settled				11,400,000
Net proceeds				$ 630,400
Proceeds from the issuance of common shares through public offering, net				$ 629,600
Shares of common stock available for future issuance			14,000,000	14,000,000
Forward Sales Agreement
Stockholders' equity
Shares settled	4,400,000			7,000,000
Forward price	$ 52.46	$ 57.565		$ 57.07
Net proceeds	$ 230,900			$ 399,500
Shares of common stock available for future issuance		7,000,000

EMPLOYEE BENEFIT PLANS - Rollfo

EMPLOYEE BENEFIT PLANS - Rollforward (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LTIP Units and Restricted Stock, Number Of shares
Stock based compensation expense	$ 0.6
Employee Stock Option [Member]
Options Outstanding, Number of Options
Vested	19,000
Balance, December 31, 2022	19,000
Options Outstanding, Weighted Average Exercise Price
Vested (in dollars per share)	$ 59.90
Balance, December 31, 2022 (in dollars per share)	$ 59.90
Options Exercisable, Number of Options
Balance, December 31, 2021	1,225,000
Granted	133,000
Exercised	0
Vested	(19,000)
Balance, December 31, 2022	1,339,000	1,225,000
Options Exercisable, Weighted Average Exercise Price
Balance, December 31, 2021 (in dollars per share)	$ 45.91
Granted (in dollars per share)	38.59
Vested (in dollars per share)	59.90
Balance, December 31, 2022 (in dollars per share)	$ 44.99	$ 45.91
LTIP Units and Restricted Stock, Number Of shares
Stock based compensation expense		$ 0.7	$ 0	$ 0
Long Term Incentive Plan
Options Exercisable, Number of Options
Balance, December 31, 2021	491,000
Granted	232,000
Vested	(411,000)
Balance, December 31, 2022	312,000	491,000
Options Exercisable, Weighted Average Exercise Price
Balance, December 31, 2021 (in dollars per share)	$ 53.69
Granted (in dollars per share)	50.11
Vested (in dollars per share)	54.09
Balance, December 31, 2022 (in dollars per share)	$ 50.51	$ 53.69
Restricted Stock
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 5.4
LTIP Units and Restricted Stock, Number Of shares
Balance, December 31, 2021	273,000
Granted	224,000
Vested	(125,000)
Forfeited	(7,000)
Balance, December 31, 2022	365,000	273,000
Stock based compensation expense	$ 6.4	$ 5.7	4.5
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2021 (in dollars per share)	$ 48.77
Granted (in dollars per share)	41.21
Vested (in dollars per share)	47.84
Forfeited (in dollars per share)	47.03
Balance, December 31, 2022 (in dollars per share)	$ 44.53	$ 48.77
Performance Units
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 11.6
LTIP Units and Restricted Stock, Number Of shares
Exercised	0
Stock based compensation expense	$ 19.8	$ 5.2	$ 11.7
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2022 (in dollars per share)	$ 41.25
Unvested Performance Units Outstanding
LTIP Units and Restricted Stock, Number Of shares
Balance, December 31, 2021	2,749,000
Granted	2,207,000
Vested	(455,000)
Forfeited	(784,000)
Balance, December 31, 2022	3,717,000	2,749,000
Stock based compensation expense	$ 4.1
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2021 (in dollars per share)	$ 44.66
Granted (in dollars per share)	38.59
Vested (in dollars per share)	40.28
Forfeited (in dollars per share)	46.28
Balance, December 31, 2022 (in dollars per share)	$ 41.25	$ 44.66
Performance Units Exercisable
Options Exercisable, Number of Options
Balance, December 31, 2021	1,823,000
Vested	455,000
Balance, December 31, 2022	2,278,000	1,823,000
Performance Stock Units, Weighted Average Exercise Price
Balance, December 31, 2021	$ 36.85
Vested (in dollars per share)	40.28
Balance, December 31, 2022	$ 37.53	$ 36.85

EMPLOYEE BENEFIT PLANS - Other

EMPLOYEE BENEFIT PLANS - Other information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee benefits
Stock based compensation expense				$ 0.6
Employee Stock Option [Member]
Employee benefits
Share-based compensation arrangement by share-based payment award, options, issued				1,400,000
Options exercisable per share of common stock				1
Share-based compensation arrangement by share-based payment award, options, outstanding, number				19,000
Number of share options exercisable				1,339,000	1,225,000
Stock based compensation expense					$ 0.7	$ 0	$ 0
Unrecognized compensation expense				$ 2.9
Options exercised				0
Weighted average remaining contractual life				8 years 7 months 6 days
Weighted average exercise price				$ 44.99
Restricted Stock
Employee benefits
Share-based compensation arrangement by share-based payment award, options, issued				6,900,000
Total remaining compensation cost related to unvested share options				$ 5.4
Weighted average remaining contractual life				2 years
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value				$ 41.21
Stock based compensation expense				$ 6.4	$ 5.7	4.5
Restricted Stock \| Minimum
Employee benefits
Vesting period				1 year
Initial performance period to make adjustments				1 year
Restricted Stock \| Maximum
Employee benefits
Vesting period				4 years
Initial performance period to make adjustments				3 years
Long Term Incentive Plan
Employee benefits
Share-based compensation arrangement by share-based payment award, options, issued				3,000,000
Shares available for issuance under plan				10,600,000
Number of share options exercisable				312,000	491,000
Unit Awards
Employee benefits
Total remaining compensation cost related to unvested share options				$ 3.7
Weighted average remaining contractual life				1 year 3 months 18 days
Stock based compensation expense				$ 6.2	$ 15.9	5.9
Unit Awards \| Minimum
Employee benefits
Vesting period				1 year
Initial performance period to make adjustments				1 year
Unit Awards \| Maximum
Employee benefits
Vesting period				4 years
Initial performance period to make adjustments				3 years
Performance Units
Employee benefits
Share-based compensation arrangement by share-based payment award, options, issued				6,000,000
Number of operating partnership common unit exercisable from each performance unit				1
Total remaining compensation cost related to unvested share options				$ 11.6
Exercised				0
Weighted average remaining contractual life				8 years 1 month 6 days
Stock based compensation expense				$ 19.8	5.2	11.7
Performance Units \| Minimum
Employee benefits
Vesting period				1 year
Initial performance period to make adjustments				1 year
Performance Units \| Maximum
Employee benefits
Vesting period				4 years
Initial performance period to make adjustments				3 years
2023 LTIP \| Restricted Stock \| Relative component
Employee benefits
Expected dividend per share	$ 44.85
2023 LTIP \| Restricted Stock \| Absolute component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value	$ 43.30
Volatility factor	36%
2023 LTIP \| Long Term Incentive Plan
Employee benefits
Vesting percentage	100%
FFO as Adjusted Per Share, Value	$ 18.45
Share Price	$ 38.59
Volatility factor	36%
Discount rate	4.40%
Vesting period	3 years
2023 LTIP \| Long Term Incentive Plan \| First portion of awards
Employee benefits
Vesting percentage	30%
FFO as Adjusted Per Share, Value	$ 17.58
Discount rate	8.90%
Vesting period	1 year
2023 LTIP \| Long Term Incentive Plan \| 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage	50%
2023 LTIP \| Long Term Incentive Plan \| Balance 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage	50%
2023 LTIP \| Long Term Incentive Plan \| Second portion of awards
Employee benefits
Vesting percentage	15%
Vesting period	3 years
2023 LTIP \| Long Term Incentive Plan \| Third portion of awards
Employee benefits
Vesting percentage	55%
Vesting period	3 years
2023 LTIP \| Long Term Incentive Plan \| Relative component
Employee benefits
FFO as Adjusted Per Share, Value	$ 21.62
Discount rate	4.40%
2023 LTIP \| Long Term Incentive Plan \| Absolute component
Employee benefits
FFO as Adjusted Per Share, Value	$ 20.89
Discount rate	4.40%
2023 LTIP \| Long Term Performance Unit
Employee benefits
Volatility factor	16%
Expected life	6 years 6 months
Annualized risk-free rate	4.08%
Annual dividend yield	3.20%
2023 LTIP \| Long Term Performance Unit \| Relative component
Employee benefits
FFO as Adjusted Per Share, Value	$ 6.02
Discount rate	4.40%
2023 LTIP \| Long Term Performance Unit \| Absolute component
Employee benefits
FFO as Adjusted Per Share, Value	$ 5.86
Discount rate	4.40%
2022 LTIP \| Restricted Stock \| Relative component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value		$ 66.83
2022 LTIP \| Restricted Stock \| Absolute component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value		$ 68.02
Volatility factor		33%
2022 LTIP \| Long Term Incentive Plan
Employee benefits
Vesting percentage		100%
FFO as Adjusted Per Share, Value		$ 28.72
Share Price		$ 59.90
Volatility factor		33%
Discount rate		4.10%
Vesting period		3 years
2022 LTIP \| Long Term Incentive Plan \| First portion of awards
Employee benefits
Vesting percentage		30%
FFO as Adjusted Per Share, Value		$ 27.04
Discount rate		9.70%
Vesting period		1 year
2022 LTIP \| Long Term Incentive Plan \| 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage		50%
2022 LTIP \| Long Term Incentive Plan \| Balance 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage		50%
2022 LTIP \| Long Term Incentive Plan \| Second portion of awards
Employee benefits
Vesting percentage		15%
Vesting period		3 years
2022 LTIP \| Long Term Incentive Plan \| Third portion of awards
Employee benefits
Vesting percentage		55%
Vesting period		3 years
2022 LTIP \| Long Term Incentive Plan \| Relative component
Employee benefits
FFO as Adjusted Per Share, Value		$ 31.95
Discount rate		4.10%
2022 LTIP \| Long Term Incentive Plan \| Absolute component
Employee benefits
FFO as Adjusted Per Share, Value		$ 32.85
Discount rate		4.10%
2022 LTIP \| Short Term Incentive Plan
Employee benefits
FFO as Adjusted Per Share, Value		$ 51.10
Initial performance period to make adjustments		1 year
2021 LTIP \| Restricted Stock \| Relative component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value			$ 40.09
2021 LTIP \| Restricted Stock \| Absolute component
Employee benefits
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value			$ 39.95
Volatility factor			33%
2021 LTIP \| Long Term Incentive Plan
Employee benefits
Vesting percentage			100%
FFO as Adjusted Per Share, Value			$ 17.71
Share Price			$ 36.85
Volatility factor			33%
Discount rate			3.90%
Vesting period			3 years
2021 LTIP \| Long Term Incentive Plan \| First portion of awards
Employee benefits
Vesting percentage			30%
FFO as Adjusted Per Share, Value			$ 16.69
Discount rate			9.40%
Vesting period			1 year
2021 LTIP \| Long Term Incentive Plan \| 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage			50%
2021 LTIP \| Long Term Incentive Plan \| Balance 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage			50%
2021 LTIP \| Long Term Incentive Plan \| Second portion of awards
Employee benefits
Vesting percentage			15%
FFO as Adjusted Per Share, Value			$ 2.67
Volatility factor			27%
Expected life			5 years 6 months
Annualized risk-free rate			0.49%
Annual dividend yield			3.40%
Discount rate			9.40%
Vesting period			3 years
2021 LTIP \| Long Term Incentive Plan \| Third portion of awards
Employee benefits
Vesting percentage			55%
FFO as Adjusted Per Share, Value			$ 2.85
Volatility factor			26%
Expected life			6 years 6 months
Annualized risk-free rate			0.57%
Annual dividend yield			3.40%
Discount rate			3.90%
Vesting period			3 years
2021 LTIP \| Long Term Incentive Plan \| Relative component
Employee benefits
FFO as Adjusted Per Share, Value			$ 19.43
Discount rate			3.90%
2021 LTIP \| Long Term Incentive Plan \| Absolute component
Employee benefits
FFO as Adjusted Per Share, Value			$ 19.37
Discount rate			3.90%
2021 LTIP \| Short Term Incentive Plan
Employee benefits
FFO as Adjusted Per Share, Value			$ 5.06
Volatility factor			27%
Expected life			5 years 6 months
Annualized risk-free rate			0.49%
Annual dividend yield			3.40%
Initial performance period to make adjustments			1 year
2021 LTIP \| Performance Units
Employee benefits
Volatility factor			33%
Expected life			6 years 6 months
Annualized risk-free rate			0.16%
Annual dividend yield			3.50%
2021 LTIP \| Performance Units \| Relative component
Employee benefits
FFO as Adjusted Per Share, Value			$ 3.59
Discount rate			3.90%
2021 LTIP \| Performance Units \| Absolute component
Employee benefits
FFO as Adjusted Per Share, Value			$ 3.70
Discount rate			3.90%
Long Term Incentive Plan
Employee benefits
Shares reserved for issuance under plan				35,000,000
Long Term Incentive Plan \| Long Term Incentive Unit
Employee benefits
FFO as Adjusted Per Share, Value	$ 4.29
Volatility factor	27%
Expected life	6 years 6 months
Annualized risk-free rate	4.08%
Annual dividend yield	3.30%
Discount rate	4.40%
Vesting period	3 years
Long Term Incentive Plan \| Long Term Performance Unit
Employee benefits
FFO as Adjusted Per Share, Value	$ 4.12
Volatility factor	29%
Expected life	5 years 6 months
Annualized risk-free rate	4.09%
Annual dividend yield	3.30%
Discount rate	8.90%
Vesting period	1 year
Short Term Incentive Plan
Employee benefits
Initial performance period to make adjustments	1 year
Short Term Incentive Plan \| Restricted Stock
Employee benefits
Share Price	$ 38.59
Short Term Incentive Plan \| Short-Term Incentive Unit
Employee benefits
Share Price	$ 38.59
Short Term Incentive Plan \| Short-Term Performance Unit
Employee benefits
Volatility factor	29%
Expected life	5 years 6 months
Annualized risk-free rate	4.09%
Annual dividend yield	3.30%
Expected dividend per share	$ 7.86
Profit Sharing Plan \| General and administrative expense
Employee benefits
Aggregate provisions for contributions				$ 1.1	$ 1.7	$ 1.4

INCOME TAXES - Taxable Distribu

INCOME TAXES - Taxable Distributions (Details) - $ / shares	12 Months Ended
INCOME TAXES - Taxable Distributions (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Taxable Distributions Paid Per Common Share [Abstract]
Ordinary income	$ 1.4384	$ 1.3329	$ 0.9798
Qualified ordinary income	0.0001	0.0001	0.0405
Long-term capital gain	0.1697	0.1521	0.3577
Unrecaptured section 1250 gain	0.0318	0.0174	0.0695
Taxable distributions per common share	$ 1.6400	$ 1.5025	$ 1.4475

INCOME TAXES - Provision (Detai

INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Total current	$ 0
Deferred
Total income tax (benefit)/provision	2,106	$ 349	$ 1,439
TRS
Current
Federal	69		2,693
State	2,036	440	1,236
Total current	2,105	440	3,929
Deferred
Federal	26	(27)	(1,770)
State	23	(16)	(672)
Investment tax credit	(48)	(48)	(48)
Total deferred	1	(91)	(2,490)
Total income tax (benefit)/provision	$ 2,106	$ 349	$ 1,439

INCOME TAXES - Deferred Taxes (

INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax liabilities:
Net deferred tax assets/(liabilities)	$ (800)	$ (800)
TRS
Deferred tax assets:
Federal and state tax attributes	28	157	$ 60
Other	153	64	102
Total deferred tax assets	181	221	162
Valuation allowance	(27)	(33)	(32)
Net deferred tax assets	154	188	130
Deferred tax liabilities:
Book/tax depreciation and basis	(881)	(876)	(860)
Other	(76)	(67)	(68)
Total deferred tax liabilities	(957)	(943)	(928)
Net deferred tax assets/(liabilities)	$ (803)	$ (755)	$ (798)

INCOME TAXES - Effective Tax Ra

INCOME TAXES - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unrecognized Tax Benefits	$ 0	$ 0
Income tax provision/(benefit)
Total income tax (benefit)/provision	2,106	349	$ 1,439
TRS
Income tax provision/(benefit)
U.S. federal income tax provision/(benefit)	105	(109)	1,058
State income tax provision	2,054	914	664
Other items		(409)	(246)
Solar credit amortization	(48)	(48)	(48)
ITC basis adjustment			2
Valuation allowance	(5)	1	9
Total income tax (benefit)/provision	$ 2,106	$ 349	$ 1,439

INCOME TAXES - Other Informatio

INCOME TAXES - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Carryforwards
U.S. federal corporate income tax rate	21%	21%	21%
Tax benefit/(provision), net	$ 2,106	$ 349	$ 1,439
Increase in state taxes	1,800
Net income/(loss) attributable to UDR, Inc.	444,353	86,924	150,016
Unrecognized Tax Benefits	0	0
TRS
Carryforwards
Tax benefit/(provision), net	2,106	$ 349	$ 1,439
Net income/(loss) attributable to UDR, Inc.	1,000
Internal Revenue Service (IRS)
Carryforwards
Net loss carryforwards	23,900
State
Carryforwards
Net loss carryforwards	$ 65,400

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	12 Months Ended
NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	$ 1,299,442
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(10,211)	(444,293)	$ 502,768
OP Units issued for real estate, net	141,359		48,533
Conversion of OP Units/DownREIT Units to Common Stock or Cash	30,569	44,346
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	30,104	5,613	10,873
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(39,072)	(34,020)
Redeemable Long-Term and Short-Term Incentive Plan Units	29,857	56,568
Allocation of other comprehensive income/(loss)	(231)	886
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year	961,087	839,850	1,299,442
Net (income)/loss attributable to noncontrolling interests	(31)	(42)	(104)
Maximum
Redeemable noncontrolling interests in the Operating Partnership
Net (income)/loss attributable to noncontrolling interests	$ (100)	$ (100)	$ (100)

FAIR VALUE OF DERIVATIVES AND_3

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value
Notes receivable, net	$ 228,825	$ 54,707
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset Designated as Hedging Instrument, Fair Value	10,103	15,270
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	961,087	839,850
Transfers between levels of fair value hierarchy	$ 0	0
Development Community \| Real estate technology investments RETV I
Debt instruments - fair value
No. of shares sold	4.6
Price per share	$ 3.18
Cash received	$ 14,400
Gain on sale of investment	2,500
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	228,825	54,707
Total assets	246,138	79,684
Debt instruments - fair value
Total liabilities	5,823,923	5,514,231
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	961,087	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	10,103	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	7,210	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	222,755	55,514
Total assets	240,068	80,491
Debt instruments - fair value
Total liabilities	5,215,522	4,712,688
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	961,087	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	10,103	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	7,210	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	7,210	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	7,210	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	10,103	15,270
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	961,087	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	10,103	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	222,755	55,514
Total assets	222,755	55,514
Debt instruments - fair value
Total liabilities	5,215,522	4,712,688
Unsecured Debt \| Carrying (Reported) Amount, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,129,010	4,131,047
Unsecured Debt \| Estimate of Fair Value, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	3,611,697	3,448,632
Unsecured Debt \| Estimate of Fair Value, Fair Value Disclosure \| Level 3 \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	3,611,697	3,448,632
Unsecured Debt \| Commercial Paper \| Carrying (Reported) Amount, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	408,075	300,000
Unsecured Debt \| Commercial Paper \| Estimate of Fair Value, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	408,075	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	408,075	300,000
Unsecured Debt \| Working Capital Credit Facility - 2021 \| Carrying (Reported) Amount, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,593	28,015
Unsecured Debt \| Working Capital Credit Facility - 2021 \| Estimate of Fair Value, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,593	28,015
Unsecured Debt \| Working Capital Credit Facility - 2021 \| Estimate of Fair Value, Fair Value Disclosure \| Level 3 \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,593	28,015
Fixed Rate Debt \| Secured Debt \| Mortgages Notes Payable \| Carrying (Reported) Amount, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	1,215,228	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	1,124,140	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	1,124,140	909,041
Variable Rate Debt \| Secured Debt \| Mortgages Notes Payable \| Carrying (Reported) Amount, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	40,017
Variable Rate Debt \| Secured Debt \| Mortgages Notes Payable \| Estimate of Fair Value, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	40,017
Variable 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	40,017
Variable Rate Debt \| Secured Debt \| Tax-exempt secured notes payable \| Carrying (Reported) Amount, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,000	27,000
Variable Rate Debt \| Secured Debt \| Tax-exempt secured notes payable \| Estimate of Fair Value, Fair Value Disclosure \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,000	27,000
Variable Rate Debt \| Secured Debt \| Tax-exempt secured notes payable \| Estimate of Fair Value, Fair Value Disclosure \| Level 3 \| Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	$ 27,000	$ 27,000

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITY - Interest Rate Derivatives (Details) $ in Thousands	Dec. 31, 2023 USD ($) item
Derivatives
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 6,000
Designated as Hedging Instrument \| Interest rate swap and caps
Derivatives
Number of Interest Rate Derivatives Held \| item	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	Dec. 31, 2023	Dec. 31, 2022
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets
Derivative Asset Designated as Hedging Instrument, Fair Value	$ 10,103	$ 15,270
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	$ 10,103	$ 15,270

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	$ 3,872	$ 14,489	$ 3,502
Gain/(Loss) Reclassified from Accumulated OCI in Interest expense	7,533	998	(1,755)
Interest rate contracts \| Interest expense \| Cash Flow Hedging
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	3,872	14,489	3,502
Gain/(Loss) Reclassified from Accumulated OCI in Interest expense	$ 7,533	$ 998	$ (1,755)

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITY - Effectiveness (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivatives and hedging activity
Total amount of Interest expense presented on the Consolidated Statements of Operations	$ 180,866	$ 155,900	$ 186,267

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Offsetting derivative assets
Gross Amounts of Recognized Assets	$ 10,103	$ 15,270
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	$ 10,103	$ 15,270
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Net Amount	$ 10,103	$ 15,270
Offsetting derivative liabilities
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Real Estate Commitments (Details) $ in Thousands	Dec. 31, 2023 USD ($) community
Commitments
Number of communities \| community	168
Cost Incurred to Date	$ 290,221
UDR's Remaining Commitment	$ 190,178
Wholly owned - under development
Commitments
Number of communities \| community	2
Cost Incurred to Date	$ 160,404
UDR's Remaining Commitment	$ 27,096
Wholly owned - redevelopment
Commitments
Number of communities \| community	14
Cost Incurred to Date	$ 73,869
UDR's Remaining Commitment	123,030
Real estate technology and sustainability investments
Commitments
Cost Incurred to Date	55,948
UDR's Remaining Commitment	$ 40,052

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Thousands	12 Months Ended
REPORTABLE SEGMENTS (Details) $ in Thousands	Dec. 31, 2023 USD ($) home segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segments
Same store communities \| home	51,368
Reportable Segments
Management fee (as a percent)	3.25%
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
Capital expenditures and development	$ 441,606	$ 444,009	$ 346,365
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	1,620,658	1,512,364	1,284,665
Reconciling items:
Joint venture management and other fees	$ 6,843	$ 5,022	$ 6,102
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Property management	$ (52,671)	$ (49,152)	$ (38,540)
Other operating expenses	(20,222)	(17,493)	(21,649)
Real estate depreciation and amortization	(676,419)	(665,228)	(606,648)
General and administrative	(69,929)	(64,144)	(57,541)
Casualty-related (charges)/recoveries, net	(3,138)	(9,733)	(3,748)
Other depreciation and amortization	(15,419)	(14,344)	(13,185)
Gain/(loss) on sale of real estate owned	351,193	25,494	136,052
Income/(loss) from unconsolidated entities	4,693	4,947	65,646
Interest expense	(180,866)	(155,900)	(186,267)
Interest income and other income/(expense), net	17,759	(6,933)	15,085
Tax (provision)/benefit, net	(2,106)	(349)	(1,439)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(30,104)	(5,613)	(10,873)
Net (income)/loss attributable to noncontrolling interests	(31)	(42)	(104)
Net income/(loss) attributable to UDR, Inc.	444,353	86,924	150,016
Reportable apartment home segment assets:
Total segment assets	16,023,859	15,570,072
Accumulated depreciation	(6,267,830)	(5,762,501)
Total real estate owned, net of accumulated depreciation	9,756,029	9,807,571
Reconciling items:
Cash and cash equivalents	2,922	1,193	967	$ 1,409
Restricted cash	31,944	29,001	27,451	$ 22,762
Notes receivable, net	228,825	54,707
Investment in and advances to unconsolidated joint ventures, net	952,934	754,446
Operating lease right-of-use assets	190,619	194,081
Other assets	209,969	197,471
Total consolidated assets	11,373,242	11,038,470
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	1,570,510	1,464,834	1,245,887
Other revenue	50,148	47,530	38,778
Rental income	1,620,658	1,512,364	1,284,665
Reportable apartment home segment NOI	1,114,770	1,040,392	867,125
Same Communities \| 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	463,119	443,435	399,692
Other revenue	11,672	11,899	10,214
Rental income	474,791	455,334	409,906
Reportable apartment home segment NOI	354,320	339,954	300,828
Reportable apartment home segment assets:
Total segment assets	4,360,532	4,295,073
Same Communities \| 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	301,785	286,825	249,455
Other revenue	11,772	10,868	8,490
Rental income	313,557	297,693	257,945
Reportable apartment home segment NOI	216,379	204,923	177,339
Reportable apartment home segment assets:
Total segment assets	3,201,640	3,140,167
Same Communities \| 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	302,568	282,744	239,301
Other revenue	7,005	6,895	5,241
Rental income	309,573	289,639	244,542
Reportable apartment home segment NOI	204,247	189,922	151,521
Reportable apartment home segment assets:
Total segment assets	3,669,538	3,629,026
Same Communities \| 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	226,352	210,156	166,800
Other revenue	9,413	8,822	7,275
Rental income	235,765	218,978	174,075
Reportable apartment home segment NOI	162,090	149,132	116,239
Reportable apartment home segment assets:
Total segment assets	1,579,201	1,521,489
Same Communities \| 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	150,818	144,031	118,316
Other revenue	6,333	5,820	4,924
Rental income	157,151	149,851	123,240
Reportable apartment home segment NOI	100,657	94,934	75,993
Reportable apartment home segment assets:
Total segment assets	1,324,942	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	125,868	97,643	72,323
Other revenue	3,953	3,226	2,634
Rental income	129,821	100,869	74,957
Reportable apartment home segment NOI	77,077	61,527	$ 45,205
Reportable apartment home segment assets:
Total segment assets	$ 1,888,006	$ 1,696,985

SCHEDULE III - REAL ESTATE OW_2

SCHEDULE III - REAL ESTATE OWNED (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate and Accumulated Depreciation
Encumbrances	$ 1,277,713
Initial Costs, Land and Land Improvements	2,552,618
Initial Costs, Buildings and Improvements	8,819,435
Total Initial Acquisition Costs	11,372,053
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,651,806
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,835,188
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	13,188,671
Total Carrying Value	16,023,859	$ 15,570,072	$ 14,740,803
Accumulated Depreciation	6,267,830	5,762,501	5,137,096
Aggregate cost for federal income tax purposes	15,200,000
Reconciliation of the carrying amount of total real estate owned
Balance at beginning of the year	15,570,072	14,740,803	13,071,472
Real estate acquired (including joint venture consolidation)	410,581	409,263	1,513,106
Capital expenditures and development	441,606	444,009	346,365
Real estate sold	(398,400)	(24,003)	(190,140)
Balance at end of the year	16,023,859	15,570,072	14,740,803
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	5,762,501	5,137,096	4,605,366
Depreciation expense for the year	668,899	634,424	584,228
Accumulated depreciation on sales	(163,570)	(9,019)	(52,498)
Balance at end of year	$ 6,267,830	$ 5,762,501	$ 5,137,096
Minimum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	30 years
Maximum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	55 years
REAL ESTATE UNDER DEVELOPMENT
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	$ 16,532
Initial Costs, Buildings and Improvements	776
Total Initial Acquisition Costs	17,308
Costs of Improvements Capitalized Subsequent to Acquisition Costs	143,096
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,575
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	143,829
Total Carrying Value	160,404
Accumulated Depreciation	184
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	160,404
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	184
REAL ESTATE UNDER DEVELOPMENT \| Villas at Fiori
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,921
Initial Costs, Buildings and Improvements	776
Total Initial Acquisition Costs	10,697
Costs of Improvements Capitalized Subsequent to Acquisition Costs	38,805
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,964
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	39,538
Total Carrying Value	49,502
Accumulated Depreciation	184
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,502
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	184
REAL ESTATE UNDER DEVELOPMENT \| Meridian
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,611
Total Initial Acquisition Costs	6,611
Costs of Improvements Capitalized Subsequent to Acquisition Costs	104,291
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,611
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	104,291
Total Carrying Value	110,902
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	110,902
LAND
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	172,516
Initial Costs, Buildings and Improvements	1,467
Total Initial Acquisition Costs	173,983
Costs of Improvements Capitalized Subsequent to Acquisition Costs	58,382
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	180,266
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	52,099
Total Carrying Value	232,365
Accumulated Depreciation	751
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	232,365
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	751
LAND \| Vitruvian Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,547
Initial Costs, Buildings and Improvements	1,467
Total Initial Acquisition Costs	24,014
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,198
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,297
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	6,915
Total Carrying Value	37,212
Accumulated Depreciation	751
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,212
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	751
LAND \| Alameda Point Block 11
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	25,006
Total Initial Acquisition Costs	25,006
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,994
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	25,006
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	6,994
Total Carrying Value	32,000
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	32,000
LAND \| Newport Village II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,237
Total Initial Acquisition Costs	5,237
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,562
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,237
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	14,562
Total Carrying Value	19,799
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	19,799
LAND \| 2727 Turtle Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	90,205
Total Initial Acquisition Costs	90,205
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,942
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	90,205
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	8,942
Total Carrying Value	99,147
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	99,147
LAND \| 488 Riverwalk
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,053
Total Initial Acquisition Costs	16,053
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,299
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,053
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	6,299
Total Carrying Value	22,352
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,352
LAND \| 3001 Iowa Ave
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,468
Total Initial Acquisition Costs	13,468
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,387
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,468
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	8,387
Total Carrying Value	21,855
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,855
HELD FOR DISPOSITION
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,687
Initial Costs, Buildings and Improvements	88,692
Total Initial Acquisition Costs	102,379
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,620
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,733
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	92,266
Total Carrying Value	105,999
Accumulated Depreciation	24,960
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	105,999
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,960
HELD FOR DISPOSITION \| Crescent Falls Church
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,687
Initial Costs, Buildings and Improvements	88,692
Total Initial Acquisition Costs	102,379
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,620
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,733
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	92,266
Total Carrying Value	105,999
Accumulated Depreciation	24,960
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	105,999
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,960
COMMERCIAL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,882
Initial Costs, Buildings and Improvements	4,861
Total Initial Acquisition Costs	14,743
Costs of Improvements Capitalized Subsequent to Acquisition Costs	30,901
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,675
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	27,969
Total Carrying Value	45,644
Accumulated Depreciation	16,233
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,644
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,233
COMMERCIAL \| Brookhaven Shopping Center
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs	30,900
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,793
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,107
Total Carrying Value	30,900
Accumulated Depreciation	15,741
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,900
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,741
COMMERCIAL \| 3001 Iowa Ave Commercial
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,882
Initial Costs, Buildings and Improvements	4,861
Total Initial Acquisition Costs	14,743
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,882
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	4,862
Total Carrying Value	14,744
Accumulated Depreciation	492
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,744
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	492
CORPORATE
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,034
Initial Costs, Buildings and Improvements	20,534
Total Initial Acquisition Costs	23,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	39,016
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,217
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	59,367
Total Carrying Value	62,584
Accumulated Depreciation	8,237
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,584
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,237
CORPORATE \| Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs	33,221
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	136
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	33,085
Total Carrying Value	33,221
Accumulated Depreciation	758
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,221
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	758
CORPORATE \| 1745 Shea Center I
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,034
Initial Costs, Buildings and Improvements	20,534
Total Initial Acquisition Costs	23,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,795
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,081
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	26,282
Total Carrying Value	29,363
Accumulated Depreciation	7,479
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,363
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,479
TOTAL COMMERCIAL & CORPORATE
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,916
Initial Costs, Buildings and Improvements	25,395
Total Initial Acquisition Costs	38,311
Costs of Improvements Capitalized Subsequent to Acquisition Costs	69,917
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	20,892
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	87,336
Total Carrying Value	108,228
Accumulated Depreciation	24,470
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	108,228
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,470
TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances	1,280,768
Initial Costs, Land and Land Improvements	2,336,967
Initial Costs, Buildings and Improvements	8,703,105
Total Initial Acquisition Costs	11,040,072
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,376,791
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,603,722
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	12,813,141
Total Carrying Value	15,416,863
Accumulated Depreciation	6,217,465
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,416,863
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,217,465
WEST REGION
Real Estate and Accumulated Depreciation
Encumbrances	67,017
Initial Costs, Land and Land Improvements	897,907
Initial Costs, Buildings and Improvements	2,036,853
Total Initial Acquisition Costs	2,934,760
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,718,361
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,001,138
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	3,651,983
Total Carrying Value	4,653,121
Accumulated Depreciation	2,125,756
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	4,653,121
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,125,756
ORANGE COUNTY, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	365,353
Initial Costs, Buildings and Improvements	271,946
Total Initial Acquisition Costs	637,299
Costs of Improvements Capitalized Subsequent to Acquisition Costs	734,010
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	414,172
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	957,137
Total Carrying Value	1,371,309
Accumulated Depreciation	613,516
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,371,309
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	613,516
ORANGE COUNTY, CA \| Harbor at Mesa Verde
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	20,476
Initial Costs, Buildings and Improvements	28,538
Total Initial Acquisition Costs	49,014
Costs of Improvements Capitalized Subsequent to Acquisition Costs	28,532
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	22,789
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	54,757
Total Carrying Value	77,546
Accumulated Depreciation	44,469
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	77,546
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	44,469
ORANGE COUNTY, CA \| 27 Seventy Five Mesa Verde
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	99,329
Initial Costs, Buildings and Improvements	110,644
Total Initial Acquisition Costs	209,973
Costs of Improvements Capitalized Subsequent to Acquisition Costs	114,805
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	117,402
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	207,376
Total Carrying Value	324,778
Accumulated Depreciation	175,675
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	324,778
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	175,675
ORANGE COUNTY, CA \| Huntington Vista
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,055
Initial Costs, Buildings and Improvements	22,486
Total Initial Acquisition Costs	30,541
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,674
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,534
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	38,681
Total Carrying Value	48,215
Accumulated Depreciation	31,045
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,215
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,045
ORANGE COUNTY, CA \| Missions at Back Bay
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	229
Initial Costs, Buildings and Improvements	14,129
Total Initial Acquisition Costs	14,358
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,298
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,141
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	8,515
Total Carrying Value	19,656
Accumulated Depreciation	6,858
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	19,656
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,858
ORANGE COUNTY, CA \| Eight 80 Newport Beach - North
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	62,516
Initial Costs, Buildings and Improvements	46,082
Total Initial Acquisition Costs	108,598
Costs of Improvements Capitalized Subsequent to Acquisition Costs	58,082
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	71,036
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	95,644
Total Carrying Value	166,680
Accumulated Depreciation	76,215
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	166,680
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	76,215
ORANGE COUNTY, CA \| Eight 80 Newport Beach - South
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	58,785
Initial Costs, Buildings and Improvements	50,067
Total Initial Acquisition Costs	108,852
Costs of Improvements Capitalized Subsequent to Acquisition Costs	54,549
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	63,849
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	99,552
Total Carrying Value	163,401
Accumulated Depreciation	71,564
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	163,401
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	71,564
ORANGE COUNTY, CA \| Beach & Ocean
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,878
Total Initial Acquisition Costs	12,878
Costs of Improvements Capitalized Subsequent to Acquisition Costs	41,282
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,408
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	40,752
Total Carrying Value	54,160
Accumulated Depreciation	22,049
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	54,160
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,049
ORANGE COUNTY, CA \| The Residences at Bella Terra
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	25,000
Total Initial Acquisition Costs	25,000
Costs of Improvements Capitalized Subsequent to Acquisition Costs	132,737
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	25,988
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	131,749
Total Carrying Value	157,737
Accumulated Depreciation	78,988
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	157,737
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	78,988
ORANGE COUNTY, CA \| The Residences at Pacific City
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	78,085
Total Initial Acquisition Costs	78,085
Costs of Improvements Capitalized Subsequent to Acquisition Costs	281,051
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	79,025
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	280,111
Total Carrying Value	359,136
Accumulated Depreciation	106,653
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	359,136
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	106,653
SAN FRANCISCO, CA
Real Estate and Accumulated Depreciation
Encumbrances	67,017
Initial Costs, Land and Land Improvements	183,189
Initial Costs, Buildings and Improvements	536,932
Total Initial Acquisition Costs	720,121
Costs of Improvements Capitalized Subsequent to Acquisition Costs	489,106
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	192,242
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,016,985
Total Carrying Value	1,209,227
Accumulated Depreciation	550,937
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,209,227
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	550,937
SAN FRANCISCO, CA \| 2000 Post Street
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,861
Initial Costs, Buildings and Improvements	44,578
Total Initial Acquisition Costs	54,439
Costs of Improvements Capitalized Subsequent to Acquisition Costs	46,869
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,640
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	86,668
Total Carrying Value	101,308
Accumulated Depreciation	56,181
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	101,308
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	56,181
SAN FRANCISCO, CA \| Birch Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,365
Initial Costs, Buildings and Improvements	16,696
Total Initial Acquisition Costs	21,061
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,350
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,657
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	31,754
Total Carrying Value	33,411
Accumulated Depreciation	22,030
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,411
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,030
SAN FRANCISCO, CA \| Highlands Of Marin
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,996
Initial Costs, Buildings and Improvements	24,868
Total Initial Acquisition Costs	30,864
Costs of Improvements Capitalized Subsequent to Acquisition Costs	31,919
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,352
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	54,431
Total Carrying Value	62,783
Accumulated Depreciation	43,701
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,783
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,701
SAN FRANCISCO, CA \| Marina Playa
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,224
Initial Costs, Buildings and Improvements	23,916
Total Initial Acquisition Costs	30,140
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,822
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,541
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	45,421
Total Carrying Value	46,962
Accumulated Depreciation	30,318
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	46,962
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,318
SAN FRANCISCO, CA \| River Terrace
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,161
Initial Costs, Buildings and Improvements	40,137
Total Initial Acquisition Costs	62,298
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,955
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	23,027
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	50,226
Total Carrying Value	73,253
Accumulated Depreciation	39,624
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	73,253
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,624
SAN FRANCISCO, CA \| CitySouth
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,031
Initial Costs, Buildings and Improvements	30,537
Total Initial Acquisition Costs	44,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	42,885
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,839
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	70,614
Total Carrying Value	87,453
Accumulated Depreciation	58,321
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,453
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	58,321
SAN FRANCISCO, CA \| Bay Terrace
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,545
Initial Costs, Buildings and Improvements	14,458
Total Initial Acquisition Costs	23,003
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,849
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,718
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	21,134
Total Carrying Value	32,852
Accumulated Depreciation	15,228
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	32,852
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,228
SAN FRANCISCO, CA \| Highlands of Marin Phase II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,353
Initial Costs, Buildings and Improvements	18,559
Total Initial Acquisition Costs	23,912
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,848
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,783
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	29,977
Total Carrying Value	35,760
Accumulated Depreciation	23,105
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,760
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,105
SAN FRANCISCO, CA \| Edgewater
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	30,657
Initial Costs, Buildings and Improvements	83,872
Total Initial Acquisition Costs	114,529
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,226
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,843
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	97,912
Total Carrying Value	128,755
Accumulated Depreciation	70,402
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	128,755
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	70,402
SAN FRANCISCO, CA \| Almaden Lake Village
Real Estate and Accumulated Depreciation
Encumbrances	27,000
Initial Costs, Land and Land Improvements	594
Initial Costs, Buildings and Improvements	42,515
Total Initial Acquisition Costs	43,109
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,003
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,138
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	55,974
Total Carrying Value	57,112
Accumulated Depreciation	39,285
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	57,112
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,285
SAN FRANCISCO, CA \| 388 Beale
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,253
Initial Costs, Buildings and Improvements	74,104
Total Initial Acquisition Costs	88,357
Costs of Improvements Capitalized Subsequent to Acquisition Costs	23,393
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,712
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	97,038
Total Carrying Value	111,750
Accumulated Depreciation	59,184
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	111,750
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	59,184
SAN FRANCISCO, CA \| Channel @ Mission Bay
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	23,625
Total Initial Acquisition Costs	23,625
Costs of Improvements Capitalized Subsequent to Acquisition Costs	135,225
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,459
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	134,391
Total Carrying Value	158,850
Accumulated Depreciation	79,183
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	158,850
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	79,183
SAN FRANCISCO, CA \| 5421 at Dublin Station
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,922
Total Initial Acquisition Costs	8,922
Costs of Improvements Capitalized Subsequent to Acquisition Costs	118,105
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,931
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	118,096
Total Carrying Value	127,027
Accumulated Depreciation	9,118
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,027
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,118
SAN FRANCISCO, CA \| HQ
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	19,938
Initial Costs, Buildings and Improvements	65,816
Total Initial Acquisition Costs	85,754
Costs of Improvements Capitalized Subsequent to Acquisition Costs	657
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	19,938
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	66,473
Total Carrying Value	86,411
Accumulated Depreciation	5,248
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	86,411
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,248
SAN FRANCISCO, CA \| Residences at Lake Merritt
Real Estate and Accumulated Depreciation
Encumbrances	40,017
Initial Costs, Land and Land Improvements	8,664
Initial Costs, Buildings and Improvements	56,876
Total Initial Acquisition Costs	65,540
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,664
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	56,876
Total Carrying Value	65,540
Accumulated Depreciation	9
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	65,540
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9
SEATTLE, WA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	137,662
Initial Costs, Buildings and Improvements	867,758
Total Initial Acquisition Costs	1,005,420
Costs of Improvements Capitalized Subsequent to Acquisition Costs	105,762
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	144,115
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	967,067
Total Carrying Value	1,111,182
Accumulated Depreciation	472,303
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,111,182
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	472,303
SEATTLE, WA \| Crowne Pointe
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,486
Initial Costs, Buildings and Improvements	6,437
Total Initial Acquisition Costs	8,923
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,598
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,293
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	17,228
Total Carrying Value	20,521
Accumulated Depreciation	13,719
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,521
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,719
SEATTLE, WA \| Hilltop
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,174
Initial Costs, Buildings and Improvements	7,408
Total Initial Acquisition Costs	9,582
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,917
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,145
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	14,354
Total Carrying Value	17,499
Accumulated Depreciation	11,648
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,499
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,648
SEATTLE, WA \| The Kennedy
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,179
Initial Costs, Buildings and Improvements	22,307
Total Initial Acquisition Costs	28,486
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,826
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,440
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	28,872
Total Carrying Value	35,312
Accumulated Depreciation	21,185
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,312
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,185
SEATTLE, WA \| Hearthstone at Merrill Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,848
Initial Costs, Buildings and Improvements	30,922
Total Initial Acquisition Costs	37,770
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,324
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,373
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	41,721
Total Carrying Value	49,094
Accumulated Depreciation	29,318
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,094
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,318
SEATTLE, WA \| Island Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,284
Initial Costs, Buildings and Improvements	89,389
Total Initial Acquisition Costs	110,673
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,121
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,753
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	100,041
Total Carrying Value	121,794
Accumulated Depreciation	69,982
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	121,794
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	69,982
SEATTLE, WA \| elements too
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,468
Initial Costs, Buildings and Improvements	72,036
Total Initial Acquisition Costs	99,504
Costs of Improvements Capitalized Subsequent to Acquisition Costs	25,300
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,381
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	94,423
Total Carrying Value	124,804
Accumulated Depreciation	77,695
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	124,804
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	77,695
SEATTLE, WA \| 989elements
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,541
Initial Costs, Buildings and Improvements	45,990
Total Initial Acquisition Costs	54,531
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,485
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,703
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	54,313
Total Carrying Value	63,016
Accumulated Depreciation	35,723
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	63,016
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,723
SEATTLE, WA \| Lightbox
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,449
Initial Costs, Buildings and Improvements	38,884
Total Initial Acquisition Costs	45,333
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,818
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,490
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	40,661
Total Carrying Value	47,151
Accumulated Depreciation	22,778
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	47,151
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,778
SEATTLE, WA \| Ashton Bellevue
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,287
Initial Costs, Buildings and Improvements	124,939
Total Initial Acquisition Costs	133,226
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,296
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,395
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	131,127
Total Carrying Value	139,522
Accumulated Depreciation	49,989
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	139,522
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	49,989
SEATTLE, WA \| TEN20
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,247
Initial Costs, Buildings and Improvements	76,587
Total Initial Acquisition Costs	81,834
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,880
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,309
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	83,405
Total Carrying Value	88,714
Accumulated Depreciation	32,097
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	88,714
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,097
SEATTLE, WA \| Milehouse
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,976
Initial Costs, Buildings and Improvements	63,041
Total Initial Acquisition Costs	69,017
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,001
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,058
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	64,960
Total Carrying Value	71,018
Accumulated Depreciation	28,356
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,018
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,356
SEATTLE, WA \| CityLine
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,220
Initial Costs, Buildings and Improvements	85,787
Total Initial Acquisition Costs	97,007
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,627
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,249
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	87,385
Total Carrying Value	98,634
Accumulated Depreciation	37,002
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	98,634
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,002
SEATTLE, WA \| CityLine II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,723
Initial Costs, Buildings and Improvements	56,843
Total Initial Acquisition Costs	60,566
Costs of Improvements Capitalized Subsequent to Acquisition Costs	596
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,724
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,438
Total Carrying Value	61,162
Accumulated Depreciation	20,469
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	61,162
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,469
SEATTLE, WA \| Brio
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,780
Initial Costs, Buildings and Improvements	147,188
Total Initial Acquisition Costs	168,968
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,973
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,802
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	151,139
Total Carrying Value	172,941
Accumulated Depreciation	22,342
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	172,941
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,342
MONTEREY PENINSULA, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,938
Initial Costs, Buildings and Improvements	68,384
Total Initial Acquisition Costs	85,322
Costs of Improvements Capitalized Subsequent to Acquisition Costs	112,239
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,554
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	167,007
Total Carrying Value	197,561
Accumulated Depreciation	120,868
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	197,561
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	120,868
MONTEREY PENINSULA, CA \| Boronda Manor
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,946
Initial Costs, Buildings and Improvements	8,982
Total Initial Acquisition Costs	10,928
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,564
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,499
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	20,993
Total Carrying Value	24,492
Accumulated Depreciation	14,708
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,492
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,708
MONTEREY PENINSULA, CA \| Garden Court
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	888
Initial Costs, Buildings and Improvements	4,188
Total Initial Acquisition Costs	5,076
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,963
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,831
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	11,208
Total Carrying Value	13,039
Accumulated Depreciation	7,938
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,039
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,938
MONTEREY PENINSULA, CA \| Cambridge Court
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,039
Initial Costs, Buildings and Improvements	12,883
Total Initial Acquisition Costs	15,922
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,972
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,961
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	30,933
Total Carrying Value	36,894
Accumulated Depreciation	22,925
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,894
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,925
MONTEREY PENINSULA, CA \| Laurel Tree
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,304
Initial Costs, Buildings and Improvements	5,115
Total Initial Acquisition Costs	6,419
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,850
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,549
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	12,720
Total Carrying Value	15,269
Accumulated Depreciation	9,532
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,269
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,532
MONTEREY PENINSULA, CA \| The Pointe At Harden Ranch
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,388
Initial Costs, Buildings and Improvements	23,854
Total Initial Acquisition Costs	30,242
Costs of Improvements Capitalized Subsequent to Acquisition Costs	37,173
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,516
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	56,899
Total Carrying Value	67,415
Accumulated Depreciation	41,266
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	67,415
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,266
MONTEREY PENINSULA, CA \| The Pointe At Northridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,044
Initial Costs, Buildings and Improvements	8,028
Total Initial Acquisition Costs	10,072
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,254
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,790
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	20,536
Total Carrying Value	24,326
Accumulated Depreciation	14,832
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,326
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,832
MONTEREY PENINSULA, CA \| The Pointe At Westlake
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,329
Initial Costs, Buildings and Improvements	5,334
Total Initial Acquisition Costs	6,663
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,463
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,408
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	13,718
Total Carrying Value	16,126
Accumulated Depreciation	9,667
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	16,126
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,667
LOS ANGELES, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	151,833
Initial Costs, Buildings and Improvements	156,492
Total Initial Acquisition Costs	308,325
Costs of Improvements Capitalized Subsequent to Acquisition Costs	174,620
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	163,061
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	319,884
Total Carrying Value	482,945
Accumulated Depreciation	233,601
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	482,945
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	233,601
LOS ANGELES, CA \| Rosebeach
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,414
Initial Costs, Buildings and Improvements	17,449
Total Initial Acquisition Costs	25,863
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,996
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,029
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	25,830
Total Carrying Value	34,859
Accumulated Depreciation	20,545
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,859
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,545
LOS ANGELES, CA \| Tierra Del Rey
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	39,586
Initial Costs, Buildings and Improvements	36,679
Total Initial Acquisition Costs	76,265
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,580
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	40,094
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	47,751
Total Carrying Value	87,845
Accumulated Depreciation	34,397
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,845
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,397
LOS ANGELES, CA \| The Westerly
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	48,182
Initial Costs, Buildings and Improvements	102,364
Total Initial Acquisition Costs	150,546
Costs of Improvements Capitalized Subsequent to Acquisition Costs	49,562
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,276
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	148,832
Total Carrying Value	200,108
Accumulated Depreciation	105,696
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	200,108
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	105,696
LOS ANGELES, CA \| Jefferson at Marina del Rey
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	55,651
Total Initial Acquisition Costs	55,651
Costs of Improvements Capitalized Subsequent to Acquisition Costs	104,482
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	62,662
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	97,471
Total Carrying Value	160,133
Accumulated Depreciation	72,963
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	160,133
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	72,963
OTHER SOUTHERN CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	33,645
Initial Costs, Buildings and Improvements	111,337
Total Initial Acquisition Costs	144,982
Costs of Improvements Capitalized Subsequent to Acquisition Costs	79,860
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	45,662
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	179,180
Total Carrying Value	224,842
Accumulated Depreciation	98,092
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	224,842
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	98,092
OTHER SOUTHERN CA \| Verano at Rancho Cucamonga Town Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,557
Initial Costs, Buildings and Improvements	3,645
Total Initial Acquisition Costs	17,202
Costs of Improvements Capitalized Subsequent to Acquisition Costs	65,582
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,699
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	58,085
Total Carrying Value	82,784
Accumulated Depreciation	51,712
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	82,784
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	51,712
OTHER SOUTHERN CA \| Windemere at Sycamore Highland
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,810
Initial Costs, Buildings and Improvements	23,450
Total Initial Acquisition Costs	29,260
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,498
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,524
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	34,234
Total Carrying Value	40,758
Accumulated Depreciation	26,115
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	40,758
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,115
OTHER SOUTHERN CA \| Strata
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,278
Initial Costs, Buildings and Improvements	84,242
Total Initial Acquisition Costs	98,520
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,780
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,439
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	86,861
Total Carrying Value	101,300
Accumulated Depreciation	20,265
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	101,300
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,265
PORTLAND, OR
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,287
Initial Costs, Buildings and Improvements	24,004
Total Initial Acquisition Costs	33,291
Costs of Improvements Capitalized Subsequent to Acquisition Costs	22,764
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,332
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	44,723
Total Carrying Value	56,055
Accumulated Depreciation	36,439
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	56,055
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	36,439
PORTLAND, OR \| Tualatin Heights
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,273
Initial Costs, Buildings and Improvements	9,134
Total Initial Acquisition Costs	12,407
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,035
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,526
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,916
Total Carrying Value	24,442
Accumulated Depreciation	15,900
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,442
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,900
PORTLAND, OR \| Hunt Club
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,014
Initial Costs, Buildings and Improvements	14,870
Total Initial Acquisition Costs	20,884
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,729
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,806
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	24,807
Total Carrying Value	31,613
Accumulated Depreciation	20,539
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,613
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,539
MID-ATLANTIC REGION
Real Estate and Accumulated Depreciation
Encumbrances	347,130
Initial Costs, Land and Land Improvements	486,846
Initial Costs, Buildings and Improvements	2,103,347
Total Initial Acquisition Costs	2,590,193
Costs of Improvements Capitalized Subsequent to Acquisition Costs	771,758
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	552,306
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	2,809,645
Total Carrying Value	3,361,951
Accumulated Depreciation	1,393,564
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,361,951
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,393,564
METROPOLITAN, D.C.
Real Estate and Accumulated Depreciation
Encumbrances	288,530
Initial Costs, Land and Land Improvements	408,987
Initial Costs, Buildings and Improvements	1,632,031
Total Initial Acquisition Costs	2,041,018
Costs of Improvements Capitalized Subsequent to Acquisition Costs	592,845
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	459,159
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	2,174,704
Total Carrying Value	2,633,863
Accumulated Depreciation	1,073,183
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,633,863
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,073,183
METROPOLITAN, D.C. \| Dominion Middle Ridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,311
Initial Costs, Buildings and Improvements	13,283
Total Initial Acquisition Costs	16,594
Costs of Improvements Capitalized Subsequent to Acquisition Costs	18,932
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,695
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	30,831
Total Carrying Value	35,526
Accumulated Depreciation	22,740
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,526
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,740
METROPOLITAN, D.C. \| Dominion Lake Ridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,366
Initial Costs, Buildings and Improvements	8,387
Total Initial Acquisition Costs	10,753
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,905
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,283
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,375
Total Carrying Value	22,658
Accumulated Depreciation	15,951
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,658
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,951
METROPOLITAN, D.C. \| Presidential Greens
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,238
Initial Costs, Buildings and Improvements	18,790
Total Initial Acquisition Costs	30,028
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,387
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,924
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	37,491
Total Carrying Value	49,415
Accumulated Depreciation	29,612
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,415
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,612
METROPOLITAN, D.C. \| The Whitmore
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,418
Initial Costs, Buildings and Improvements	13,411
Total Initial Acquisition Costs	19,829
Costs of Improvements Capitalized Subsequent to Acquisition Costs	27,977
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,846
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	39,960
Total Carrying Value	47,806
Accumulated Depreciation	34,052
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	47,806
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,052
METROPOLITAN, D.C. \| Ridgewood-apts side
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,612
Initial Costs, Buildings and Improvements	20,086
Total Initial Acquisition Costs	25,698
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,819
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,688
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	36,829
Total Carrying Value	43,517
Accumulated Depreciation	29,519
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,517
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,519
METROPOLITAN, D.C. \| Waterside Towers
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,001
Initial Costs, Buildings and Improvements	49,657
Total Initial Acquisition Costs	62,658
Costs of Improvements Capitalized Subsequent to Acquisition Costs	39,976
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,284
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	51,350
Total Carrying Value	102,634
Accumulated Depreciation	39,970
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	102,634
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,970
METROPOLITAN, D.C. \| Wellington Place at Olde Town
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,753
Initial Costs, Buildings and Improvements	36,059
Total Initial Acquisition Costs	49,812
Costs of Improvements Capitalized Subsequent to Acquisition Costs	24,224
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,157
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	58,879
Total Carrying Value	74,036
Accumulated Depreciation	48,790
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	74,036
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,790
METROPOLITAN, D.C. \| Andover House
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	183
Initial Costs, Buildings and Improvements	59,948
Total Initial Acquisition Costs	60,131
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,588
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	356
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	68,363
Total Carrying Value	68,719
Accumulated Depreciation	48,044
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,719
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,044
METROPOLITAN, D.C. \| Sullivan Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,137
Initial Costs, Buildings and Improvements	103,676
Total Initial Acquisition Costs	104,813
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,760
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,069
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	124,504
Total Carrying Value	126,573
Accumulated Depreciation	89,499
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	126,573
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	89,499
METROPOLITAN, D.C. \| Delancey at Shirlington
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,606
Initial Costs, Buildings and Improvements	66,765
Total Initial Acquisition Costs	88,371
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,279
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,714
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	77,936
Total Carrying Value	99,650
Accumulated Depreciation	54,376
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	99,650
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	54,376
METROPOLITAN, D.C. \| View 14
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,710
Initial Costs, Buildings and Improvements	97,941
Total Initial Acquisition Costs	103,651
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,977
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,788
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	106,840
Total Carrying Value	112,628
Accumulated Depreciation	66,547
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	112,628
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	66,547
METROPOLITAN, D.C. \| Capitol View on 14th
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	31,393
Total Initial Acquisition Costs	31,393
Costs of Improvements Capitalized Subsequent to Acquisition Costs	99,186
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	31,505
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	99,074
Total Carrying Value	130,579
Accumulated Depreciation	61,086
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	130,579
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	61,086
METROPOLITAN, D.C. \| Domain College Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,300
Total Initial Acquisition Costs	7,300
Costs of Improvements Capitalized Subsequent to Acquisition Costs	63,157
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,574
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	62,883
Total Carrying Value	70,457
Accumulated Depreciation	37,166
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,457
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,166
METROPOLITAN, D.C. \| 1200 East West
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,748
Initial Costs, Buildings and Improvements	68,022
Total Initial Acquisition Costs	77,770
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,274
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,003
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	74,041
Total Carrying Value	84,044
Accumulated Depreciation	32,093
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,044
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,093
METROPOLITAN, D.C. \| Courts at Huntington Station
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,749
Initial Costs, Buildings and Improvements	111,878
Total Initial Acquisition Costs	139,627
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,532
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	28,230
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	119,929
Total Carrying Value	148,159
Accumulated Depreciation	59,972
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	148,159
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	59,972
METROPOLITAN, D.C. \| Eleven55 Ripley
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,566
Initial Costs, Buildings and Improvements	107,539
Total Initial Acquisition Costs	123,105
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,413
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,984
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	116,534
Total Carrying Value	132,518
Accumulated Depreciation	49,554
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	132,518
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	49,554
METROPOLITAN, D.C. \| Arbor Park of Alexandria
Real Estate and Accumulated Depreciation
Encumbrances	160,930
Initial Costs, Land and Land Improvements	50,881
Initial Costs, Buildings and Improvements	159,728
Total Initial Acquisition Costs	210,609
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,063
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,798
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	171,874
Total Carrying Value	223,672
Accumulated Depreciation	85,235
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	223,672
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	85,235
METROPOLITAN, D.C. \| Courts at Dulles
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	14,697
Initial Costs, Buildings and Improvements	83,834
Total Initial Acquisition Costs	98,531
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,878
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,895
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	98,514
Total Carrying Value	113,409
Accumulated Depreciation	51,253
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	113,409
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	51,253
METROPOLITAN, D.C. \| Newport Village
Real Estate and Accumulated Depreciation
Encumbrances	127,600
Initial Costs, Land and Land Improvements	50,046
Initial Costs, Buildings and Improvements	177,454
Total Initial Acquisition Costs	227,500
Costs of Improvements Capitalized Subsequent to Acquisition Costs	23,888
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	50,912
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	200,476
Total Carrying Value	251,388
Accumulated Depreciation	102,925
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	251,388
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	102,925
METROPOLITAN, D.C. \| 1301 Thomas Circle
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,836
Initial Costs, Buildings and Improvements	128,191
Total Initial Acquisition Costs	156,027
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,896
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	27,885
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	133,038
Total Carrying Value	160,923
Accumulated Depreciation	38,762
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	160,923
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,762
METROPOLITAN, D.C. \| Station on Silver
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,661
Initial Costs, Buildings and Improvements	109,198
Total Initial Acquisition Costs	125,859
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,904
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,759
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	111,004
Total Carrying Value	127,763
Accumulated Depreciation	23,720
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,763
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,720
METROPOLITAN, D.C. \| Seneca Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	21,184
Initial Costs, Buildings and Improvements	98,173
Total Initial Acquisition Costs	119,357
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,778
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,201
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	108,934
Total Carrying Value	130,135
Accumulated Depreciation	23,787
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	130,135
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,787
METROPOLITAN, D.C. \| Canterbury Apartments
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	24,456
Initial Costs, Buildings and Improvements	100,011
Total Initial Acquisition Costs	124,467
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,769
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,474
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	111,762
Total Carrying Value	136,236
Accumulated Depreciation	22,198
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	136,236
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,198
METROPOLITAN, D.C. \| The MO
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	27,135
Total Initial Acquisition Costs	27,135
Costs of Improvements Capitalized Subsequent to Acquisition Costs	114,283
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	27,135
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	114,283
Total Carrying Value	141,418
Accumulated Depreciation	6,332
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,418
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,332
BALTIMORE, MD
Real Estate and Accumulated Depreciation
Encumbrances	58,600
Initial Costs, Land and Land Improvements	72,736
Initial Costs, Buildings and Improvements	410,408
Total Initial Acquisition Costs	483,144
Costs of Improvements Capitalized Subsequent to Acquisition Costs	78,931
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	75,367
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	486,708
Total Carrying Value	562,075
Accumulated Depreciation	188,715
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	562,075
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	188,715
BALTIMORE, MD \| Calvert's Walk
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,408
Initial Costs, Buildings and Improvements	24,692
Total Initial Acquisition Costs	29,100
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,247
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,434
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	37,913
Total Carrying Value	43,347
Accumulated Depreciation	30,123
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,347
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,123
BALTIMORE, MD \| 20 Lambourne
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,750
Initial Costs, Buildings and Improvements	45,590
Total Initial Acquisition Costs	57,340
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,759
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,518
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	64,581
Total Carrying Value	77,099
Accumulated Depreciation	43,729
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	77,099
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,729
BALTIMORE, MD \| Domain Brewers Hill
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,669
Initial Costs, Buildings and Improvements	40,630
Total Initial Acquisition Costs	45,299
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,860
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,084
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	45,075
Total Carrying Value	50,159
Accumulated Depreciation	28,686
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,159
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,686
BALTIMORE, MD \| Rodgers Forge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,392
Initial Costs, Buildings and Improvements	67,958
Total Initial Acquisition Costs	83,350
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,943
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,621
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	77,672
Total Carrying Value	93,293
Accumulated Depreciation	25,538
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	93,293
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,538
BALTIMORE, MD \| Towson Promenade
Real Estate and Accumulated Depreciation
Encumbrances	58,600
Initial Costs, Land and Land Improvements	12,599
Initial Costs, Buildings and Improvements	78,847
Total Initial Acquisition Costs	91,446
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,223
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,780
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	87,889
Total Carrying Value	100,669
Accumulated Depreciation	23,089
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	100,669
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,089
BALTIMORE, MD \| 1274 at Towson
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,807
Initial Costs, Buildings and Improvements	46,238
Total Initial Acquisition Costs	54,045
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,065
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,823
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	50,287
Total Carrying Value	58,110
Accumulated Depreciation	8,220
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,110
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,220
BALTIMORE, MD \| Quarters at Towson Town Center
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	16,111
Initial Costs, Buildings and Improvements	106,453
Total Initial Acquisition Costs	122,564
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,834
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,107
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	123,291
Total Carrying Value	139,398
Accumulated Depreciation	29,330
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	139,398
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,330
RICHMOND, VA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,123
Initial Costs, Buildings and Improvements	60,908
Total Initial Acquisition Costs	66,031
Costs of Improvements Capitalized Subsequent to Acquisition Costs	99,982
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,780
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	148,233
Total Carrying Value	166,013
Accumulated Depreciation	131,666
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	166,013
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	131,666
RICHMOND, VA \| Gayton Pointe Townhomes
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	826
Initial Costs, Buildings and Improvements	5,148
Total Initial Acquisition Costs	5,974
Costs of Improvements Capitalized Subsequent to Acquisition Costs	33,838
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,767
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	36,045
Total Carrying Value	39,812
Accumulated Depreciation	34,084
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	39,812
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,084
RICHMOND, VA \| Waterside At Ironbridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,844
Initial Costs, Buildings and Improvements	13,239
Total Initial Acquisition Costs	15,083
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,553
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,172
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	25,464
Total Carrying Value	28,636
Accumulated Depreciation	20,208
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,636
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,208
RICHMOND, VA \| Carriage Homes at Wyndham
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	474
Initial Costs, Buildings and Improvements	30,997
Total Initial Acquisition Costs	31,471
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,168
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,523
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	40,116
Total Carrying Value	44,639
Accumulated Depreciation	33,610
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,639
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,610
RICHMOND, VA \| Legacy at Mayland
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,979
Initial Costs, Buildings and Improvements	11,524
Total Initial Acquisition Costs	13,503
Costs of Improvements Capitalized Subsequent to Acquisition Costs	39,423
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,318
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	46,608
Total Carrying Value	52,926
Accumulated Depreciation	43,764
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	52,926
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,764
NORTHEAST REGION
Real Estate and Accumulated Depreciation
Encumbrances	323,350
Initial Costs, Land and Land Improvements	574,404
Initial Costs, Buildings and Improvements	2,439,453
Total Initial Acquisition Costs	3,013,857
Costs of Improvements Capitalized Subsequent to Acquisition Costs	956,119
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	593,051
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	3,376,925
Total Carrying Value	3,969,976
Accumulated Depreciation	1,415,004
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,969,976
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,415,004
BOSTON, MA
Real Estate and Accumulated Depreciation
Encumbrances	323,350
Initial Costs, Land and Land Improvements	222,295
Initial Costs, Buildings and Improvements	1,036,863
Total Initial Acquisition Costs	1,259,158
Costs of Improvements Capitalized Subsequent to Acquisition Costs	688,078
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	237,099
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,710,137
Total Carrying Value	1,947,236
Accumulated Depreciation	616,460
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,947,236
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	616,460
BOSTON, MA \| Garrison Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,475
Initial Costs, Buildings and Improvements	91,027
Total Initial Acquisition Costs	97,502
Costs of Improvements Capitalized Subsequent to Acquisition Costs	30,493
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,819
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	121,176
Total Carrying Value	127,995
Accumulated Depreciation	75,144
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,995
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	75,144
BOSTON, MA \| Ridge at Blue Hills
Real Estate and Accumulated Depreciation
Encumbrances	25,000
Initial Costs, Land and Land Improvements	6,039
Initial Costs, Buildings and Improvements	34,869
Total Initial Acquisition Costs	40,908
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,906
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,646
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	43,168
Total Carrying Value	49,814
Accumulated Depreciation	28,124
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,814
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,124
BOSTON, MA \| Inwood West
Real Estate and Accumulated Depreciation
Encumbrances	80,000
Initial Costs, Land and Land Improvements	20,778
Initial Costs, Buildings and Improvements	88,096
Total Initial Acquisition Costs	108,874
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,287
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	20,257
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	107,904
Total Carrying Value	128,161
Accumulated Depreciation	71,094
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	128,161
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	71,094
BOSTON, MA \| 14 North
Real Estate and Accumulated Depreciation
Encumbrances	72,500
Initial Costs, Land and Land Improvements	10,961
Initial Costs, Buildings and Improvements	51,175
Total Initial Acquisition Costs	62,136
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,501
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,902
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	71,735
Total Carrying Value	83,637
Accumulated Depreciation	47,016
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,637
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,016
BOSTON, MA \| 100 Pier 4
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	24,584
Total Initial Acquisition Costs	24,584
Costs of Improvements Capitalized Subsequent to Acquisition Costs	206,485
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,857
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	206,212
Total Carrying Value	231,069
Accumulated Depreciation	91,084
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	231,069
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	91,084
BOSTON, MA \| 345 Harrison
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	32,938
Total Initial Acquisition Costs	32,938
Costs of Improvements Capitalized Subsequent to Acquisition Costs	332,575
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	44,982
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	320,531
Total Carrying Value	365,513
Accumulated Depreciation	98,041
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	365,513
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	98,041
BOSTON, MA \| Currents on the Charles
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,580
Initial Costs, Buildings and Improvements	70,149
Total Initial Acquisition Costs	82,729
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,372
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,790
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	73,311
Total Carrying Value	86,101
Accumulated Depreciation	22,586
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	86,101
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,586
BOSTON, MA \| The Commons at Windsor Gardens
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	34,609
Initial Costs, Buildings and Improvements	225,515
Total Initial Acquisition Costs	260,124
Costs of Improvements Capitalized Subsequent to Acquisition Costs	27,950
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	34,852
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	253,222
Total Carrying Value	288,074
Accumulated Depreciation	81,193
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	288,074
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	81,193
BOSTON, MA \| Charles River Landing
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,068
Initial Costs, Buildings and Improvements	112,777
Total Initial Acquisition Costs	129,845
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,424
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,367
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	116,902
Total Carrying Value	134,269
Accumulated Depreciation	31,498
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	134,269
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,498
BOSTON, MA \| Lenox Farms
Real Estate and Accumulated Depreciation
Encumbrances	94,050
Initial Costs, Land and Land Improvements	17,692
Initial Costs, Buildings and Improvements	115,899
Total Initial Acquisition Costs	133,591
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,857
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,911
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	129,537
Total Carrying Value	147,448
Accumulated Depreciation	34,277
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	147,448
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,277
BOSTON, MA \| Union Place
Real Estate and Accumulated Depreciation
Encumbrances	51,800
Initial Costs, Land and Land Improvements	9,902
Initial Costs, Buildings and Improvements	72,242
Total Initial Acquisition Costs	82,144
Costs of Improvements Capitalized Subsequent to Acquisition Costs	7,291
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,027
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	79,408
Total Carrying Value	89,435
Accumulated Depreciation	16,313
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	89,435
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,313
BOSTON, MA \| Bradlee Danvers
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	28,669
Initial Costs, Buildings and Improvements	175,114
Total Initial Acquisition Costs	203,783
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,937
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	28,689
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	187,031
Total Carrying Value	215,720
Accumulated Depreciation	20,090
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	215,720
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,090
NEW YORK, NY
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	294,310
Initial Costs, Buildings and Improvements	1,086,043
Total Initial Acquisition Costs	1,380,353
Costs of Improvements Capitalized Subsequent to Acquisition Costs	203,922
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	297,867
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,286,408
Total Carrying Value	1,584,275
Accumulated Depreciation	723,321
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,584,275
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	723,321
NEW YORK, NY \| 10 Hanover Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	41,432
Initial Costs, Buildings and Improvements	218,983
Total Initial Acquisition Costs	260,415
Costs of Improvements Capitalized Subsequent to Acquisition Costs	36,689
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	41,917
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	255,187
Total Carrying Value	297,104
Accumulated Depreciation	141,638
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	297,104
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	141,638
NEW YORK, NY \| 21 Chelsea
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	36,399
Initial Costs, Buildings and Improvements	107,154
Total Initial Acquisition Costs	143,553
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,825
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	36,531
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	124,847
Total Carrying Value	161,378
Accumulated Depreciation	73,869
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	161,378
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	73,869
NEW YORK, NY \| View 34
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	114,410
Initial Costs, Buildings and Improvements	324,920
Total Initial Acquisition Costs	439,330
Costs of Improvements Capitalized Subsequent to Acquisition Costs	126,178
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	116,145
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	449,363
Total Carrying Value	565,508
Accumulated Depreciation	273,754
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	565,508
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	273,754
NEW YORK, NY \| 95 Wall Street
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	57,637
Initial Costs, Buildings and Improvements	266,255
Total Initial Acquisition Costs	323,892
Costs of Improvements Capitalized Subsequent to Acquisition Costs	18,381
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	58,718
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	283,555
Total Carrying Value	342,273
Accumulated Depreciation	180,171
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	342,273
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	180,171
NEW YORK, NY \| Leonard Pointe
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	38,010
Initial Costs, Buildings and Improvements	93,204
Total Initial Acquisition Costs	131,214
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,537
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	38,078
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	95,673
Total Carrying Value	133,751
Accumulated Depreciation	31,102
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	133,751
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,102
NEW YORK, NY \| One William
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,422
Initial Costs, Buildings and Improvements	75,527
Total Initial Acquisition Costs	81,949
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,312
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,478
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	77,783
Total Carrying Value	84,261
Accumulated Depreciation	22,787
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,261
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,787
PHILADELPHIA, PA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	57,799
Initial Costs, Buildings and Improvements	316,547
Total Initial Acquisition Costs	374,346
Costs of Improvements Capitalized Subsequent to Acquisition Costs	64,119
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	58,085
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	380,380
Total Carrying Value	438,465
Accumulated Depreciation	75,223
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	438,465
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	75,223
PHILADELPHIA, PA \| Park Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,365
Initial Costs, Buildings and Improvements	96,050
Total Initial Acquisition Costs	106,415
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,646
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,615
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	98,446
Total Carrying Value	109,061
Accumulated Depreciation	31,893
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	109,061
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,893
PHILADELPHIA, PA \| The Smith Valley Forge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,853
Initial Costs, Buildings and Improvements	95,973
Total Initial Acquisition Costs	113,826
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,198
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,861
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	98,163
Total Carrying Value	116,024
Accumulated Depreciation	15,740
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	116,024
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,740
PHILADELPHIA, PA \| 322 on North Broad
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	12,240
Initial Costs, Buildings and Improvements	124,524
Total Initial Acquisition Costs	136,764
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,168
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,259
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	134,673
Total Carrying Value	146,932
Accumulated Depreciation	22,482
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	146,932
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,482
PHILADELPHIA, PA \| The George Apartments
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	17,341
Total Initial Acquisition Costs	17,341
Costs of Improvements Capitalized Subsequent to Acquisition Costs	49,107
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,350
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	49,098
Total Carrying Value	66,448
Accumulated Depreciation	5,108
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,448
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,108
SOUTHEAST REGION
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	144,024
Initial Costs, Buildings and Improvements	922,014
Total Initial Acquisition Costs	1,066,038
Costs of Improvements Capitalized Subsequent to Acquisition Costs	513,363
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	195,105
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,384,296
Total Carrying Value	1,579,401
Accumulated Depreciation	787,053
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,579,401
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	787,053
TAMPA, FL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	65,002
Initial Costs, Buildings and Improvements	436,674
Total Initial Acquisition Costs	501,676
Costs of Improvements Capitalized Subsequent to Acquisition Costs	172,266
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	89,065
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	584,877
Total Carrying Value	673,942
Accumulated Depreciation	302,475
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	673,942
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	302,475
TAMPA, FL \| Summit West
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,176
Initial Costs, Buildings and Improvements	4,710
Total Initial Acquisition Costs	6,886
Costs of Improvements Capitalized Subsequent to Acquisition Costs	18,886
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,366
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	21,406
Total Carrying Value	25,772
Accumulated Depreciation	16,811
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,772
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,811
TAMPA, FL \| The Breyley
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,780
Initial Costs, Buildings and Improvements	2,458
Total Initial Acquisition Costs	4,238
Costs of Improvements Capitalized Subsequent to Acquisition Costs	22,178
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,432
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	21,984
Total Carrying Value	26,416
Accumulated Depreciation	21,465
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,416
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,465
TAMPA, FL \| Lakewood Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,395
Initial Costs, Buildings and Improvements	10,647
Total Initial Acquisition Costs	12,042
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,428
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,312
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	26,158
Total Carrying Value	29,470
Accumulated Depreciation	22,144
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,470
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,144
TAMPA, FL \| Cambridge Woods
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,791
Initial Costs, Buildings and Improvements	7,166
Total Initial Acquisition Costs	8,957
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,314
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,811
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	21,460
Total Carrying Value	25,271
Accumulated Depreciation	17,819
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,271
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,819
TAMPA, FL \| Inlet Bay
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,702
Initial Costs, Buildings and Improvements	23,150
Total Initial Acquisition Costs	30,852
Costs of Improvements Capitalized Subsequent to Acquisition Costs	27,124
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,059
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	46,917
Total Carrying Value	57,976
Accumulated Depreciation	40,006
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	57,976
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,006
TAMPA, FL \| MacAlpine Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,869
Initial Costs, Buildings and Improvements	36,858
Total Initial Acquisition Costs	47,727
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,413
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,818
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	55,322
Total Carrying Value	68,140
Accumulated Depreciation	43,583
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,140
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,583
TAMPA, FL \| The Vintage Lofts at West End
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,611
Initial Costs, Buildings and Improvements	37,663
Total Initial Acquisition Costs	44,274
Costs of Improvements Capitalized Subsequent to Acquisition Costs	26,103
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,061
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	54,316
Total Carrying Value	70,377
Accumulated Depreciation	43,176
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,377
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,176
TAMPA, FL \| Peridot Palms
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,293
Initial Costs, Buildings and Improvements	89,752
Total Initial Acquisition Costs	96,045
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,081
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,490
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	93,636
Total Carrying Value	100,126
Accumulated Depreciation	31,756
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	100,126
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,756
TAMPA, FL \| The Preserve at Gateway
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,467
Initial Costs, Buildings and Improvements	43,723
Total Initial Acquisition Costs	48,190
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,852
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,534
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	46,508
Total Carrying Value	51,042
Accumulated Depreciation	14,871
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	51,042
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,871
TAMPA, FL \| The Slade at Channelside
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,216
Initial Costs, Buildings and Improvements	72,786
Total Initial Acquisition Costs	83,002
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,573
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,440
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	79,135
Total Carrying Value	89,575
Accumulated Depreciation	21,437
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	89,575
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,437
TAMPA, FL \| Andover Place at Cross Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	11,702
Initial Costs, Buildings and Improvements	107,761
Total Initial Acquisition Costs	119,463
Costs of Improvements Capitalized Subsequent to Acquisition Costs	10,314
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,742
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	118,035
Total Carrying Value	129,777
Accumulated Depreciation	29,407
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	129,777
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,407
ORLANDO, FL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	47,621
Initial Costs, Buildings and Improvements	341,331
Total Initial Acquisition Costs	388,952
Costs of Improvements Capitalized Subsequent to Acquisition Costs	171,004
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	61,379
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	498,577
Total Carrying Value	559,956
Accumulated Depreciation	245,783
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	559,956
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	245,783
ORLANDO, FL \| Seabrook
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,846
Initial Costs, Buildings and Improvements	4,155
Total Initial Acquisition Costs	6,001
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,292
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,367
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	14,926
Total Carrying Value	18,293
Accumulated Depreciation	13,514
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,293
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,514
ORLANDO, FL \| Altamira Place
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,533
Initial Costs, Buildings and Improvements	11,076
Total Initial Acquisition Costs	12,609
Costs of Improvements Capitalized Subsequent to Acquisition Costs	26,314
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,115
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	34,808
Total Carrying Value	38,923
Accumulated Depreciation	32,713
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,923
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,713
ORLANDO, FL \| Regatta Shore
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	757
Initial Costs, Buildings and Improvements	6,608
Total Initial Acquisition Costs	7,365
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,453
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,766
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	26,052
Total Carrying Value	28,818
Accumulated Depreciation	23,655
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,818
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,655
ORLANDO, FL \| Alafaya Woods
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,653
Initial Costs, Buildings and Improvements	9,042
Total Initial Acquisition Costs	10,695
Costs of Improvements Capitalized Subsequent to Acquisition Costs	15,523
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,996
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,222
Total Carrying Value	26,218
Accumulated Depreciation	20,063
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,218
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,063
ORLANDO, FL \| Los Altos
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,804
Initial Costs, Buildings and Improvements	12,349
Total Initial Acquisition Costs	15,153
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,585
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,705
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	27,033
Total Carrying Value	31,738
Accumulated Depreciation	23,434
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,738
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,434
ORLANDO, FL \| Lotus Landing
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,185
Initial Costs, Buildings and Improvements	8,639
Total Initial Acquisition Costs	10,824
Costs of Improvements Capitalized Subsequent to Acquisition Costs	16,378
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,401
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,801
Total Carrying Value	27,202
Accumulated Depreciation	18,739
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,202
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,739
ORLANDO, FL \| Seville On The Green
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,282
Initial Costs, Buildings and Improvements	6,498
Total Initial Acquisition Costs	7,780
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,686
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,981
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	17,485
Total Carrying Value	19,466
Accumulated Depreciation	13,430
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	19,466
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,430
ORLANDO, FL \| Ashton @ Waterford
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,872
Initial Costs, Buildings and Improvements	17,538
Total Initial Acquisition Costs	21,410
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,727
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,894
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	26,243
Total Carrying Value	31,137
Accumulated Depreciation	20,825
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,137
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,825
ORLANDO, FL \| Arbors at Lee Vista
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,692
Initial Costs, Buildings and Improvements	12,860
Total Initial Acquisition Costs	19,552
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,450
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,090
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	31,912
Total Carrying Value	40,002
Accumulated Depreciation	24,231
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	40,002
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,231
ORLANDO, FL \| Arbors at Maitland Summit
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,929
Initial Costs, Buildings and Improvements	158,079
Total Initial Acquisition Costs	174,008
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,614
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,977
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	177,645
Total Carrying Value	193,622
Accumulated Depreciation	40,338
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	193,622
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,338
ORLANDO, FL \| Essex Luxe
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	9,068
Initial Costs, Buildings and Improvements	94,487
Total Initial Acquisition Costs	103,555
Costs of Improvements Capitalized Subsequent to Acquisition Costs	982
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,087
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	95,450
Total Carrying Value	104,537
Accumulated Depreciation	14,841
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	104,537
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,841
NASHVILLE, TN
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,433
Initial Costs, Buildings and Improvements	87,608
Total Initial Acquisition Costs	103,041
Costs of Improvements Capitalized Subsequent to Acquisition Costs	146,664
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	27,432
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	222,273
Total Carrying Value	249,705
Accumulated Depreciation	177,574
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	249,705
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	177,574
NASHVILLE, TN \| Legacy Hill
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,148
Initial Costs, Buildings and Improvements	5,867
Total Initial Acquisition Costs	7,015
Costs of Improvements Capitalized Subsequent to Acquisition Costs	13,107
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,192
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	17,930
Total Carrying Value	20,122
Accumulated Depreciation	15,790
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,122
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,790
NASHVILLE, TN \| Hickory Run
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,469
Initial Costs, Buildings and Improvements	11,584
Total Initial Acquisition Costs	13,053
Costs of Improvements Capitalized Subsequent to Acquisition Costs	18,525
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,910
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	28,668
Total Carrying Value	31,578
Accumulated Depreciation	22,077
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,578
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,077
NASHVILLE, TN \| Carrington Hills
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	2,117
Total Initial Acquisition Costs	2,117
Costs of Improvements Capitalized Subsequent to Acquisition Costs	46,333
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,100
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	43,350
Total Carrying Value	48,450
Accumulated Depreciation	32,673
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,450
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,673
NASHVILLE, TN \| Brookridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	708
Initial Costs, Buildings and Improvements	5,461
Total Initial Acquisition Costs	6,169
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,556
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,643
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	14,082
Total Carrying Value	15,725
Accumulated Depreciation	11,695
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,725
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,695
NASHVILLE, TN \| Breckenridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	766
Initial Costs, Buildings and Improvements	7,714
Total Initial Acquisition Costs	8,480
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,240
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,895
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	15,825
Total Carrying Value	17,720
Accumulated Depreciation	12,855
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,720
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,855
NASHVILLE, TN \| Colonnade
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	1,460
Initial Costs, Buildings and Improvements	16,015
Total Initial Acquisition Costs	17,475
Costs of Improvements Capitalized Subsequent to Acquisition Costs	11,468
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,839
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	26,104
Total Carrying Value	28,943
Accumulated Depreciation	20,416
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,943
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,416
NASHVILLE, TN \| The Preserve at Brentwood
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,182
Initial Costs, Buildings and Improvements	24,674
Total Initial Acquisition Costs	27,856
Costs of Improvements Capitalized Subsequent to Acquisition Costs	17,700
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,437
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	41,119
Total Carrying Value	45,556
Accumulated Depreciation	31,814
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,556
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,814
NASHVILLE, TN \| Polo Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,583
Initial Costs, Buildings and Improvements	16,293
Total Initial Acquisition Costs	20,876
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,735
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,416
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	35,195
Total Carrying Value	41,611
Accumulated Depreciation	30,254
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,611
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,254
OTHER FLORIDA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,968
Initial Costs, Buildings and Improvements	56,401
Total Initial Acquisition Costs	72,369
Costs of Improvements Capitalized Subsequent to Acquisition Costs	23,429
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,229
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	78,569
Total Carrying Value	95,798
Accumulated Depreciation	61,221
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	95,798
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	61,221
OTHER FLORIDA \| The Reserve and Park at Riverbridge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	15,968
Initial Costs, Buildings and Improvements	56,401
Total Initial Acquisition Costs	72,369
Costs of Improvements Capitalized Subsequent to Acquisition Costs	23,429
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,229
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	78,569
Total Carrying Value	95,798
Accumulated Depreciation	61,221
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	95,798
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	61,221
SOUTHWEST REGION
Real Estate and Accumulated Depreciation
Encumbrances	543,271
Initial Costs, Land and Land Improvements	233,786
Initial Costs, Buildings and Improvements	1,201,438
Total Initial Acquisition Costs	1,435,224
Costs of Improvements Capitalized Subsequent to Acquisition Costs	417,190
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	262,122
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,590,292
Total Carrying Value	1,852,414
Accumulated Depreciation	496,088
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,852,414
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	496,088
DALLAS, TX
Real Estate and Accumulated Depreciation
Encumbrances	476,227
Initial Costs, Land and Land Improvements	182,571
Initial Costs, Buildings and Improvements	856,172
Total Initial Acquisition Costs	1,038,743
Costs of Improvements Capitalized Subsequent to Acquisition Costs	245,227
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	205,413
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,078,557
Total Carrying Value	1,283,970
Accumulated Depreciation	314,834
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,283,970
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	314,834
DALLAS, TX \| Thirty377
Real Estate and Accumulated Depreciation
Encumbrances	25,000
Initial Costs, Land and Land Improvements	24,036
Initial Costs, Buildings and Improvements	32,951
Total Initial Acquisition Costs	56,987
Costs of Improvements Capitalized Subsequent to Acquisition Costs	24,444
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	26,513
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	54,918
Total Carrying Value	81,431
Accumulated Depreciation	43,340
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	81,431
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,340
DALLAS, TX \| Legacy Village
Real Estate and Accumulated Depreciation
Encumbrances	90,000
Initial Costs, Land and Land Improvements	16,882
Initial Costs, Buildings and Improvements	100,102
Total Initial Acquisition Costs	116,984
Costs of Improvements Capitalized Subsequent to Acquisition Costs	34,852
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	23,814
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	128,022
Total Carrying Value	151,836
Accumulated Depreciation	93,415
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	151,836
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	93,415
DALLAS, TX \| Addison Apts at The Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,041
Initial Costs, Buildings and Improvements	11,228
Total Initial Acquisition Costs	33,269
Costs of Improvements Capitalized Subsequent to Acquisition Costs	21,406
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	31,798
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,877
Total Carrying Value	54,675
Accumulated Depreciation	16,244
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	54,675
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,244
DALLAS, TX \| Addison Apts at The Park I
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,903
Initial Costs, Buildings and Improvements	554
Total Initial Acquisition Costs	8,457
Costs of Improvements Capitalized Subsequent to Acquisition Costs	9,087
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,058
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	6,486
Total Carrying Value	17,544
Accumulated Depreciation	5,162
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,544
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,162
DALLAS, TX \| Addison Apts at The Park II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	10,440
Initial Costs, Buildings and Improvements	634
Total Initial Acquisition Costs	11,074
Costs of Improvements Capitalized Subsequent to Acquisition Costs	2,869
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,458
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	5,485
Total Carrying Value	13,943
Accumulated Depreciation	4,208
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,943
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,208
DALLAS, TX \| Savoye
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,432
Initial Costs, Buildings and Improvements	50,483
Total Initial Acquisition Costs	58,915
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,024
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,976
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	55,963
Total Carrying Value	64,939
Accumulated Depreciation	14,891
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	64,939
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,891
DALLAS, TX \| Savoye 2
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,451
Initial Costs, Buildings and Improvements	56,615
Total Initial Acquisition Costs	63,066
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,266
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,021
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	60,311
Total Carrying Value	67,332
Accumulated Depreciation	16,234
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	67,332
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,234
DALLAS, TX \| Fiori on Vitruvian Park
Real Estate and Accumulated Depreciation
Encumbrances	46,133
Initial Costs, Land and Land Improvements	7,934
Initial Costs, Buildings and Improvements	78,575
Total Initial Acquisition Costs	86,509
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,383
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,513
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	83,379
Total Carrying Value	91,892
Accumulated Depreciation	22,831
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	91,892
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,831
DALLAS, TX \| Vitruvian West Phase I
Real Estate and Accumulated Depreciation
Encumbrances	41,317
Initial Costs, Land and Land Improvements	6,273
Initial Costs, Buildings and Improvements	61,418
Total Initial Acquisition Costs	67,691
Costs of Improvements Capitalized Subsequent to Acquisition Costs	3,316
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,576
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	64,431
Total Carrying Value	71,007
Accumulated Depreciation	17,875
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,007
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,875
DALLAS, TX \| Vitruvian West Phase II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	6,451
Initial Costs, Buildings and Improvements	15,798
Total Initial Acquisition Costs	22,249
Costs of Improvements Capitalized Subsequent to Acquisition Costs	40,069
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,656
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	55,662
Total Carrying Value	62,318
Accumulated Depreciation	11,714
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,318
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,714
DALLAS, TX \| Vitruvian West Phase III
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	7,141
Initial Costs, Buildings and Improvements	2,754
Total Initial Acquisition Costs	9,895
Costs of Improvements Capitalized Subsequent to Acquisition Costs	64,013
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,371
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	66,537
Total Carrying Value	73,908
Accumulated Depreciation	7,550
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	73,908
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,550
DALLAS, TX \| The Canal
Real Estate and Accumulated Depreciation
Encumbrances	41,941
Initial Costs, Land and Land Improvements	12,671
Initial Costs, Buildings and Improvements	98,813
Total Initial Acquisition Costs	111,484
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,584
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,719
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	103,349
Total Carrying Value	116,068
Accumulated Depreciation	19,654
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	116,068
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,654
DALLAS, TX \| Cool Springs at Frisco Bridges
Real Estate and Accumulated Depreciation
Encumbrances	89,510
Initial Costs, Land and Land Improvements	18,325
Initial Costs, Buildings and Improvements	151,982
Total Initial Acquisition Costs	170,307
Costs of Improvements Capitalized Subsequent to Acquisition Costs	20,793
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	18,346
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	172,754
Total Carrying Value	191,100
Accumulated Depreciation	36,533
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	191,100
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	36,533
DALLAS, TX \| Central Square at Frisco
Real Estate and Accumulated Depreciation
Encumbrances	37,700
Initial Costs, Land and Land Improvements	7,661
Initial Costs, Buildings and Improvements	52,455
Total Initial Acquisition Costs	60,116
Costs of Improvements Capitalized Subsequent to Acquisition Costs	878
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,662
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	53,332
Total Carrying Value	60,994
Accumulated Depreciation	1,387
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	60,994
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,387
DALLAS, TX \| Villiaggio
Real Estate and Accumulated Depreciation
Encumbrances	32,500
Initial Costs, Land and Land Improvements	6,186
Initial Costs, Buildings and Improvements	41,813
Total Initial Acquisition Costs	47,999
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,110
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,186
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	42,923
Total Carrying Value	49,109
Accumulated Depreciation	1,124
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,109
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,124
DALLAS, TX \| Lofts at Palisades
Real Estate and Accumulated Depreciation
Encumbrances	39,996
Initial Costs, Land and Land Improvements	8,198
Initial Costs, Buildings and Improvements	56,143
Total Initial Acquisition Costs	64,341
Costs of Improvements Capitalized Subsequent to Acquisition Costs	743
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,198
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	56,886
Total Carrying Value	65,084
Accumulated Depreciation	1,479
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	65,084
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,479
DALLAS, TX \| Flats at Palisades
Real Estate and Accumulated Depreciation
Encumbrances	32,130
Initial Costs, Land and Land Improvements	5,546
Initial Costs, Buildings and Improvements	43,854
Total Initial Acquisition Costs	49,400
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,390
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,548
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	45,242
Total Carrying Value	50,790
Accumulated Depreciation	1,193
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,790
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,193
AUSTIN, TX
Real Estate and Accumulated Depreciation
Encumbrances	67,044
Initial Costs, Land and Land Improvements	28,776
Initial Costs, Buildings and Improvements	214,866
Total Initial Acquisition Costs	243,642
Costs of Improvements Capitalized Subsequent to Acquisition Costs	75,149
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	33,963
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	284,828
Total Carrying Value	318,791
Accumulated Depreciation	124,189
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	318,791
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	124,189
AUSTIN, TX \| Barton Creek Landing
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,151
Initial Costs, Buildings and Improvements	14,269
Total Initial Acquisition Costs	17,420
Costs of Improvements Capitalized Subsequent to Acquisition Costs	27,791
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,931
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	39,280
Total Carrying Value	45,211
Accumulated Depreciation	34,318
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,211
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,318
AUSTIN, TX \| Residences at the Domain
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,034
Initial Costs, Buildings and Improvements	55,256
Total Initial Acquisition Costs	59,290
Costs of Improvements Capitalized Subsequent to Acquisition Costs	18,543
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,999
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	72,834
Total Carrying Value	77,833
Accumulated Depreciation	51,904
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	77,833
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	51,904
AUSTIN, TX \| Red Stone Ranch
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	5,084
Initial Costs, Buildings and Improvements	17,646
Total Initial Acquisition Costs	22,730
Costs of Improvements Capitalized Subsequent to Acquisition Costs	14,926
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,804
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	31,852
Total Carrying Value	37,656
Accumulated Depreciation	18,799
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,656
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,799
AUSTIN, TX \| Lakeline Villas
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	4,148
Initial Costs, Buildings and Improvements	16,869
Total Initial Acquisition Costs	21,017
Costs of Improvements Capitalized Subsequent to Acquisition Costs	12,193
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,870
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	28,340
Total Carrying Value	33,210
Accumulated Depreciation	16,291
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,210
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,291
AUSTIN, TX \| Estancia Villas
Real Estate and Accumulated Depreciation
Encumbrances	28,020
Initial Costs, Land and Land Improvements	6,384
Initial Costs, Buildings and Improvements	52,946
Total Initial Acquisition Costs	59,330
Costs of Improvements Capitalized Subsequent to Acquisition Costs	932
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,384
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	53,878
Total Carrying Value	60,262
Accumulated Depreciation	1,390
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	60,262
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,390
AUSTIN, TX \| Palo Villas
Real Estate and Accumulated Depreciation
Encumbrances	39,024
Initial Costs, Land and Land Improvements	5,975
Initial Costs, Buildings and Improvements	57,880
Total Initial Acquisition Costs	63,855
Costs of Improvements Capitalized Subsequent to Acquisition Costs	764
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,975
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	58,644
Total Carrying Value	64,619
Accumulated Depreciation	1,487
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	64,619
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,487
DENVER, CO
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	22,439
Initial Costs, Buildings and Improvements	130,400
Total Initial Acquisition Costs	152,839
Costs of Improvements Capitalized Subsequent to Acquisition Costs	96,814
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	22,746
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	226,907
Total Carrying Value	249,653
Accumulated Depreciation	57,065
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	249,653
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	57,065
DENVER, CO \| Steele Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,586
Initial Costs, Buildings and Improvements	130,400
Total Initial Acquisition Costs	138,986
Costs of Improvements Capitalized Subsequent to Acquisition Costs	8,586
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,888
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	138,684
Total Carrying Value	147,572
Accumulated Depreciation	47,925
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	147,572
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,925
DENVER, CO \| Cirrus
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	13,853
Total Initial Acquisition Costs	13,853
Costs of Improvements Capitalized Subsequent to Acquisition Costs	88,228
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,858
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	88,223
Total Carrying Value	102,081
Accumulated Depreciation	9,140
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	102,081
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,140
Secured Debt
Real Estate and Accumulated Depreciation
Deferred Financing Costs and Other Non-Cash Adjustments	$ (3,055)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 444,353	$ 86,924	$ 150,016

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false